Legal Education in India : Issues Challenges
Dr. Kalpeshkumar L Guptavisibility
…
description
149 pages
link
1 file
Outcome of 1st Dr. A P J Abdul Kalam National Legal Essay Competition - 2016. Best 10 Essays have been published in form of a book published by LAP, Germany Edited by DrKalpesh Lalitkumar Gupta, Founder, ProBono India
Related papers
Legal Education in India: Problems and Challenges
IIUM Law Journal, 2012
This article makes some observations about legal education in India by locating it within a wider context of legal education reform that is taking place in Law Schools across the world in the wake of globalizationled and globalization-induced changes in the nature and needs of legal profession. For being both intellectually challenging and professionally relevant, legal education should be more responsible than ever before to the legal needs of the community national as well as international , and the learning needs of
THE PROSPECT OF LEGAL EDUCATION: AN INDIA OVERVIEW
Education in India is losing its relevance. This seems much more applicable to the situation in the present day of legal education. This essay aims to focus on two aspects of legal education. Whilst, on one hand, it aims to provide details of the existing legal education system on the other, it aims to drive more attention to the various improvements and developments that are needed. The essay firstly shall describe the existing legal education system. It shall analyze and assess the curricula that are available for the various undergraduate law degrees available in India. It aims to provide an understanding of the perceived distinctions between the three-year law degree and the five-year law degree. As a second aspect, the essay aims to explore options to further the quality of legal education in India by considering examples of various law schools or colleges of law across the world that have consistently proven themselves as a cut-above not legal education and research in their global scale. Also, from the learnings of the gaps in the curricula of the law degrees as discussed previously, the essay shall provide suggestions on the various plausible collaborations with foreign law schools and universities for the benefit of the Indian law schools and colleges of law. As a third and final aspect, as a measure to curb fake or bogus law schools or colleges of law within India and to enhance the employability of law graduates in India at par with those across the globe, the essay aims to provide suggestions applicable for the present-day legal education scenario.
Issues and Challenges on Legal Education: A Study with Special Reference to Odisha
Contemporary Issues in International Law, 2018
The Implications of the National Education Policy, 2020, on Legal Education in India
International Journal of Advanced Research in Science, Communication and Technology, 2023
The National Education Policy, 2020, is a significant policy reform aimed at overhauling the education system in India. One of the key areas of focus of the policy is the reform of legal education in India. This paper seeks to analyze the implications of the National Education Policy, 2020, on legal education in India. The paper examines the various proposals put forth by the policy with respect to legal education, including the integration of legal education with other disciplines, the promotion of multidisciplinary approaches in legal education, and the emphasis on clinical legal education. The paper also evaluates the potential impact of these proposals on the quality of legal education in India and the employability of law graduates. The findings of this study suggest that the National Education Policy, 2020, has the potential to transform legal education in India and address some of the long-standing issues faced by law schools and law students in the country. However, the implementation of these proposals will require significant resources and the cooperation of all stakeholders in the legal education ecosystem.
Where Did We Come From? Where Do We Go? An Enquiry Into the Students and Systems of Legal Education in India
Journal of Commonwealth Law and Legal Education, 2009
The face of post-independent Indian legal education has altered dramatically since the inception (and consequent replication) of the five-year national law school model. Whereas traditional Indian universities offered (and in some cases continue to offer) law as a three-year full or part-time graduate programme, the new national law schools have sought to foster, through an intensive five-year model, a combined degree in law and the arts with a strong commitment to improve existing legal infrastructure. Indeed, with this ambition, these schools have spearheaded critical changes in syllabi and structure to challenge a new generation of lawyers to think critically, analyse comprehensively, and argue articulately. But more than twenty years after the Bar Council of India started the first law school dedicated to the multidisciplinary, socially influential teaching of law, now is the time perhaps for retrospection and analysis. What was the initial impetus that fostered the need for these law schools? And more importantly, have the schools met the ambitions that encouraged their consciously rushed growth? By (a) tracing the events that led to the inception of these schools, (b) locating their historical impetus and functional direction, (c) understanding the differentiated role of the national law school and (d) reviewing its limitations within the larger Indian higher education landscape, this article seeks to answer these larger questions as well as analyse critically the steps that are needed to regain sustainable momentum in the movement towards a socially culpable and intellectually relevant legal education – is it time for another inquiry?
Evaluation of the present state of legal education in India
2018
Legal education refers to the education of lawyers before they start practicing in the court of law. This paper evaluates the present state of legal education in India. It throws light over historical background of legal education in India. It further evaluates the establishment and role of National Law Universities regarding the enhancing graph of legal education among people. It analyses the role of Law Institutions in imparting legal education. It throws light over the role of Moot Courts in enhancing legal education in India. Introduction: Law is an expression of the will of any government. It is an embodiment of the will of the people and is a manifestation of social and political needs of any country. Consequently, the study of law is very essential for any governmental setup, we need good
Reforming Indian Legal Education: Linking Research and Teaching
Journal of Legal Education, 2010
For more than a half century, and certainly since Independence, the great minds in India have struggled to improve the nation’s institutions, including its legal systems and especially its law schools. These grand, well-intentioned and high-minded efforts by scholars, politicians, legal practitioners, jurists and even U.S. foundations, largely have foundered. In 1948, a notable reform effort focused on teachers of the law, aiming to improve law schools and the lives of students in part by elevating faculty scholarship; in the decades that followed, attention went to students, their classes and qualifications, or to efforts to provide model study plans and schools.1 Yet another chapter in this long effort has opened with the submission of the recommendations from a working group on legal education.2 These latest would-be reformers, summoned to their labors by the prime minister, no less, have emphasized the need to improve faculty and teaching standards in India’s legal academies. Th...
A Study to Create Evidence-Based Proposals for Reform of Legal Education in India-Phase II
Scheme for Action Research and Studies on Judicial Reforms (Department of Justice, Ministry of Law and Justice, Government of India), 2021
This report is the culmination of the second part of a project titled ‘A Study to Create Evidence-Based Proposals for Reform of Legal Education in India'. It was sponsored by the Department of Justice, Ministry of Law and Justice, Government of India. In the first part of this project, we had examined the structure and functioning of the National Law Universities (NLUs) which are often described as model institutions in the legal education sector. In the second part, we have tried to present a deeper analysis of some of the contemporary problems faced within the legal education sector in India. This report encapsulates multiple surveys conducted among faculty members and students affiliated to a broader range of institutions involved in the delivery of formal legal studies.
Law and Legal Education in India: Some Observations
Harvard Law Review, 1965
!" # $ %
& '()* +, -#.# /(
&
01,2
3 4 & $ 5 $
" ,1$ $
-/" )
6 - ) (
7 $ )(7 ') ')
$
6
# #
8 # 8# 9
$ " 4
!" #
!
" #
$ !% ! & $
' ' ($
' # % % ) % * %
' $ '
+ " % &
' !#
$,
( $
- .
!
"- (
%
. %
% % % $
$ $ -
-
- -
/ / $$$
0
1"1"#23."
4& )*5/ +)
678%99:::& %
2 ;
) -
* &
/ - <
/ - <7=:>4& )*5/ +)
"3 " & 7=:>
3UHIDFH
(IIHFWLYHOHJDOV\VWHPLVFUXFLDOSDUWRIDQ\FRXQWU\7RVWUHQJWKHQWKHOHJDOV\VWHPZHQHHG
TXDOLW\ OHJDO HGXFDWLRQ LQ SODFH 7KHUH DUH PDQ\ LVVXHV DQG FKDOOHQJHV LQ SUHVHQW OHJDO
HGXFDWLRQ V\VWHP LQ ,QGLD 7R GHOLEHUDWH RQ WKLV VXEMHFW 3UR%RQR ,QGLD LQ DVVRFLDWLRQ ZLWK
6NLOOIXOO ,QGLD $Q,QLWLDWLYHRI9LVLRQIRU&KDULWDEOH7UXVW 1*2¶V ODXQFKHGVW'U$ 3-
$EGXO.DODP1DWLRQDO/HJDO(VVD\&RPSHWLWLRQLQ2FWREHU7KHPHRIWKHFRPSHWLWLRQ
ZDVµ/HJDO(GXFDWLRQLQ,QGLD ,VVXHV &KDOOHQJHV¶&RPSHWLWLRQZDVRSHQIRUVWXGHQWVRI
//%//% +RQV //0DQG3K':HUHFHLYHGYHU\JRRGDQGWKRXJKWSURYRNLQJHVVD\V
IURPDOORYHUWKH,QGLD
7KLV FRPSHWLWLRQ KDV JLYHQ SODWIRUP WR DOO ODZ VWXGHQWV WR VKDUH WKHLU WKRXJKWV RQ FXUUHQW
OHJDOHGXFDWLRQV\VWHPVDQGFKDOOHQJHVIDFHGE\WKHP%HLQJRQHRIWKHVWDNHKROGHUVRIWKH
OHJDO HGXFDWLRQ WKH\ KDYH KLJKOLJKWHG PDQ\ SHUWLQHQW LVVXHV SUHYDLOLQJ LQ SUHVHQW OHJDO
HGXFDWLRQV\VWHP,KRSHWKLVERRNZLOOKHOSWREXLOGIXWXUHOHJDOHGXFDWLRQSROLF\
-DL+LQG
'DWH 'U.DOSHVKNXPDU/*XSWD
3ODFH 6XUDW)RXQGHU
3UR%RQR,QGLD
ZZZSURERQRLQGLDLQ
$FNQRZOHGJHPHQWV
)LUVW RI DOO ZH ZRXOG OLNH WR WKDQN 0U &KLQWDQ 3DWKDN &\EHU 6HFXULW\ &RQVXOWDQW
7HFKODZ\HU 3UHVLGHQWRI9LVLRQRI7RPRUURZ&KDULWDEOH7UXVW 1*2¶V RI6NLOOIXOO,QGLD
$Q,QLWLDWLYHRI9LVLRQRI&KDULWDEOH7UXVW1*2¶V IRUH[WHQGLQJJUHDWVXSSRUWLQWHUPVRI
VSRQVRUVKLSIRUWKHVDLGHVVD\FRPSHWLWLRQ:LWKRXWKLVQJR¶VVXSSRUWWKLVFRPSHWLWLRQZRXOG
KDYHQRWEHHQSRVVLEOH
:HZRXOGOLNHWRWKDQNDOOWKHSDUWLFLSDQWVIURPDOORYHUWKH,QGLDIRUVXEPLWWLQJYHU\JRRG
TXDOLW\RIHVVD\VLQWKHFRPSHWLWLRQ%HFDXVHRIWKHLUHIIRUWZHKDYHFRPHXSZLWKWKLVERRN
:H DUH JUDWHIXO WR DOO RXU PHPEHUV RI WKH MXGJLQJ SDQHO IRU WDNLQJ WKHLU YDOXDEOH WLPH LQ
HYDOXDWLQJDOOVXEPLWWHGHVVD\V
-DL+LQG
'DWH 'U.DOSHVKNXPDU/*XSWD
3ODFH 6XUDW)RXQGHU
3UR%RQR,QGLD
ZZZSURERQRLQGLDLQ
7DEOHRI&RQWHQW
7DQ\D%KLOZDUH
8QLYHUVLW\RI3HWUROHXP (QHUJ\6WXGLHV'HKUDGXQ
)DWHU]D*KD]DO
-,06 6FKRRORI/DZ $IILOLDWHGWR**6,38*UHDWHU1RLGD
59LJQHVKZDUDQ
7DPLOQDGX1DWLRQDO/DZ6FKRRO7LUXFKLUDSSDOL
3UDVXGKD6
7KH.HUDOD/DZ$FDGHP\/DZ&ROOHJH7KLUXYDQDQWKDSXUDP
$QDNKD.9LMD\
1DWLRQDO8QLYHUVLW\RI$GYDQFHG/HJDO6WXGLHV.RFKL
.XVK.DOUD
.XUXNVKHWUD8QLYHUVLW\
$LVKZDU\D+6LQJK
%DQDVWKDOL8QLYHUVLW\5DMDVWKDQ
0RKDPPDG$WLI$KPDG
'HOKL0HWURSROLWDQ(GXFDWLRQ$IILOLDWHGWR**6,38QLYHUVLW\
$UXVKL3DQGH\
8QLYHUVLW\RI3HWUROHXP (QHUJ\6WXGLHV'HKUDGXQ
'LNVKD<DGDY
5DIIOHV8QLYHUVLW\1HHPUDQD$OZDU5DMDVWKDQ
/HJDO(GXFDWLRQLQ,QGLD ,VVXHV &KDOOHQJHV
7DQ\D%KLOZDUH
8QLYHUVLW\RI3HWUROHXPDQG(QHUJ\6WXGLHV'HKUDGXQ
³PDQLVLQZDUGO\DVRXODQGDFRQVFLRXVSRZHURIWKH'LYLQHDQGWKDWWKHHYROXWLRQRIWKLV
UHDOPDQZLWKLQLVWKHULJKWREMHFWRIHGXFDWLRQDQGLQGHHGRIDOOKXPDQOLIH´
±6UL$XURELQGR
,QWURGXFWLRQ
/HJDOHGXFDWLRQLVDKXPDQVFLHQFHZKLFKSURYLGHVEH\RQGWKHWHFKQLTXHVVNLOOVDQGDELOLWLHV
RI WKH EDVLF SKLORVRSKLHV LGHRORJLHV DQDO\VLV DQG FRQWULEXWLRQV DOO IRUZDUGHG IRU WKH
FUHDWLRQDQGPDLQWHQDQFH RIDMXVW VRFLHW\ ,WLV D VXEMHFW RI JUHDWLPSRUWDQFHLQYLHZRILWV
G\QDPLFUROHLQPROGLQJDQGHQYLVLRQLQJWKHOHJDOV\VWHPRIWKHFRXQWU\WKXVLWLVEHLQJDQ
LQVWUXPHQWDOLQWKHDFFRPSOLVKPHQWRIWKHHQFRXUDJHGREMHFWLYHVRIMXVWLFHOLEHUW\HTXDOLW\
DQG IUDWHUQLW\ RI D VRYHUHLJQ VRFLDOLVW VHFXODU GHPRFUDWLF UHSXEOLF %ODFNVWRQH VD\V OHJDO
HGXFDWLRQDLPVDWFRPPXQLFDWLQJNQRZOHGJHRIWKHFRXQWU\DVSDUWRIQHFHVVDU\FXOWXUHRID
JHQWOHPDQ QREOHPDQ DQG FRPPRQ PDQ FRPPLWWHG LQ D OHDUQHG SURIHVVLRQ 7KH ODZ
FRPPLVVLRQ DOVR GHILQHV OHJDO HGXFDWLRQ DV D VFLHQFH ZKLFK FRPPXQLFDWHV WR VWXGHQW¶V
NQRZOHGJH RI FHUWDLQ SULQFLSOHV DQG SURYLVLRQV RI ODZ WR HQDEOH WKHP WR HQWHU WR OHJDO
SURIHVVLRQ/HJDOHGXFDWLRQLVDEURDGFRQFHSWDQGLWPHDQVWR JDLQNQRZOHGJHDQGVNLOOVWR
EHFRPH D OHJDO SURIHVVLRQDO /DZ LQFOXGHV ERWK SURIHVVLRQDO DQG OLEHUDO HGXFDWLRQ LH
DFTXLULQJSURIHVVLRQDOVNLOOVDVZHOODVDLPLQJDWYDOXHRULHQWHGVRFLRFXOWXUDOHGXFDWLRQ$
ODZ\HU LV WKH SURGXFW RI VXFK HGXFDWLRQ ZKLFK LV ERRQ IRU WKH VRFLHW\ DV KH ZRUNV IRU WKH
EHQHILWDQGZHOIDUHRIWKHVRFLHW\E\FODLPLQJMXVWLFHIRUKLVFOLHQWVLQWKHFRXUWRIODZ/HJDO
HGXFDWLRQZRUNV QRWRQO\DVDQLQVWUXPHQWRIVRFLDOFRQWUROEXWDOVRDVLQVWUXPHQWRIVRFLDO
FKDQJHZKLFKLVQHFHVVDU\WRFUHDWHHQOLJKWHQHGODZDELGLQJFLWL]HQVZKRDUHLQFXOFDWHGZLWK
WKHFRQFHSWRIKXPDQULJKWVDQGYDOXHVZKLFKLVDQHVVHQWLDOLQWHUPHGLDWHIRUWKHFKDQJH
ϭ
'U-XVWLFH$6$QDQG +/6DULQ0HPRULDOOHFWXUH³/HJDOHGXFDWLRQLQ,QGLDSDVWSUHVHQWDQGIXWXUH´
66HWKL\D³/HJDO(GXFDWLRQ $1HHGIRU6WUHDPOLQLQJ´$,5 -RXUQDO
Ϯ
ϭ
+LVWRULFDO%DFNJURXQGRI/HJDO(GXFDWLRQ
/HJDO(GXFDWLRQLQ,QGLDZDVWUDGLWLRQDOO\EHHQDQHJOHFWHGDUHD,WZDVWKHRQO\DUHDZKHUH
WKHUHZHUHQRIXQGDPHQWDOFKDQJHVGXULQJWKHODVW\HDUV([FHSWIRUWKHGXUDWLRQRIWKH
FRXUVHV DQG DGGLWLRQ RI VRPH IXQGDPHQWDO VXEMHFWV WKHUH KDV QRW EHHQ DQ\ LQQRYDWLRQ LQ
OHJDOHGXFDWLRQVFHQDULRGXULQJDOOWKHVH\HDUV/HJDO(GXFDWLRQLQ,QGLDKDVUHPDLQHGPRVWO\
FRQFHQWUDWHGRQWKHGHYHORSLQJOHJDOSURIHVVLRQDOVLQDQDWLRQDOIUDPHZRUN&KDQJHVLQ/HJDO
(GXFDWLRQVFHQDULRFDQQRWEHFRPSOHWHO\XQGHUVWRRGE\WKHYDULRXVFRPPLWWHHUHSRUWVZKLFK
GR QRWH[DFWO\ IROORZWKHUHDOFKDQJHVLQWKH OHJDOHGXFDWLRQ VFHQDULR/HJDO(GXFDWLRQKDV
EHHQ UHPDLQHG DV D WKHRUHWLFDO VWXG\ ZLWK WKH PLQLPXP SUDFWLFDO H[SRVXUH (PSLULFDO
OHDUQLQJZDVJLYHQDEDFNEHQFKLQUHDOSUDFWLFHDQGPDQ\SUDFWLFDOFRXUVHVZHUHUHPDLQHG
LQ SDSHU UDWKHU WKDQ LQ FRQWHQW 1DWLRQDO ODZ VFKRRO H[SHULPHQW LQ ,QGLD ZKLFK KDV WR DQ
H[WHQW UHYLYHG WKH LQWHUHVW LQ OHJDO HGXFDWLRQ KDV UHPDLQHG VQRE DQG RXW RI WKH UHDFK RI
FKLOGUHQ IURP WKH PLGGOH DQG ORZHU LQFRPH JURXS 'XULQJ WKH DQFLHQW WLPHV WKH OHJDO
KLVWRULDQV UHFRUG LQVWDQFHV RI OHJDO SUDFWLWLRQHUV LQGLJHQRXVO\ ZHUH NQRZQ DV µ3OHDGHUV¶ RU
µ1L\RJLV¶UHSUHVHQWLQJWKHSDUWLHVLQOLWLJDWLRQDWOHDVWIURPWKHWLPHRI0DQX6PULWLDSHUVRQ
ZHOO DFTXDLQWHG LQ 'KDUPD 6KDVWUD DQG SURFHGXUH RI ODZ FRXOG EH DSSRLQWHG DV WKH
UHSUHVHQWDWLYH ,QGLDQ ODZ ZDV XQGHUVWRRG DV D EUDQFK RI 'KDUPD 7KH 9HGDV ZHUH WKH
RULJLQDOVRXUFHVRIODZDQGWKH6PULWLVGLVFORVHGWKHPHVVDJHRI9HGDVDQG6PULWLNDUVZHUH
JUHDWMXULVWV$OWKRXJKWKHUHLVQRUHFRUGRIIRUPDOSUDFWLFHLQODZWKHGLVEXUVHPHQWRIMXVWLFH
ZDV WR EH GRQH E\ WKH NLQJ RQ WKH EDVLV RI D VHOIDFTXLUHG SUDFWLFH -XVWLFH ZDV DOVR
DGPLQLVWHUHGE\WKH.LQJWKURXJKKLVUHSUHVHQWDWLYHVZKRLQWXUQZHUHSHUVRQVRIUHSXWDWLRQ
DQGVLQFHULW\RIEHLQJIDLUDQGLPSDUWLDO7KHOHDGLQJIRUFHIRUWKH.LQJRUKLVUHSUHVHQWDWLYH
ZDVWKHVXSSRUWLQJRI'KDUPD
7KHIRUPDOOHJDOHGXFDWLRQLQ,QGLDFDPHLQWRH[LVWHQFHLQWKH\HDUDQGLWVDLPZDVWR
IXUQLVKWKHODZVWXGHQWVVRWKDWWKH\FDQKHOSWKHORZHUFRXUWVDQG+LJKFRXUWVE\HQOLVWLQJ
WKHPVHOYHV DV 9DNLOV RU E\ EHFRPLQJ MXGLFLDO RIILFHUV 7KHUH ZDV QR WUDGLWLRQ RI OHJDO
UHVHDUFK DQG DFDGHPLF OHJDO WUDLQLQJ 7KH V\VWHP RI WHDFKLQJ FRPSXOVRU\ VXEMHFWV XQGHU
VWUDLJKW OHFWXUH PHWKRG ZDV FRQWLQXHG IRU DOPRVW D FHQWXU\ 7KH %DU &RXQFLO RI ,QGLD ZDV
HVWDEOLVKHGXQGHUWKHVHFWLRQRI$GYRFDWHV$FW ZKLFKLVDVWDWXWRU\ERG\WRUHJXODWH
OHJDOHGXFDWLRQDQGSURIHVVLRQ7KHILUVWODZXQLYHUVLW\ZDVHVWDEOLVKHGLQ,QGLDLQ%DQJDORUH
QDPHGDV³1DWLRQDO/DZ6FKRRORI,QGLD8QLYHUVLW\´ 1/6,8 LQWKH\HDU ,WZDVWKH
ϯ
$GYRFDWH70'HYGDV+LVWRU\RIOHJDOHGXFDWLRQLQ,QGLDVWULSSHGODZEORJVSRWLQ1RYHPEHU
Ϯ
WLPH ZKHQ //% GHJUHH ZDV VWDUWHG LQ ,QGLD 7KH PHWKRG RI WHDFKLQJ ZDV DOVR VWDUWHG E\
WXWRULDOV VHPLQDUV PRRW FRXUWV DQG FDVHPHWKRGV WR VWUHQJWKHQ WKH WHDFKLQJ PHWKRGV $QG
WKHUHDIWHUWKHHGXFDWLRQRIODZLQ,QGLDKDVEHHQRIIHUHGE\WKHQXPHURXVXQLYHUVLWLHVDQGLQ
YDULRXVDFDGHPLFOHYHOV:LWKWKHHQDFWPHQWRI$GYRFDWHV$FW QHZUHJXODWLRQVZHUH
IUDPHGIRULPSDUWLQJWKHOHJDOHGXFDWLRQLQ,QGLD PHWKRGVRIWHDFKLQJDOVRQHHGHGDFKDQJH
ZKLFKZDVSXUHO\OHFWXUHPHWKRGZLWKPDUJLQDOSURYLVLRQIRUWUDLQLQJIRUVWXGHQWVPDQQHURI
FRQIHUULQJ D GHJUHH HWF ,Q PRGHUQ WLPHV WKH V\VWHP KDV FRPSOHWHO\ FKDQJHG DQG UHTXLUHV
PRUH SURJUHVVLYH HGXFDWLRQ VWUXFWXUH WR FRPSHWH LQ JOREDO ZRUG ZLWK LQQRYDWLYH LGHDV DQG
UHVHDUFKLQOHJDOILHOG
3UHVHQW6FHQDULR
6LQFHWKHSDVWIHZ\HDUVWKHUROHVRIODZ\HUVKDYHEHHQGUDVWLFDOO\FKDQJHGLQRXUVRFLHW\,Q
WKH FKDQJHG VFHQDULR WKH DGGLWLRQDO UROHV DUH FRQFHLYHG ZKLFK GHPDQG VSHFLDOL]HG
NQRZOHGJHDQGVNLOOVZKLFKZDVQRWRUGLQDULO\DYDLODEOHLQWKH SURIHVVLRQ7KHVHUROHVKDYH
PRYHG DZD\ IURP EHLQJ UHVWULFWHG DQG VWDUWHG PRYLQJ EH\RQG QDWLRQDO ERXQGDULHV $V D
UHVXOW D QHZ FDWHJRU\ RI JOREDOLVHG OHJDO SURIHVVLRQDOVKDV GHYHORSHG ZKR ZKLOH KDYLQJ D
ILUP XQGHUVWDQGLQJ RI ORFDO OHJDO VFHQDULR ZDV DEOH WR H[WHQG LWV SULQFLSOHV WR D JOREDO
FRQWH[W 7KH JURZWK RI PXOWLQDWLRQDO FRUSRUDWLRQV DQG WKH JURZLQJ LPSRUWDQFH RI
LQWHUQDWLRQDOWUDGHUHODWLRQVKLSVDQGGHYHORSHGLQWHUGHSHQGHQFHDPRQJVWDWHVLQLQWHUQDWLRQDO
UHODWLRQVKDYHFUHDWHGUHTXLUHPHQWRIOHJDOSURIHVVLRQDOVZKRFDQWKLQNJOREDOO\ZKLOHDFWLQJ
LQ D ORFDO VLWXDWLRQ7KLV KDVFRQVWUDLQHGHYROXWLRQ RI ODZ VFKRROVIURPIDFWRULHV WKDW EORFN
RXW DFDGHPLF ODZ\HUV WRWUDLQLQJ VFKRROV WKDW SURYLGH WKHVWXGHQWV ZLWKWKHQHFHVVDU\ VNLOOV
UHTXLUHGIRUWKHQHZJHQHUDWLRQODZJUDGXDWH,IWKHODZVFKRROVDFURVVWKHZRUOGDUHIHHOLQJ
WKDW WKH\ FDQ ORQJHU WUDLQ JUDGXDWHV DFFRUGLQJ WR WKHLU KXPRU EXW ZLOO KDYH WR IDFH WKH
PDUNHWDQGZLOOKDYHWRSURYLGHRXWSXWLQDJUHHPHQWZLWKWKHGHPDQGVRIWKHPDUNHW,QGLDQ
ODZVFKRROVFDQQRWUHPDLQDVDQH[FHSWLRQ:LWKDOOLWVFRQVWUDLQWV,QGLDQ/DZVFKRROVZLOO
KDYHWRGHYHORSIURPLWVVKHOODQGGHOLYHUWKHH[SHFWHGRXWSXWRUHQG
7RGD\ ,QGLD LV SURGXFLQJ WKH ODUJHVW QXPEHU RI ODZ JUDGXDWHV DQG DURXQG PRUH WKDQ ILIW\
LQVWLWXWLRQVSURGXFHVPRUHWKDQJUDGXDWHVSHU\HDU7KHQXPEHUKDVLQFUHDVHGRYHUWKH
\HDUV DQG WKHUH LV D EURDG FDWHJRU\ RI SURIHVVLRQDO RSSRUWXQLWLHV DYDLODEOH WR WKH VWXGHQWV
FUHDWLQJ WKH IXWXUH GLUHFWLRQ RI OHJDO HGXFDWLRQ LPPHQVH LQ ,QGLD 7KH OHJDO ZRUOG KDV
ϰ
&5DMNXPDU ³,PSURYLQJOHJDOHGXFDWLRQLQ,QGLD´$XJXVW
ϯ
FKDQJHGZLWKFKDQJHLQOHJDOHGXFDWLRQV\VWHPDQGQRZLWLVFRPSOHWHO\GLIIHUHQWIURPZKDW
LWZDVEHIRUH\HDUV1RZWKHRSSRUWXQLWLHVDQGWKHFDUHHURSWLRQVDUHYHU\YDVWIRUWUDLQHG
ODZ\HUV DQG WKH PHWKRG RI WHDFKLQJ LV DOVR H[SUHVVLYHO\ LPSURYHG IURP WKH SDVW IHZ \HDUV
DQGPDNLQJLWDSURPLVLQJFDUHHURSWLRQWKHQHDUOLHUZKHQLWZDVXVHGWREHWKHODVWJURXQG
7KH%DU&RXQFLORI,QGLDLVWKHSUHVHQWUHJXODWRU\ERG\ZKLFKPDNHVUXOHVDQGUHJXODWLRQIRU
WKH SURPRWLRQ RI OHJDO HGXFDWLRQLQ,QGLD/DZGHJUHHVDUHJLYHQDQGFRQIHUUHGLQWHUPVRI
$GYRFDWHV $FW XQGHU ZKLFK %&, LV IRUPHG DV D VWDWXWRU\ ERG\ DQG JLYHQ UHJXODWLQJ
SRZHU WR FRQWURO IRU ERWK OHJDO HGXFDWLRQ DQG SURIHVVLRQ 8QLYHUVLWLHV DUH DOVR QHHG WR EH
DIILOLDWHGIURP%&, LWDOVRSUHVFULEHVUXOHVDQGVWDQGDUGVRI FRXUVHVRIVWXG\LQIUDVWUXFWXUH
QHFHVVLWLHVHOLJLELOLW\IRUDGPLVVLRQDQGLVUHVSRQVLEOHIRUWKHSURPRWLRQRIOHJDOHGXFDWLRQLQ
,QGLD $FFRUGLQJ WR %&, UXOHV SDUW ,9 VHFWLRQ RI FKDSWHU ,, WKHUH DUH WZR VWXG\ V\VWHPV
RSHUDWLQJ VLPXOWDQHRXVO\ 7UDGLWLRQDOO\ OHJDO HGXFDWLRQ ZDV FRPPXQLFDWHG DV D WKUHH \HDUV
JUDGXDWH GHJUHH VLQJOH GHJUHH FRXUVH ZKLFK LV GRQH DIWHU WKH FRPSOHWLRQ RI %DFKHORU¶V
GHJUHHZKLFKLVLQWURGXFHGE\%&,LQWKH\HDU DQGRWKHULVDQLQWHJUDWHGILYH\HDUODZ
FRXUVHZKLFKLVDGRXEOHGHJUHHFRXUVHLQWURGXFHGE\%&,LQWKH\HDU ZKLFKLVSURYLGHG
DIWHU WK VWDQGDUG DV DQ DOWHUQDWLYH WR WKUHH \HDU FRXUVH VR WKDW ODZ DVSLUDQWV FDQ GLUHFWO\
HQUROO WKHPVHOYHV LQ WKHXQLYHUVLWLHVWRDYDLO%$ //% %&RP //% %%$ //%%6F
//%,WLVDQLQWHJUDWHGFRXUVHWKDWPHDQV%DFKHORU¶VGHJUHHLVGRQHZLWKWKHODZGHJUHHLQ
ZKLFKVWXGHQWDUHVXSSRVHWRVWXG\VXEMHFWVRIERWKWKHGHJUHHVVLPXOWDQHRXVO\DWWKHFROOHJH
DQGDWWKHHQGRQO\RQHGHJUHHLVJLYHQZKLFKLVWKHFRPELQDWLRQRIERWKEDFKHORU¶VDQGODZ
GHJUHH$SDUWIURPVWXG\LQJODZDVDGLVFLSOLQHWKHUHDUHYDULRXVFRXUVHVZKLFKLQFOXGHVWXG\
RI ODZ VXEMHFWV WKDW PHDQV E\ OHJDO HGXFDWLRQ ZH QRW RQO\ UHIHU WR VWXG\ RI HVVHQWLDO ODZ
VXEMHFWV EXW DOVR VWXG\ RI DSSOLHG ODZ SURJUDPV IRU RWKHU FRXUVHV VXFK DV EXVLQHVV ODZ
WD[DWLRQ ODZ FRPSDQ\ ODZ HWF %\ WKLV ZD\ ZH FDQ DVVXPH WKDW OHJDO HGXFDWLRQ LV DOVR
VSUHDG,QVRPHRUWKHRWKHUZD\LQIRUPRIVWXG\RIODZVXEMHFWVLQRWKHUFRXUVHVDVZHOOIRU
H[DPSOH 7KHUH DUH QXPHURXV GLSORPD DQG FHUWLILFDWH FRXUVHV SURYLGHG LQ YDULRXV VXEMHFWV
OLNH F\EHU ODZ WD[DWLRQODZ EDQNLQJODZ KXPDQ ULJKWVDQG OHJDO NQRZOHGJH HWF 6WXGHQWV
DOVR VWXG\ FRPPHUFLDO DQG WD[DWLRQ ODZ LQ FRPPHUFH DQG DFFRXQWDQF\DW XQGHUJUDGXDWH RU
SRVWJUDGXDWH OHYHO 6LPLODUO\ ,QWHOOHFWXDO 3URSHUW\ ODZV LV EHLQJ WDXJKW DW XQGHUJUDGXDWH
HQJLQHHULQJ OHYHO VXEMHFWV OLNH VHFXULWLHV ODZ FRPSDQ\ ODZ HWF DUH WDXJKW LQ FRPSDQ\
VHFUHWDU\FRXUVHDQGEXVLQHVVODZDWEXVLQHVVVFKRRO+HQFHOHJDOHGXFDWLRQQRWRQO\LQFOXGHV
ϱ
$EKLVKHN$DQDQG/HJDO(GXFDWLRQDQGLWV&KDOOHQJHVZZZOHJDOVHUYLFHVLQGLDFRP-XO\
1LUPDO%&/HJDO(GXFDWLRQLQ,QGLD 3UREOHPVDQG&KDOOHQJHV,,80/-
ϲ
ϰ
EDVLFLQ//%GHJUHHEXWDOVRVWXG\RIYDULRXVRWKHUODZVXEMHFWVLQGLIIHUHQWFRXUVHVDWHDFK
OHYHOZKLFKVWXGHQWVVWXG\LQYDULRXVIRUPWRJHWNQRZOHGJHRIODZWREHDSSOLHGDWGLIIHUHQW
VFHQDULR
&RQVWLWXWLRQDO5HFRJQLWLRQWR/HJDO(GXFDWLRQDQGLWV3URJUHVVLQ,QGLD
7KH&RQVWLWXWLRQRI,QGLDEDVLFDOO\ODLGGRZQWKHUHVSRQVLELOLW\RILPSDUWLQJHGXFDWLRQRQWKH
VWDWHV E\ HVWDEOLVKLQJ WKH PDWWHU SHUWDLQLQJ WR HGXFDWLRQ /HJDO SURIHVVLRQ DORQJ ZLWK WKH
PHGLFDODQGRWKHUSURIHVVLRQVIDOOVXQGHU/LVW,,,RIWKH&RQVWLWXWLRQ+RZHYHUWKH8QLRQLV
HPSRZHUHG WR FRUUHODWH DQG GHWHUPLQHV VWDQGDUGV LQ LQVWLWXWLRQV IRU KLJKHU HGXFDWLRQ RU
UHVHDUFK DQG VFLHQWLILF DQG WHFKQLFDO LQVWLWXWLRQV LQ DGGLWLRQ KDYLQJ H[FOXVLYH SRZHU LQWHU
DOLDUHODWLQJWRHGXFDWLRQDOLQVWLWXWLRQVRIQDWLRQDOLPSRUWDQFHSURIHVVLRQDORFFXSDWLRQDORU
WHFKQLFDO WUDLQLQJ DQG SURPRWLRQ RI VSHFLDO VWXGLHV RU UHVHDUFK $XWKRUL]HG E\ WKH
&RQVWLWXWLRQWROHJLVODWHLQUHVSHFWRIOHJDOSURIHVVLRQ3DUOLDPHQWHQDFWHGWKH$GYRFDWHV$FW
ZKLFKEURXJKWFRQVLVWHQF\LQWKHV\VWHPRIOHJDOSUDFWLWLRQHUVLQWKHIRUPRI$GYRFDWHV
DQGSURYLGHGIRUVHWWLQJXSRIWKH%DU&RXQFLORI,QGLDDQG6WDWH%DU&RXQFLOVLQWKH6WDWHV
8QGHU 6HFWLRQ RIWKH$GYRFDWHV $FW WKH %DU &RXQFLO RI ,QGLD KDVFDSDFLW\WRIL[D
PLQLPXP DFDGHPLF VWDQGDUG DV D UHTXLUHPHQW IRU FRPPHQFHPHQW RI D VWXGLHV LQ ODZ DQG
XQGHU 6HFWLRQ DOVR VWDWHV WKDW WKH %DU &RXQFLO RI ,QGLD LV DOVR DXWKRUL]HG WR UHFRJQL]H
8QLYHUVLWLHV ZKRVH GHJUHH LQ ODZ VKDOO EH WDNHQ DV D TXDOLILFDWLRQ IRU UHFUXLWPHQW DV DQ
DGYRFDWHDQGIRUWKDWSXUSRVHWRYLVLWDQGH[DPLQH8QLYHUVLWLHV7KXVWKH$FWJXLGHVRQWKH
%DU&RXQFLORI,QGLD¶VSRZHUWRSUHVFULEHVWDQGDUGVRIOHJDOHGXFDWLRQDQGIRUWKHUHFRJQLWLRQ
RIODZGHJUHHVIRUHQUROOPHQWRISHRSOHDV$GYRFDWHV
&KDQJHG6FHQDULRRI/HJDO3URIHVVLRQGXHWR*OREDOL]DWLRQ
$ERXWILIW\\HDUVDJRWKHFRQFHSWZDVWRSURGXFHJUDGXDWHVZKR ZRXOGPRVWO\FRPHWRWKH
EDUZKLOHDIHZPD\JRLQWRODZWHDFKLQJ7KH$GYRFDWHV$FW ZDVHQDFWHGWRDFKLHYH
WKH VDLG REMHFW WR UHTXLUH PLQLPXP VWDQGDUGV IRU HQWU\ LQWR SURIHVVLRQDO SUDFWLFH LQ WKH
FRXUWVDVVWDWHGDERYH%XWGXULQJWKLVSHULRGDQGPRUHSDUWLFXODUO\DIWHUOLEHUDOL]DWLRQLQWKH
\HDU WKHFRPSOHWHFRQFHSWRIOHJDOHGXFDWLRQKDVFKDQJHG7RGD\OHJDOHGXFDWLRQKDV
WR PHHW QRW RQO\ WKH UHTXLUHPHQWV RI WKH EDU DQG WKH QHZ QHHGV RI WUDGH FRPPHUFH DQG
ϳ
%KDUWL³/HJDO(GXFDWLRQ6RPH&ULWLFDO,VVXHV´
ϱ
LQGXVWU\ EXW DOVR WKH UHTXLUHPHQWV RI JOREDOL]DWLRQ 1HZ VXEMHFWV ZLWK LQWHUQDWLRQDO UDQJHV
KDYH FRPH LQWR OHJDO HGXFDWLRQ :LWK PXOWLELOOLRQ GROODU LQYHVWPHQWV LQ WKH JURZLQJ
HFRQRPLHV WKH EXVLQHVV DFWLYLWLHV KDYH JURZQ LQ DEXQGDQW 7KLV LQ WXUQ KDV FUHDWHG PRUH
RSSRUWXQLWLHVIRUODZ\HUVLQJHQHUDO,QWKHFKDQJHGVFHQDULRWKHDGGLWLRQDOUROHVHQYLVDJHG
DUHWKDWRISROLF\SODQQHUDGYLVRUQHJRWLDWRUSURYLGLQJJXLGDQFHH[SHUWLQDUWLFXODWLRQDQG
FRPPXQLFDWLRQ RI LGHDV PHGLDWRU OREE\LVW ODZ UHIRUPHU HWF 7KHVH UROHV GHPDQG
VSHFLDOL]HG NQRZOHGJH DQG VNLOOV QRW RUGLQDULO\ DYDLODEOH LQ WKH H[LVWLQJ SURIHVVLRQ 7KH
ODZ\HURIWRPRUURZPXVWEHFRPIRUWDEOHWRFRPPXQLFDWHZLWKRWKHUSURIHVVLRQVRQDQHTXDO
IRRWLQJDQGEHDEOHWRDEVRUEVFLHQWLILFDQGKLJKWHFKNQRZOHGJH,QRWKHUZRUGVDORQJZLWK
VRFLDOVFLHQFHVXEMHFWVWKHODZFXUULFXOXPIRUWKHIXWXUHPXVWSURYLGHLQWHJUDWHGNQRZOHGJH
RI D ZKROH VSKHUH RISK\VLFDODQG QDWXUDO VFLHQFH VXEMHFWV RQZKLFK OHJDO SROLFLHV DUH QRZ
EHLQJIRUPXODWHG,WLVKHUHWKDWWKHOHJDOHGXFDWLRQKDVWRWDNHLWVOHVVRQRQYDOXHDGGLWLRQ
-XVWLFHPXVWEHFRPHHVVHQWLDOWRWKHODZFXUULFXOXPDQGFRPPXQLW\EDVHGOHDUQLQJPXVWJLYH
WKHQHHGHGYDOXHLQWURGXFWLRQLQWKHPDNLQJRIDODZ\HU
7KH0XVKURRPRI&KDOOHQJHV
7KH FKDUDFWHU DQG DELOLW\ RI WKH OHJDO SURIHVVLRQ GHSHQGV DOPRVW FRPSOHWHO\ RQ WKH TXDOLW\
DQG FRQWHQW RI WKH OHJDO HGXFDWLRQ WKDW LV REWDLQHG E\ WKH EXGGLQJ ODZ\HUV 7KHUH DUH D
QXPEHU RI UHDVRQV ZK\ WKH VWDQGDUG RI HGXFDWLRQ LQ ,QGLD KDV QRW UHDFKHG WKH KHLJKWV DQG
VWDWXVDVVRFLDWHGZLWKWKHVDPHDVFRPSDUHGZLWKWKHDEURDG7KHVHFDQEHEURDGO\FODVVLILHG
LQWR SUREOHPV UHODWHG WR LQIUDVWUXFWXUH FXUULFXOXP IDFXOWLHV DQG VWXGHQWV WKHPVHOYHV 7R
HODERUDWHWKHLVVXHVGLVWXUELQJOHJDOHGXFDWLRQWRGD\DUHDVIROORZV
'HILFLHQW,QIUDVWUXFWXUHLQ/HJDO(GXFDWLRQ
,QGLDQ ODZ VFKRROV KDYH WR PHHW WKH GHPDQGV RI WKH FKDQJLQJ JOREDO VRFLHW\ WKH WUDLQLQJ
ZKLFK LV FRPPXQLFDWHG WR WKH ODZ VWXGHQWV RXJKW WR EH WKRURXJKO\ UHH[DPLQHG 7KH ODZ
VFKRROV QHHG LQIUDVWUXFWXUH DQG UHVRXUFHV HTXDO WR JOREDO XQLYHUVLWLHV SDUWLFXODUO\ ZKHQ
DFFHVVWRVXFKXQLYHUVLWLHVLVDYDLODEOHWRERWKRXUIDFXOW\DQGVWXGHQWV7KHODZVFKRROVKDYH
WRVHHNDQLPSUHVVLYHWUDQVIRUPDWLRQLQSURYLGLQJLQIUDVWUXFWXUHDQGUHVRXUFHVWRWKHIDFXOWLHV
DQGVWXGHQWV/LEUDU\IDFLOLWLHVLQWKHODZVFKRROVQHHGWREHVXEVWDQWLDOO\XSJUDGHGIRUZKLFK
KXJH UHVRXUFHV KDYH WR EH PRELOL]HG ,QHYLWDEO\ WKH UHVRXUFHV WKDW DUH QHHGHG WR UHDFK
LQWHUQDWLRQDO VWDQGDUGV IRU SURYLGLQJ JOREDO LQIUDVWUXFWXUH IRU RXU ODZ VFKRROV KDYH WR EH
ϴ
+DOVEXU\¶VODZ³*OREDOOHJDOHGXFDWLRQLQ,QGLD RSSRUWXQLWLHVDQGFKDOOHQJHV´$SULO
ϲ
UDLVHG WKURXJK OLEUDU\ HQGRZPHQWV DQG SULYDWH GRQDWLRQV 6HFRQGO\ WKH FOLQLFDO ODE
FRPSXWHUODE OHJDODLGFHOOPRRWFRXUWURRPDQGODQJXDJHODE VKRXOGEHHVWDEOLVKHGLQWKH
LQVWLWXWLRQV %DVLFDOO\ WKHVH DUH WKH HVVHQWLDOV UHTXLVLWHV RI )LYH <HDU ODZ FRXUVH
LQIUDVWUXFWXUH DV SHU %&, UXOHV WRR %XW HVWDEOLVKPHQWV RILQWHJUDWHGILYH\HDU ODZFROOHJHV
DUH VR H[SHQVLYH WKDW D QXPEHU RI EXUJHRQLQJ LQVWLWXWLRQV FRXOG QRW HYHQ IXOILOO WKH EDVLF
UHTXLUHPHQWV RI EXLOGLQJ VWUXFWXUHV DQG VXIILFLHQW QXPEHU RI ODZ IDFXOWLHV 7KRXJK WKH
LQVWLWXWLRQVWKHPVHOYHVDUHODFNLQJZLWKWKHDYDLODELOLW\RIFRPPRQIDFWRUVLWLVYHU\KDUGWR
EHLQWKHFRPSDWLELOLW\RIJOREDOODZ\HUVDQGVFKRODUV
*RRGIDFXOW\DQGWHDFKLQJWHFKQLTXHV
:LWK WKH GLJQLW\ RI WKH SURIHVVLRQ VXIIHULQJ D GRZQIDOO DQG PHDJHU SD\ SDFNDJHV LW LV QR
ZRQGHUWKDWPRVWLQVWLWXWLRQVKDYHEHHQXQDEOHWRDWWUDFWJRRGIXOOWLPHIDFXOWLHV,QDGGLWLRQ
VLQFH DQXPEHU RI FROOHJHVKDYHEHHQVHWXSORQHO\ZLWKD SURILWPRWLYHWKH\REYLRXVO\GR
QRW VSHQG PXFK RQ WKHLU IDFXOWLHV 7KHUHIRUH PRVW RI WKH WHDFKHUV LQ VXFK FROOHJHV DUH
XQTXDOLILHGSDUWWLPHO\DQGHQJDJHGZLWKWKHFODVVHVRQO\LQWKHHYHQLQJVLQDYHU\FDUHOHVV
PDQQHU 7KH $GYRFDWHV $FW ZDV DPHQGHG LQ WKH \HDU LQ RUGHU WR SHUPLW IXOO WLPH
WHDFKHUV WR SUDFWLFH WKHUHE\ UHVXOWLQJ LQ DQ DEXQGDQFH RI SDUW WLPH WHDFKHUV 7KXV VXFK
WHDFKHUVZHUHXQDEOHWRSD\DGHTXDWHDWWHQWLRQWRWHDFKLQJDQGWKHIXQFWLRQVDVVRFLDWHGZLWK
LW/HJDOHGXFDWLRQUHTXLUHVDFHUWDLQDPRXQWRIFRPPLWPHQWIURPWKHWHDFKHUDVZHOODQGWKH
DPRXQWDVWXGHQWDVVLPLODWHVGHSHQGVRQWKHDYDLODELOLW\RIWKHWHDFKHUIRUGRXEWFOHDULQJDQG
JXLGDQFH 7KLV LV LPSRVVLEOH LI WKH WHDFKHU LV SDUW WLPH7KHVH FROOHJHV GR QRWKDYH HQRXJK
VHOHFWLRQFULWHULDIRUWKHDSSRLQWPHQWRIIDFXOW\EXWWHDFKLQJDWVXFKFROOHJHVZRXOGFRXQWDV
\HDUV RI H[SHULHQFH RQFH WKH WHDFKHU DSSOLHV HOVHZKHUH 0RUHRYHU PRVW VXFK FROOHJHV DUH
XQGHUVWDIIHG6LQFHVRPHRIWKHPDUHJRYHUQPHQWDLGHGWKH\DSSRLQWPLQLPDOIDFXOW\VRWKDW
WKHLUH[SHQVHVDUHORZHUDQGWKH\FDQREWDLQPD[LPXPSURILWVRXWRIWKHVLWXDWLRQ'HVSLWHD
QXPEHU RI UHFRPPHQGDWLRQV DQG VXJJHVWLRQV WKH OHFWXUH PHWKRG UHPDLQV WKH PHWKRG RI
WHDFKLQJLQPRVWODZFROOHJHV
ϵ
$JDUZDO6.³$5HSRUWRQ/HJDO(GXFDWLRQLQ,QGLD3UREOHPVDQG3HUVSHFWLYHV´
ϭϬ
'U0RKDPPDG)DURJK³/HJDO(GXFDWLRQ &RQWHPSRUDU\7UHQGVDQG&KDOOHQJHV´
%3'ZLYHGL³/HJDO(GXFDWLRQDQG7HDFKLQJ3URIHVVLRQDO(WKLFV &KDQJHVDQG&KDOOHQJHV´ $OO,QGLD
+LJKFRXUW&DVHV
ϭϭ
ϳ
0RWLYDWLRQRIVWXGHQWVDQGWKHHQWUDQFHH[DPLQDWLRQ
:KHQWKHUHZDVQRV\VWHPRIDQHQWUDQFHH[DPLQDWLRQWKHHQWUDQFHRIDQXPEHURIFROOHJHV
PRVWO\ FRPSULVHG QHZ SHRSOH ZKR KDG EHHQ XQDEOH WR REWDLQ HPSOR\PHQW HOVHZKHUH DQG
XQGHUWRRNWKHFRXUVHDVDWHPSRUDU\PHDVXUHWLOOWKH\IRXQGRWKHUHPSOR\PHQW1RWRQO\WKLV
WKH GURSRXW UDWHIURPWKHVHFROOHJHVLVH[FHSWLRQDOO\KLJK,Q 'HOKLWKHGURSRXW SHUFHQWDJH
ZDV IRXQG WR EH RYHU ZKLFK LV TXLWH GDQJHURXV 7KHUHIRUH WKH PRYH WR KDYH DQ
LQWHJUDWHGFRXUVHZKLFKDFFHSWVVWXGHQWVDIWHUWKHLU;,,%RDUGVLVVHHQWRKDYHDEHWWHUHIIHFW
RQVWDQGDUGVEHFDXVHLWLVSHUFHLYHGDVFDSWLYDWLQJFDQGLGDWHV DFWXDOO\LQWHUHVWHGLQWKHILHOG
UDWKHUWKDQWKRVHZKRKDYHQRWPDQDJHGWRDFTXLUHVHDWVLQKLJKHUVWXGLHVLQDQ\RWKHUILHOG
RU WKRVH ZKR KDYH QR RWKHU FKDQQHO RI HPSOR\PHQW 1HYHUWKHOHVV WKH SUHVHQW HQWUDQFH
H[DPLQDWLRQ V\VWHPGRHVQRWWHVW WKH DSWLWXGHRI WKHH[DPLQHHLQ D PDQQHUWKDW UHIOHFWV KLV
DELOLW\WREHDJRRGODZ\HU,WLVWUXHWKDWWKHVNLOOVUHTXLUHGIRUDJRRGDGYRFDWHKDYHWREH
LPSDUWHG+RZHYHUWKH\QRZGRQRWHYHQIROORZWKHJHQHUDODSWLWXGHRIWKHDVSLUDQWEHFDXVH
WKH\IROORZDVHWSDWWHUQ7KLVUHVXOWVIURPWKH SOHQW\RIWXWRULDOVIRUHQWUDQFHH[DPLQDWLRQV
ZKLFK KDV HQVXUHG WKDW H[DPLQHHV OHDUQ DQVZHUV E\ OHDUQLQJ WKHUHE\ DFKLHYLQJ WKH
H[DPLQDWLRQ 7KXV WKH VWXGHQWV ZKR SURFXUH DGPLVVLRQ DUH QRW QHFHVVDULO\ PHULWRULRXV EXW
JRRG DW PHPRULVLQJ WKLQJV 0RUHRYHU SDUW RI ODFN RI PRWLYDWLRQ RQ WKH SDUW RI VWXGHQWV
EUDQFKHV IURP WKH WHDFKLQJ PHWKRG DQG TXDOLW\ 7KH VWXGHQWV ILQG VXFK FODVVHV ERULQJ DQG
RQO\ DWWHQGFODVV WRIXOILOOWKHPLQLPXPDWWHQGDQFH UHTXLUHPHQWRIZKLFKKDVEHHQVHW
E\WKH%DU&RXQFLO8QOHVVLQWHUHVWLVJHQHUDWHGLQVWXGHQWVWKH\ZLOOORVHDQ\PRWLYDWLRQWR
OHDUQWKHVXEMHFWWKHUHE\GHIHDWLQJWKHSXUSRVHRIOHJDOHGXFDWLRQ
2XWGDWHGFXUULFXOXPDQGV\OODEXV
7KH8*&DQGWKH%DU&RXQFLOKDYHUHSHDWHGO\UHTXHVWHG8QLYHUVLWLHVWRDOWHUWKHLUV\OODEXV
EXW WR QR XVH )XUWKHUPRUH WKHUH LV DOZD\V D VWUXJJOH EHWZHHQ WKH LQWURGXFWLRQ RI QHZ DQG
FRQWHPSRUDU\ VXEMHFWV DW WKH FRVW RI IRFXVLQJ RQ WUDGLWLRQDOO\ LPSRUWDQW DQG HVVHQWLDO
VXEMHFWV7KHFXUULFXOXPGRHVQRWUHIOHFWWKHFKDQJLQJUROHRIODZDQGWHDFKLQJGRHVQRWWDNH
LQWR DFFRXQW WKH VRFLDO HQJLQHHULQJ VNLOOV ZKLFKDUH QHFHVVDU\ LQDSUDFWLFLQJ ODZ\HUWRGD\
7KH QHZ VFKHPH ZKLFK WKH %DU &RXQFLO RI ,QGLD VHHNV WR VXJJHVW WDFNOHV WKLV LVVXH E\
SURYLGLQJIRUDSUHODZVFKRROVWXG\SHULRGRIWZR\HDUVLQDQXPEHURIODZFRQQHFWHGVRFLDO
VFLHQFHVXEMHFWV7KHQXPEHURIRSWLRQDOFRXUVHVKDVEHHQLQFUHDVHGWRLQFOXGHVRPHDFWLRQ
RULHQWHGPXOWLGLVFLSOLQDU\FRXUVHV)LQDOO\DSUDFWLFDOWUDLQLQJVHVVLRQIRUPRQWKVKDVEHHQ
ϭϮ
$1DUUDLQ³7RZDUGVD%HWWHU/HJDO(GXFDWLRQIRUWKH1HZ&HQWXU\´ 6WXGHQW$GYRFDWH
ϴ
SUHVFULEHG+RZHYHUWKLVFXUULFXOXP KDVEHHQFULWLFL]HGIRUQRWLQFOXGLQJFHUWDLQVXEMHFWV
ZKLFK DUH HVVHQWLDO LQ WKH FXUUHQW FRQWH[W IRU ODZ\HUV OLNH HOHFWLRQ ODZV RU FRQVXPHU
SURWHFWLRQ ,Q DGGLWLRQ FOLQLFDO SURJUDPPHV HVFDSH PHQWLRQ LQ LW 8QGHU VXFK D VFKHPH D
VWXGHQW FRXOG EH JUDQWHG DQ RSSRUWXQLW\ WR VSHQG D VHPHVWHU DW D FRXUW RU RWKHU IRUXP
0RUHRYHUWKHFXUULFXOXPFRQWDLQVV\OODEXVIRUDWKUHH\HDUFRXUVHZKHQPRVWFROOHJHVKDYH
VKLIWHGWRD\HDUFRXUVH
0HGLXPRILQVWUXFWLRQ
$QXPEHURILQVWLWXWLRQVJRYHUQHGXFDWLRQDWWKHXQGHUJUDGXDWH OHYHOLQUHJLRQDOODQJXDJHV
$V D UHVXOW D QXPEHU RI DVSLUDQWV LQ FHUWDLQ 6WDWHV DUH DGPLWWHG WR FROOHJHV ZLWKRXW HYHQ
KDYLQJ VRPH HVVHQWLDO IOXHQF\ LQ WKH (QJOLVK ODQJXDJH $GPLWWHGO\ D FRPPDQG RQ WKH
UHJLRQDOODQJXDJHLVKHOSIXODQGVRPHWLPHVHYHQHVVHQWLDOLIRQHZDQWVWRSUDFWLFHLQWKH7ULDO
RU +LJK &RXUWV LQ D SDUWLFXODU 6WDWH +RZHYHU LW FDQQRW EH UHIXVHG WKDW WKH TXDOLW\ RI
HGXFDWLRQ VXIIHUV VHULRXVO\ LI WKH PHGLXP RI LQVWUXFWLRQ LV UHJLRQDO 7KLV LV EHFDXVH WKH
IDFXOW\ KDV WR EH IOXHQW LQ WKH ODQJXDJH DV ZHOO ZKLFK H[FOXGHV WKH FROOHJHV IURP KDYLQJ
JRRGYLVLWLQJIDFXOW\RUJXHVWOHFWXUHUVIURPIDPRXVSHUVRQVLQWKHDUHD0RUHRYHUPRVWRI
WKHVWDWXWHVFDVHVODZERRNVDQGDOOWKHRWKHUPDWHULDOVDUHLQ(QJOLVK7KHUHDUHQRWHQRXJK
WH[W ERRNV LQ UHJLRQDO ODQJXDJHV WR RYHUFRPH WKHVH GLIILFXOWLHV7KXV QRW RQO\ GRHV WKH
VWXGHQW QRW KDYH DGHTXDWH GHSWK RI XQGHUVWDQGLQJ RI WKH VXEMHFW EXW DOVR IDLOV WR HVWDEOLVK
QHFHVVDU\ FRPPXQLFDWLRQ VNLOOV QHFHVVDU\ WR SUDFWLFH WKH SURIHVVLRQ SURSHUO\ 7KH %&, KDV
WULHGWRDPHQGWKLVE\SURYLGLQJWKDWWKHODQJXDJHRILQVWUXFWLRQVKDOOEH(QJOLVKEXWLILWLV
QRW WKHQ LW PXVW PHHW WKH ODZ JUDGXDWH VWDQGDUG LQ RUGHU WR FHUWLI\ IRU HQUROOPHQW DV DQ
DGYRFDWH $GGLWLRQDOO\WZRSDSHUVRQ*HQHUDO(QJOLVKDQGRQHRQ/HJDO /DQJXDJHKDYHWR
EHFRPSXOVRULO\JLYHQXQGHUWKHQHZVFKHPH
'UDVWLFGLIIHUHQFHVDPRQJODZFROOHJHV
$V,QGLDERDVWVRIVRPHUHSXWHGQDWLRQDOODZVFKRROVWKHUHDUHDOVRDQXPEHURILQVWLWXWLRQV
ZKLFKFDOOWKHPVHOYHVDVODZFROOHJHVDQGIUHHO\JLYHWKHGHJUHHVZLWKRXWERWKHULQJWRJLYH
WKH VWXGHQWV D VXLWDEOH HGXFDWLRQ 7KXV WKH TXDOLW\ RI VWXGHQWV IURP GLVWLQFW LQVWLWXWLRQV LV
ϭϯ
* 6LQJK ³5HYDPSLQJ 3URIHVVLRQDO /HJDO (GXFDWLRQ 6RPH 2EVHUYDWLRQV RQ WKH //% &XUULFXOXP´
,QGLDQ6RFLR/HJDO-RXUQDO
ϭϰ
$.$YDVWKL³3RZHUOHVVQHVVRI7KH%&,WR,PSURYH6WDQGDUGVRI/HJDO(GXFDWLRQ´ -RXUQDORI,QGLDQ
/DZ,QVWLWXWH
ϵ
LPPHQVHO\GLIIHUHQWEHFDXVHRIWKHGUDVWLFGLIIHUHQFHLQWKHH[WHQWDQGNLQGRIHGXFDWLRQWKH\
JDLQ
6XJJHVWLRQVWR/HJDO(GXFDWLRQ
$V SHU YDULRXV FRQYHUVDWLRQV ZLWK H[SHULHQFHG SDVVLRQDWH DQG FOHDQ ODZ\HUV WKH VROXWLRQ
ZKLFK ZH KDYH GHEDWHG DQG FKXUQHG RXW LV YHU\ VLPSOH DV PRUH DZDUHQHVV DQG PRUH
LQIRUPDWLRQ DERXW OHJDO HGXFDWLRQ LQ ,QGLD DQG HQFRXUDJLQJ LQVSLULQJ SRRU VWXGHQWV WR JHW
DFFHVVWRKLJKTXDOLW\HGXFDWLRQ 7KHUHLVDFWXDOO\QRODFNRIWDOHQWLQ,QGLDEXWDOOZHQHHGLV
D ULJRURXV DSSURDFK WR PDNLQJ ODZ HGXFDWLRQ DIIRUGDEOH HDV\ DQG ZLWKLQ WKH UHDFK RI WKH
SRRUWDOHQWHGVWXGHQWV $VZH¶YHVHHQOHJDOHGXFDWLRQLQ,QGLDLVGLVWXUEHGE\DQXPEHURI
SUREOHPV ZKLFK KDYH EHHQ DWWHPSWHG WR EH GHWHUPLQHG E\ WKH %DU &RXQFLO DQG WKH 8*&
+RZHYHUZHKDYHDOVRVHHQWKDWWKHHIIRUWVRIWKHDXWKRULWLHVKDYHEHHQUHQGHUHGIXWLOHGXHWR
XQFRRSHUDWLYH *RYHUQPHQWV RUSUHVVXUHIURP DGYRFDWHV RU VWXGHQWV1HYHUWKHOHVV WKHUHDUH
VWLOO PHDVXUHV ZKLFK FDQ EH WDNHQ LQ RUGHU WR LPSURYH WKH VWDQGDUG RI OHJDO HGXFDWLRQ LQ
,QGLD
7KH&RPPLWWHHRIWKUHH-XGJHVZDVDSSRLQWHGE\WKH&-,ZKLFKGLVFXVVHGWKHLVVXHFDPHXS
ZLWKDQXPEHURIVXJJHVWLRQVZKLFKFRXOGUDLVHVWDQGDUGVVXFKDV WKHUHPXVWEHDQHQWUDQFH
WHVW DW WKH VWDJH RI DGPLVVLRQ WR WKH ODZ FROOHJH LQ 8QLYHUVLW\ WR WKH DIILOLDWHG FROOHJHV
3URIHVVLRQDO HWKLFV LV WR EH PDGH D PDQGDWRU\ VXEMHFW 7KH FDVH PHWKRG PXVW EH PDGH
FRPSXOVRU\DQGPXVWFDUU\PRUHPDUNVWKDQWKHRU\1HFHVVDU\VWHSVVKRXOGEHWDNHQWRWKH
DGGLWLRQ RI OHFWXUH PHWKRG 6WXGHQW YLVLWV WR FRXUW VKRXOG EH PDGH PDQGDWRU\ LQ RUGHU WR
SURYLGH JUHDWHU H[SRVXUH 7KH H[DPLQDWLRQV\VWHP VKRXOG EHFKDQJHG DQG QRUPVVKRXOGEH
IL[HGQRWRQO\IRUPDLQWDLQLQJWKHTXDOLW\RITXHVWLRQVEXWDOVRIRUDZDUGLQJWKHPDUNVIRUWKH
HYDOXDWLRQRIDQVZHUVKHHWV7KH%DU&RXQFLORI,QGLDQHHGWRJUDQWDOLFHQVHWRSUDFWLFHWRD
ODZ JUDGXDWH RQO\ DIWHU KH KDV EHHQ DQ DSSUHQWLFH IRU WR PRQWKV DQG KDV SDVVHG DQ
HQWUDQFHH[DPLQDWLRQ(DFK6WDWHVKRXOGHVWDEOLVKFROOHJHVRIWKHVWDWXWHRIWKH1DWLRQDO/DZ
6FKRROV$VIDUDVFROOHJHLQIUDVWUXFWXUHLVFRQFHUQHGWKH%DU&RXQFLOKDVSUHVFULEHGFHUWDLQ
ϭϱ
&3LOODL³/HJDO(GXFDWLRQ ,Q6HDUFKRI1HZ9LVWDV´ -RXUQDORI,QGLDQ/DZ,QVWLWXWH
ϭϲ
1. ,QGUDL\DQ ³7KH &KDOOHQJHRI/HJDO(GXFDWLRQ 7KH &XUUHQW 6FHQDULR´ ,QGLDQ %DU5HYLHZ
$ /DNVKPLQDWK ³/HJDO (GXFDWLRQ 5HVHDUFK DQG 3HGDJRJ\´ -RXUQDO RI ,QGLDQ /DZ ,QVWLWXWH
ϭϳ
ϭϬ
PLQLPXP LQIUDVWUXFWXUDO DQG RWKHU UHTXLUHPHQWV IRU ODZ FROOHJHV+RZHYHU LW LV REYLRXV
WKDWWKHUHZLOOEHGLIILFXOWLHVLQREWDLQLQJVWDWHRIWKHDUWOLEUDU\DQGEXLOGLQJIDFLOLWLHVDWWKH
VWDUWLQJ IRU PDQ\ FROOHJHV GXH WR WKH ILQDQFLDO DQG RWKHU SUREOHPV 7KHUHIRUH WKH 5XOHV
SURYLGHIRUDGHYHORSPHQWDSSURDFKLQZKLFKWKHVHJRDOVKDYHWREHDFKLHYHGRYHUDVWUHWFK
RI ILYH \HDUV ,W FDQ RQO\ EH KRSHG WKDW WKH *RYHUQPHQWV DQG FROOHJH¶V FRRSHUDWH ZLWK WKH
%&,VRWKDWWKHVHUXOHVDUHHIIHFWLYHO\LPSOHPHQWHG$VUHJDUGVTXDOLW\RIWHDFKLQJWKH%DU
&RXQFLO5XOHVSURSRVHWRKDYHDWOHDVWKDOIWKHWHDFKLQJVWDIIWREHIXOOWLPHDQGWKHSULQFLSDO
DOVR WR EHIXOOWLPH 7KLVLVFOHDUO\ EHFDXVHXQOHVVWKHUHLVVRPHGHGLFDWLRQRIWKHSULQFLSDO
DQG IDFXOW\ WRZDUGV WKH FDXVH RI HQKDQFLQJ VFKRODUVKLS LQFUHDVLQJ VWDQGDUGV RI HGXFDWLRQ
ZLOOEHDQXSKLOOWDVN
$SDUWIURPWKHVHVXJJHVWLRQVWKHUHDUHVRPHRWKHUPHDQVE\ZKLFKWKHTXDOLW\RIHGXFDWLRQ
FDQEHJLYHQDGUDVWLFLPSURYHPHQW7KH/DZ&RPPLVVLRQRI,QGLDVXJJHVWHGWKHUHJXODWRU\
PHFKDQLVPVRIWKH%DU&RXQFLODQGWKH8*&WREHFRRUGLQDWLQJ7KH8QLYHUVLWLHVDQGRWKHU
HGXFDWLRQDO LQVWLWXWLRQV VXSSRVH WR EH JLYHQ VRPH IUHHGRP LQ UHVSHFW RI FKRRVLQJ WHDFKLQJ
PHWKRGV DQG V\OODEXV VXLWDEOH IRU WKH ORFDO QHHGV RI VWXGHQWV &XUUHQWO\ WKH LQVSHFWLRQ LV
UHVWULFWHGWRWKHLQIUDVWUXFWXUHDQGRWKHUIDFLOLWLHV ,QDGGLWLRQWKHFRPPLWPHQWRIWKHRZQHU
WRWKHFDXVHRIHGXFDWLRQRXJKWDOVRWREHNHSWLQPLQGZKLOHDXWKRUL]LQJSHUPLVVLRQ7KXV
HQWU\LQWRWKHDUHDPXVWEHPDGHPRUHGLIILFXOW$VHULHVRIFRQIHUHQFHVDQGZRUNVKRSV RQ
WHDFKLQJWHFKQRORJLHVDQGPHWKRGVPXVWEHRUJDQL]HGUHJXODUO\IRUWHDFKHUVE\WKH8*&DQG
WKH %DU &RXQFLOV 7KH 8QLYHUVLWLHV DQG /DZ FROOHJHV PXVW LQFRUSRUDWH VWXGHQW H[FKDQJH
SURJUDPPHVDQGHQFRXUDJHWHDFKHUVWRYLVLWRWKHUSUHPLHUOHJDOLQVWLWXWLRQV7KHVHOHFWLRQRI
ODZ WHDFKHUV PXVW UHO\ FRPSOHWHO\ RQ PDUNV REWDLQHG LQ WKH //0 7KH SURFHGXUH PXVW EH
XQEXUGHQHGDQGWUDQVSDUHQWDQGLQFOXGHDGHPROHFWXUHEHIRUHHPSOR\PHQW7KHH[DPLQDWLRQ
PXVWWHVWWKHTXDOLWLHVUHTXLUHGIRUPRRWFRXUWVSUREOHPVROYLQJDQGGUDIWLQJ6WULFWVWDQGDUGV
PXVWEHIROORZHGLQUHFRJQL]LQJDQGJUDQWLQJDIILOLDWLRQVWRODZFROOHJHV/DZFROOHJHVDQG
ϭϴ
$.$YDVWKL ³5ROHRIWKH %DU &RXQFLORI,QGLD -XGLFLDO ,QWHUYHQWLRQVDQG6XJJHVWLRQV´ ,QGLDQ %DU
5HYLHZ
ϭϵ
.&-HQD³5ROHRI%DU&RXQFLOVDQG8QLYHUVLWLHVIRU3URPRWLQJ/HJDO(GXFDWLRQLQ,QGLD´ -RXUQDORI
,QGLDQ/DZ,QVWLWXWH
ϮϬ
1.XPDU³&KDQJLQJ 3DUDGLJPRI/HJDO(GXFDWLRQDQG 3URIHVVLRQ´ 7D[ DQG&RUSRUDWH5HIHUHQFHU
ϭϭ
XQLYHUVLW\ GHSDUWPHQWVVKRXOGEHFORVHO\UHODWHGDQGLQWHJUDWHG ZLWK&RXUWVDQG$GYRFDWHV
3DUWWLPHWHDFKHUVIURPWKH%DUDQGORQJHUFRXUWYLVLWVPXVWEHDGRSWHG
&RQFOXVLRQ
7KHOHJDOHGXFDWLRQVKRXOGEHDEOHWRPHHWLQWKHHYHUFKDQJLQJGHPDQGVRIWKHVRFLHW\DQG
VKRXOG EH WKRURXJKO\ HTXLSSHG WR SURYLGH ZLWK WKH FRPSOH[LWLHV RI WKH GLIIHUHQW VLWXDWLRQV
6SHFLDOL]DWLRQLQYDULRXVEUDQFKHVRIWKHODZLVYHU\QHFHVVDU\7KHUHTXLUHPHQWLVRIVXFKD
JUHDWGLPHQVLRQWKDWVL]HDEOHRUZLGHQXPEHURIGHGLFDWHGSHUVRQVVKRXOGEHSURSHUO\WUDLQHG
LQGLIIHUHQWEUDQFKHVRIODZHYHU\\HDUE\SURYLGLQJFRPSHWHQWDQGVXLWDEOHOHJDOHGXFDWLRQ
7KLVLVSRVVLEOHRQO\LIDGHTXDWHQXPEHURIODZFROOHJHVZLWKSURSHULQIUDVWUXFWXUHLQFOXGLQJ
H[SHUWLVHODZWHDFKHUVDQGVWDIIDUHHVWDEOLVKHGWRDFFRUGZLWKWKHVLWXDWLRQLQDQDSSURSULDWH
PDQQHU7KHDUHDRIGHILFLHQF\VKRXOGEHORFDWHGDQGFRUUHFWLRQVVKRXOGEHDIIHFWHGZLWKWKH
FRRSHUDWLRQ RI FRPSHWHQW SHUVRQV EHIRUH WKH PDWWHU JHWV EH\RQG FRQWURO 5HIRUPV LQ OHJDO
HGXFDWLRQ FDQQRW ZDLW DQ\ ORQJHU DQG WKDW WKHUH FDQ EH QR LPSURYHPHQW LQ OHJDO HGXFDWLRQ
XQOHVVZHFDQFRQYLQFHWKHEULOOLDQW\RXQJSHRSOHWRDFFHSWWHDFKLQJUHVSRQVLELOLWLHVLQODZ
:H QHHG WR SURGXFH D QXPEHU RI FRPPLWWHG DQG GHGLFDWHG WHDFKHUV ZKR LQ WXUQ QHHG WR
SURGXFHDQHZFURSRIGHGLFDWHGODZ\HUVLPSDUWLDOMXGJHVDQGGLVWLQJXLVKHGMXULVWV7KLVLVD
WRXJKDQGFHUWDLQO\DFKDOOHQJLQJWDVN$VDWHDFKHULVDQDWLRQEXLOGHUDQGRQO\DFRPPLWWHG
DQG GHYRWHG WHDFKHU FDQ SURGXFH FRQVFLHQWLRXV VWXGHQWV KRQHVW SURIHVVLRQDOV DQG FLWL]HQV
7KLVLVZKDWWKHQDWLRQLQJHQHUDODQGWKHOHJDOSURIHVVLRQLQSDUWLFXODUQHHGVWRGD\7KHUHDO
FKDOOHQJH LQ WRGD\¶V OLIH LV RQ WKH OHJDO HGXFDWLRQ DQG OHJDO SURIHVVLRQ EHFDXVH SHRSOH VHH
ODZ\HUVDVPRUHHTXDOO\WKDQWKHPVHOYHV7KH\UHJDUGODZ\HUVDVWUDLQHGSHUVRQVWRXVHWKH
IUHHGRPJUDQWHGE\WKHFRXQWU\¶VFRQVWLWXWLRQDQGWRVKRZWKHPWKHZD\DQGDOVRWRSURWHFW
LQFDVHWKHVHIUHHGRPVDUHEUHDFKHG6RWKHUHVSRQVLELOLW\RI OHJDOHGXFDWLRQLVYHU\KHDY\
DVODZ\HUVDUHPHDQWWRSUHVHUYHWKHVRFLHW\DQGDFWDVµKHDOHUV¶DQGKDYHWRFRQWULEXWHWRWKH
PDQNLQG DV D ZKROH %HWWHUPHQW RI OHJDO HGXFDWLRQ LV GLUHFWO\ GHSHQGHQW RQ %&,¶V
LQWHUIHUHQFH WKURXJK FDSDEOH OHDGHUVKLS DGHTXDWH DQDO\VLV DQG VXSSRUW LQFOXGLQJ ILQDQFLDO
%&, PD\ EH UHSODFHG E\ D VSHFLDO 6WDQGLQJ &RPPLWWHH RQ /HJDO (GXFDWLRQ WR WKH
,QGHSHQGHQW 5HJXODWRU\ $XWKRULW\ RQ +LJKHU (GXFDWLRQ DV UHFRPPHQGHG E\ WKH 1DWLRQDO
.QRZOHGJH&RPPLVVLRQ7KHQHZERG\LILWDULVHVZLOOLJQLWHQHZH[SHFWDWLRQV
0-5DR³$3OHDIRU6WDWH/DZ8QLYHUVLWLHVDQG2WKHU5HIRUPVLQ/HJDO(GXFDWLRQ´ 6WXGHQW$GYRFDWH
Ϯϭ
ϭϮ
/HJDO(GXFDWLRQLQ,QGLD ,VVXHV &KDOOHQJHV
)DWHU]D*KD]DO
-(07(& 6FKRRORI/DZ DIILOLDWHGWR**6,38*UHDWHU1RLGD
³%\HGXFDWLRQ,PHDQDQDOOURXQGGUDZLQJRIWKHEHVWLQFKLOGDQGPDQLQERG\PLQGDQG
VSLULW´
0DKDWPD*DQGKL
,QWURGXFWLRQ
7KHVWXG\RIODZVRQFRQGLWLRQVWKH\DUHJRRGODZVLVXQULYDOOHGLQLWVDELOLW\WRLPSURYH
VWXGHQWV
/DZLVVRPHWKLQJZKLFKJRYHUQVWKHZRUOGDQGLWVSHRSOHDQGLVWKHRQO\XOWLPDWHLQVWUXPHQW
RI FKDQJH ,W KDV WKH SRWHQWLDO WR UHIRUP VRFLHW\ DQG JXDUDQWHHV MXVWLFH WR HDFK DQG HYHU\
,QGLYLGXDO3ULQFLSDOO\LWLVWKHEDVLFHOHPHQWDQGIDFLOLWDWRURIMXVWLFHDVWKHSULPDU\IXQFWLRQ
RI ODZ LV WR PDLQWDLQ SHDFH DQG RUGHU LQ VRFLHW\ ZKLOH SURWHFWLQJ ,QGLYLGXDO ULJKWV DQG
IUHHGRP,WVHUYHVDVDQLPSRUWDQWLQVWUXPHQWIRUDFKLHYLQJVRFLRHFRQRPLFGHYHORSPHQWLQ
VRFLHW\
/DZ /HJDO HGXFDWLRQ DQG GHYHORSPHQW KDYH EHFRPH LQWHUUHODWHG FRQFHSW LQ PRGHUQ
GHYHORSLQJ VRFLHWLHV ZKLFK DUH VWUXJJOLQJ WR GHYHORS LQWR VRFLDO ZHOIDUH VWDWHV DQG DUH
VHHNLQJ WR DPHOLRUDWH WKH VRFLRHFRQRPLF FRQGLWLRQ RI WKH SHRSOH E\ SHDFHIXO PHDQV 7KH
VDPH UXOH LV WUXH IRU ,QGLD ,W LV WKH FUXFLDO IXQFWLRQ RI OHJDO HGXFDWLRQ WR SURGXFH ODZ\HUV
ZLWK D VRFLDO YLVLRQ LQ D GHYHORSLQJ FRXQWU\ OLNH ,QGLD +RZHYHU WKH /HJDO (GXFDWLRQ LQ
PRGHUQWLPHVLVQRWFRQILQHGWRSURGXFWLRQRISUDFWLFLQJODZ\HUVDORQH7RGD\LWVVFRSHDQG
DPELWKDVJRWZLGHQXSDQGLWVLPSDFWLVIHOWLQ
HYHU\VSKHUHRIKXPDQOLIH7KHODZEHLQJDWRROIRUWKHVRFLDOHQJLQHHULQJ/HJDO(GXFDWLRQ
FDQEHUHJDUGHGDVDQLQVWUXPHQWIRUWKHVRFLDOGHVLJQ
3ODWR F±%& 7KH/DZVEN;,,DVREVHUYHGLQDGLFWLRQDU\RIOHJDO4XRWDWLRQ 8QLYHUVDO/DZ
3XEOLVKLQJ&R3YW/WG1HZ'HOKLWK(GS
6FHQDULRRI/HJDO(GXFDWLRQLQ,QGLD &KDSWHU,9 ,QGLDDYDLODEOHDW
KWWS VKRGKJDQJDLQIOLEQHWDFLQELWVWUHDPBFKDSWHUSGI /DVW0RGLILHGDW'HFHPEHU
ϭϰ
)RUDQ\VRFLHW\ULSHQLQJRIFLYLOL]DWLRQLVDWWULEXWHGWKURXJKWKHVRFLDOFRQVFLRXVQHVVRIWKH
VLJQLILFDQFHRIODZ7KHKLVWRU\RIRXURZQLQGHSHQGHQFHPRYHPHQWLILPSDUWLDOO\ZULWWHQ
ZLOO GHYRWH PRUH SDJHV WR ODZ\HUV WKDQ WR WKH YRWDULHV RI DQ\ RWKHU YRFDWLRQ ,W LV ZHOO
DFFHSWHG SURSRVLWLRQ WKDW WKH 3URIHVVLRQ RI /DZ LV D QREOH FDOOLQJ DQG WKH PHPEHUV RI WKH
/HJDO3URIHVVLRQRFFXS\DYHU\KLJKVWDWXV
6LQFH/DZLVWKHIRXQGDWLRQRIHYHU\VRFLHW\RUDQDWLRQ/HJDO(GXFDWLRQRIWKHSHRSOHLVD
6LQHTXDQRQH/HJDO(GXFDWLRQGRHVQRWRQO\FUHDWHODZDELGLQJFLWL]HQVEXWDOVRSURGXFHV
EULOOLDQWDFDGHPLFLDQVYLVLRQDU\MXGJHVDVWRXQGLQJODZ\HUVDQGDZHLQVSLULQJMXULVWV6LQFH
/DZLVDPHDQVIRUVRFLDOFKDQJHDQGHFRQRPLFSURJUHVVVLQFHWKHVHIRXUFODVVHVRIPHQDFWV
DVFDWDO\VWIRUWKHJURZWKRIWKHVRFLHW\WKHFUHDWLRQRIWKHVHIRXUPHQVKRXOGEHWKHDLPRI
WKHOHJDO(GXFDWLRQ
7KH SROLF\ RI /HJDO HGXFDWLRQ VKRXOG EH PRXOGHG LQ WXQH ZLWK WKH UDSLG FRQWHPSRUDU\
FKDQJHV RFFXUULQJ DV D UHVXOW RI VFLHQWLILF DQG WHFKQRORJLFDO GHYHORSPHQW HVSHFLDOO\ E\
H[SDQVLRQRIVRIWZDUHWHFKQRORJ\
/HJDO (GXFDWLRQ LQ ,QGLD JHQHUDOO\ UHIHUV WR WKH HGXFDWLRQ RI ODZ\HUV EHIRUH HQWU\ LQWR
SUDFWLFH /HJDO (GXFDWLRQ LQ ,QGLD LV RIIHUHG E\ WKH WUDGLWLRQDO 8QLYHUVLWLHV DQG WKH
VSHFLDOL]HGODZXQLYHUVLWLHVDQG&ROOHJHVRQO\DIWHUFRPSOHWLRQRIDQXQGHUJUDGXDWHGHJUHHRU
DV DQLQWHJUDWH 'HJUHH/HJDO (GXFDWLRQ GHULYHV LWV LPSHWXVIURPWKHHFRQRPLFVVRFLDODQG
SROLWLFDO VHWXS RI WKH VRFLHW\ /HJDO (GXFDWLRQ LV D KXPDQ VFLHQFH ZKLFK IXUQLVKHV EH\RQG
WHFKQLTXHV VNLOOV DQG FRPSHWHQFHV WKH EDVLF SKLORVRSKLHV LGHRORJLHV FULWLTXHV DQG
LQVWUXPHQWDOLWLHVIRUWKHFUHDWLRQDQGPDLQWHQDQFHRIDMXVWVRFLHW\
7KHOHJDOHGXFDWLRQVHFWRULQ,QGLDLVRQHRIWKHIDVWHVWJURZLQJHGXFDWLRQDOVHFWRULQ,QGLD
/HJDOHGXFDWLRQUHIRUPLVWDNLQJSODFHDURXQGWKHJOREHWRPDNHLWPRUHUHVSRQVLYHWKDQHYHU
EHIRUHWRWKHOHJDOQHHGRIWKHFRPPXQLW\QDWLRQDODVZHOODVJOREDODQGWKHOHDUQLQJQHHGVRI
VWXGHQWV WR EHFRPH SURIHVVLRQDOO\ FRPSHWHQW WR SOD\ WKHLU UROH LQ RXU LQFUHDVLQJO\
LQWHUGHSHQGHQW ZRUOG7KHLQWHUHVWDPRQJWKHVWXGHQWVLQSXUVXLQJODZDVDFDUHHUKDVEHHQ
VWHDGLO\RQWKHULVHDQGWKLVFDQEHVHHQIURPWKHIDFWWKDWWKH\HDUVDZWKHKLJKHVWHYHU
,\HU.ULVKQD95³7KH6RFLDO'LPHQVLRQVRI/DZDQG-XVWLFHLQ&RQWHPSRUDU\,QGLD±7KH'\QDPLFVRID
1HZ-XULVSUXGHQFH´S
³(YDOXDWLRQRI/HJDO$LGDQG/HJDO/LWHUDF\±7RROVRI6RFLDO-XVWLFH´3K'7KHVLV6UL3DGPDYDWL
0DKLOD9LVYDYLG\DOD\DP :RPHQ¶V8QLYHUVLW\ 7LUXSDWL8QSXEOLVKHG
5HSRUWRI³7KH&XUULFXOXP'HYHORSPHQW&HQWUHLQ/DZ´ 9RO8*&1HZ'HOKL S DYDLODEOHDW
KWWS OHJDOVHUYLFHVLQGLDFRP /DVW0RGLILHGDW'HFHPEHU
ϭϱ
QXPEHURIDSSOLFDQWVWRWKH&RPPRQ/DZ$GPLVVLRQ7HVW &/$7 ZLWKPRUHWKDQIRUW\ILYH
WKRXVDQGVWXGHQWVDSSOLHGIRUWKHWHVW
³7RPRXQGWKHQDWLRQWRWKHSLQQDFOHRIEHVWDGPLQLVWUDWLRQRIMXVWLFHZHQHHGWR
HGXFDWHDQGPDNHRYHUWKHEHVWODZ\HUV´
7KRXJK WKLV HQWKXVLDVP WKHODZ VWXGHQWV DUH QHHGHG WR EHLQVSLUHG DQGSURYLGHG ZLWK EHVW
TXDOLW\RIOHJDOVWXGLHVWKDWEULQJVDERXWSURPLQHQWODZ\HUVWRWKHVRFLHW\)RUWKLVZHFDQQRW
LJQRUH WKH YLWDO UROH RI ODZ WHDFKHU ZKR EXLOW JURRP DQG LPSURYH WKH VNLOOV RI WKH ODZ
VWXGHQWVDQGSURYLGHWKHPHFKDQLVPWRHVWDEOLVKVRXQGOHJDOV\VWHPLQRXUFRXQWU\
,Q ,QGLD /HJDO HGXFDWLRQ KDV EHHQ RQ WKH DJHQGD RI WKH JRYHUQPHQW ERGLHV LQFOXGLQJ 7KH
/DZ&RPPLVVLRQRI,QGLD8QLYHUVLW\*UDQWV&RPPLVVLRQDQG7KH%DU&RXQFLORI,QGLDIRU
PRUH WKDQ VL[ GHFDGHV DQG LW LV WDNLQJ VHYHUDO LQLWLDWLYHV WRZDUGV LPSURYHPHQW RI OHJDO
HGXFDWLRQ /HJDO HGXFDWLRQ KDV DOVR FRQWULEXWHG LQ WKHLU RZQ PRGHVW ZD\V WR WKH FXUUHQW
GHEDWHRQOHJDOHGXFDWLRQUHIRUP
+LVWRU\RI/HJDO(GXFDWLRQLQ,QGLD
7KHUH DUH GLIIHUHQW YLHZV UHJDUGLQJ WKH RULJLQ RI WKH OHJDO V\VWHP LQ ,QGLD 7KHUH ZDV DQ
LQWULFDWHDQGFRPSUHKHQVLYHOHJDOV\VWHPLQDQFLHQW,QGLD7KHFRQFHSWRI/HJDO(GXFDWLRQLQ
,QGLDJRHVEDFNWRWKH9HGLFDJHZKHQLWZDVEDVHGRQWKHFRQFHSWRI'KDUPD7KRXJKWKHUH
ZDV QR IRUPDO HGXFDWLRQ WR LPSDUW ODZ ZKLFK FDQ EH XQGHUVWRRG DV VXFK ODZ WKHUH ZDV
.DUPD DQG 'KDUPD ZDV WKH EDVLF JUDQGHXUIRUHYHU\ OLYLQJ,QGLYLGXDO7UDLQLQJZDV VHOI
DFTXLUHG LQ PDWWHUV FRQQHFWHG ZLWK .DUPD 7KH .LQJ HLWKHU XVHG WR GLVSHQVH MXVWLFH
WKHPVHOYHVRUDSSRLQW-XGJHVDQGDVVHVVRUVWRDGPLQLVWHUMXVWLFH
+RZHYHU RQFH %ULWLVK 5XOH ZDV HVWDEOLVKHG LQ ,QGLD WKH V\VWHP RI GKDUPD JUDGXDOO\
UHSODFHG7KXVWKHV\VWHPSUHYDOHQWLQ,QGLDWRGD\LV\HWDQRWKHUFRORQLDOKDQJRYHUDQGZDV
LQVWLWXWHG DIWHU HVWDEOLVKPHQW RI %ULWLVK 5XOH LQ ,QGLD ,W ZDV RQO\ VXEVHTXHQW WR WKLV WKDW
HIIRUWV ZHUHVWDUWHGWRVWUHDPOLQHWKHSURIHVVLRQ7KLVZDVEHFDXVHRQO\WKHQ 0XNKWDUV DQG
3URI96K\DP.LVKRUH³7KH&KDQJLQJ'LPHQVLRQVRI/HJDO(GXFDWLRQLQ,QGLD´ 0D\ DYDLODEOH
DWKWWS ZZZODZFWRSXVFRPWKHFKDQJLQJGLPHQVLRQVRIOHJDOHGXFDWLRQLQLQGLD /DVW0RGLILHGDW
'HFHPEHU
0UV5DMQL3DUPDU$VVLVWDQW3URIHVVRU$PLW\/DZ6FKRRO-DLSXUUSDUPD#MSUDPLW\HGX /DVW0RGLILHGDW
'HFHPEHU
%&1LUPDO³/HJDO(GXFDWLRQLQ,QGLD 3UREOHPDQG&KDOOHQJHV´,,80/-
6FHQDULRRI/HJDO(GXFDWLRQLQ,QGLD &KDSWHU,9 ,QGLDDYDLODEOHDW
KWWS VKRGKJDQJDLQIOLEQHWDFLQELWVWUHDPBFKDSWHUSGI /DVW0RGLILHGDW'HFHPEHU
ϭϲ
9DNLOV ZHUHSHUPLWWHGWRSUDFWLFHLQ0RIXVVLOFRXUWVDQGWKH\ZHUHQRWDFTXDLQWHGZLWKWKH
UXOHRIODZDWDOO6XEVHTXHQWO\WKH\ZHUHUHSODFHGE\SOHDGHUVZKRZHUHDOORZHGWRSUDFWLFH
DWWKHGLVWULFWOHYHOE\YLUWXHRIKDYLQJREWDLQHGDODZGHJUHH7KRVHHQUROOHGZHUHSHUPLWWHG
WRSUDFWLFHLQDQ\FRXUWVXERUGLQDWHWR+LJK&RXUWV )RUDOPRVWDFHQWXU\IURPWR
DVWHUHRW\SHGV\VWHPRIWHDFKLQJFRPSXOVRU\VXEMHFWOHFWXUHPHWKRGDQGWKHWZR\HDUFRXUVH
FRQWLQXHG7KHQHHGIRUXSJUDGLQJOHJDOHGXFDWLRQKDVEHHQIHOWIRUORQJ,QGLDLVSHUFHLYHG
DVDFRXQWU\ZLWKDULFKWUDGLWLRQLQOHJDOHGXFDWLRQ
,Q WKUHH 8QLYHUVLWLHV ZHUH VHWXS LQ &DOFXWWD 0DGUDV DQG %RPED\ ZKLFK WRRN WKH
ILUVWVWHSVWRZDUGVLPSDUWLQJIRUPDOOHJDOHGXFDWLRQE\LQWURGXFLQJWKHVXEMHFWDVSDUWRIWKHLU
FXUULFXOD,WLVQHFHVVDU\WRKDYHTXDOLILHGODZ\HUVLQRUGHUWKDWWKHUXOHRIODZLVSUHVHUYHG
1XPHURXV &RPPLWWHHV ZHUH VHW XS SHULRGLFDOO\ WR FRQVLGHU DQG SURSRVH UHIRUP LQ OHJDO
HGXFDWLRQ ,Q WKH &DVH 3RZHOO Y $ODEDPD +RQ¶EOH 6XSUHPH &RXUW SRQWLILFDWHG RQ WKH
QHFHVVLW\RIDQDGYRFDWHLQWKHIROORZLQJZRUGV
³(YHQ WKH LQWHOOLJHQW DQG HGXFDWHG OD\PDQ KDV VPDOO DQG VRPHWLPHV QR VNLOO LQ WKH
VFLHQFH RI ODZ ,I FKDUJHG ZLWK FULPH KH LV LQFDSDEOH JHQHUDOO\ LI GHWHUPLQLQJ IRU
KLPVHOI ZKHWKHU WKH LQGLFWPHQW LV JRRG RU EDG +H LV XQIDPLOLDU ZLWK WKH UXOHV RI
HYLGHQFH/HIWZLWKRXWWKHDLGRIFRXQFLOKHPD\EHSXWWRWULDOZLWKRXWDSURSHUFKDUJH
EH FRQYLFWHG RQ LPSURSHU HYLGHQFH RU HYLGHQFH LUUHOHYDQW WR WKH LVVXH RU RWKHUZLVH
LQDGPLVVLEOH +H WKHQ ODFNV ERWK VNLOOV DQG NQRZOHGJH WR DGHTXDWHO\ SUHSDUH KLV
GHIHQFH HYHQ WKRXJK KH PD\ KDYH D SHUIHFW RQH +H UHTXLUHV WKH JXLGLQJ KDQG RI
FRXQVHODWHYHU\VWHSLQWKHSURFHHGLQJVDJDLQVWKLP:LWKRXWLWWKRXJKKHPD\QRWEH
JXLOW\ KH IDFHV D GDQJHU RI FRQYLFWLRQ EHFDXVH KH NQRZV QRW KRZ WR HVWDEOLVK KLV
LQQRFHQFH ,I WKDW EH WUXH RI PHQ RI LQWHOOLJHQFH KRZ PDQ\ PRUH WULFH LV LI RI WKH
LJQRUDQWDQGLOOLWHUDWHRUWKRVHRIIHHEOHLQWHOOHFW´
7KH VDPH VHQWLPHQW ZDV HFKRHG E\ +RQ¶EOH 6XSUHPH &RXUW RI ,QGLD LQ 6XN 'DV Y 8QLRQ
7HUULWRU\ RI $UXQDFKDO 3UDGHVK ZKHQ LW RSLQHG WKDW WKH DEVHQFH RI OHJDO HGXFDWLRQ DQG
DZDUHQHVV ZDV UHVSRQVLEOH IRU WKH GHFHSWLRQ H[SORLWDWLRQ DQG GHSULYDWLRQ RI ULJKWV DQG
EHQHILWV RI WKH SRRU ,Q VXFK D VLWXDWLRQ ODZ FHDVHG WR EH SURWHFWRU EHFDXVH WKH SHUVRQV LW
SURWHFWVDQGXQDZDUHRIWKHSURWHFWLRQH[WHQGHGWRWKHP
ϯϭ
$.$YDVWKL³3RZHUOHVVQHVVRI7KH%&,WR,PSURYH6WDQGDUGVRI/HJDO(GXFDWLRQ´ -RXUQDORI,QGLDQ
/DZ,QVWLWXWH
ϯϮ
%51DKDWD³/HJDO(GXFDWLRQDQG3URIHVVLRQ±DQ,QWURVSHFWLRQ´$,5 -RXUQDO
ϯϯ
͘86
ϯϰ
͘$,5 6&
ϭϳ
&XUUHQW6WDWXVRI/HJDO(GXFDWLRQLQ,QGLD
$IWHU ,QGHSHQGHQFH WKH VLWXDWLRQ FKDQJHG FRPSOHWHO\ ,Q ZH DGRSWHG D 'HPRFUDWLF
IRUPRI*RYHUQPHQWRIZKLFKUXOHRIODZEHFDPHWKHIRXQGDWLRQDOGRFWULQH,QWKH/DQGPDUN
MXGJHPHQW RI .HVKDYDQDQGD %KDUWL Y 6WDWH RI .HUDOD +RQ¶EOH 6XSUHPH &RXUW KHOG WKDW
WKHUXOHRIODZLVEDVLFIRXQGDWLRQRIRXUGHPRFUDF\5XOHRIODZVD\VWKDW³%H\RXHYHUVR
KLJK WKH ODZ LV DERYH \RX´ (GXFDWLRQ KDV ZLGHU LPSOLFDWLRQ ,W VWDQGV IRU GHYHORSPHQW
(GXFDWLRQPDNHVPDQSHUIHFW
,QWKHZRUGVRI6ZDPL 9LYHNDQDQGD ± ³,W LV WKH PDQLIHVWDWLRQ RI SHUIHFWLRQ DOUHDG\ LQ
PDQ´$JDLQ OHJDO HGXFDWLRQ PDNHV PHQ ODZDELGLQJ DQG VRFLDOO\ FRQVFLRXV /HJDO
HGXFDWLRQ KHOSV LQ EULQJLQJ DQG HVWDEOLVKLQJ VRFLRHFRQRPLF MXVWLFH &KDQJH LV WKH ODZ RI
QDWXUHDQGODZLVWKHUHJXODWRU\RIVRFLDOFKDQJH,WLV6LQHTXDQRQIRUWKHGHYHORSPHQWRI
UXOHRIODZDQGDVXVWDLQDEOHGHPRFUDWLFRUGHU,Q0DQXEKDL3UDJDML9DVKL 2UVY6WDWHRI
0DKDUDVKWUD+RQ¶EOH6XSUHPH&RXUWKHOGWKDW±³7KHOHJDOHGXFDWLRQVKRXOGEHDEOHWR
PHHW WKH HYHU JURZLQJ GHPDQGV RI WKH VRFLHW\ DQG VKRXOG EH WKRURXJKO\ HTXLSSHG WR
FDWHUWRWKHFRPSOH[LWLHVRIGLIIHUHQWVLWXDWLRQV´
7KH /DZ &RPPLVVLRQ RI ,QGLD KDV WDNHQ SUHIHUDEOH VWHSV WR ZLGHQ WKH RXWUHDFK RI OHJDO
HGXFDWLRQHYHQWRWKHUHPRWHVWFRUQVRIRXUQDWLRQ$OOWKHSXEOLFDQGSULYDWH/DZFROOHJHV
DUH JLYHQ FRQVLGHUDEOH LPSRUWDQFH DQG WKH FULWHULD DUH IL[HG IRU WKH DGPLVVLRQ SURFHGXUH
/HJDOHGXFDWLRQLQ,QGLDSOD\VDYLWDOUROHEHFDXVH/DZ\HUVDUHWKHEDFNERQHRIWKHVRFLHW\
5HJXODWRU\%RGLHVIRU/HJDO(GXFDWLRQ
7KH/HJDOHGXFDWLRQLQ,QGLDLVUHJXODWHGE\YDULRXVDXWKRULWLHVQDPHO\7KH%DU&RXQFLORI
,QGLD DIILOLDWLQJ 8QLYHUVLWLHV 6WDWH *RYHUQPHQW DQG 7KH 8QLYHUVLW\ *UDQWV &RPPLVVLRQ
7KHLVVXHVDQGFKDOOHQJHVZKLFKODZIDFXOWLHVDUHIDFLQJLQ,QGLDKDYHEHHQWLPHDQGDJDLQ
VWXGLHG $FFRUGLQJ WR /DZ &RPPLVVLRQ RI ,QGLD WK 5HSRUW ^ ` DQG WK 5HSRUW
^` 1DWLRQDO .QRZOHGJH &RPPLVVLRQ 5HSRUW LQ DQG 1DWLRQDO /HJDO &RXQFLO
^1/.&`DQGWKHREVHUYDWLRQRI6XSUHPH&RXUWLQ7KH%DU&RXQFLORI,QGLDY%RQQLH)2,
ODZ FROOHJH DQG 2WKHUV DSDUWIURPWKH GHFLVLRQKDYHVRPHUHOHYDQFH RQWKHLVVXHV
6&&DWS
$,5 6&&
5XVKGD3DWKDQ³/HJDO(GXFDWLRQLQ,QGLD´$XJXVWDYDLODEOHDWKWWS DGKULWLQOHJDOHGXFDWLRQLQ
LQGLD /DVW0RGLILHGDW'HFHPEHU
WK&KLHI-XVWLFHRIWKH8QLWHG6WDWH
ϭϴ
DQGFKDOOHQJHVRIODZWHDFKHUVDQGWKHYDULRXVVHPLQDUVDQGFRQIHUHQFHVKHOGWKURXJKRXWWKH
FRXQWU\ 7KH /DZ &RPPLVVLRQRI,QGLDIHOW WKDW ³/HJDO (GXFDWLRQ LV IXQGDPHQWDO WR WKH
YHU\IRXQGDWLRQRIWKHMXGLFLDOV\VWHP´DQGWRRNWKHVWXG\RIOHJDOHGXFDWLRQVXRPRWWR
/HJDO(GXFDWLRQLVLQIOXHQFHGE\DPXOWLWXGHRIIDFWRUVVWDWHGDVIROORZV
*RYHUQPHQWDO3ROLF\
7KH%DU&RXQFLORI,QGLD %&,
8QLYHUVLW\*UDQW&RPPLVVLRQ 8*&
$IILOLDWHG8QLYHUVLWLHV
3ULYDWH*RYHUQLQJ%RG\RI/DZ&ROOHJHVFRPLQJXQGHU*UDQWLQ$LG
1DWLRQDO/LWLJDWLRQ3ROLF\
'HYHORSPHQWVLQ/HJDO3URIHVVLRQ&XUULFXOXP'HYHORSPHQW
'HYHORSPHQWLQ/HJDO6\VWHP
'HYHORSLQJDUHVHDUFK&XOWXUHLQ/DZ6FKRROVDQG8QLYHUVLWLHV
7KHNLQGVRIVWXGHQWVZKRJHWVHQUROO0HWKRGVRI7HDFKLQJ&OLQLFDO([SHULHQFHDQG
$VVHVVPHQWRI6WXGHQWV
7KH &RPPLWPHQWDQG &DOLEHU RIWKH )DFXOW\ 0HDVXUHV WR $WWUDFW DQG 5HWDLQ %HWWHU
)DFXOW\
7KH,QIUDVWUXFWXUH$YDLODEOH
7HFKQRORJLFDO8SJUDGDWLRQDQG$GYDQFHPHQW
'HYHORSPHQWLQ2WKHUILHOGVRI(GXFDWLRQ
7KHFKDQJHWDNHVSODFHLQ6RFLHW\
$FULWLFDOLVVXHVLQOHJDOHGXFDWLRQLQWKHWLPHWRFRPHLVLQWHUQDWLRQDOOHJDOHGXFDWLRQ:KDW
LVWREHVHHQLVKRZODZVFKRROVDFDGHPLFLDQVSURIHVVLRQDOVWKURXJKRXWWKHZRUOGUHVSRQGWR
WKLV QHHG (QRUPRXV GHYHORSPHQWV DUH WDNLQJ SODFH LQ WKH JOREDO HFRQRP\ ,QLWLDWLYHV DUH
EHLQJWDNHQIURPWKHWRSGRZQDQGTXLWHOLWHUDOO\IURPWKHERWWRPXS
2SSRUWXQLWLHVDQG&KDOOHQJHV,Q,QGLDQ/HJDO(GXFDWLRQ6\VWHP
/HWXVFRQVLGHUWKH3UHVHQW6FHQDULRRIOHJDOHGXFDWLRQLQ,QGLD7ZR6\VWHPVDUHRSHUDWLQJ
VLPXOWDQHRXVO\
3URI0UV6ULYLGK\D-D\DNXPDU³&KDOOHQJHV)DFLQJ/HJDO(GXFDWLRQ±6RPH&RQFHUQV´VW2FWREHU
KWWS GVSDFHYSPWKDQHRUJ MVSXLELWVWUHDP &KDOODQJHVBIDFLQJB/(SGI /DVW
0RGLILHGDW'HFHPEHU
ϭϵ
2QH6\VWHPRI/HJDO(GXFDWLRQLV7KUHH<HDU/DZ&RXUVHLQWURGXFHGE\7KH%DU&RXQFLO
RI ,QGLD LQ )RU DGPLVVLRQ LQ 7KUHH<HDU /DZ &RXUVH D SHUVRQ PXVW EH D JUDGXDWH
KDYLQJ %DFKHORU¶V 'HJUHH LQ WKH GLVFLSOLQH RI 6FLHQFH $UWV &RPPHUFH 0HGLFLQH RU
(QJLQHHULQJHWFZKDWHYHUDQLQGLYLGXDOOLNHWRGR
2WKHU6\VWHPLV)LYH<HDU/DZ&RXUVHLQLWLDWHGE\7KH%DU&RXQFLORI,QGLDLQ 7KLV
V\VWHP KDV VLQFH EHHQ JUDGXDOO\ DGRSWHG LQ YDULRXV 8QLYHUVLWLHV DQG &ROOHJHV DV %$//%
%%$//%HWF«,Q 1/6ZDVHVWDEOLVKHGDW%DQJDORUHE\7KH%DU&RXQFLORI,QGLD
)RUDGPLVVLRQLQ )LYH<HDU /DZ &RXUVHD SHUVRQLVDGPLWWHGDW WKHHQGRIWZHOYH\HDUVRI
6FKRROLQJDQGFRPSOHWLQJWKHFRXUVHLQ)LYH<HDUV
)LUVW WZR \HDUV RI WKH )LYH<HDU /DZ &RXUVH DUH GHYRWHG WR 3UH/DZ &RXUVH ZKHUH VHYHQ
FRPSXOVRU\VXEMHFWVDUHWREHVWXGLHGQDPHO\
L
*HQHUDO(QJOLVK
LL
7RUWV
LLL
/DZRI&RQWUDFW
LY
3ROLWLFDO6FLHQFH
Y
(FRQRPLFV
YL
+LVWRU\
YLL
6RFLRORJ\
YLLL
/HJDO/DQJXDJHLQFOXGLQJ/HJDO:ULWLQJ
L[
+LVWRU\RI&RXUWV/HJLVODWXUHDQG/HJDO3URIHVVLRQLQ,QGLD
5HPDLQLQJ)LYH<HDU/DZ&RXUVHLVGHYRWHGWRWKHVWXG\RIODZVXEMHFWVRQO\
$FRPSDUDWLYHVWXG\RIWKHWZRV\VWHPVLVQHFHVVDU\WRDSSUHFLDWHWKHLUUHVSHFWLYHFKDUDFWHU
DQGFRPSHWHQFHRIWKHOHJDOSURIHVVLRQGHSHQGVDOPRVWHQWLUHO\RQWKHTXDOLW\DQGFRQWHQWRI
WKHOHJDOHGXFDWLRQWKDWLVREWDLQHGE\WKHEXGGLQJODZ\HUV7KHUHDUHQXPEHURIUHDVRQVZK\
WKH VWDQGDUGV RIHGXFDWLRQLQ,QGLDKDVQRWUHDFKHGWKHKHLJKWVDQG SUHVWLJHDVVRFLDWHGZLWK
WKH VDPH DEURDG 7KHVH FDQ EH EURDGO\ FODVVLILHG LQWR LVVXHV UHODWHG WR LQIUDVWUXFWXUH
FXUULFXODU DFWLYLWLHV IDFXOW\ DQG VWXGHQWV WKHPVHOYHV 7KH IROORZLQJ DUH VRPH LPSRUWDQW
LVVXHV WKDW GHVHUYH VHULRXV DWWHQWLRQ ZLWK D YLHZ WR SURPRWLQJ JOREDO OHJDO HGXFDWLRQ LQ
,QGLD
ϰϬ
͘-XVWLFH630HKURWUD -XGJH ³5H±,QYHQWLQJ/HJDO(GXFDWLRQ &KDOOHQJHV 2SSRUWXQLWLHV´$YDLODEOHDW
KWWS ZZZLMWUQLFLQZHEMRXUQDOKWP /DVW0RGLILHGRQ'HFHPEHU
ϮϬ
&XUULFXOXPDQG7HDFKLQJ $IHZGHFDGHVEDFNODZVFKRROVLQ,QGLDFRXOGGRZHOO
DV ORQJ DV WKHLU FXUULFXOXP ZDV IRFXVHG RQ ,QGLDQ ODZ DQG LVVXHV UHODWLQJ WR WKH
FRXQWU\¶V OHJDO V\VWHP :KLOH WKHUH ZDV VRPH OLPLWHG VWXG\ RI LQWHUQDWLRQDO DQG
FRPSDUDWLYHODZWKHODUJHUIRFXVZDVSULPDULO\RQLVVXHVUHODWLQJWRWKH,QGLDQOHJDO
V\VWHP7KLVZDVQHFHVVDU\DQGEHLQJDSSURDFKHG7KHUHLVLQGHHGJUHDWHUVFRSHIRU
LPSURYHPHQWLQSURPRWLQJH[FHOOHQFHLQWHDFKLQJDQGUHVHDUFKUHODWLQJWR,QGLDQODZ
DQG WR DGGUHVVLQJ WKH FKDOOHQJHV IDFLQJ WKH OHJDO V\VWHP LQFOXGLQJ WKH QHHG IRU
HVWDEOLVKLQJ D VRFLHW\ WKDW UHVSHFWV WKH UXOH RI ODZ DQG PHHW WKH FKDOOHQJHV RI
JOREDOL]DWLRQ
+RZHYHU QHZ DQGHPHUJLQJ ODZ VFKRROV FDQQRW DIIRUG WR OLPLW WKHLUIRFXV WR WHDFKLQJ DQG
UHVHDUFK RQ LVVXHV UHODWLQJ WR ,QGLDQ ODZ ,Q IDFW WKH DSSHWLWH RI ,QGLDQ ODZ VWXGHQWV IRU
XQGHUVWDQGLQJ LQWHUQDWLRQDO DQG FRPSDUDWLYH ODZ KDV VLJQLILFDQWO\ LQFUHDVHG RYHU WKH \HDU
JLYHQWKHLUSDUWLFLSDWLRQLQ,QWHUQDWLRQDOPRRWFRXUWFRPSHWLWLRQV7KHPRVWFKDOOHQJLQJWDVN
LVWRVWULNHDSURSHUEDODQFHWRHQVXUHWKDWVWXGHQWVDUHWDXJKWDIDLUPL[RIFRXUVHVWKDWJLYH
WKHPNQRZOHGJHDQGWUDLQLQJLQ,QGLDQODZEXWDWWKHVDPHWLPHSUHSDUHWKHPIRUIDFLQJWKH
FKDOOHQJHVZKHUHE\GRPHVWLFOHJDOPHFKDQLVPVLQWHUDFWZLWKERWKLQWHUQDWLRQDODQGIRUHLJQ
OHJDO V\VWHPV 7KLV LQWHUDFWLRQ LV JRLQJ WR GHHSHQ LQ WKH \HDU WR FRPH DQG RXU ODZ VFKRROV
PXVWSUHSDUHWKHPVHOYHVWRIDFHWKHVHNLQGRIFKDOOHQJHV
.QRZOHGJH DQG )DFXOW\ 5HVHDUFK +LULQJ RI JRRG DQG IXOO\ TXDOLILHG IDFXOW\ LQ
FROOHJHVDQGXQLYHUVLWLHVKDVEHHQDFKDOOHQJHLQODZVFKRROVLQ,QGLDDQGDOVRDEURDG
*HQHUDOO\WKHILQDQFLDOLQFHQWLYHVZKLFKDUHRIIHUHGE\WKHSULYDWHVHFWRULQ,QGLDDQG
DOVR LQ DEURDG DUH IDU PRUH DWWUDFWLYH WKDQ WKRVH DYDLODEOH LQ WKH SXEOLF VHFWRU
LQFOXGLQJODZVFKRROVIRUJRRGODZ\HUVWRPDNHDFRPPLWPHQWWRDFDGHPLD%XWLWLV
SRVVLEOH WR DWWUDFW JRRG ODZ\HUV WR DFDGHPLD E\ SURPRWLQJ D UDQJH RI HGXFDWLRQDO
UHIRUPV DQG LQVWLWXWLRQDO LQLWLDWLYHV LQFOXGLQJ EHWWHUILQDQFLDO LQFHQWLYHV 7KH LVVXHV
UHODWHG WR WKH ,QGLDQ /HJDO (GXFDWLRQ V\VWHP DUH QRW RQO\ WDXJKW DQG UHVHDUFKHG LQ
,QGLD EXW DOVR LQ PDQ\ RWKHUSDUWV RIWKH ZRUOG*URZLQJ QXPEHU RI,QGLDQODZ\HUV
DQG VFKRODUV DUH LQYROYHG LQ WKLV HIIRUW 7KHUH LV D QHHG WR KDYH D JOREDO IRFXV LQ
KLULQJ IDFXOW\ IRU ,QGLDQ /DZ&ROOHJHVDQG 8QLYHUVLWLHV%XW RIFRXUVH VXFFHVV ZLOO
GHSHQG RQ WKHFROOHJH¶V DELOLW\ WR SURYLGH WKH ULJKW NLQG RI LQWHOOHFWXDO HQYLURQPHQW
DQG ILQDQFLDO DQG RWKHU LQFHQWLYHV IRU ,QGLD RU IRUHLJQ VFKRODUV WR WHDFK DQG SXUVXH
UHVHDUFKLQ,QGLDDQGWRFRQWULEXWHWRLWVJURZWKVWRU\
Ϯϭ
:LWKWKHGHYHORSPHQWRIZHEEDVHGUHVHDUFKDQGRWKHURQOLQHUHVHDUFKWRROVDQGGDWDEDVHV
WKHUH KDV EHHQ D UHPDUNDEOH WUDQVIRUPDWLRQ LQ WKH GHYHORSPHQW RI FRPSDUDWLYH DQG
LQWHUQDWLRQDO ODZ UHVHDUFK ,W LV LPSRUWDQW IRU /DZ &ROOHJHV DQG 8QLYHUVLWLHV WR KDYH RU
SURYLGH DFFHVV WR OHJDO PDWHULDO IURP MXULVGLFWLRQV DOO RYHU WKH ZRUOG 7KHVH QHHG WR EH
XSGDWHGFRQVLVWHQWO\WRNHHSXSZLWKWKHFKDQJLQJGLPHQVLRQVRIODZLQDOOVRFLHWLHV7KHUHLV
DOVRDQHHGWRSURPRWHIDFXOW\DQGVWXGHQWVZLWKDYLHZWRDLGJOREDONQRZOHGJHUHODWLQJWR
ODZDQGOHJDOLQVWLWXWLRQV$OOWKLVQHHGVKXJHUHVRXUFHV,WLVQRWSRVVLEOHIRUWKHJRYHUQPHQW
RIRXUGHYHORSLQJFRXQWU\LH,QGLDWRVXSSRUWWKHPWKURXJKSXEOLFIXQGLQJ
3URJUDPV DQG ,QWHUQDWLRQDO H[SHULHQFH ,QGLDQ /DZ &ROOHJHV DQG 8QLYHUVLWLHV
QHHG WRFRQVLGHULQQRYDWLRQZKHQLWFRPHVWRWKHGHJUHHSURJUDPVRIIHUHGE\WKHP
$W SUHVHQW VFHQDULR WKHUHDUH WZR PRGHOV WKH 7KUHH<HDU %DFKHORURI/DZ //%
SURJUDPPH RIIHUHG E\ PDQ\ XQLYHUVLWLHV LQ ,QGLD DQG )LYH<HDU LQWHJUDWHG %$
%%$%&20 +RQV FXP//%SURJUDPPHRIIHUHGE\WKH1DWLRQDO/DZ&ROOHJHV
LQ,QGLDVWDUWHGLQ%DQJDORUH,WZLOOEHXVHIXOWRORRNDWWKHH[SHULHQFHRIWKH8QLWHG
6WDWH DQG RIIHULQJ WKH -XULV 'RFWRU -' SURJUDPPH ,QFUHDVLQJ PDQ\ SDUWV RI WKH
FRPPRQODZZRUOGDUHEHJLQQLQJWRRIIHU-'SURJUDPPHV ODZVFKRROVLQ$XVWUDOLD
&DQDGDDQG+RQJ.RQJDUHLQWKHIRUHIURQW$QGDOVRWKHUHLVDQHPHUJLQJWUHQGRI
-'SURJUDPPHV
7KHUH DUH VRXQG MXVWLILFDWLRQV IRU RIIHULQJ D -' SURJUDPPH LQ ,QGLD ,W ZLOO EH XVHIXO WR
H[DPLQHZKHWKHUDJUDGXDWHHQWU\-'SURJUDPPHVFDQEHHVWDEOLVKHGLQ,QGLD7KHUDWLRQDOH
IRU WKLV KDV EHHQ DUWLFXODWHG WKXV ³7KH &ROOHJHV ILUPO\ EHOLHYHV WKDW WKH 0HOERXUQH -'
SURJUDPPHVGHVLJQHGDQGWDXJKWE\WKHVFKRROUHSUHVHQWVWKHULJKWUHVSRQVHWRWKHFKDOOHQJH
RI SURYLGLQJ WKH KLJKHVW TXDOLW\ OHJDO HGXFDWLRQ LQ WKH GHPDQGLQJ DQG FRPSHWLWLYH
LQWHUQDWLRQDOHQYLURQPHQWRIWKHVWFHQWXU\´
,QWHUDFWLRQ DQG &ROODERUDWLRQ 7KH ODZ FROOHJHV RI WKH IXWXUH RXJKW WR SURYLGH
DFDGHPLFVSDFHIRUHQJDJLQJLQWHDFKLQJDQGFXWWLQJHGJHUHVHDUFKRQLVVXHVRIJOREDO
VLJQLILFDQFH7KHLQVWLWXWLRQVRXJKWWRFRQVLVWHQWO\UHLQYHQWWKHPVHOYHVIRUIDFLQJWKH
FKDOOHQJHVRIJOREDOL]DWLRQWKURXJKH[FKDQJHDQGFROODERUDWLRQSURJUDPPHV7KLVKDV
GLIIHUHQW LPSOLFDWLRQVIRUIDFXOW\ VWXGHQWVDQGIRUWKH GHYHORSPHQWRIWHDFKLQJ DQG
UHVHDUFKSURJUDPPHV,QWKLVUHJDUGLWLVLPSRUWDQWWRQRWHWKDWWRNHQDUUDQJHPHQWVRI
FROODERUDWLRQ PD\ QRW EH KHOSIXO WR WKH LQVWLWXWLRQV LQYROYHG 7KHUH LV D QHHG WR
ϮϮ
GHYHORS D VKDUHG XQGHUVWDQGLQJ RI WKH QDWXUH RI H[FKDQJH DQG FROODERUDWLYH
SURJUDPPHV EHLQJ HVWDEOLVKHG IRU WKHP WR EH HIIHFWLYH DQG EHQHILFLDO IRU DOO WKH
SDUWLHVFRQFHUQHG
,QIUDVWUXFWXUHDQG5HVRXUFHVLQ/DZ&ROOHJHVDQG8QLYHUVLWLHV )LUVWO\2XUODZ
&ROOHJHV QHHG LQIUDVWUXFWXUH DQG UHVRXUFHV FRPSDUDEOH WR JOREDO XQLYHUVLWLHV
SDUWLFXODUO\ ZKHQ DFFHVV WR VXFK XQLYHUVLWLHV LV DYDLODEOH WR ERWK RXU IDFXOW\ DQG
VWXGHQWV ,I ,QGLDQ /DZ FROOHJHV KDYH WR PHHW WKH GHPDQG RI WKH FKDQJLQJ JOREDO
VRFLHW\ WKH WUDLQLQJ ZH LPSDUW WR RXU ODZ VWXGHQWV RXJKW WR EH WKRURXJKO\ UH
H[DPLQHG 2XU /DZ FROOHJHV KDYH WR VHHN D GUDPDWLF WUDQVIRUPDWLRQ LQ SURYLGLQJ
LQIUDVWUXFWXUHDQGUHVRXUFHVWRRXUIDFXOW\DQGVWXGHQWV/LEUDU\IDFLOLWLHVLQRXU/DZ
FROOHJHV QHHG WR EH VXEVWDQWLDOO\ XSJUDGHG IRU ZKLFK KXJH UHVRXUFHV KDYH WR EH
PRELOL]HG ,QHYLWDEO\ WKH UHVRXUFHV WKDW DUH QHHGHG WR UHDFK LQWHUQDWLRQDO VWDQGDUGV
IRU SURYLGLQJ JOREDO LQIUDVWUXFWXUH IRU RXU ODZ VFKRROV KDYH WR EH UDLVHG WKURXJK
OLEUDU\HQGRZPHQWVDQGSULYDWHGRQDWLRQV
6HFRQGO\EDVLFDOO\WKH/HJDO$LG&HOO0RRW&RXUWURRPV/DZ ODQJXDJHODE«VKRXOGEH
HVWDEOLVKHGLQWKH LQVWLWXWLRQVDVWKHVHDUHWKHHVVHQWLDOVUHTXLVLWHVRI)LYH<HDU/DZFRXUVH
LQIUDVWUXFWXUHDVSHU%&,QRUPVWRR%XWHVWDEOLVKPHQWRILQWHJUDWHG)LYH<HDU/DZFROOHJHV
DUH VR H[SHQVLYH WKDW D QXPEHU RI EHJLQQLQJ LQVWLWXWLRQV FRXOG QRW HYHQ IXOILOO WKH EDVLF
UHTXLUHPHQWV RI EXLOGLQJ VWUXFWXUH DQG VXIILFLHQW QXPEHU RI /DZ IDFXOWLHV 7KRXJK WKH
LQVWLWXWLRQVWKHPVHOYHVDUHODFNLQJZLWKWKHDYDLODELOLW\RIFRPPRQIDFWRUVLWLVYHU\KDUGWR
EHLQWKHFRPSDWLELOLW\RIJOREDOODZ\HUVDQGVFKRODUV
6RFLR/HJDO 5HVHDUFK 3HUVSHFWLYH 7KHOHYHORIUHVHDUFKIDFLOLWLHVDYDLODEOHWRD
/DZIDFXOW\RI,QGLDLVQRWFRQGXFWLYHWRVXVWDLQHGUHVHDUFK7KHODFNRIUROHIDFLOLWLHV
JHQHUDWHVFRQIXVLRQFRQIOLFWDVZHOODVDPELYDOHQFHWRZDUGVSULPDU\UROHREOLJDWLRQ
FDOOLQJIRU VXVWDLQHGDWWHPSWV WRFRQWULEXWHWR NQRZOHGJHLQ WKHILHOG$ODZ )DFXOW\
XQOHVV LV D GHDQ RU KHDG RI WKH XQLYHUVLW\ GHSDUWPHQW RU D SULQFLSOH RI /DZ FROOHJH
JHWVQRW\SHDQGGXSOLFDWHDVVLVWDQFH9HU\IHZNQRZVKRZWRW\SHDQGRIWKHVHQRW
PDQ\FDQDIIRUGDW\SHZULWHU$YDLOLQJWKHVHUYLFHRIDSURIHVVLRQDOW\SLVWUHPDLQVIRU
PRVWRIWKHPDOX[XU\7KHUROHRI,QGLDQ&RXQFLORI6RFLDO6FLHQFH5HVHDUFKFDQEH
ϰϭ
͘3URIHVVRU&5DM.XPDU³*OREDO/HJDO(GXFDWLRQLQ,QGLD 2SSRUWXQLW\DQG&KDOOHQJHV´$SULO
DYDLODEOHDWKWWS ZZZDUFKLYHMJXLQVLWHVGHIDXOWILOHV*OREDO/HJDO$SULO SGI /DVW0RGLILHGRQ
'HFHPEHU
Ϯϯ
YHU\VLJQLILFDQW0XOWLGLVFLSOLQDU\DQG,QWHUGLVFLSOLQDU\UHVHDUFKLV\HWUDUH$PRVW
HQFRXUDJLQJ IHDWXUH LQ WKH UHFHQW WLPHV KDV EHHQ WKDW WKH FRQFHSW RI ,QGLDQ /DZ
&ROOHJHV ZLWK IRFXVHG UHVHDUFK KDV PDGH VRPHSURIRXQG DQG HYHUODVWLQJ PDUN 7KH
ODZFRPPXQLW\KDVDFWXDOO\DFNQRZOHGJHGWKHVDPH
7KHIDPRXV,ULVKDXWKRU(GPXQG%XUNH ZKRULJKWO\VDLG³<RXFDQQHYHUSODQWKHIXWXUH
E\WKHSDVW´7KLVUHFRPPHQGDWLRQZLOOSXWSUHVVXUHRQWKH/DZ&ROOHJHVDQGWKHUHJXODWRUV
WRZRUNWRJHWKHUWRGHWHUPLQHKRZEHVWWRHQVXUHWKDWZHSURPRWHDQDZDUHQHVVRIDFFHVVWR
MXVWLFHLVVXHVDPRQJ/DZ6WXGHQWVDQGDOVRXSGDWHV2XUOHJDO(GXFDWLRQ6\VWHPVRLWEHWWHU
DGGUHVVHVWKRVHQHHGV
6XSUHPH&RXUW-XGJHV6WUHVVHVRQLPSURYLQJTXDOLW\RI/HJDO(GXFDWLRQLQ
,QGLD
6XSUHPH&RXUWMXGJH$UXQ0LVKUDRQWK0D\LHRQ6DWXUGD\VWUHVVHGRQWKHQHHG
WRLPSURYHWKHTXDOLW\RI/HJDO(GXFDWLRQLQ,QGLDDQGVDLG7KH%DU&RXQFLORI,QGLDVKRXOG
WRRNLQWRLW
³4XDOLW\ RIHGXFDWLRQVKRXOG EH JRRG,I WKH QXPEHU RI LQVWLWXWLRQV RU FROOHJHV LV KLJK
EXWWKHUHLVQRTXDOLW\WKHQLWLVXVHOHVV´KHVDLGZKLOHVSHDNLQJRQFKDOOHQJHVDQGIXWXUH
RI WKH SURIHVVLRQ DW D FRQIHUHQFH KHUH +H DOVR KLJKOLJKWHG WKH QHHG WR FOHDU SHQGHQF\ LQ
FRXUWVDQGSURYLGH³DIIRUGDEOHMXVWLFH´WRSHRSOH
6XJJHVWLQJ \RXQJ ODZ\HUV WR ZRUN KDUG DQG SUDFWLFH ZLWK GHGLFDWLRQ KH VWUHVVHG RQ
SURPRWLQJ µ*XUX6KLVK\D¶ WUDGLWLRQ LQ ODZ\HU¶V IUDWHUQLW\ DQG VDLG \RXQJ ODZ\HUV DQG
QHZFRPHUV VKRXOG EH SURPRWHG DQG JLYHQ DGHTXDWH UHPXQHUDWLRQ E\ VHQLRUV 1HZO\
DSSRLQWHG&KLHI-XVWLFHRI5DMDVWKDQ+LJK&RXUW1DYLQ6LQKDVDLGQHZODZ\HUVVKRXOGNHHS
WKHPVHOYHVXSGDWHGZLWKGHYHORSPHQWVDQGQHZMXGJPHQWV
ϰϮ
͘'U5DMQL3DUPDU³3UREOHPVDQG&KDOOHQJHVRI/HJDO(GXFDWLRQ´ ,-06659RO3 6HSWHPEHU
DYDLODEOHDWKWWS ZZZLUMFMRXUQDOVRUJLMPVVU6HSSGI /DVW0RGLILHGRQ'HFHPEHU
ϰϯ
͘3UHVV7UXVWRI,QGLD³6&-XGJH6WUHVVHVRQLPSURYLQJTXDOLW\RI/HJDO(GXFDWLRQ´0D\DYDLODEOH
DWKWWS LQGLDWRGD\LQWRGD\LQVWRU\VFMXGJHVWUHVVHVRQLPSURYLQJTXDOLW\RIOHJDOHGXFDWLRQKWPO
/DVW0RGLILHGRQ'HFHPEHU
Ϯϰ
&RQFOXVLRQ
$FFHVVWRNQRZOHGJHSOD\VDPDMRUUROHLQVKDSLQJDODZVWXGHQW$EVHQFHRIDFFHVVWROHJDO
UHVRXUFHVLVDPDMRUSUREOHPIDFHGE\WKHOHJDOLQVWLWXWLRQVRIWKHFRXQWU\,QDOHJDOV\VWHP
ZKHUH LJQRUDQFH RI ODZ LV QRW DQ H[FXVH DFFHVV WR NQRZOHGJH RI ODZ UHPDLQV D SULPDU\
FRQFHUQ RI /HJDO (GXFDWLRQ ,W PD\ EH DOVR VDLG WKDW WKH SUHVHQW GXDO V\VWHP RI /HJDO
(GXFDWLRQZLWKDOOLWVGHILFLHQFLHVSURYLGHVDGHTXDWHRSSRUWXQLWLHVDQGPHDQVWRPHHWYDULRXV
FKDOOHQJHV IDFLQJ WKH /HJDO (GXFDWLRQ LQ ,QGLD 7KHUH LV KRZHYHU VFRSH IRU IXUWKHU
LPSURYHPHQWV VR WKDW WKH /HJDO (GXFDWLRQ LQ ,QGLD PD\ EH EHWWHU HTXLSSHG WR PHHW WKH
FKDOOHQJHV DQG SURYLGH IXOOHVW RSSRUWXQLWLHV WR RXU PHULWRULRXV VWXGHQWV WR JURZ DQG
FRQWULEXWHWKHLUEHVWIRUWKHSURJUHVVRIWKHFRXQWU\
7KH /HJDO (GXFDWLRQ UHIRUP UDLVHG D QXPEHU RI TXHVWLRQV RQ ZKLFK JUHDWHU GLDORJXH LV
QHHGHG DPRQJ WKH YDVW QXPEHU RI ,QGLDQ ODZ WHDFKHUV 7KHUH LV QR GRXEW WKDW /HJDO
(GXFDWLRQ LQ ,QGLD LV JRLQJ WKURXJK D YHU\ H[FLWLQJ SKDVH 7KRXJK ,QGLD KDV WKH ODUJHVW
SRSXODWLRQ KDV LQFUHDVLQJO\ VHHQ EDUULHUVRIJHQGHUDQG VRFLRHFRQRPLFVWUDWD IDOO E\:LWK
WKHOHJDOVHFWRULQ,QGLDSRLVHGWREHRSHQHGXSIRUOLEHUDOL]DWLRQWKHRSSRUWXQLWLHVIRUEULJKW
ODZ JUDGXDWHV DUH LPPHQVH DQG WKH QHZ JHQHUDWLRQ RI ODZ VFKRROV SDUWLFXODUO\ WKH SULYDWH
XQLYHUVLWLHVSOD\VDPDMRUUROHIRULPSURYLQJWKHVWDQGDUGRI/HJDO(GXFDWLRQLQ,QGLD$VD
WHDFKHU LV D QDWLRQ EXLOGHU DQG RQO\ D FRPPLWWHG DQG GHYRWHG WHDFKHU FDQ SURGXFH
FRQVFLHQWLRXV VWXGHQWV KRQHVW SURIHVVLRQDOVDQG FLWL]HQV 7KLV LV ZKDWWKH QDWLRQ LQ JHQHUDO
DQGWKHOHJDOSURIHVVLRQLQSDUWLFXODUQHHGWRGD\
$FFRUGLQJWR-XVWLFH$0$KPDGL³:HKDYHZDLWHGORQJHQRXJKWRUHSDLUWKHFUDFNVLQ
OHJDOHGXFDWLRQV\VWHPRIWKLVFRXQWU\DQGLWLVKLJKWLPHWKDWZHULVHIURPDUP±FKDLUV
DQGVWDUWWKHUHSDLUZRUNLQULJKWHDUQHVW´
%HIRUH,ILQLVK,PXVWRSLQHWKDWDQ\RYHUQLJKWVROXWLRQLQWKLVUHJDUGLVQRWSRVVLEOH%XWDW
WKH VDPH WLPH DQ\ LQFOLQHG WR OD\ GRZQ SULQFLSOHV DUH XQGHQLDEO\ WUXH DGKHUHQFH WR ROG
WUDGLWLRQDODQGH[LVWLQJV\VWHPZRXOGEHVXLFLGDOLQWKHGD\VDKHDG6RDEDODQFHVKRXOGEH
PDLQWDLQHG LQ RUGHU WR FKDQJH LQ WKH H[LVWLQJ V\VWHP VR WKDW ,QGLD /HJDO (GXFDWLRQ FDQ
NHHSLQJ LQ PLQG WKH QHFHVVLW\ RI *OREDOL]DWLRQ /HW¶V JLUG XS WKH OLRQV RI RXU FRXQWU\ WR
PDNH QHFHVVDU\ FKDQJHVLQ WKHH[LVWLQJ V\VWHPVRWKDW,QGLDQ /HJDO(GXFDWLRQ FDQIDFHWKH
JOREDOFKDOOHQJHV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Ϯϱ
/HJDO(GXFDWLRQLQ,QGLD ,VVXHV &KDOOHQJHV
59LJQHVKZDUDQ
7DPLO1DGX1DWLRQDO/DZ6FKRRO7LUXFKLUDSSDOOL7DPLO1DGX
³7KH6WXG\RIODZVRQFRQGLWLRQWKH\DUHJRRGODZVLVXQULYDOOHGLQLWVDELOLW\WRLPSURYH
VWXGHQWV´
3ODWR
³7RPRXQGWKHQDWLRQWRWKHSLQQDFOHRIEHVWDGPLQLVWUDWLRQRIMXVWLFHZHQHHGWRHGXFDWHDQG
PDNHRYHUWKHEHVWODZ\HUV´
&DUO-XQJ
,QWURGXFWLRQ
7KLVDUWHIDFWPDNHVVRPHVWURQJVFUXWLQ\DQGIODNDERXW³/HJDO(GXFDWLRQLQ,QGLD´WKDWLVD
SRQGHULQJ LVVXH LQ WKH SUHVHQW FRQWHPSRUDU\ ZRUOG /HJDO HGXFDWLRQ UHIRUP LV WDNLQJ SODFH
DURXQG WKH JOREH WR PDNH LW PRUH UHVSRQVLYH WKDQ HYHU EHIRUH WR WKH OHJDO QHHG RI WKH
FRPPXQLW\QDWLRQDO DV ZHOO DV JOREDO DQG WKH OHDUQLQJ QHHGV RI WKH VWXGHQWV WR EHFRPH
SURIHVVLRQDOO\FRPSHWHQWWRSOD\WKHLUUROHLQRXULQFUHDVLQJO\LQWHUGHSHQGHQWZRUOG
7KH IRFXV RI OHJDO HGXFDWLRQ UHIRUP LQ RWKHU SDUWV RI WKH ZRUOG LV RQ LQWHJUDWLRQ RI FURVV
ERUGHU DQG LQWHUQDWLRQDO GLPHQVLRQV RI SUDFWLFH ZLWK WKH H[LVWLQJ FXUULFXOXP ZLWK JUHDWHU
HPSKDVLVRQSUREOHPVROYLQJQHJRWLDWLRQDQGWUDGLWLRQDOFXUULFXODUIRFXVRQOLWLJDWLRQXVHRI
QHZ WHFKQRORJ\ DQG D JUHDWHU XVH RI FOLQLFDO OHJDO HGXFDWLRQ IRU EULGJLQJ WKH H[LVWLQJ JDSV
EHWZHHQ WKHRU\ DQG SUDFWLFH RI ODZ 7KLV DUWHIDFW IRFXV RQ IHZ QRWHZRUWK\ FKDOOHQJHV DQG
LVVXHV WKDW DUH IDFHG E\ WKH IDFXOWLHV DQG WKH VWXGHQWV DW ODUJH DV D ODZ JUDGXDWHV LQ WKH
FRQWHPSRUDU\ZRUOG
,Q ,QGLD OHJDO HGXFDWLRQ KDV EHHQ RQ WKH DJHQGD RI WKH JRYHUQPHQW IRU PRUH WKDQ VL[
GHFDGHV*RYHUQPHQWERGLHVLQFOXGLQJWKH/DZ&RPPLVVLRQRI,QGLD 8QLYHUVLW\*UDQWV
/DZ&RPPLVVLRQRI,QGLD WK5HSRUW 7KH/HJDO(GXFDWLRQ 3URIHVVLRQDOWUDLQLQJDQGSURSRVDOV
IRU$PHQGPHQWVWR$GYRFDWH$FW DQGWKH8QLYHUVLW\*UDQWV&RPPLVVLRQ$FW 5HWULHYHGIURP
KWWS ODZFRPPLVVLRQRILQGLDQLFLQUHSRUWVWKUHSRUWSDUWLSGI
/DZ&RPPLVVLRQRI,QGLDLVDQH[HFXWLYHERG\HVWDEOLVKHGE\DQRUGHURIWKH*RYHUQPHQWRI,QGLD,WVPDMRU
IXQFWLRQ LV WR ZRUN IRU OHJDO UHIRUP ,WV PHPEHUVKLS SULPDULO\ FRPSULVHV OHJDO H[SHUWV ZKR DUH HQWUXVWHG D
PDQGDWHE\WKHJRYHUQPHQW7KHFRPPLVVLRQLVHVWDEOLVKHGIRUDIL[HGWHQXUHDQGZRUNVDVDQDGYLVRU\ERG\WR
WKH0LQLVWU\RI/DZDQG-XVWLFH
ϰϰ
Ϯϳ
&RPPLVVLRQ 8*&
DQG WKH %DU FRXQFLO RI ,QGLD %&,
KDYH WDNHQ VHYHUDO LQLWLDWLYHV
WRZDUGVLPSURYHPHQWRIOHJDOHGXFDWLRQ
/DZ OHJDO HGXFDWLRQ DQG GHYHORSPHQW KDYH EHFRPH LQWHUUHODWHG FRQFHSWV LQ PRGHUQ
GHYHORSLQJ VRFLHWLHV ZKLFK DUH VWUXJJOLQJ WR GHYHORS LQWR VRFLDO ZHOIDUH VWDWHV DQG DUH
VHHNLQJ WR DPHOLRUDWH WKH VRFLRHFRQRPLF FRQGLWLRQV RI WKH SHRSOH E\ SHDFHIXO PHDQV 7KH
VDPHLVWUXHIRU,QGLD,WLVWKHFUXFLDOIXQFWLRQRIOHJDOHGXFDWLRQWRSURGXFHODZ\HUVZLWKD
VRFLDO YLVLRQ LQ D GHYHORSLQJ FRXQWU\ OLNH ,QGLD +RZHYHU WKH OHJDO HGXFDWLRQ LQ PRGHUQ
WLPHVLVFRQILQHGWRSURGXFWLRQRISUDFWLFLQJODZ\HUVDORQHZLWKRXWEDVLFNQRZOHGJHRQWKH
VXEMHFWEHFDXVHRIWKHHGXFDWLRQWKDWLVLPSDUWHGWRWKHVWXGHQWVLQWKHSUHVHQWH[LVWLQJVRFLHW\
LVQRWVDWLVIDFWRU\
7RGD\LWVVFRSHDQGDPELWKDVJRWZLGHQXSDQGLWVLPSDFWLVIHOWHYHU\VSKHUHRIKXPDQOLIH
7KHODZEHLQJDWRROIRUWKHVRFLDOHJDOLWDULDQVRFLHW\DQGOHJDOHGXFDWLRQFDQEHUHJDUGHGDV
DQ LQVWUXPHQW IRU WKH VRFLDO GHVLJQ6LQFHWKH YHU\ IRXQGDWLRQ WKH EDVHV WKHHGXFDWLRQLV
OLNHFDWRQWKHZDOODQGEHFDXVHWKHEDVHIRUWKHHJDOLWDULDQVRFLHW\LVLQDUHODWLYHIRUPWKH
JRDORIDFKLHYLQJHJDOLWDULDQVRFLHW\LVDWLQIHUQR
)RUDQ\VRFLHW\ULSHQLQJRIFLYLOL]DWLRQLVDWWULEXWHGWKURXJKWKHVRFLDOFRQVFLRXVQHVVRIWKH
VLJQLILFDQFHRIODZ7KHKLVWRU\RIRXURZQLQGHSHQGHQFHPRYHPHQWLILPSDUWLDOO\ZULWWHQ
ZLOOGHYRWHPRUHSDJHVWRODZ\HUVWKDQWRWKHYRWDULHVRIDQ\RWKHUYRFDWLRQ
,W LV ZHOO DFFHSWHG SURSRVLWLRQ WKDW µ7KH SURIHVVLRQ RI /DZ LV QREOH FDOOLQJ¶ DQG µ7KH
PHPEHUVRIWKHOHJDOSURIHVVLRQRFFXS\DYHU\KLJKVWDWXVLQWKHVRFLHW\¶
6LQFH /DZ LV WKHIRXQGDWLRQRIHYHU\VRFLHW\RUDQDWLRQOHJDOHGXFDWLRQRIWKHSHRSOHLVD
³VLQH TXD QRQH´ /HJDO HGXFDWLRQ GRHV QRW RQO\ FUHDWH ODZDELGLQJ FLWL]HQV EXW DOVR
SURGXFHV EULOOLDQW DFDGHPLFLDQV YLVLRQDU\ MXGJHV DVWRXQGLQJ ODZ\HUV DQG DZHLQVSLULQJ
MXULVWV6LQFHODZLVDPHDQVIRUVRFLDOFKDQJHVDQGHFRQRPLFSURJUHVV7KHVHIRXUFODVVHVRI
7KH 8QLYHUVLW\ *UDQWV &RPPLVVLRQ RI ,QGLD LV D VWDWXWRU\ ERG\ VHW XS E\ WKH ,QGLDQ 8QLRQ JRYHUQPHQW LQ
DFFRUGDQFH WR WKH 8*& $FW XQGHU 0LQLVWU\ RI +XPDQ 5HVRXUFH 'HYHORSPHQW DQG LV FKDUJHG ZLWK
FRRUGLQDWLRQ GHWHUPLQDWLRQ DQG PDLQWHQDQFH RI VWDQGDUGV RI KLJKHU HGXFDWLRQ ,W DOVR SURYLGHV UHFRJQLWLRQ WR
XQLYHUVLWLHVLQ,QGLDDQGGLVEXUVHVIXQGVWRVXFKUHFRJQL]HGXQLYHUVLWLHVDQGFROOHJHV
7KH %DU &RXQFLO RI ,QGLD LV D VWDWXWRU\ ERG\ HVWDEOLVKHG XQGHU VHFWLRQ RI WKH $GYRFDWHV $FW WKDW
UHJXODWHVWKHOHJDOSUDFWLFH DQG OHJDOHGXFDWLRQLQ ,QGLD,W DOVR VHWV VWDQGDUGVIRU OHJDOHGXFDWLRQLQ ,QGLDDQG
JUDQWV UHFRJQLWLRQ WR XQLYHUVLWLHV ZKRVH GHJUHH LQ ODZ ZLOO VHUYH DV D TXDOLILFDWLRQ IRU VWXGHQWV WR HQUROO
WKHPVHOYHVDVDGYRFDWHVXSRQJUDGXDWLRQ
0HKWD3/ 6XVKPD*XSWD /HJDO(GXFDWLRQDQG3URIHVVLRQLQ,QGLD1HZ'HOKL
.ULVKQD,\HU95 7KH6RFLDO'LPHQVLRQVRI/DZDQG-XVWLFHLQ&RQWHPSRUDU\,QGLD±7KH'\QDPLFV
RID1HZ-XULVSUXGHQFH1HZ'HOKL $OO,QGLD5HSRUW
Ϯϴ
PHQ DFWV DV FDWDO\VW IRU WKH JURZWK RI WKH VRFLHW\ DQG WKHLU PDLQ IRFXV LV WR GLVVHPLQDWH
FUHDWLYLW\LQWKHILHOGRIOHJDOHGXFDWLRQ
7KH SROLF\ RI OHJDO HGXFDWLRQ VKRXOG EH PRXOGHG LQ WXQH ZLWK WKH UDSLG FRQWHPSRUDU\
FKDQJHVRFFXUULQJDVDUHVXOWRIVFLHQWLILFDQGWHFKQRORJLFDOGHYHORSPHQWV
&XUUHQWO\/HJDOHGXFDWLRQLQ,QGLDJHQHUDOO\UHIHUVWRWKHHGXFDWLRQRIODZ\HUVEHIRUHHQWU\
LQWR SUDFWLFH /HJDO HGXFDWLRQ LQ ,QGLD LV RIIHUHG E\ WKH WUDGLWLRQDO XQLYHUVLWLHV DQG WKH
VSHFLDOL]HG ODZ XQLYHUVLWLHV DQG YDULRXV ODZ VFKRROV RQO\ DIWHU FRPSOHWLRQ RI DQ
XQGHUJUDGXDWH GHJUHH RU DV DQ LQWHJUDWH GHJUHH %XW QRZ LQ WKH SUHVHQW VWDWXV WKH FROOHJHV
DQG YDULRXV ODZ VFKRROV OLNH µ1DWLRQDO /DZ 6FKRRO¶ DUH SURYLGLQJ DQ LQWHJUDWHG \HDUV
FRXUVHZLWKKRQRUVGHJUHHZKLFKLVFRQVLGHUHGWREHRQHRIWKHYLWDOGHJUHHVQRZDGD\V
:KHQ ORRNLQJ WKURXJK WKH KLVWRU\ RI OHJDO HGXFDWLRQ /HJDO HGXFDWLRQ GHULYHV LWV LPSHWXV
IURP WKH HFRQRPLF VRFLDO DQG SROLWLFDO VHW XS RI WKHVRFLHW\ /HJDO HGXFDWLRQ DVDQ KXPDQ
VFLHQFH ZKLFK IXUQLVKHV EH\RQG WHFKQLTXHV VNLOOV DQG FRPSHWHQFHV WKH EDVLF SKLORVRSKLHV
LGHRORJLHV FULWLTXHV DQG LQVWUXPHQWDOLWLHV IRU WKH FUHDWLRQ DQG PDLQWHQDQFH RI D µMXVW¶
VRFLHW\6R DVWKHVHZHUHWKHPDLQJHQHVLVIRUWKHJURZWKRIODZQRZWKHODZLQWXUQKDVWR
GDQFHDFFRUGLQJWRWKHWXQHRIFKDQJHVLQWKHEDVHV
1DWXUHRI/HJDO(GXFDWLRQ
:LWKRXW HQWHULQJ LQWR WKH SHUHQQLDO GHEDWH RQ ZKHWKHU OHJDO HGXFDWLRQ LV OLEHUDO RU
SURIHVVLRQDOWKHUHZLOOEHQRXVHLQWKHGLVFXVVLRQRIFKDOOHQJHVDQGLVVXHVRIOHJDOHGXFDWLRQ
LQWKHVWFHQWXU\,WLVVXEPLWWHGWKDWLWLVDµGHIDFWR¶FRPELQDWLRQRIERWK
7KHSULPHPRYHURIWKLVHVVD\DJUHHVWKDWOHJDOHGXFDWLRQKDVDOLEHUDOL]LQJHIIHFWEXWVDGO\
RXU ODZ VFKRROV KDYH IDLOHG LQ WUDLQLQJ VWXGHQWV IRU WKH OHJDO SURIHVVLRQ DQG PHODQFKRO\
SURGXFLQJ WRR PXFK OLEHUDOL]LQJ HIIHFW LQ ODZ JUDGXDWHV $W DQ\ UDWH LQ WKH SUHVHQW
µPDWHULDOLVWLFZRUOG¶WKHEHVWEUDLQVFDQEHDWWUDFWHGWRODZVFKRROVRQO\
2QH RI WKH PDLQ FRQWURYHUVLDO SUREOHP LV WKDW VWXGHQWV RQ RQH KDQG DUH SUHSDUHG ZLWK WKH
OHJDOSURIHVVLRQE\OHDUQLQJWKHFRQFHSWVDQGWKHRULHVWKDWDUHODLGGRZQLQYDULRXVVWDWXWHV
EXW OHJDO HGXFDWLRQ VKRXOG EH VXFK ZKLFK SUHSDUHV VWXGHQWV QRW RQO\ WR PHPRUL]H WKH
$GYRFDWH'HYGDV70 +LVWRU\RIOHJDOHGXFDWLRQLQ,QGLD5HWULHYHGIURPVWULSSHGODZEORJVSRWLQ
([FHVVLYHO\FRQFHUQHGZLWKSK\VLFDOFRPIRUWVRUWKHDFTXLVLWLRQRIZHDOWKDQGPDWHULDOSRVVHVVLRQVUDWKHU
WKDQZLWKVSLULWXDOLQWHOOHFWXDORUFXOWXUDOYDOXHV
Ϯϵ
FRQFHSWVDQGYRPLWWKDWLQWKHSDSHUVEXWDOVRWRPHHWWKHHFRQRPLFFKDOOHQJHVRIOLIHWKDW
DZDLWVWKHPDURXQGWKHFRUQHUEXWLQGHHGIROORZVWKDWVWXGHQWV VKRXOGEHSUHSDUHGQRWRQO\
IRUSOD\LQJDUROHLQWKHWUDGLWLRQDOSURIHVVLRQDVDODZ\HULQDSXFNHUHGFRXUWURRPEXWDOVR
PXVW LQGXOJH LQ GLYHUVH RWKHU ILHOGV ZKHUH WKH NQRZOHGJH RI ODZ DQG WUDLQLQJ LQ WKH
WHFKQLTXHVRIOHJDOSURIHVVLRQDUHUHTXLUHG2QWKLVXQGHUVWDQGLQJOHJDOHGXFDWLRQLVDFDUHHU
RULHQWHG HGXFDWLRQ $GKHULQJ WR WKLV SRLQW RI YLHZ WKH DXWKRU GR QRW PHDQ WKDW OHJDO
HGXFDWLRQ VKRXOG EH FRPPHUFLDOL]HG5DWKHU WKH DXWKRU KXPEO\ VXEPLWV WKDW ODZ VFKRROV
DUH QRW FRPPHUFLDO FROOHJHV DQG KHQFH WKH\ VKRXOG QRW JR IRU FRPPHUFLDOL]DWLRQ RI OHJDO
HGXFDWLRQDWDOO
,QWKHSUHVHQW VWFHQWXU\WKHH[SUHVVLRQ³/HVV´SOD\VSUHGRPLQDQWO\UDWKHUWKDQ ³,QVHDUFK
RI´7KURXJKWKHSHQPDQHQWKXVLDVPWKHODZVWXGHQWVDUHQHHGHGWREHLQVSLUHGDQGSURYLGHG
ZLWK WKH TXDOLW\ RI OHJDO VWXGLHV WKDW EULQJV DERXW SURPLQHQW HPLQHQW SURWXEHUDQW QRWDEOH
ODZ\HUVWRWKHVRFLHW\E\LQGXOJLQJLQWKHVRFLRHFRQRPLFFRQGLWLRQVRIWKHSHRSOHIRUWKDW
WKH HGXFDWLRQ SOD\V D YHU\ LPSRUWDQW UROH OLNH LQFOXGLQJ OHJDO DLG FRPPLWWHH DQG WHDFKLQJV
VWXGHQWV DERXW WKHIUHHOHJDODLGZKLFKLQWKHSUHVHQWVLWXDWLRQLVYHU\ SHFXOLDUWROHDUQDQG
WHDFK QRW RQO\ WKH LOOLWHUDWH EXW DOVR WKH OLWHUDWH SHRSOH ZKR VHHPV WR KDYH QRW OHDUQ EXW
PHUHO\ KDYLQJ D GHJUHH ZKLFK LV RQH RI WKH ELJJHVW IODZV LQ WKH HGXFDWLRQ 6R DV OHJDO
VWXGHQWV DQG LQ WKH OHJDO HGXFDWLRQ YDULRXV RWKHU YLHZV VXFK DV HFRQRPLF VRFLDO SROLWLFDO
YLHZVPXVWEHLQFOXGHGWRXQGHUVWDQGWKHQDWXUHRISHRSOHDQGWKHSUREOHPVWKDWDUHIDFHGLQ
WKH GD\ WR GD\OLIH:HFDQQRWLJQRUHWKHSLYRWDOUROHRIWKH WHDFKHU ZKREXLOWJURRPDQG
LPSURYHWKHVNLOOVRIWKHODZVWXGHQWV7KH\SURYLGHWKHPHFKDQLVPWRHVWDEOLVKVRXQGOHJDO
V\VWHPLQRXUFRXQWU\
$WWKHVDPHWLPHRQHRIWKHELJJHVWFKDOOHQJHLVWKHµLQIUDVWUXFWXUHRIODZVFKRROVFROOHJHV¶
KDV VLJQLILFDQW SODFH ZKHUH ZHIRUPWKHH[SHFWDWLRQV RQ WKH SDUW RI WKHODZ\HUV DV WR ZKDW
WKHLUSUDFWLFHZLOOEHDQGZHQHHGWRRSHQXSWKRVHKRUL]RQVIRUDPXFKPRUHPXOWLIDFHWHG
VHW RI VNLOOV DQG VHH ODZ\HUV QRW VR PXFK DV WHFKQLFLDQV ZKR GHOLYHU OHJDO VHUYLFHV EXW DV
SUREOHPVROYHUVZKRFDQORRNDWWKHSUREOHPVSHRSOHKDYHIURPDYDULHW\RISHUVSHFWLYHVDQG
PXVWLQGXOJHZLWKTXRWLGLDQFLWL]HQVDQGKDVWRWDNHSDUWLQWKHLUSUREOHPVDQGKDVWRORRNDW
WKHSUREOHPVWKURXJKVRFLRORJLFDODQGHFRQRPLFDOSHUVSHFWLYH %XWWKHWUXHIDFWOD\VLQWKH
RSSUHVVLRQ RI LQVXIILFLHQW DQG LQHIIHFWLYH OHJDO WHDFKLQJV ZKLFK UHVXOWV LQ GHIHFWLYH OHJDO
DGPLQLVWUDWLRQRI-XVWLFH0DQ\ODNKVVWXGHQWVDUHEHLQJSDVVHGRXWRIODZVFKRROVHYHU\\HDU
ϱϮ
$DQDQG$ /HJDO(GXFDWLRQ LWV&KDOOHQJHV5HWULHYHGIURPZZZOHJDOVHUYLFHVLQGLDFRP
6FHQDULRRI/HJDOHGXFDWLRQLQ,QGLD5HWULHYHGIURP
KWWS VKRGKJDQJDLQIOLEQHWDFLQELWVWUHDPBFKDSWHUSGI
ϱϯ
ϯϬ
EXWIRUWKH µVDNH RIQDPH¶ WKH\FDQEHFDOOHGDVODZ\HUVE\PRXWKEXWWKHUHDOIDFWLVWKDW
µWKH IDPH WKH KROLQHVV WKH HPLQHQFH WKH JORU\ WKH SURPLQHQFH¶ DUH HURGLQJ DV WLPH
SDVVHVZLWKWKHFKDQJLQJFRQWHPSRUDU\ZRUOG
&KLHI-XVWLFH%XUJHULQKLVDGGUHVVWRWKH$PHULFDQFROOHJHRI7ULDO/DZ\HUVLQ&ROXPELD
REVHUYHGWKDW
³,QVRPHMXULVGLFWLRQXSWRKDOIRIWKHODZ\HUVZKRDSSHDULQFRXUWDUHVRSRRUO\WUDLQHGLQ
WKDW WKH\ DUH QRW SURSHUO\ SHUIRUPLQJ WKHLU MRE DQG WKDW WKHLU PDQQHUV WKHLU SURIHVVLRQDO
SHUIRUPDQFHDQGWKHLUSURIHVVLRQDOHWKLFVRIIHQGDJUHDWPDQ\SHRSOH7KH\DUHHQJDJLQJLQ
RQWKHMREWUDLQLQJDWWKHH[SHQVHRIWKHLUFOLHQWV¶LQWHUHVWDQGWKHSXEOLF´
&KLHI-XVWLFH%XUJHU¶VFRPPHQWZRXOGKROGHTXDOO\JRRGLQWKHFRQWH[WRIOHJDOSURIHVVLRQ
DQG LWV HGXFDWLRQ LQ ,QGLD 7KH DXWKRU RSLQH WKDW LW LV YHU\ ZHOO VDLG WKDWLW LV YHU\ JHQHUDO
NQRZOHGJHWKDWDODUJHSDUWRIWKHWZRODNKVJUDGXDWHVEHLQJDGGHGHYHU\\HDUWRWKHH[LVWLQJ
WHQ ODNKV DGYRFDWHV LQ WKH FRXQWU\ DUH DEVHQWHH ODZ VWXGHQWV ZKR SDVV RXW IURP DERXW
QXPHURXVODZFROOHJHVVFKRROV6XFKDGYRFDWHVµXOWLPDWHO\OHDUQDWDOODWFRVWRIWKHSRRU
FOLHQWV DQG FRXUW WLPH¶ 1R ZRQGHU WKHQ WKDW WKLV LQ WXUQ OHDGV WR WKH GLVSXWH UHVROXWLRQ
PDFKLQHU\WREHVHHQDVDYLOODLQE\WKHVRFLHW\DWODUJH
5HJXODWRU\%RGLHVIRU/HJDO(GXFDWLRQ
7KH %DU &RXQFLO RI ,QGLD DQG WKH 8QLYHUVLWLHV SULQFLSDOO\ UHJXODWH IRUPDO OHJDO HGXFDWLRQ
HQGHDYRXULQJ WR SURGXFH ODZ\HUV LQ ,QGLD 7KH SUREOHP DQG FKDOOHQJHV IDFHG LQ OHJDO
HGXFDWLRQLQ,QGLDKDYHEHHQWLPHDQGDJDLQVWXGLHGEXWWKHFRQFOXVLRQLVQRWEHHQGUDZQ\HW
LWLVVWLOODFRQWHPSODWLYHLVVXHVRWKDWWKHUHVXOWRIWKLVLVDIIHFWLQJWKHOHJDOHGXFDWLRQRIORW
DQGORWVRIVWXGHQWVZLWKLQVXIILFLHQWNQRZOHGJHWKDWLVDQHFHVVDU\IRUWKHODZVWXGHQWV
/DZ FRPPLVVLRQ RI,QGLDLQLWV WK UHSRUWRQ DQG WK 5HSRUW LQ DQG 1DWLRQDO
.QRZOHGJH &RPPLVVLRQ UHSRUW LQ DUH QRWDEOH DSDUW IURP WKH VHYHUDO +LJK FRXUW DQG
6XSUHPH &RXUW MXGJPHQWV DQG WKH YDULRXV VHPLQDUV DQG FRQIHUHQFHV KHOG WKURXJKRXW WKH
FRXQWU\ /DZ &RPPLVVLRQ RI ,QGLD IHOW WKDW ³/HJDO (GXFDWLRQ LV IXQGDPHQWDO WR WKH YHU\
:DUUHQ(DUOEXUJHUZDVWKHWK&KLHI-XVWLFHRIWKH8QLWHG6WDWHVIURP WR 7KHMXGJPHQWVZKLFK
ZDVGHOLYHUHGE\KLPDQGGHFLVLRQVXQGHUKLPZKHUHFRQVHUYDWLYHV
ϱϱ
$EKLVKHN$QDQG /HJDO(GXFDWLRQDQGLWVFKDOOHQJHV5HWULHYHGIURP
KWWS ZZZOHJDOLQGLDFRPOHJDOHGXFDWLRQDQGLWVFKDOOHQJHV
ϯϭ
IRXQGDWLRQRIWKHMXGLFLDOV\VWHP´DQGWRRNXSWKHVWXG\RIOHJDOHGXFDWLRQVXRPRWWR7KH
REVHUYDWLRQRI6XSUHPH&RXUWLQ%DU&RXQFLORI,QGLDY%RQQLH)2,/DZFROOHJH 2WKHUV
DSDUWIURPWKH RWKHUGHFLVLRQVKDYHVRPHUHOHYDQFHRQWKHSUREOHPVDQGFKDOOHQJHVRIODZ
WHDFKHUVDQGVWXGHQWV
$FFRUGLQJWRDXWKRURSLQLRQWKHYHU\ILUVWDQGEDVLFLVVXHZLWKUHVSHFWWROHJDOHGXFDWLRQLV
WKH SUREOHP ZLWK ODZ WHDFKHUV IDFXOWLHV DQG WKLV FDQ EH EURDGO\ GLYLGHG LQWR WZR JURXSV
QDPHO\ RQH UHODWLQJ WR WHDFKLQJ DQG OHDUQLQJ IRFXVLQJ RQ WKH UROH RI OHJDO HGXFDWLRQ LQ
LPSURYLQJOHJDOSURIHVVLRQOHJDOV\VWHPDQGVRFLHW\,QGLDQOHJDOV\VWHPKDVQRWIRFXVHGRQ
SUDFWLFDOVNLOOVDQGDVVHVVPHQWPRGHOVWRPDNHODZVWXGHQWVEHWWHUSUHSDUHGIRUWKHSUDFWLFH
RIODZ
$OLQH*UHQRQDQG/RXLV3HUUHWLOOFRPPHQW /DZVFKRROVFOHDUO\KDYHDGXW\WRHQVXUHWKDW
DOOWKHLUVWXGHQWVUHFHLYHDOHJDOHGXFDWLRQZKLFKZLOOSUHSDUHWKHPWRFRSHHIIHFWLYHO\ZLWK
WKH FKDOOHQJHV RI OHJDO SUDFWLFH LQ WKH VW FHQWXU\ 7KH IROORZLQJ DUH ZD\V E\ ZKLFK WKLV
JRDOFRXOGEHUHDFKHG
D /DZ VFKRROV FRXOG WU\ WR SURPRWH PRUH HIIHFWLYHO\ WKHLU LQWHUQDWLRQDO DQG FRPSDUDWLYH
ODZFRXUVHV IRUH[DPSOHHIIRUWVFRXOGEHPDGHDVHDUO\DVRULHQWDWLRQZHHNLQILUVW\HDUODZ
WRVHQVLWL]HVWXGHQWVWRWKHQHHGWRDFTXLUHNQRZOHGJHLQWKHVHILHOGV
E /DZVFKRROVFRXOGPDNHVRPHLQWHUQDWLRQDODQGFRPSDUDWLYHODZFRXUVHVFRPSXOVRU\
F )LQDOO\ODZVFKRROVFRXOGHQVXUHWKDWODZFRXUVHVQDWLRQDODQG VWDWH ODZV\VWHPDWLFDOO\
LQFOXGHDFRPSRQHQW
7KHVRFLHW\LVJURZLQJPRUHDQGPRUHFRPSOH[7HFKQRORJ\KDVSRVHGHQRUPRXVFKDOOHQJHV
WRWKHHDUOLHUV\VWHPRIODZDQGMXVWLFH7UDGHKDVEHFRPHYDVWDQGWHFKQRORJ\RULHQWHG7KH
SULPDU\ IRFXV RI WKH OHJDO HGXFDWLRQ LQ WKH VW FHQWXU\ KDV WR EH µ$ ODZ\HU KDV WR
FRPSUHKHQGWKHQHZVRFLDODQGHFRQRPLFFKDQJHVLQWKHZRUOG¶EXWLWKDVIDLOHGWRGRVR
7KHDJHROGSUDFWLFHVDQGWDFWLFVDUHQRPRUHUHOHYDQWQRZ7KHOHJDOSURIHVVLRQLVQRWZKDWLW
ZDVDFHQWXU\RUHYHQDGHFDGHDJR,WVUROH LQWKHVRFLHW\LV GLIIHUHQWQRZEHFDXVHLWKDVD
ZLGHU VHW RI HFRQRPLF SROLWLFDO DQG VRFLDO UROH 6RFLHW\ KDV FKDQJHG VLJQLILFDQWO\ DQG
FKDQJHVLQWKHOHJDOSURIHVVLRQUHIOHFWWKRVHFKDQJHV.HHSLQJWKLVSDUDGLJPLQPLQGWKHUHLV
DQHPHUJHQWQHHGWRUHYLHZOHJDOHGXFDWLRQVRWKDWLWPHHWVWKHQHHGVRIWKHVRFLHW\/DZ\HUV
5DMQL3DUPDU 3UREOHPVDQG&KDOOHQJHVRI/HJDO(GXFDWLRQ,QWHUQDWLRQDO-RXUQDORI0DQDJHPHQWDQG
6RFLDO6FLHQFH5HVHDUFK9RO1R 5HWULHYHGIURPKWWS ZZZLUMFMRXUQDOVRUJLMPVVU6HSSGI
6/3 & 1R
ϯϮ
ZLOOKDYHWREHDFTXDLQWHGZLWKQHZWRROVDQGVNLOOV$ZHOODGPLQLVWHUHGDQGWLPHO\UHOHYDQW
OHJDOHGXFDWLRQFDQWKHUHIRUHEHVDLGWREHWKHRQO\FKRLFHIRUWKHIXWXUH$VRSLQHGE\WKH
IDPRXVMXULVW1DQL$3DONKLYDOD³7KHWZRPDUNVRIDWUXO\HGXFDWHGPDQDUHWKHFDSDFLW\
WR WKLQN FOHDUO\ DQG LQWHOOHFWXDO FXULRVLW\ ZKLFK HQDEOHV KLP WR FRQWLQXH DQG LQWHQVLI\ WKH
SURFHVVRIOHDUQLQJHYHQDIWHUKHKDVILQLVKHGWKHODZFRXUVHV´
0LFKDHO 6 *UHFR SURSRXQGV WKDW /DZ\HUV DUH DOZD\V JRLQJ WR EH VWXGHQWV EHFDXVH WKH
OHDUQLQJGRHVQ WVWRSLQODZVFKRRO7KHLURQ\LVWKDWZKHQZHEHFRPHODZ\HUVZHQRWRQO\
FRQWLQXHWREHVWXGHQWVZHVLPXOWDQHRXVO\DUHWHDFKHUV
7KHVWXG\LQODZPRVWFHUWDLQO\GRHVQRWHQGZLWKJUDGXDWLRQIURPODZVFKRROEXWFRQWLQXHV
WKURXJKRXW WKH ODZ\HU V FDUHHU $ ODUJH QXPEHU RI ODZ\HUV SHUFHLYH FULWLFDO JDSV EHWZHHQ
ZKDWWKH\DUHWDXJKWLQODZVFKRROVDQGWKHVNLOOVWKH\QHHGLQWKHZRUNSODFHDQGDSSURSULDWH
WHFKQRORJLHVDUHQRWEHLQJXVHGWRKHOSFORVHWKLVJDS7KHUHLVDUHFRJQL]HGQHHGZRUOGZLGH
WKDWLQRUGHUWRHQVXUHDWKULYLQJOHJDOSURIHVVLRQZLWKLQDMXVWLFHV\VWHPLWLVHVVHQWLDOWKDWD
SURJUDPPHRIFRQWLQXLQJOHJDOHGXFDWLRQLVLQSODFH*LYHQWKHGHHSLPSDFWJOREDOL]DWLRQKDV
KDG RQ RXU OLYHV DQG WKH OHJDO SURIHVVLRQ WKHUH LV D JUHDWHU QHHG IRU FRQWLQXLQJ OHJDO
HGXFDWLRQ IRU DFWLYH SUDFWLWLRQHUV OHJDO SURIHVVLRQDOV DQG MXULVWV :KLOH WKH FRQFHSW RI
FRQWLQXLQJOHJDOHGXFDWLRQDQGWUDLQLQJSURJUDPVVKDOODGGUHVV WKHEDVLFLVVXHVRIHQKDQFHG
ODZ\HU FRPSHWHQF\ LW ZLOO PRUH LPSRUWDQWO\ NHHS SURIHVVLRQDOV DEUHDVW ZLWK WKH
GHYHORSPHQWVLQWKHQDWLRQDODVZHOODVLQWHUQDWLRQDOOHJDODUHQD7KHOHJDOSURIHVVLRQDOVVKDOO
JHW D GHHSHU XQGHUVWDQGLQJ DQG DQ DZDUHQHVV RI WKH FKDOOHQJHV LQYROYLQJ WKH JOREDO
FRPPXQLW\DQGWKHFKDQJHVWDNLQJSODFHLQFRQWHPSRUDU\WLPHV
3URWDJRQLVWRI6XSUHPH&RXUW
7KH MXGLFLDU\ SOD\V D SLYRWDO UROH LQ IUDPLQJ DQG GHFLGLQJ WKH ODZV 1XPHURXV QXPEHUV RI
ODQGPDUN MXGJPHQW PHWLFXORXVO\ FRQIHUUHG WKDW WKH OHJDO HGXFDWLRQ KDV WR EH FKDQJHG WLPH
DQGDJDLQLQ,QGLD
7KH6XSUHPH&RXUWRI,QGLDLQLWVODQGPDUNMXGJPHQWLQ'HHSDN6LEDOY3XQMDE8QLYHUVLW\
KDV KHOG WKDW WKH VWXG\ RI ODZ VKRXOG EH HQFRXUDJHG DV IDU DV SRVVLEOH ZLWKRXW DQ\
XQUHDVRQDEOHLQWHUYHQWLRQ7KH6XSUHPH&RXUWKDVUHDOL]HGWKHLPSRUWDQFHRIGLVFULPLQDWLRQ
ϱϴ
5DMHVK%LQGDO-XVWLFH /HJDO(GXFDWLRQ$*OREDO3HUVSHFWLYH5HWULHYHGIURP
KWWS KLJKFRXUWFKGJRYLVXEBSDJHVWRSBPHQXDERXWHYHQWVBILOHV*OREDO6SHHFKSGI
ϱϵ
$,5 6&
ϯϯ
RIOHJDONQRZOHGJHDQGWULHGWRLPSUHVVXSRQWKHVWDWHWRDSSUHFLDWHWKHVDPH0DQLIHVWO\WKH
VWDWHRUWKHVWDQGLQJERGLHVDUHYHU\IUHTXHQWO\IRXQGDGRSWLQJDQHJDWLYHDQGGLVFRXUDJLQJ
SROLF\UHJXODWLQJWKHOHJDOHGXFDWLRQ:KHQWKH%DU&RXQFLORI,QGLDKDVUHVROYHGWRUHVWULFW
WKH HQWU\ LQWR OHJDO SURIHVVLRQ WR DOO WKRVH EHORZ \HDUV KDV EHHQ VWUXFN GRZQ WR EH
XQUHDVRQDEOHDQGXQFRQVWLWXWLRQDOLQ,QGLDQ&RXQFLORI/HJDO(GXFDWLRQY%&5, 7KLVW\SH
RIUHVWUDLQWRUUHJXODWLRQVFHUWDLQO\ZLOOKDYHDQDGYHUVHLPSDFWRQWKHQHZHQWUDQWVLQWROHJDO
HGXFDWLRQ
,Q%DU&RXQFLORI,QGLDY$SDUQD%DVX0DOOLFNWKHDSH[FRXUWKHOGWKDWLIWKHDFTXLVLWLRQRI
DGHJUHHLQODZLVHVVHQWLDOIRUEHLQJTXDOLILHGWREHDGPLWWHGRQDVWDWUROOLWLVREYLRXVWKDW
WKH%DU&RXQFLORI,QGLDPXVWKDYHWKHDXWKRULW\WRSUHVFULEHWKHVWDQGDUGRIOHJDOHGXFDWLRQ
WREHREVHUYHGE\WKHXQLYHUVLWLHVLQWKHFRXQWU\&RQGLWLRQVRIVWDQGDUGODLGGRZQE\WKH%DU
FRXQFLORI,QGLDDVWRDWWHQGDQFHLQWKHODZFODVVHVOHFWXUHVWXWRULDOVPRRWFRXUWVHWFPXVW
EHIXOILOOHGEHIRUHHQUROPHQWDVDQDGYRFDWH
dKH$SH[FRXUWLQ6WDWHRI0DKDUDVKWUDY0DQXJKDL3UDJDML9DVKL KDVREVHUYHGWKDW³7KH
QHHG IRUD FRQWLQXLQJ DQG ZHOO UHFRJQL]HGOHJDOHGXFDWLRQ LVDEVROXWHO\ HVVHQWLDO UHFNRQLQJ
WKHQHZWUHQGVLQWKHZRUOGRUGHUWRPHHWWKHHYHUJURZLQJFKDOOHQJHV7KHOHJDOHGXFDWLRQ
VKRXOG EH DEOH WR PHHW WKH HYHU JURZLQJ GHPDQGV RI WKH VRFLHW\ DQG VKRXOG EH WKRURXJKO\
HTXLSSHGWRFDWHUWRFRPSOH[LWLHVRIWKHGLIIHUHQWVLWXDWLRQV7KHDUHDRI³GHILFLHQF\´VKRXOG
EH ORFDWHG DQG FRUUHFWLYHV VKRXOG EH DIIHFWHG ZLWK FRRSHUDWLRQ RI FRPSHWHQW SHUVRQ EHIRUH
WKH PDWWHU JHWV EH\RQG FRQWURO 1HHGOHVV WR VD\ WKDW UHSHDWHG DQG FRPSHWHQW DFDGHPLFV
VKRXOGEHWDNHQLQWRFRQILGHQFHDQGWKHLUVHUYLFHVDYDLOHGRIWRVHWULJKWPDWWHUV´$OORIWKH
DERYH REVHUYDWLRQVPDGHHLWKHUE\WKHMXGLFLDU\RUWKHFRPPLVVLRQVLQGLFDWH WKHGHILFLHQF\
RQ WKH SDUW RI H[LVWLQJ V\VWHP DQG VXJJHVW QHHG IRU WKH DOWHUQDWH PRGH RI ILQDQFH DQG
PDQDJHPHQW IRU WKH UHVWUXFWXULQJ RI OHJDO HGXFDWLRQ V\VWHP LQ ,QGLD 7KH SUHVHQW VWXG\ LV
IRFXVHG WR ULSRVWH WKH FRQFHUQV UDLVHG E\ WKHVH DXWKRULWLHV DQG YDULRXV RWKHU VWDNHKROGHUV
UHJDUGLQJWKHVWDWXVRIOHJDOHGXFDWLRQLQ,QGLD7KHVWXG\DOVRDLPVWRVXJJHVWPRVWVXLWDEOH
PRGHO RI SXEOLF SULYDWH SDUWQHUVKLS LQ WKH ILHOG RI HGXFDWLRQ ZKLFK KDYH EHHQ SRSXODUO\
LPSOHPHQWHGLQGLIIHUHQWSDUWVRIWKHZRUOGJLYLQJULVHWRDQHZGLPHQVLRQLQWKHDUHDRIWKH
SURYLVLRQRIHGXFDWLRQDOVHUYLFHV
$,5 6&
$,5 6&&
$,5 %RP %20/5 0K/-
ϯϰ
&KDOOHQJHV)DFHG,QWKH/HJDO(GXFDWLRQLQ7KH&RXQWU\
'HILFLHQW,QIUDVWUXFWXUHLQ/HJDO(GXFDWLRQ
7KHUHDUHQXPHURXVQXPEHUVRISUREOHPVDQGFKDOOHQJHVZLWKUHVSHFWWROHJDOHGXFDWLRQWKH
YHU\ ILUVW FKDOOHQJH LV WKH GHILFLHQW LQ LQIUDVWUXFWXUH 7KH ODZ VFKRROV LQ ,QGLD KDYH WR
UHFRJQL]H WKDW WKHUH LV D QHHG IRU FUHDWLQJ VRXQG SK\VLFDO LQIUDVWUXFWXUH 7KHUH VKRXOG EH
PRUH IXQGV IRU WKLV DQG IRU GHYHORSLQJ UHVHDUFK SURMHFWV DQG RWKHU LQLWLDWLYHV WR HQFRXUDJH
IDFXOW\ PHPEHUV *HQHUDOO\ WKH LQIUDVWUXFWXUH RI WKH 1DWLRQDO /DZ 6FKRROV LV EHWWHU WKDQ
ZKDWH[LVWVLQ WKH ODZGHSDUWPHQWVRIWUDGLWLRQDOXQLYHUVLWLHV,PSURYHPHQW LQ LQIUDVWUXFWXUH
VKRXOG EH DFURVV WKH ERDUG LQFOXGLQJ LQ XQLYHUVLWLHV ZKLFK VWLOO SURGXFH PRVW RI WKH ODZ
JUDGXDWHV *RYHUQPHQW/DZFROOHJHVDQG'HHPHG8QLYHUVLW\ 8QLYHUVLW\FDPSXVHVVKRXOG
EHSODFHVWKDWFDQLQVSLUHVWXGHQWVDQGWKHIDFXOW\VRWKDWWKH\DUHLQYROYHGLQUHIOHFWLQJXSRQ
WKH YDULRXV SUREOHPV WKDW FRQIURQW VRFLHW\ $FDGHPLF IUHHGRP WR WKLQN DQG FRQWULEXWH
FDQQRW EH HQVXUHG LI XQLYHUVLWLHV ODFN WKH QHFHVVDU\ SK\VLFDO LQIUDVWUXFWXUH DQG ILQDQFLDO
UHVRXUFHVWKLVLVRQHRIWKHELJJHVWLVVXH
)LUVWO\ LI ,QGLDQ ODZ VFKRROV KDYH WR PHHW WKH GHPDQGV RI WKH FKDQJLQJJOREDO VRFLHW\ WKH
WUDLQLQJZHLPSDUWWRRXUODZVWXGHQWVRXJKWWREHWKRURXJKO\UHH[DPLQHG2XUODZVFKRROV
QHHGLQIUDVWUXFWXUHDQGUHVRXUFHVFRPSDUDEOHWRJOREDOXQLYHUVLWLHV2XUODZVFKRROVKDYHWR
VHHNDGUDPDWLFWUDQVIRUPDWLRQLQSURYLGLQJLQIUDVWUXFWXUHDQG UHVRXUFHVWRWKHIDFXOWLHVDQG
VWXGHQWV
/LEUDU\IDFLOLWLHVLQODZVFKRROVQHHGWREHVXEVWDQWLDOO\XSJUDGHGIRUZKLFKKXJHUHVRXUFHV
KDYHWREHPRELOL]HG,QHYLWDEO\WKHUHVRXUFHVWKDWDUHQHHGHGWRUHDFKLQWHUQDWLRQDOVWDQGDUG
IRU SURYLGLQJ JOREDO LQIUDVWUXFWXUH IRU RXU ODZ VFKRROV KDYH WR EH UDLVHG WKURXJK OLEUDU\
HQGRZPHQWVDQGSULYDWHGRQDWLRQV
6HFRQGO\ WKH FOLQLFDO ODE OHJDO DLG FHOO PRRW FRXUW URRP DQG ODQJXDJH ODE VKRXOG EH
HVWDEOLVKHGLQWKHLQVWLWXWLRQVWKLVWKHVHFRQGELJJHVWFKDOOHQJHWKDWWKHODZVFKRROVDUHVWLOO
SRQGHULQJRQWKLVLVVXH$VSHUWKHµOLVW,9RIWKH%&,QRUPV¶EHVWRZVWKDWWKHVHDUH
WKH HVVHQWLDOV UHTXLVLWHV RI ILYH \HDU ODZ FRXUVH LQIUDVWUXFWXUH DV SHU %&, QRUPV WRR %XW
HVWDEOLVKPHQW RI LQWHJUDWHG ILYH \HDU ODZ FROOHJHV DUH VR H[SHQVLYH WKDW D QXPEHU RI
EXUJHRQLQJLQVWLWXWLRQVFRXOGQRWHYHQIXOILOWKHEDVLFUHTXLUHPHQWVRIEXLOGLQJVWUXFWXUHVDQG
VXIILFLHQW QXPEHU RI ODZ IDFXOWLHV 6LQFH WKH LQVWLWXWLRQV WKHPVHOYHV DUH ODFNLQJ ZLWK WKH
5DM.XPDU& *OREDOOHJDO(GXFDWLRQLQ,QGLD5HWULHYHGIURP
KWWS ZZZDUFKLYHMJXLQVLWHVGHIDXOWILOHV*OREDO/HJDO$SULO SGI
ϯϱ
DYDLODELOLW\ RI FRPPRQ IDFWRUV LW LV YHU\ KDUG WR SURGXFH HPLQHQW ODZ\HUV ZLWK JRRG OHJDO
HGXFDWLRQLQWKHFRPSDWLELOLW\RIJOREDOODZ\HUVDQGVFKRODUV
5HFUXLWLQJ*RRG5HVHDUFKHUV
7KHUH LV D QHHG WR IXQGDPHQWDOO\ UHH[DPLQH WKH FRQWH[W RI OHJDO HGXFDWLRQ LQ WKH FRXQWU\
7KH SUHVHQW V\VWHP GRHV QRW VXIILFLHQWO\ UHFRJQL]H WKH NH\ SUREOHP ZLWK UHJDUG WR OHJDO
HGXFDWLRQ µ/DFN RI IDFXOW\ PHPEHUV ZKR DUH JRRG WHDFKHUV DV ZHOO DV VRXQG
UHVHDUFKHUV¶ 7KHUH LV QHHG WR LGHQWLI\ WDOHQW DPRQJ \RXQJ ODZ\HUV VR WKDW WKH\ FDQ EH
HQFRXUDJHG WR FRQVLGHU DFDGHPLD DV D FDUHHU RSWLRQ 7KHUH LV QR GRXEW WKDW SRRU ILQDQFLDO
LQFHQWLYHVGLVFRXUDJHPDQ\\RXQJDQGEULOOLDQWODZ\HUVIURPFRQVLGHULQJFDUHHULQDFDGHPLD
,W LV LPSRUWDQW WR DGGUHVV WKLV LVVXH DV ZHOO %XW WKHUH FRXOG EH RWKHU IDFWRUV ZKHUH
LPSURYHPHQWVDQGFKDQJHVDUHIHDVLEOH VXFKDVFDUHHUGHYHORSPHQWRSSRUWXQLWLHVZLWKLQWKH
ODZ VFKRROV GHYHORSPHQW RI UHVHDUFK LQIUDVWUXFWXUH LQFOXGLQJ WKH UHVRXUFH WR RUJDQL]H DQG
SDUWLFLSDWH LQ QDWLRQDO DQG LQWHUQDWLRQDO FRQIHUHQFHV DQG XQGHUWDNH VHULRXV UHVHDUFK D
KDUPRQLRXV HQYLURQPHQW WKDW IRVWHUV PXWXDO UHVSHFW JRYHUQDQFH RI WKH ODZ VFKRROV LQ D
WUDQVSDUHQWIDVKLRQDQGDERYHDOOIDLWKLQWKHOHDGHUVKLSRIWKHLQVWLWXWLRQWKDWH[FHOOHQFHZLOO
QRW RQO\ EH SURPRWHGDVD JHQHUDO SROLF\ EXWDIILUPDWLYHHIIRUWVZLOOEHWDNHQWRHQFRXUDJH
DQGVXSSRUWH[FHOOHQFH
*OREDOL]DWLRQDQGWKHFKDQJLQJGLPHQVLRQVRIWKH,QGLDQHFRQRP\DQGSROLW\KDYHWKURZQXS
QHZ FKDOOHQJHV RI JRYHUQDQFH 5XOH RI ODZ LQ DOO LWV GLPHQVLRQV UHPDLQV WKH VLQJOH PRVW
LPSRUWDQW FKDOOHQJH WKH FRXQWU\ LV IDFLQJ 7KH FULPLQDO DQG FLYLO MXVWLFH V\VWHPV DUH XQGHU
VHYHUH VWUHVV 7KH UROH RI ODZ VFKRROV LQ LPSDUWLQJ OHJDO HGXFDWLRQ DQG GHYHORSLQJ ODZ\HUV
ZKRDUHUDWLRQDO WKLQNHUVDQGVRFLDOHQJLQHHUVLVFHQWUDOWRWKHIXWXUHRIOHJDOHGXFDWLRQDQG
WKHGHYHORSPHQWRIDNQRZOHGJHHFRQRP\LQ,QGLD7KLVFDQEHGRQHRQO\LIWKHODZVFKRROV
DUHDEOHWRDWWUDFWVRPHRIWKHEHVWDQGEULJKWHVWODZ\HUVWRPDNHDOLIHORQJFRPPLWPHQWWR
WHDFKLQJOHDUQLQJDQGUHVHDUFKVRWKDWWKH\DUHDEOHWRLQVSLUHJHQHUDWLRQVRIVWXGHQWVWRZRUN
HVWDEOLVKLQJDUXOHRIODZVRFLHW\LQ,QGLD
5DMQL3DUPDU 3UREOHPVDQG&KDOOHQJHVRI/HJDO(GXFDWLRQ,QWHUQDWLRQDO-RXUQDORI0DQDJHPHQWDQG
6RFLDO6FLHQFH5HVHDUFK9RO1R 5HWULHYHGIURPKWWS ZZZLUMFMRXUQDOVRUJLMPVVU6HSSGI
5DM.XPDU& 6HSWHPEHU ,PSURYLQJOHJDOHGXFDWLRQLQ,QGLD7KH+LQGX5HWULHYHG
IURPKWWS ZZZWKHKLQGXFRPWRGD\VSDSHUWSRSLQLRQ,PSURYLQJOHJDOHGXFDWLRQLQ,QGLDDUWLFOHHFH
ϯϲ
$QRWKHULVVXHLQWKHOHJDOHGXFDWLRQLVWKH³,PSDFWRIWKH/DQJXDJH3UREOHP´
7KH OHJDO HGXFDWLRQ LQ ,QGLD KDV D SURXG KHULWDJH ,Q WKH HDUOLHVW GD\V RI WKH LQGHSHQGHQFH
PRYHPHQWDQGGXULQJWKHFUHDWLRQRIWKH,QGLDQ&RQVWLWXWLRQODZ\HUVSOD\HGDSUHGRPLQDQW
UROHDPRQJWKRVHVHHNLQJVRFLDOSURJUHVV%XWLQUHFHQW\HDUVSULGHLQWKHKHULWDJHKDVJLYHQ
ZD\WRFRQFHUQDERXWWKHSUHVHQWDQGDODUPIRUWKHIXWXUHE\UHVSRQVLEOHRIILFLDOV7KHUHKDV
EHHQ D JURZLQJ FRQFHUQ WKDW ,QGLDQ ODZ\HUV DUH QRW QRZ SOD\LQJ D SRVLWLYH UROH LQ ,QGLD¶V
GHYHORSPHQW 5DWKHU ZKHQ LQ SULYDWH SUDFWLFH WKH\ DUH DFWLQJ LQ WKH PDLQ DV WHFKQLFDO
DVVLVWDQWV WR SDUWLHV LQWHUHVWHG LQ PDQLSXODWLQJ RU DYRLGLQJ WKH LPSDFW RI H[LVWLQJ ODZV DQG
OHJLVODWLRQV ,W LV PXFK PRUH VHULRXV LQ D GHYHORSLQJ VRFLHW\ ZKHUH QHZ LQVWLWXWLRQDO
DUUDQJHPHQWVDUHQHHGHGWRIDFLOLWDWHRUGHUO\FKDQJH,Q,QGLDWKHSUREOHPLVPDGHHYHQPRUH
VHYHUH EHFDXVH WKH ODZ DQG WKH OHJDO V\VWHP KDYH ORQJ VHYHUHG DV D XQLI\LQJ IDFWRU LQ D
VRFLHW\EHVHWE\LQWHUQDOGLYLVLRQVEHWZHHQUHOLJLRXVFDVWHDQGOLQJXLVWLFJURXSV
7KHOHDGHUVDQGWKHOHDGLQJODZ\HUVDQGWKHVHQLRUDGYRFDWHVRIWKHOHJDOSURIHVVLRQLQ,QGLD
DUH DZDUH RI WKH QHHG IRU WKH FKDQJH $W WKH VDPH WLPH WKH\ UHFRJQL]H LQ RUGHU WRFKDQJH
IXQGDPHQWDOO\WKHOHJDOSURIHVVLRQLWZLOOEHQHFHVVDU\WRUHYDPS,QGLDQOHJDOHGXFDWLRQ
)RUVRPHWLPHVQRZ,QGLDQODZVFKRROVKDYHDWWUDFWHGWKHSRRUHVWVWXGHQWV,QDOPRVWDOOODZ
VFKRROV LQ ,QGLD WKH YDVW PDMRULW\ RI VWXGHQWV DUH XQPRWLYDWHG DV WKH\ GR QRW LQWHQG WR
SUDFWLFHODZ EHFDXVHWKHZD\WKH\OHDUQWKHVWDWXWHDQGWKHWHDFKLQJPHWKRGVDUHDEVROXWHO\
FUDS DQG WKLV IDGHV WKH YHU\ LGHD RI OHDUQLQJ ODZ DPRQJ WKH VWXGHQWV YHU\ LPSRUWDQWO\ WKH
OHJDO ODQJXDJH LV DOVR SRRU DQG LW LV KHFNOHG E\ DOO WKH SURIHVVRUV 7KH\ VHHN DQ HDVLO\
REWDLQDEOHDGYDQFHGGHJUHHLQRUGHUWRLPSURYHWKHLUHDUQLQJFDSDFLW\LQQRQOHJDOZRUN7KH
FDOLEHU RI ODZ IDFXOW\ KDV EHHQ JHQHUDOO\ SRRU DOWKRXJK WKHUH KDYH DOZD\V EHHQ D JRRG
QXPEHU RI GLVWLQJXLVKHG H[FHSWLRQV WKH WH[WV XQGLVWLQJXLVKHG DQG WKH FXUULFXOXP EDGO\
FRQVWUXFWHG &ODVVHV KDYH EHHQ DOPRVW HQWLUHO\ E\ OHFWXUH VWUHVVLQJ PHPRUL]DWLRQ DQG WKH
DELOLW\WRPDQLSXODWHZRUGV7KHUHODWLRQVEHWZHHQIDFXOW\DQGVWXGHQWVDUHJHQHUDOO\IRUPDO
QRZDGD\V WKHUH VHHP WR EH QR LQWHUDFWLYH VHVVLRQV EHWZHHQ WKHP DQG QR ZD\ RI DVNLQJ
GRXEWVWRWKHSURIHVVRUVWKHWHDFKLQJPHWKRGVQRZVHHPVWRWKHVDPHDVKLJKVFKRROOHYHO
ZKHUHVWXGHQWVDUHDVNHGWRPHPRUL]HDQGYRPLWLWLQWKHSDSHUVLVDEVROXWHIRXOHVW
ϲϲ
3LOODL& /HJDO(GXFDWLRQ ,Q6HDUFKRI1HZ9LVWDV -RXUQDORI,QGLDQ/DZ,QVWLWXWH
-XOLXV*HWPDQ* 7KH'HYHORSPHQWRI,QGLDQOHJDOHGXFDWLRQ 7KHLPSDFWRIWKHODQJXDJHSUREOHP
-RXUQDORI/HJDO(GXFDWLRQ
ϯϳ
1HFHVVDU\0RGLILFDWLRQ5HTXLUHGE\/DZ6FKRROV
7KHODZVFKRROVDUHUHTXLUHGWRPDNHVWUDWHJLFSODQVWKDWDUHVHWRXWDFOHDUYLVLRQRIMXVWLFH
GHOLYHU\DQGDOVRDGGUHVVWKHHPHUJLQJUHDOLWLHVRIWKHPDUNHW*RDORIWKHODZVFKRROVVKRXOG
EHWREXLOGDV\VWHPRIOHJDOHGXFDWLRQWKDW
3URPRWHDQLQWHUGLVFLSOLQDU\DSSURDFKRIODZZLWKRWKHUVRFLDOVFLHQFHV
7KHDXWKRU¶VRSLQLRQLVWKDWLIDSHUVRQZKRVWXGLHVODZPXVWKDYHVRPHSURILFLHQF\
LQFRXQWU\¶VKLVWRU\SROLWLFDO WKHRU\DQGSKLORVRSK\WRHQDEOHKLPKHULQEHFRPLQJ
DJHQWVWKDWSDUWLFLSDWHLQLQVWLWXWLRQDOFKDQJHVDFFRUGLQJWRWKHFKDQJHLQWKHVRFLHW\
(QFRXUDJHSURILFLHQF\LQODQJXDJHV
$V D SHQPDQ WR WKLV DUWLFOH WKHUH LV ODUJHO\ D QHHG WR FRPPDQG RYHU VSRNHQ DQG
ZULWWHQODQJXDJHHIIHFWLYHRUDOVNLOOVGLFWLRQDQGH[WHQVLYHUHDGLQJDUHSUHUHTXLVLWHV
WKDWJRZLWKRXWVD\LQJ.QRZOHGJHRIDIRUHLJQODQJXDJHLVLPSRUWDQWWREHODZ\HULQ
WKHJOREDOHFRQRP\/DZVWXGHQWVVKRXOGEHSURYLGHGZLWKWKHRSSRUWXQLW\WROHDUQD
IRUHLJQODQJXDJHRIWKHLUFKRLFH
3HUVRQDO&KDUDFWHULVWLFV
/DZ\HUV OHJDO H[HFXWLYHV DOO QHHG JRRG LQWHOOHFWXDO DELOLW\ WKH DELOLW\ WR DVVLPLODWH
DQGDQDO\]HIDFWVTXLFNO\
'HYHORSDFULWLFDORXWORRN
/DZ WHDFKHUV VKRXOG VZLWFK RYHU WR ZKDW LV FDOOHG DV µFRPSDUDWLYH PHWKRG RI
WHDFKLQJ¶ 7KH ODZ VWXGHQWV VKRXOG EH PRELOL]HG WR HYDOXDWH WKH H[LVWLQJ RU
SURVSHFWLYHGUDFRQLDQODZVSDUWLFLSDWHLQGLVFXVVLRQVRQWKHODWHVWGHYHORSPHQWVDQG
UHTXLUHGDPHQGPHQWV
(QFRXUDJH&OLQLFDO7UDLQLQJ
µ-XVWLFH¶ PXVW EHFRPHFHQWUDOWRWKH ODZ FXUULFXOXP DQGFRPPXQLW\ EDVHGOHDUQLQJ
PXVW JLYH WKH GHVLUHG YDOXH RULHQWDWLRQ LQ WKH PDNLQJ RI D ODZ\HU 7KLV FRQFHSW RI
MXVWLFHHGXFDWLRQLQWKHILHOGRIOHJDOHGXFDWLRQPHDQVWKDWWKHODZVFKRROFXUULFXOXP
ϲϴ
6LQJK.3 /HJDO(GXFDWLRQLQ,QGLD 6RPH6XJJHVWLRQV$OO,QGLD5HSRUW-RXUQDO9RO
&XUUHQWWUHQGVRQOHJDOHGXFDWLRQLQ,QGLD 5HWULHYHGIURPKWWS MRXUQDOODZPDQWUDFRLQZS
FRQWHQWXSORDGVSGI
ϲϵ
ϯϴ
VKRXOG HQWDLO FHUWDLQ SURJUDPV OLNH /RN $GDODWV /HJDO $LGDQG /HJDO /LWHUDF\
DQGSDUDOHJDOWUDLQLQJ
7KH FRPSOHPHQWDU\ WHDFKLQJ PHWKRGRORJ\ RI OHDUQLQJ E\ GRLQJ DQG WKH FRQYHQWLRQDO
FODVVURRPWHDFKLQJWKURXJKWKHODZVFKRROVFOLQLFVKHOSLQGHYHORSLQJWKHDGYRFDF\VNLOOVLQ
WKH ODZ VWXGHQWV DQG VROYH PRVW RI WKH H[LVWLQJ JDSV LQ WKH OHJDO HGXFDWLRQ E\ JLYLQJ D
SUDFWLFDO YLHZ WR WKH VWXGHQWV VR WKDW WKH HGXFDWLRQ LV VXUPRXQWHG IURP WKH LVVXHV DQG
FKDOOHQJHV µ0RFN¶ WULDOV DQG 0RRW &RXUW FRPSHWLWLRQV VWUXFWXUHG DV FRXUW WUDLO FOLHQW
FRXQVHOOLQJ OHJDO UHVHDUFK HGLWLQJ RI ODZ MRXUQDOV OHJDO GUDIWLQJ DQG FRQYH\DQFLQJ FRXUW
YLVLWV DQG PDQ\ PRUH ,Q WKH FXUULFXOXP LV RQH RI WKH LGHDO ZD\V WR IDFLOLWDWH SHUIRUPDQFH
EDVHG HGXFDWLRQ ,W PHDQV RI LPSURYLQJ LQ VWXGHQWV WKH EDVLF VNLOOV VXFK DV WKH VNLOOV RI
FULWLFDOWKLQNLQJ SUHVHQWDWLRQVNLOOVSDUWLFLSDWLRQVNLOOVDQGWKHVNLOOWRZRUNDVDWHDPWKH
OHDGHUVKLSTXDOLW\LQDGGLWLRQWRWKHERRVWLQVWXGHQWV¶NQRZOHGJHRIODZ7KHVHDOOFRQWULEXWH
ZKDWLVDSHUIHFWODZ\HUZLWKSHUIHFWHGXFDWLRQ:KRFDQVWDQGDORQHLQWKHEDUDQGSURGXFHD
1REHOFDOOLQJWRKLVSURIHVVLRQ
&RQFOXGLQJ2SLQLRQ
/HJDO HGXFDWLRQ UHIRUPV LQ ,QGLD VKRXOG JR DORQJ ZLWK WKH HQFRXUDJHPHQW RI JOREDO
SKLODQWKURSLFLQLWLDWLYHVLPSURYHPHQWRILQIUDVWUXFWXUHDVZHOODVUHYLVHGFRXUVHVWUXFWXUHDW
WKHUHFLSURFLW\RIJOREDOFRPSHWLWLRQVRWKDWUHVRXUFHVDUHDYDLODEOHWRPDLQWDLQLQWHUQDWLRQDO
VWDQGDUGVWRLPSDUWTXDOLW\RIHGXFDWLRQDQGFRQGXFWLPSDFWRULHQWHGUHVHDUFK
7KH /RN $GDODWV 3HRSOH¶V FRXUWV VHWWOH GLVSXWH WKURXJK FRQFLOLDWLRQ DQG FRPSURPLVH /HJDO 6HUYLFH
$XWKRULWLHV$FW 7KH GHFLVLRQRIWKH /RN$GDODWVLVELQGLQJRQWKHSDUWLHV WRWKHGLVSXWHDQGLWV RUGHU LV
FDSDEOH RI H[HFXWLRQ WKURXJK OHJDO SURFHVV 7KH GHFLVLRQ LV YHU\ HIIHFWLYH LQ VHWWOHPHQW RI PRQH\ FODLPV
'LVSXWHVOLNHSDUWLWLRQVXLWVGDPDJHVDQGPDWULPRQLDOFDVHVFDQDOVREHHDVLO\VHWWOHGEHIRUH/RN$GDODWVDVWKH
VFRSHIRUFRPSURPLVHWKURXJKDQDSSURDFKJLYHDQGWDNHKLJKLQWKHVHFDVHV$/RN$GDODWKDVWKHMXULVGLFWLRQ
WR VHWWOH E\ ZD\ RI HIIHFWLQJ FRPSURPLVH EHWZHHQ WKH SDUWLHV DQ\ PDWWHU ZKLFK PD\ EH SHQGLQJ EHIRUH WKH
FRXUWDVZHOODVPDWWHUVDWSUHOLWLJDWLYHVWDJHLHGLVSXWHVWKDWKDYHQRWEHHQIRUPDOO\LQVWLWXWHGLQDQ\FRXUWRI
ODZ
/HJDO$LGLVWKHSURYLVLRQRIDVVLVWDQFHWRSHRSOHRWKHUZLVHXQDEOHWRDIIRUGOHJDOUHSUHVHQWDWLRQDQGDFFHVVWR
WKHFRXUWV\VWHP/HJDODLGLVUHJDUGHGDVFHQWUDOLQSURYLGLQJDFFHVVWRMXVWLFHE\HQVXULQJHTXDOLW\EHIRUHWKH
ODZWKHULJKWWRFRXQVHODQGWKHULJKWWRDIDLUWULDO$UWLFOH $RIWKH&RQVWLWXWLRQRI,QGLDSURYLGHVIRUHTXDO
MXVWLFHDQGIUHHOHJDODLG7KH$UWLFOHHPSKDVL]HVWKDWIUHHOHJDOVHUYLFHLVDQLQDOLHQDEOHHOHPHQWRIµUHDVRQDEOH
IDLUDQGMXVWSURFHGXUHIRUZLWKRXWLWDSHUVRQVXIIHULQJIURPHFRQRPLFRURWKHUGLVDELOLWLHVZRXOGEHGHSULYHG
RIWKHRSSRUWXQLW\IRUVHFXULQJMXVWLFH
/HJDO $ZDUHQHVV DOVR NQRZQ DV OHJDO FRQVFLRXVQHVV DQG OHJDO OLWHUDF\ LV WKH HPSRZHUPHQW RI LQGLYLGXDOV
UHJDUGLQJ LVVXHV LQYROYLQJ WKH ODZ /HJDO DZDUHQHVV KHOSV WR SURPRWH FRQVFLRXVQHVV RI OHJDO FXOWXUH
SDUWLFLSDWLRQLQWKHIRUPDWLRQRIODZVDQGWKHUXOHRIODZ
$SDUDOHJDOLVDQLQGLYLGXDOTXDOLILHGE\HGXFDWLRQWUDLQLQJRUZRUNH[SHULHQFHZKRLVHPSOR\HGRUUHWDLQHG
E\ D ODZ\HU ODZ RIILFH FRUSRUDWLRQ JRYHUQPHQWDO DJHQF\ RU RWKHU HQWLW\ DQG ZKR SHUIRUPV VSHFLILFDOO\
GHOHJDWHGVXEVWDQWLYHOHJDOZRUNIRUZKLFKDODZ\HULVUHVSRQVLEOH
ϯϵ
7KHOHJDOHGXFDWLRQVKRXOGEHDEOHWRPHHWLQWKHHYHUJURZLQJ GHPDQGVRIWKHVRFLHW\DQG
VKRXOG EH WKRURXJKO\ HTXLSSHG WR FDWHU WR WKH FRPSOH[LWLHV RI WKH GLIIHUHQW VLWXDWLRQV
6SHFLDOL]DWLRQ LQ GLIIHUHQW EUDQFKHV RI WKH ODZ LV QHFHVVDU\ 7KH UHTXLUHPHQW LV RI VXFK D
JUHDWGLPHQVLRQVWKDWVL]HDEOHRUYDVWQXPEHURIGHGLFDWHGSHUVRQVVKRXOGEHSURSHUO\WUDLQHG
LQGLIIHUHQWEUDQFKHVRIODZHYHU\\HDUE\SURYLGLQJRUWHQGHULQJFRPSHWHQWDQGSURSHUOHJDO
HGXFDWLRQ7KLVLVSRVVLEOHRQO\LIDGHTXDWHQXPEHURIODZFROOHJHVZLWKSURSHULQIUDVWUXFWXUH
LQFOXGLQJ H[SHUWLVH ODZ WHDFKHUV DQG VWDII DUH HVWDEOLVKHG WR GHDO ZLWK WKH VLWXDWLRQ LQ DQ
DSSURSULDWH PDQQHU 7KH DUHD RI GHILFLHQF\ VKRXOG EH ORFDWHG DQG FRUUHFWLYHV VKRXOG EH
DIIHFWHG ZLWK WKH FRRSHUDWLRQ RI FRPSHWHQW SHUVRQV EHIRUH WKH PDWWHU JHWV EH\RQG FRQWURO
5HIRUPV LQ OHJDO HGXFDWLRQFDQQRW ZDLWDQ\ORQJHU DQGWKDW WKHUHFDQFRQYLQFHWKH EULOOLDQW
\RXQJ SHRSOH WR DFFHSW WHDFKLQJ DVVLJQPHQWV LQ ODZ :H QHHG WR SURGXFH D QXPEHU RI
FRPPLWWHGDQGGHGLFDWHGWHDFKHUVZKRLQWXUQQHHGWRSURGXFHD QHZFURSRIKDUGZRUNLQJ
ODZ\HUVKRQHVWMXGJHVDQGGLVWLQJXLVKHGMXULVWV7KLVLVDWRXJKDQGFHUWDLQO\DFKDOOHQJLQJ
WDVN$VDWHDFKHULVDQDWLRQEXLOGHUDQGRQO\DFRPPLWWHGDQGGHYRWHGWHDFKHUFDQSURGXFH
FRQVFLHQWLRXV VWXGHQWV KRQHVW SURIHVVLRQDOVDQG FLWL]HQV 7KLV LV ZKDWWKH QDWLRQ LQ JHQHUDO
DQGWKHOHJDOSURIHVVLRQLQSDUWLFXODUQHHGVWRGD\
/HJDO HGXFDWLRQ LV D JRRG LQYHVWPHQW ZKLFK LI ZLVHO\ PDGH ZLOO SURGXFH PRVW EHQHILFLDO
UHVXOWVIRUWKHQDWLRQDQGFDWDO\]HWKHVSHHGRIGHYHORSPHQW2IODWHWKHUROHRIDODZ\HULQD
FRPPRQ ODZ V\VWHP LV PRUH WKDQ D VNLOOHG OHJDO PHFKDQLF ZKR DFWV DV D VRFLDO HQJLQHHU
VRFLDOUHIRUPHUKDUPRQL]HUDQGDUHFRQFLOHU7KHOHJDOHGXFDWLRQSURYLGHGDWWKHODZVFKRROV
PXVW EH WUDQVIRUPHG WR WKH FRQYHQWLRQDO DQG FRQWHPSRUDU\ QHHGV RI WKH SURIHVVLRQ DQG
VRFLHW\
)LQDO7KRXJKWV
%HIRUH,FRQFOXGH,PXVWUHIHUWRWZRIDPRXVTXRWHVPDGHE\WZRHPLQHQWVRFLDOMXULVW
$OYLQ7RIIOHSURSRXQGHGWKDW³7KHLOOLWHUDWHRIWKHVWFHQWXU\ZLOOQRWEHWKRVHZKRFDQQRW
UHDGDQGZULWHEXWWKRVHZKRFDQQRWOHDUQXQOHDUQDQGUHOHDUQ´
&UDLJ %DUUHWW RSLQHG WKDW ³,QYHVWLQJ LQ HGXFDWLRQ DQG SURYLGLQJ VW FHQWXU\ VNLOOV IRU
VWXGHQWVDUHIXQGDPHQWDOFRPSRQHQWVWRWKHQDWLRQ¶VFRQWLQXHGJURZWKDQGSURVSHULW\´
7KHIXWXUHVKDOOZLWQHVVDUDGLFDOWUDQVIRUPDWLRQLQWKHFRQWHQWDVZHOODVPHWKRGVDGRSWHGWR
LPSDUWOHJDOHGXFDWLRQLQ,QGLD*OREDOL]DWLRQKDVSRVHGPXOWLSOHFKDOOHQJHVWRWKHIXWXUHRI
ϰϬ
OHJDOHGXFDWLRQLQ,QGLDEXWLWKDVSURYLGHGDQRSSRUWXQLW\WRFKDOOHQJHWKHVWDWXVTXRZKLFK
LVDQHVVHQWLDOFRQGLWLRQIRUVHHNLQJDQ\UHIRUP
7RFRQFOXGH,ZRXOGOLNHWRTXRWHWKHIDPRXV,ULVKDXWKRU(GPXQG%XUNHZKRULJKWO\VDLG
<RX FDQ QHYHU SODQ WKH IXWXUH E\ WKH SDVW 7KH WLPH LV ULSH IRU DQ RYHUKDXO RI OHJDO
HGXFDWLRQLQ,QGLD
7KHOHJDOHGXFDWLRQLQWKHSUHVHQWFRQWHPSRUDU\ZRUOGLVVWLOOLQSDWKHWLFVLWXDWLRQVR
³:H:DQW7R&KDQJH:H:DQW7R6HH:H&DQ´
5HIHUHQFHV
$DQDQG$ /HJDO(GXFDWLRQ LWV&KDOOHQJHV5HWULHYHGIURPZZZOHJDOVHUYLFHVLQGLDFRP
$EKLVKHN$QDQG /HJDO(GXFDWLRQDQGLWVFKDOOHQJHV5HWULHYHGIURP
KWWS ZZZOHJDOLQGLDFRPOHJDOHGXFDWLRQDQGLWVFKDOOHQJHV
$GYRFDWH'HYGDV70 +LVWRU\RIOHJDOHGXFDWLRQLQ,QGLD5HWULHYHGIURPVWULSSHGODZEORJVSRWLQ
-XOLXV*HWPDQ* 7KH'HYHORSPHQWRI,QGLDQOHJDOHGXFDWLRQ 7KHLPSDFWRIWKHODQJXDJH
SUREOHP-RXUQDORI/HJDO(GXFDWLRQ
.ULVKQD,\HU95 7KH6RFLDO'LPHQVLRQVRI/DZDQG-XVWLFHLQ&RQWHPSRUDU\,QGLD±7KH
'\QDPLFVRID1HZ-XULVSUXGHQFH1HZ'HOKL $OO,QGLD5HSRUW
/DZ&RPPLVVLRQRI,QGLDWK5HSRUW 7KH/HJDO(GXFDWLRQ 3URIHVVLRQDOWUDLQLQJDQG
SURSRVDOVIRU$PHQGPHQWVWR$GYRFDWH$FW DQGWKH8QLYHUVLW\*UDQWV&RPPLVVLRQ$FW 5HWULHYHG
IURPKWWS ODZFRPPLVVLRQRILQGLDQLFLQUHSRUWVWKUHSRUWSDUWLSGI
0HKWD3/ 6XVKPD*XSWD /HJDO(GXFDWLRQDQG3URIHVVLRQLQ,QGLD1HZ'HOKL
3LOODL& /HJDO(GXFDWLRQ ,Q6HDUFKRI1HZ9LVWDV -RXUQDORI,QGLDQ/DZ,QVWLWXWH
5DM.XPDU& *OREDOOHJDO(GXFDWLRQLQ,QGLD5HWULHYHGIURP
KWWS ZZZDUFKLYHMJXLQVLWHVGHIDXOWILOHV*OREDO/HJDO$SULO SGI
5DM.XPDU& 6HSWHPEHU ,PSURYLQJOHJDOHGXFDWLRQLQ,QGLD7KH+LQGX5HWULHYHG
IURPKWWS ZZZWKHKLQGXFRPWRGD\VSDSHUWSRSLQLRQ,PSURYLQJOHJDOHGXFDWLRQLQ,QGLDDUWLFOHHFH
5DMHVK%LQGDO-XVWLFH /HJDO(GXFDWLRQ$*OREDO3HUVSHFWLYH5HWULHYHGIURP
KWWS KLJKFRXUWFKGJRYLVXEBSDJHVWRSBPHQXDERXWHYHQWVBILOHV*OREDO6SHHFKSGI
5DMQL3DUPDU 3UREOHPVDQG&KDOOHQJHVRI/HJDO(GXFDWLRQ,QWHUQDWLRQDO-RXUQDORI0DQDJHPHQW
DQG6RFLDO6FLHQFH5HVHDUFK9RO1R 5HWULHYHGIURP
KWWS ZZZLUMFMRXUQDOVRUJLMPVVU6HSSGI
5DMQL3DUPDU 3UREOHPVDQG&KDOOHQJHVRI/HJDO(GXFDWLRQ,QWHUQDWLRQDO-RXUQDORI0DQDJHPHQW
DQG6RFLDO6FLHQFH5HVHDUFK9RO1R 5HWULHYHGIURP
KWWS ZZZLUMFMRXUQDOVRUJLMPVVU6HSSGI
6FHQDULRRI/HJDOHGXFDWLRQLQ,QGLD5HWULHYHGIURP
KWWS VKRGKJDQJDLQIOLEQHWDFLQELWVWUHDPBFKDSWHUSGI
ϰϭ
/HJDO(GXFDWLRQLQ,QGLD ,VVXHV &KDOOHQJHV
3UDVXGKD6
7KH.HUDOD/DZ$FDGHP\/DZ&ROOHJH7KLUXYDQDQWKDSXUDP
/(*$/('8&$7,21,1,1',$
³(GXFDWLRQLVWKHPDQLIHVWDWLRQRISHUIHFWLRQDOUHDG\LQPDQ´6ZDPL9LYHNDQDQGD
$FFRUGLQJWR$XVWLQ
³$ODZLVDFRPPDQGZKLFKREOLJHVDSHUVRQRUVHWRISHUVRQV
WR D FRXUVH RI FRQGXFW´ $ ODZ LQ WKH SURSHU VHQVH RI WKH WHUP LV D JHQHUDO UXOH RI DFWLRQ
WDNLQJ FRJQL]DQFH RQO\ RI H[WHUQDO $FWV HQIRUFHG E\ D GHWHUPLQDWH LQ D SROLWLFDO VRFLHW\
:KLOHWKHDLPRIHGXFDWLRQLVWREXLOGFKDUDFWHUDQGFDSDFLW\LQDQLQGLYLGXDOWKHSXUSRVHRI
OHJDO HGXFDWLRQ WR HTXLS WKHFRPPRQ PDQWR VHFXUHDFFHVV WRMXVWLFH ZKLFKLVDQHVVHQWLDO
FRPSRQHQWRIFLYLOL]HGOLYLQJ
5HOHYDQFHRI(GXFDWLRQDQG/HJDO(GXFDWLRQ,Q&RQWHPSRUDU\6RFLHW\
(GXFDWLRQLVWKHWUXHIULHQGRIRQHVHOI$WUXHERRNLVWKHVRXORIHGXFDWLRQ/DZDQG/HJDO
(GXFDWLRQDQG6DQFWLPRQLRXVPRUHVDQFWLPRQLRXVDUHODZVFKRROVDUHRQHFDQQRWGUHDPRID
SHDFHIXOVRFLHW\ZKHQWKHODZLVGHKRUQHG7KHHGXFDWLRQLQLVWKHVXPPLWRIWKHPXOWLEDVHG
S\UDPLG RI HGXFDWLRQ DIWHU DOO ODZ GRHV QRWKLQJ PRUH WKDQ JLYLQJ WKH UHODWLRQ EHWZHHQ WKH
DXWKRULW\DQGSRZHU/DZWHDFKHUVHPSKDVL]HVRQWKLVDVSHFWVKROGLQJWKDWLQDQ\FRXQWU\LW
LV WKH IXQFWLRQ RI OHJDO (GXFDWLRQ WR VKDSH DQG WUDQVPLW PRUH IXQGDPHQWDOV FRPPXQLW\
SHUVSHFWLYH DERXW WKH UHODWLRQ RI DXWKRULW\ DQG QDNHG SRZHU WR WUDLQ VSHFLDOWLHV LQ DOO WKH
SDUWLFXODU VNLOOV QHFHVVDU\ WR WKH HIIHFWLYH PDQDJHPHQW RI SURFHVVHV RI DXWKRULWLHV
GHFLVLRQV DQG WR DVVLVW ERWK LQ WKH FODULILFDWLRQV RI EDVLF FRPPXQLW\ SROLFLHV DERXW WKH
VKDSLQJ DQG VKDULQJ RI DOO YDOXHV DQG LQ WKH LQYHQWLRQV RI LQVWLWXWLRQV DQG SURFHGXUHV
DSSURSULDWH WR WKH UHFXUULQJ RIVXFK FODULI\LQJ SROLFLHV,Q WKH HQYLURQPHQWRIUHOHYDQFH RI
ODZ DQG OHJDO (GXFDWLRQ LQ PRGHUQ VRFLHW\ LQ SRVW /LEHUDOL]DWLRQ 3ULYDWL]DWLRQ DQG
*OREDOL]DWLRQHUDRQHVKRXOGXQGHUVWDQGWKH,QVWLWXWLRQVLPSDUWLQJ/HJDO(GXFDWLRQ
$XVWLQ³3URYLQFHRIMXULVSUXGHQFHGHYHORSPHQW HGV +/$+DUW´
0DGKDYL5*0DQRKDU5DRDQG.6UQLYDVD5DR HGV ³/HJDOHGXFDWLRQ,QGLDFKDOOHQJHVSURVSHFWLYH´
QG(G $VLD/DZ+RXVH+\GHUDEDG
ϰϯ
/HJDO (GXFDWLRQ LVDERDUGDQGFRPSUHKHQVLYHFRQFHSW,WLVHVVHQWLDOO\PXOWLGLVFLSOLQHDQG
FDQ KHOS XV LQ GHYHORSLQJ WKHKXPDQ UHVRXUFHVDQG LGHDOLVPQHHGHG WRVWUHQJWKHQWKH OHJDO
V\VWHP/DZLVDEOHWRFRQWULEXWHWKHQDWLRQDOGHYHORSPHQWDQGVRFLDOFKDQJHLQPXFKPRUH
FRQVWUXFWLYH PDQQHU 'DGD 'KDUPDGKLNDUL KDV ULJKWO\ UHPDUNHG WKDW /HJDO (GXFDWLRQ
PDNHV WKH ODZ\HU DQ H[SHUW ZKR SOHDGV IRU DOO OLNH WKH GRFWRU ZKR SUHVFULEHV IRU DOO OLNH
SULHVW ZKR SUHDFKHVIRUDOODQGOLNHWKHHFRQRPLVW ZKRSODQVIRUDOO,WPD\EHUHDOO\EHLQJ
WHUPHG DV DQ DUW HQMR\V WKH FDSDFLW\ WR PDNH D ODZ\HU WKH EHVW SOHDGHU IRU WKH SXEOLF DW
ODUJH
/HJDO (GXFDWLRQ DLPV DW LPSDLULQJ NQRZOHGJH RI ODZ RI WKH FRXQWU\ DV SDUW RI QHFHVVDU\
FXOWXUHRIDJHQWOHPDQQREOHPDQDQGFRPPRQPDQHQJDJHGLQDOHDUQHGSURIHVVLRQV7KH
/DZ &RPPLVVLRQ RI ,QGLD KDV DOVR PDGH HIIRUWV WR GHILQH /HJDO (GXFDWLRQ DV D 6FLHQFH
ZKLFK LPSDUWV WR VWXGHQWV NQRZOHGJH RI FHUWDLQ SULQFLSOHV DQG SURYLVLRQV RI ODZ WR HQDEOH
WKHPWRHQWHUWROHJDOSURIHVVLRQ/HJDO(GXFDWLRQLVDWZRWLHUSKHQRPHQRQ RQWKHRQHKDQG
LW LGHQWLILHV VXEMHFW PDWWHUV VXFK DV OLIH WHFKQRORJ\ JRYHUQDQFH DQG UHVSRQVLELOLW\ LQ D
FRPSOH[EXVLQHVVRUJDQL]DWLRQIDPLO\UHODWLRQVWKHSHQDOV\VWHPDQGRQWKHRWKHUVLGHWKHUH
KDV EHHQ D FDOO IRU /HJDO (GXFDWLRQ WR WUDQVPLW KXPDQH LQWHOOHFWXDO YDOXHV WR WDNH FOLHQW
FHQWHUHG DSSURDFKHV
/HJDO (GXFDWLRQ KDV FHQWHUHG RQ WKH GLYLGLQJ OLQH EHWZHHQ
SURIHVVLRQDO DQG OLEHUDO HGXFDWLRQ´ 7KH /HJDO (GXFDWLRQ GLVFRYHUV WKH ZD\V DQG PHDQV WR
H[SODLQ XV ZLWKRXW OHJDO V\VWHP DQG ILQG RXW KRZ LW IXQFWLRQV DQG HIIHFWV RI VRFLHW\ ,W
GHQRWHV SURIHVVLRQDO NQRZOHGJH FRQVWDQWO\ JURZLQJ LQ UHVSRQVH WR KXPDQ FRQGLWLRQV DQG
DQLPDWHGE\WKHYLVLRQVRIIXWXUH´ 7KHUHIRUH/HJDOHGXFDWLRQLVWREHLPSDUWHGRQVFLHQWLILF
EDVLVLQODZVFKRROVZKLFKZLOOEHRIJUHDWYDOXHWRWKHFRXQWU\DQGH[HUFLVHDYHU\EHQHILFLDO
LQIOXHQFHRQWKHSUDFWLFHRIODZDVDDUW7REHWUXHULWLVDQLQYHVWPHQWZKLFKLIZLVHO\PDGH
WLOOVXUHO\SURGXFHPRVWEHQHILFLDOUHVXOWVIRUWKHQDWLRQDQGDFFHOHUDWHVWKHSDFHRIQDWLRQDO
GHYHORSPHQW
$LPVRI/HJDO(GXFDWLRQ
7KHSULPHREMHFWRIOHJDO(GXFDWLRQLVWRSURGXFHSURIHVVLRQDOODZ\HUV7KHWHUPSURIHVVLRQDO
ODZ\HUGRHVQRWRQO\FRYHUWKHOLWLJDWLQJODZ\HUYLD ³WKHODZ\HUVZKRDUHXVHIXOEHIRUHWKH
*DMHQGUD*DGNDU&RPPLWWHH³2QWKHUHRUJDQL]DWLRQRI/HJDO(GXFDWLRQLQWKH8QLYHUVLW\RI'HOKL´
'DG'DUPDGKLNDUL³/DZ\HUVUROHLQVRFLDOFKDQJH´$,5-RXUQDO9RO
$JUDZDO6.³$5HSRUWRQ/HJDO(GXFDWLRQLQ,QGLDSUREOHPVDQGSURVSHFWLYH´
%UHQGRQ)%URZQ³5HFHQWWUHQGVLQ8QLWHG6WDWHV/HJDO(GXFDWLRQ-RXUQDORI/HJDO(GXFDWLRQ´
3&3LOODL³$OO,QGLDVHPLQDURQ/HJDO(GXFDWLRQ´-RXUQDORI,QGLDQODZLQVWLWXWH9RO
ϰϰ
RUGLQDU\ FRGHV WKDW DOO SHUVRQV WUDLQHG LQ ODZ ZKRVH HPSOR\PHQW LV PDLQO\ GHSHQGHQW RQ
WKHLU GHJUHHV LQ ODZ7KH IDPRXV VWDWHPHQW E\ WKH FRPPLWWHH RI /HJDO (GXFDWLRQ RI WKH
+DUYDUG/DZ6FKRROOD\VHPSKDVLVRQWKHGRXEOHSXUSRVHVRIDODZVFKRRO
7RWUDLQPHQIRUWKHOHJDOSURIHVVLRQ
7RSURYLGHDFHQWUHVZKHUHVFKRODUVPLJKWFRQWULEXWHWRDQXQGHUVWDQGLQJRIODZDQG
JRYHUQPHQWDQGSDUWLFLSDWHFUHDWLYLW\ LQWKHLU JURZWK DQGLPSURYHPHQWSXUSRVHV RI
OHJDO(GXFDWLRQWKHUHDVRQVXQGHUO\LQJWKHPDQGWKHQH[XVEHWZHHQOHJDODQGVRFLDO
KLVWRU\ VHFRQGO\ WR H[WUDFW WKH SULQFLSOHV XQGHUO\LQJ WKH H[LVWLQJ OHJDO UXOHV DQG
WKLUGO\WRSRLQWWKHULJKWURDGIRUIXWXUHGHYHORSPHQW
2QWKHUHFRJQL]LQJRI/HJDO(GXFDWLRQLQWKH8QLYHUVLW\RI'HOKLDOVRHQGHDYRUHGWRUHIOHFW
RQ WKH HGXFDWLRQ +H KDV RSLQHG WKDW WKH /HJDO (GXFDWLRQ HQYHORSV ZLWKLQ LWV DPELW WKH
NQRZOHGJH RI WKH /HJDO (GXFDWLRQ RIWKHWKHRU\ DQG SKLORVRSK\ RI ODZDQGLWV HQJLQHHULQJ
UROHLQWKHPRGHUQGHPRFUDWLFVRFLHW\
/HJDOHGXFDWLRQLVWRGHYHORSWZRIROGVNLOOV
D (IIHFWLYH OHDUQLQJ LV D VWHS LQYROYHG LQ FRPSHWHQWO\ FRPSOHWLQJ D QXPEHU RI WDVNV
VXFKDVLQWHUYLHZLQJDFOLHQWRUSUHSDULQJWRFURVVH[DPLQHDZLWQHVV
E $ELOLW\WRUHPHPEHUIDFWVFOLHQWFRPPXQLFDWH
,PSRUWDQFHRIODZOLEUDULHVLQ/HJDO(GXFDWLRQ
/HJDO(GXFDWLRQLVFHQWHUHGDURXQGE\WKHODZOLEUDULHVWKDQWKHFODVVFHQWUH7KHODZOLEUDU\
VWDQGVDVDIXQFWLRQOHDGRIOHJDO,QIRUPDWLRQLQWKHIRUPRIERRNVMRXUQDOVUHIHUHQFHERRNV
VWDWXWHV UHSRUWV IROORZHG E\ JHQHUDO ERRNV´ 7KH ODZ OLEUDU\ WUXO\ SOD\V D YLWDO UROH LQ WKH
DGPLQLVWUDWLRQ RI MXVWLFH ,W LV DQ LQVWLWXWLRQ RI H[WUDRUGLQDU\ VRFLDO VLJQLILFDQFH LQ D IUHH
VRFLHW\LQVSLULQJWKHPHQDQGZRPHQRIYLVLRQZKRGHYRWHWKHLUWDOHQWVWRWKHFUHDWLRQDQG
SUHSDUDWLRQRIODZOLEUDULHVZKRVHEHQHILWVUHDFKRXWIDUDQGEH\RQGWKHSHUVRQDOLQWHUHVWVRI
WKHRULJLQDOFUHDWRUV´$ODZOLEUDU\LVDUHVLGHQFHRIODZERRNVDQGOLWHUDWXUHVZKHUHRQH
FDQ ILQG WKH UHTXLUHG ODZ $FDGHPLF ODZ OLEUDULHV DUH SULPDULO\ FRQQHFWHG WR WHDFKLQJ DQG
0LVUD6.³/HJDO/DQJXDJHOHJDOZULWLQJDQGJHQHUDO(QJOLVK´ VW(G $OODKDEDG/DZ$JHQF\)DULGDEDG
*RZHU/&%³(QJOLVK/HJDOWUDLQLQJ&ULWLFDO6XUYH\´0RGHUQ/DZ5HYLHZ9RO
*DMHQGUD*DGNDU&RPPLWWHH³2QWKHUHRUJDQL]DWLRQRIOHJDO(GXFDWLRQLQWKH8QLYHUVLW\RI'HOKL´
7HZDUL+1³/HJDO5HVHDUFK0HWKRGRORJ\´ WK(G &HQWUDO/DZ$JHQF\$OODKDEDG
ϰϱ
UHVHDUFK DQG WKHVH OLEUDULHV DOVR DFFRPPRGDWH WKH LQVWUXFWLRQDO UHTXLUHPHQWV RI WKH ODZ
FROOHJHFXUULFXOXP:KDWHYHUWKHOLEUDULHVFKDQJHGHVLJQLQJDFDGHPLFOLEUDULHVWRKRXVHODZ
FROOHFWLRQVZDVWUDGLWLRQDOO\EDVHGRQGHYHORSLQJWKHOLEUDU\WRKRXVHERRNVVWRUHPLFURIRUP
DQGVHDWVVWXGHQWV
$XWKRULWLHV*RYHUQLQJWKH/HJDO(GXFDWLRQ
8QGHU WKH H[LVWLQJ VFKHPH FRQWURO RYHU OHJDO HGXFDWLRQ LV GLYHUVLILHG 7KHRUHWLFDO DQG
VFLHQWLILFHGXFDWLRQIDOOVXQGHUWKHSXUYLHZRIWKHXQLYHUVLW\ODZIDFXOWLHVDQGWKH8*&DQG
WKHSUDFWLFDORUWHFKQLFDOOHJDOHGXFDWLRQLVLQWKHFKDUJHRIWKHVWDWH%DU&RXQFLOVDQGWKH%DU
&RXQFLORI,QGLD7KHUHLVWKXVPXOWLSOHFRQWUROVRYHU/HJDO(GXFDWLRQDWSUHVHQW,QDGGLWLRQ
LQ VRPH VWDWHV WKH 6WDWHV &RXQFLO RI +LJKHU (GXFDWLRQ DOVR SOD\V VRPH LPSRUWDQW UROH $Q
LPSRUWDQWREMHFWLYHRIOHJDOHGXFDWLRQLVWRSURGXFH$GYRFDWHVWRSUDFWLFHEHIRUHODZFRXUWV
DQG WKXV KHOS LQ WKHDGPLQLVWUDWLRQ RIMXVWLFH WR WKH FRPPRQ PDQ ,W LVRQ WKHEDVLV RIWKLV
SUHPLVH WKDW WKH %DU &RXQFLO KDV EHHQ JLYHQ D VD\ LQ WKH PDLQWHQDQFH RI VWDQGDUG RI OHJDO
HGXFDWLRQ
/HJDO HGXFDWLRQ LQ ,QGLD LV SUHVHQWO\ JRYHUQHG DQG FRQWUROOHG E\ WKH IROORZLQJ ILYH IROG
LQVWLWXWLRQDOQHWZRUNLH
8QLYHUVLWLHVLPSDUWLQJ/HJDO(GXFDWLRQ
%DU&RXQFLORI,QGLD
8QLYHUVLW\*UDQWV&RPPLVVLRQ
3ULYDWH(GXFDWLRQDO,QVWLWXWLRQVDIILOLDWHGWRDQ\XQLYHUVLW\DQG
7KH*RYHUQPHQWDWFHQWUHDQGVWDWHVDVWKHILQDODXWKRULWLHV$SHUXVDORIWKHIXQFWLRQLQJ
RIDOOWKHVHLQVWLWXWLRQVJRHVWRVKRZWKDWHDFKRQHKDVJRWLWVRZQSUREOHPDQGSROLFLHV
DQGZRXOGOLNHWRVKRZWKHLUVXSUHPDFLHVRYHUWKHRWKHU
/HJDO(GXFDWLRQLQ,QGLD±&KDOOHQJLQJ3HUVSHFWLYHV
7KHVLJQLILFDQFHDQGUHOHYDQFHRIOHJDOHGXFDWLRQLQFKDQJLQJJOREDOFRQWH[WLVHPSKDVL]HG
&KDQJHVFDXVHGE\JOREDOL]DWLRQDQGSULYDWL]DWLRQUHFRPPHQGDWLRQVRI%DUFRXQFLORI,QGLD
DQG .QRZOHGJH &RPPLVVLRQ VXJJHVWLQJ FKDQJHV LQ ODZ VFKRROV E\ WUDQVIRUPLQJ WKH
/D[PLQDWK$³/HJDO(GXFDWLRQ&KDOOHQJHVDQG3HUVSHFWLYHLQD*OREDOL]HG:RUOGLQ*6KULQLYDV
5DR (GV /HJDO(GXFDWLRQLQ,QGLD/HJDO(GXFDWLRQ&KDOOHQJHGDQG3HUVSHFWLYH³$VLD/DZ+RXVH
+\GHUDEDG
ϰϲ
PHFKDQLFV RI FXUULFXOXP GHYHORSPHQW LQQRYDWLYH VROXWLRQV UHVHDUFK WUDGLWLRQ HWF ZHUH
GLVFXVVHG ,W LV QHFHVVDU\ WKDW WKH OHJDO LQVWLWXWHV ZLWKRXW GHSHQGLQJ RQ VWDWH UHVRXUFHV
VWDQG LQ WKH FRPSHWLWLRQ ZLWK LQQRYDWLYH WHDFKLQJ DQG UHVHDUFK WHFKQLTXHV VR WKDW QHZ
JUDGXDWHVFKRRVHWHDFKLQJ RUEDUWRHQULFKWKHMXGLFLDU\DQGIDFXOW\IRHDFKLHYLQJFRPSOHWH
DFFHVVWRMXVWLFHDQGFRPSOHWHMXVWLFH
2XUVRFLHW\LVLQQHHGRIDODUJHQXPEHURIODZ\HUVDQGWKDWQHHGFRQWLQXHDQGLQFUHDVHVLQ
WKH FRPLQJ \HDUV DV ORQJ DV ZH FRQWLQXH WR EH JRYHUQHG E\ WKH UXOH RI ODZ DQG DQ
LQGHSHQGHQWMXGLFLDU\%DVLFDOO\WRGD\ODZ\HUVDUHQHFHVVDU\IRUWKHEDUIRUWDNLQJRYHUDV
ODZ RIILFHUV LQ WKH VWDWH DQG LQ VHYHUDO HVWDEOLVKPHQWV IRU WKHVXERUGLQDWHMXGLFLDU\IRU WKH
IDFXOW\DQGIRUPRGHUQODZILUPV2YHU\HDUVDJRWKHLGHDZDVWKDWODZ\HUVZHUHQHHGHG
PRVWO\ IRU WKH %DU EXW WKDW ZDV FKDQJHG VXEVWDQWLDOO\ LQ UHFHQW WLPHV ,Q WKH \HDUVDIWHU
ZHKDYHPXFKJUHDWHUQHHGIRUGHYHORSLQJ VSHFLDOL]DWLRQLQ VHYHUDOQHZVXEMHFWVIRU
SXUSRVHRIRXUFRXUWVDVZHOODVLQGXVWU\WUDGHDQGFRPPHUFH,QWHUPVRIFKDOOHQJHVWKHUH
DUHPDLQO\LQWHUPVRISHUVSHFWLYHVWKHUHDUHDJDLQVHYHUDODQGRQFHWKH\DUHLGHQWLILHGWKH\
FDQSURYLGHUHPHGLHVIRUWKHSUHVHQWVWDWHRIDIIDLUV,WLVQRWDZDUHRIWKHSUREOHPVDQGWKH
UHPHGLHV2QO\WKHUHPXVWEHZLOOWRLPSOHPHQWWKHPHIIHFWLYHO\ 7KHVWDQGDUGRIWKH%DU
DVLQRWKHUGLVFLSOLQHVERWKLQODZDQGHWKLFVKDYHEHHQGHWHULRUDWHGFRQVLGHUDEO\LQWKHODVW
WKUHH GHFDGHV DQG UHTXLUHVXEVWDQWLDOLPSURYHPHQW LQDELJ ZD\ 7KHIRXQGDWLRQ LVWKHODZ
VFKRRO,IWKHVWDQGDUGVRIWKHODZVFKRROVDUHQRWXSWRWKHPDUNWKHQWKHVWDQGDUGVRIWKH
%DURIIDFXOW\WKHVXERUGLQDWHMXGLFLDU\WKHVWDQGDUGVRIWKHMXGLFLDU\DVDZKROHDUHERXQG
WR FRPH GRZQ:KHQWKHQDWXUHRIOLWLJDWLRQLQ WKHFRXUWVLVFKDQJLQJDWDIDVW SDFHRQWKH
DFFRXQWRIJOREDOL]DWLRQRXUODZ\HUVDQGMXGJHVZLOOQRWEHDEOHWRGHDOHIIHFWLYHO\ZLWKQHZ
LVVXHVWKDWDUHFRPLQJXSEHIRUHWKHFRXUWV,WZLOODOVREHGLIILFXOWIRUWKHPRGHUQODZILUPV
WRPHHWLQWHUQDWLRQDOVWDQGDUGVZKLOHKHOSLQJRXULQGXVWU\WUDGHDQGFRPPHUFH7KHJUHDWHVW
KDUP ZLOO WKHQ EH GRQH WR WKH OLWLJDQW SXEOLF ZKLFK LQFOXGHV LQGLYLGXDOV DQG WKH FRUSRUDWH
VHFWRUDVZHOODQGWKHMXGLFLDODGPLQLVWUDWLRQDVDZKROH6XFKUHWURJUHVVLRQLQLWVWXUQZLOO
VHULRXVO\ DIIHFW WKH SURSHU IXQFWLRQLQJ RI WKH 5XOH RI /DZ DQG SURSHU JRYHUQDQFH RI WKH
FRXQWU\E\RXUHOHFWHGUHSUHVHQWDWLYHVDQGWKHH[HFXWLYHV
3/-D\DQWKL5HGG\³/HJDO(GXFDWLRQ QHZ+RUL]RQV´
3URI&6DVLNDODDQG'U%0DQLN\D5DR³/HJDO(GXFDWLRQLQVXSSRUWRI$FDGHPLF/DZ/LEUDULHV³$VLD
/DZ+RXVH+\GHUDEDG
-DJDQQDGKD5DR0³/HJDO(GXFDWLRQ&KDOOHQJHVDQGSHUVSHFWLYHLQD*OREDOLVHG:RUOGLQ*6KULQLYDV
5DR HGV /HJDO(GXFDWLRQLQ,QGLD&KDOOHQJHVDQG3HUVSHFWLYH´$VLDODZKRXVH+\GHUEDG
ϰϳ
)ROORZLQJDUHVRPHRIWKHFKDOOHQJHVIDFLQJOHJDOHGXFDWLRQLQWKHFRXQWU\
3K\VLFDOLQIUDVWUXFWXUHDQGILQDQFLDOUHVRXUFHV
7KH ODZ VFKRROV LQ ,QGLDKDYH WR UHFRJQL]H WKDW WKHUH LVD QHHG IRU FUHDWLQJ VRXQGSK\VLFDO
LQIUDVWUXFWXUH7KHUHVKRXOGEHPRUHIXQGVIRUWKLVDQGIRUGHYHORSLQJUHVHDUFKSURMHFWVDQG
RWKHU LQLWLDWLYHV WR HQFRXUDJH IDFXOW\ PHPEHUV *HQHUDOO\ WKH LQIUDVWUXFWXUH RI WKH QDWLRQDO
ODZ VFKRROV LV EHWWHU WKDQ ZKDW H[LVWV LQ WKH ODZ GHSDUWPHQWV RI WUDGLWLRQDO XQLYHUVLWLHV
8QLYHUVLW\ FDPSXVHV VKRXOG EH SODFHV WKDW FDQLQVSLUH VWXGHQWV DQGWKH IDFXOW\ VR WKDW WKH\
DUHLQYROYHGLQUHIOHFWLQJXSRQWKHYDULRXVSUREOHPVWKDWFRQIURQWVRFLHW\$FDGHPLFIUHHGRP
WR WKLQN DQG FRQWULEXWH FDQQRW EH HQVXUHG LI XQLYHUVLWLHV ODFN WKH QHFHVVDU\ SK\VLFDO
LQIUDVWUXFWXUHDQGILQDQFLDOUHVRXUFHV
1HHGIRUGHYHORSLQJSKLODQWKURSLFLQLWLDWLYHV
3KLODQWKURS\LQOHJDOHGXFDWLRQLVUDUH,WE\DQGODUJHUHPDLQVDVWDWHVSRQVRUHGHQGHDYRURU
DQXQLPSUHVVLYHFRPPHUFLDOHQWHUSULVHGHYRLGRIKLJKDFDGHPLFVWDQGDUGV7KHUHLVDQXUJHQW
QHHGIRUHQFRXUDJLQJSKLODQWKURSLFLQLWLDWLYHVLQSURPRWLQJH[FHOOHQFHLQOHJDOHGXFDWLRQDQG
UHVHDUFK LQ WKH FRXQWU\ 5HFHQWO\ WKH 1DWLRQDO .QRZOHGJH &RPPLVVLRQ 1.& FRQVWLWXWHG
E\WKH8QLRQ*RYHUQPHQWLQVXEPLWWHGLWVILUVWDQQXDOUHSRUW/HJDOHGXFDWLRQZDVRQH
RI WKH IRFXV DUHDV 3KLODQWKURS\ LQ OHJDO HGXFDWLRQ LV HVVHQWLDO IRU LWV JURZWK DQG
GHYHORSPHQW(YHU\HIIRUW RXJKWWREHPDGHE\DOOVWDNHKROGHUVLQFOXGLQJWKHODZVFKRROV
WKH EDUWKHEHQFK WKHODZ ILUPVDQGFRUSRUDWLRQVIRUSURPRWLQJSKLODQWKURSLFLQLWLDWLYHVLQ
OHJDOHGXFDWLRQDQGUHVHDUFK
+LULQJJRRGWHDFKHUVDQGUHVHDUFKHUV
7KHUH LV D QHHG WR IXQGDPHQWDOO\ UHH[DPLQH WKH FRQWH[W RI OHJDO HGXFDWLRQ LQ WKH FRXQWU\
7KH SUHVHQW V\VWHP GRHV QRW VXIILFLHQWO\ UHFRJQL]H WKH NH\ SUREOHP ZLWK UHJDUG WR OHJDO
HGXFDWLRQ ² ODFN RI IDFXOW\ PHPEHUV ZKR DUH JRRG WHDFKHUV DV ZHOO DVVRXQG UHVHDUFKHUV
7KHUH LV QHHG WR LGHQWLI\ WDOHQW DPRQJ \RXQJ ODZ\HUV VR WKDW WKH\ FDQ EH HQFRXUDJHG WR
FRQVLGHU DFDGHPLD DV D FDUHHU RSWLRQ 7KHUH LV QR GRXEW WKDW SRRU ILQDQFLDO LQFHQWLYHV
GLVFRXUDJH PDQ\ \RXQJ DQG EULOOLDQW ODZ\HUV IURP FRQVLGHULQJ D FDUHHU LQ DFDGHPLD ,W LV
LPSRUWDQWWRDGGUHVVWKLVLVVXHDVZHOO
ϰϴ
&KDQJLQJ,QIRUPDWLRQ7HFKQRORJ\
7KHIRUPRIOHJDOHGXFDWLRQLVWRWDOO\WUDQVIRUPHGE\WKH,QIRUPDWLRQDQG7HFKQRORJ\ZKLFK
LVUDSLGO\SURFHVVLQJQRZ3URIHVVRU5LFKDUG6XVVNLQGLQKLVERRN7KH)XWXUHRIWKHODZVD\V
WKDW ZH VKRXOG WKLQN OHVV RI FOLHQWV DQG RI ODZ\HUV EXW LQVWHDG RI ³XVHUV OHJDO LQIRUPDWLRQ
HQJLQHHUV DQG SURYLGHUV RI OHJDO LQIRUPDWLRQ´ DQG WKDW WKH UROH RI ODZ\HUV VKRXOG EH
UHGHILQHG
)LUVW DV HQDEOLQJ WHFKQLTXHV DQG OHDGLQJ DSSOLFDWLRQV DUH UHILQHG PXFK RI WRGD\¶V
FRQYHQWLRQDO OHJDO ZRUN ZLOO EH URXWLQL]LHG DQG SURFHGXUDOLVHG DQG WKHQ PDGHDYDLODEOH RQ
WKHLQIRUPDWLRQLQIUDVWUXFWXUHDVDFRQVXOWDWLYHVHUYLFH7KHVHFRQGGLPHQVLRQLVSRWHQWLDOO\
PXFKPRUHVLJQLILFDQWDQGWKLVLVWKHUHDOL]DWLRQRIDYDVWODWHQWOHJDO PDUNHWWKHFRXQWOHVV
LQVWDQFHV LQ GRPHVWLF DQG EXVLQHVV OLIH ZKLFK EHQHILW IURP OHJDO LQSXW EXW ZKHUH WKLV KDG
EHHQLPSUDFWLFDORUWRRFRVWO\WRDFKLHYHLQWKHSDVW
1DWLRQDO.QRZOHGJH&RPPLVVLRQ¶V9LVLRQRI/HJDO(GXFDWLRQ
1.& 5HSRUW VD\V /HJDO HGXFDWLRQ LV D YLWDO OLQN LQ WKHFUHDWLRQ RI NQRZOHGJH FRQFHSWV LQ
VRFLHW\ 7KH QHHG IRU WUDLQHG ODZ SHUVRQQHO LQ DFDGHPLD OLWLJDWLRQ FRUSRUDWH SUDFWLFH
JRYHUQPHQW DQG FLYLO VRFLHW\ KDV LQFUHDVHG VLJQLILFDQWO\ LQ UHFHQW \HDUV DQG LW LV HVWLPDWHG
WKDWGHPDQGVIRUVXFKWUDLQHGSHUVRQQHOZLOOULVHIDUPRUHH[SRQHQWLDOO\LQWKH\HDUVWRFRPH
7KHUH LV WKHUHIRUH QHHG WR DUWLFXODWH D FOHDU ORQJWHUP YLVLRQ RQ OHJDO HGXFDWLRQ LQ ,QGLD
JXLGHG E\ FRQWLQXLQJ FRPPLWPHQW WR H[FHOOHQFH 6RPH RI WKH NH\ DUHDV RI 1.&¶V
FRQVLGHUDWLRQDUH
¾ $FFHVVWRTXDOLW\OHJDOHGXFDWLRQ
¾ 0HWKRGVRIDWWUDFWLQJDQGUHWDLQLQJDWDOHQWHGIDFXOW\
¾ ,GHQWLI\LQJFRQWLQXRXVFXUULFXOXPGHYHORSPHQW
¾ )LQGLQJLQQRYDWLYHVROXWLRQVIRULQIUDVWUXFWXUHDQGDGPLQLVWUDWLYHTXHVWLRQV
¾ 5HJXODWRU\LVVXHV
¾ 'HYHORSLQJDVHULRXVUHVHDUFKWUDGLWLRQWKDWLVJOREDOO\FRPSHWLWLYH DQG
¾ )RUPXODWLQJ DFXOWXUH RI VXVWDLQHGODZWUDLQLQJ WKDW PHHWV WKH QHHGVRIWKH GLIIHUHQW
VHFWRUVRIWKHVRFLHW\DQGHFRQRP\
%HUQDGHWWH*ULIILQ³WKH/DZVRFLHW\´
ϰϵ
1DWLRQDO/DZ6FKRROVDQG([LVWLQJ&ROOHJHV ,QHTXDOLWLHV
7KHUHDUHWKUHHFDWHJRULHVRIODZFROOHJHVQRZRIIHULQJOHJDOHGXFDWLRQ
x 8QLYHUVLWLHV UXQQLQJ FROOHJH WKURXJK WKHLU GHSDUWPHQWV RI ODZ ZKLFK LQFOXGH ERWK
ILYH\HDU LQWHJUDWHG FRXUVHV DQG WKUHH \HDU SRVW GHJUHH FRXUVHV WR PHULWRULRXV
VWXGHQWVVHFXULQJFRPSHWLWLYHUDQNVLQ/$:&(7
x 3ULYDWHFROOHJHVDIILOLDWHGWRVXFKXQLYHUVLWLHVRIIHULQJERWKILYH\HDUDQGWKUHH\HDU
FRXUVHV LQ PHULW LQ /$:&(7 DQG PDQDJHPHQW TXRWD LUUHVSHFWLYH RI PHULW LQ
/$:&(7DQG
x 1DWLRQDO/DZ6FKRROVRIIHULQJRQO\ILYH\HDULQWHJUDWHG%$//%+RQRUVFRXUVHVWR
HOLWHVHFWLRQVRIWKHVRFLHW\
,QWHOOHFWXDO/HDGHUVKLS
7KH 1DWLRQDO .QRZOHGJH &RPPLVVLRQ DOVR VXJJHVWHG IUHHLQJ WKH 9LFH &KDQFHOORUV IURP
GLUHFW DQG LQGLUHFW LQWHUYHQWLRQV RQ WKH SDUW RI JRYHUQPHQWV DQG UHDO VHDUFK SURFHVVHV DQG
SHHUMXGJPHQWRQFKRLFHRI9LFHFKDQFHOORU7KHFRQWHPSRUDU\SRZHUSROLWLFVVKRXOGQRWVHH
WKH SRVW RIYLFHFKDQFHOORUIRUILOOLQJLW ZLWKKLVSROLWLFDOIROORZHUV,W VKRXOGEHPDQGDWRU\
IRU WKHP WR XQGHUVWDQG WKDW WKH\ KDYH WR VHOHFW D GHVHUYHG LQWHOOHFWXDO OHDGHU WR OHDG D
XQLYHUVLW\ZLWKRXWUHVRUWLQJWRQHSRWLVP$VPDOOXQLYHUVLW\ZLWKPDQDJHDEOHVL]HFRQVLVWLQJ
OHVV QXPEHU RI GHSDUWPHQWV IRFXVLQJ RQ VSHFLDOL]DWLRQ ZLWK UHVSRQVLYH DQG UHVSRQVLEOH
DWWLWXGHZRXOGVHUYHDWDUJHWHGSXUSRVHUDWKHUWKDQEXLOGLQJXQLYHUVLWLHVRIXQZLHOG\VL]HDQG
KXJHSURSRVLWLRQVLQWKRXVDQGVRIDFUHVRIODQGZLWKKXQGUHGVRIGHSDUWPHQWV
7HDFKLQJ0HWKRGV
6ZDPL9LYHNDQDQGDH[SODLQHGWKDWWKHWHDFKHU¶VUROHFRQVLVWVFKLHIO\LQSURYLGLQJDQH[WHUQDO
VWLPXOXV DQG LQ UHPRYLQJ WKH REVWDFOHV WR WKH PDQLIHVWDWLRQ RI LQQHU NQRZOHGJH /HJDO
HGXFDWLRQRUIRUWKDWPDWWHUDQ\HGXFDWLRQJHWVVWUHQJWKHQHGZLWKHIIHFWLYHWHDFKLQJPHWKRGV
EHLQJ DGRSWHG DORQJ ZLWK LQVSLULQJ JXHVW OHFWXUHV UHIUHVKLQJ VHPLQDUV DQG HQGXULQJ
ZRUNVKRSV6WXG\RIODZVKDUSHQVWKHWKLQNLQJSURFHVVEXWLWVKRXOGFRQWLQXHWRVKDUSHQDQG
KRQH WKH VNLOOV RI WKH SURIHVVLRQDOV VXFK DV WHDFKHUV DGYRFDWHV DQG MXGJHV ,QWHUSHUVRQDO
FRPPXQLFDWLRQFRQWLQXHVWREHWKHEHVWPHWKRGVRIWHDFKLQJ&ODVVURRPWHDFKLQJZLWKH\H
WRH\H FRQWDFW ZLWK WKH VWXGHQWV DORQH PDNHV WKH FRPPXQLFDWLRQ RI NQRZOHGJH XQKLQGHUHG
UDWKHUWKDQXVLQJKLJKO\WHFKQLFDOGHYLVHV&DVHODZPHWKRGGHEDWHLQWKHFODVVURRPDVNLQJ
ϱϬ
RQ UHDGLQJ PDWHULDO GLVFXVVLQJ D PLGVHP TXHVWLRQ SDSHU UHOLYLQJ D FRXUW URRP RQ D
MXGJPHQW LV SLHUFLQJ DQDO\VLV RI OHJLVODWLRQ DQG WKH OLNH PDNH D FODVV URRP D ORYLQJ DQG
OLYLQJ H[HUFLVH QRZ DQG WKHQ $ SUREOHP DSSURDFK WR XQGHUVWDQG D ODZ D FOLQLFDO ZD\ RI
ZULWLQJDSOHDGLQJRUFURVVH[DPLQLQJDZLWQHVVOHDUQLQJIURPLQWHUHVWLQJDQHFGRWHVRQODZ
HWF FRXOG PDNH WKH FODVV URRP H[HUFLVH PXFK PRUH H[FLWLQJ $FFRUGLQJ WR 3URI 8SHQGUD
%D[LWKHUROHRIODZWHDFKHUVLQ,QGLDDUH
L
$ JURXS RI WHDFKHUV IHHOV WKDW WKH SULPDU\ UROH REOLJDWLRQ RI DQ DFDGHPLF
ODZ\HUVLVWRUHQRYDWHDQGUHVWUXFWXUH,QGLDQOHJDOHGXFDWLRQ
LL
6RPHODZWHDFKHUVIHHOWKDWWKHLUSULPDU\YRFDWLRQLVWRWHDFKZHOOWREHJRRG
WHDFKHUV
LLL
$ VHFWLRQ RI ODZ WHDFKHUV LQFOXGHV WKRVH ZKR EHOLHYH WKDW JRRG WHDFKLQJ
HQWDLOVUHVHDUFKDQGZULWLQJHIIRUWV7HDFKHUVZKRVREHOLHYHFRPELQHWHDFKLQJ
ZLWKUHVHDUFKE\ZULWLQJWUHDWLVHVDQGSDSHUVLQWKHILHOGRIWKHLUWHDFKLQJ
LY
7KHUH DUH D IHZ ODZ WHDFKHUV ZKR IHHO WKHLU SULPDU\ UROH REOLJDWLRQ LV WR
VSHFLDOL]H LQ RQH VXEMHFW DUHD DQG WR FRQWULEXWH VXEVWDQWLDOO\ WR VFKRODUO\
OLWHUDWXUHLQWKHLUVXEMHFWVRYHUWLPH
Y
$KDQGIXORIODZWHDFKHUVH[SRVHGWRRYHUVHDVLQIOXHQFHHVSHFLDOO\$PHULFDQ
ODZVFKRROVDQGVFKRODUVKLSEHOLHYHWKHLUUROHUHTXLUHVSHGDJRJLFLQQRYDWLRQV
DVZHOODVRIIEHDWQRQWUDGLWLRQDOOHJDOZULWLQJ
5HVHDUFKZULWLQJDQGXSGDWLQJWKHVNLOOVE\UHDGLQJDUHLQHYLWDEOHUHTXLUHPHQWVRIDODZ\HU
ODZWHDFKHUODZVWXGHQWDQGMXGJH
3HUIRUPRU3HULVK
7KHUH LV RQO\ RQH PDQWUD IRU PDQDJHPHQW JXUXV LQ WKH ILHOG RI EXVLQHVV DQG HQWHUSULVH
SHUIRUP RU SHULVK )RU ODZ FROOHJHV WKH VDPH PDQWUD ZRXOG DSSO\ ZKLOH WKH PDQWUD IRU D
IDFXOW\JHWVDOWHUHGDVµSXEOLVKRUSHULVK¶DQGIRUVWXGHQWVLWLV±SXUVXHRUSHULVK
7KH SUHVHQW V\VWHP RI HGXFDWLRQDLPV PHUHO\ DW DFTXLULQJ LQIRUPDWLRQ DQG WHFKQLFDO VNLOOV
5HIHUULQJWRWKLV6ZDPL9LYHNDQDQGDVDLG¶(GXFDWLRQLVQRWWKHDPRXQWRILQIRUPDWLRQWKDW
LVSXWLQWR\RXUEUDLQDQGUXQVULRWWKHUHXQGLJHVWHGDOO\RXUOLIH:HPXVWKDYHOLIHEXLOGLQJ
PDQPDNLQJ FKDUDFWHUPDNLQJDVVLPLODWLRQRILGHDV,I\RXKDYHDVVLPLODWHGILYHLGHDVDQG
PDGHWKHP\RXUOLIHDQGFKDUDFWHU\RXKDYHPRUHHGXFDWLRQWKDQDQ\PDQZKRKDVJRWE\
KHDUWDZKROHOLEUDU\
ϱϭ
&RQVWLWXWLRQDOUHFRJQLWLRQWR/HJDO(GXFDWLRQDQGLWVSURJUHVVLQ,QGLD
7KH&RQVWLWXWLRQRI,QGLDEDVLFDOO\ODLGGRZQWKHGXW\RILPSDUWLQJHGXFDWLRQRQWKHVWDWHVE\
SXWWLQJWKHPDWWHUSHUWDLQLQJWRHGXFDWLRQLQ/LVW,,RIWKH WK6FKHGXOH%XWQRZLWIRUPVSDUW
RI/LVW,,,JLYLQJFRQFXUUHQWOHJLVODWLYHSRZHUVWRWKH8QLRQDQGWKH6WDWHV/HJDOSURIHVVLRQ
DORQJ ZLWK WKH PHGLFDO DQG RWKHU SURIHVVLRQV DOVR IDOOV XQGHU /LVW ,,, (QWU\
(PSRZHUHGE\WKH&RQVWLWXWLRQWROHJLVODWHLQUHVSHFWRIOHJDOSURIHVVLRQ3DUOLDPHQWHQDFWHG
WKH$GYRFDWHV$FW ZKLFKEURXJKWXQLIRUPLW\LQWKHV\VWHPRIOHJDOSUDFWLWLRQHUVLQWKH
IRUP RI $GYRFDWHV DQG SURYLGHG IRU VHWWLQJ XS RI WKH %DU &RXQFLO RI ,QGLD DQG 6WDWH %DU
&RXQFLOVLQWKH6WDWHV8QGHUFODXVH K RIVXEVHF RI6HFRIWKH$GYRFDWHV$FW
WKH%DU&RXQFLO RI,QGLDKDVSRZHUWRIL[DPLQLPXPDFDGHPLFVWDQGDUGDVDSUHFRQGLWLRQ
IRU FRPPHQFHPHQW RI D VWXGLHV LQ ODZ 8QGHU FODXVH L RI VXEVHF RI 6HF WKH %DU
&RXQFLORI,QGLDLVDOVRHPSRZHUHGWRUHFRJQL]H8QLYHUVLWLHVZKRVHGHJUHHLQODZVKDOOEH
WDNHQDVDTXDOLILFDWLRQIRUHQUROPHQWDVDQDGYRFDWHDQGIRUWKDWSXUSRVHWRYLVLWDQGLQVSHFW
8QLYHUVLWLHV7KH$FWWKXVFRQIHUVRQWKH%DU&RXQFLOSRZHUWRSUHVFULEHVWDQGDUGVRIOHJDO
HGXFDWLRQDQGUHFRJQLWLRQRIODZGHJUHHVIRUHQUROPHQWRISHUVRQVDV$GYRFDWHV
6XJJHVWLRQV &RQFOXVLRQ
7KHOHJDOHGXFDWLRQLQVWFHQWXU\VKRXOGFRQVLGHUWKHJOREDOL]DWLRQDQGLWVLPSOLFDWLRQVRQ
OHJDOILHOGDWQDWLRQDODQGLQWHUQDWLRQDOOHYHOV
7KH %DU &RXQFLO RI ,QGLD WKH 6WDWH %DU &RXQFLOV WKH 6WDWH *RYHUQPHQWV WKH
8QLYHUVLW\ *UDQWV &RPPLVVLRQ DQG WKH 8QLYHUVLWLHV KDYH D JUHDW UROH WR SOD\ IRU
LPSURYLQJWKHVWDQGDUGRIOHJDOHGXFDWLRQLQWKHFRXQWU\
7KH\ VKRXOG ZRUN LQ D FRPSUHKHQVLYH PDQQHU ZLWKRXW DQ\ FRQIOLFW 1HZ DYHQXHV
VKRXOG EH H[SORUHG E\ WKH %DU &RXQFLO RI ,QGLD DQG 7KH 8QLYHUVLW\ *UDQWV
&RPPLVVLRQ LQ WKH HUD RI FRPSXWHU DSSOLFDWLRQV DQG LQIRUPDWLRQ WHFKQRORJ\ LQ WKH
OHJDOILHOGVDQGSRWHQWLDOXVHVRILQWHUQHWLQWKHSUDFWLFHRIODZDQGOHJDOHGXFDWLRQ
7KH\ VKRXOG ILQG RXW WKH ZD\V DQG PHDQV WR PHHW WKH QHZ FKDOOHQJHV DQG SURYLGH
EHWWHUWRROVRIUHVHDUFKDQGPHWKRGRORJ\RIOHDUQLQJIRUWKHJHQHUDWLRQVWRFRPH
%DU &RXQFLO RI ,QGLD FRQVWLWXWHG XQGHU VHFWLRQ RI WKH $GYRFDWHV $FW LV DQ
DSH[ ERG\ IRU WKH HQWLUH OHJDO SURIHVVLRQ LQ ,QGLD 7KH DGYRFDWHV $FW LQYHVWV
ϱϮ
%&, ZLWK ZLGH UDQJLQJ SRZHUV WR SUHVFULEH VWDQGDUGV RI OHJDO HGXFDWLRQ IRU WKH
SUDFWLFHRIODZ
/HJDO HGXFDWLRQ LQ ,QGLD VKRXOG EH OLEHUDWHG IURP WKH GRPLQDQW FRQWURO RI WKH %DU
&RXQFLOVDQGHQWUXVWHGWROHJDODFDGHPLFVZLWKIUHHGRPWRLQQRYDWHH[SHULPHQWDQG
FRPSHWHJOREDOO\
$FFHVV WR DOO 7KH5ROHRI*RYHUQPHQW LWLVLPSRVVLEOHWRHOLPLQDWHWKHIXQGLQJE\
WKH*RYHUQPHQWIRUWKHH[LVWLQJDQGQHZXQLYHUVLWLHVDQGWKHFROOHJHVLQDQ\FRQWH[W
VLQFHHGXFDWLRQLVWKHRQO\PHDQVRIEXLOGLQJWKHQDWLRQ7KHUHFRPPHQGDWLRQVRIWKH
1DWLRQDO .QRZOHGJH &RPPLVVLRQ LQ WKLV UHJDUG GHVHUYH DWWHQWLRQ RI WKH %DU WKH
MXGLFLDU\DQGWKH*RYHUQPHQW7KHUHIRUPVLQLWLDWHGLQIHZODZVFKRROVDOORYHU,QGLD
KDYH PDGH RQO\ D VPDOO GHQW +RZHYHU WKH YLVLRQ RI OHJDO HGXFDWLRQ LV WR SURYLGH
MXVWLFH RULHQWHG HGXFDWLRQ HVVHQWLDO WR WKH UHDOL]DWLRQ RI YDOXHV PHQWLRQHG LQ WKH
,QGLDQ&RQVWLWXWLRQ,QNHHSLQJZLWKWKLVYLVLRQOHJDOHGXFDWLRQPXVWDLPDWSUHSDULQJ
OHJDO SURIHVVLRQDOV ZKR ZLOO SOD\ GHFLVLYH OHDGHUVKLS UROHV PDLQWDLQLQJ WKH KLJKHVW
VWDQGDUGVRISURIHVVLRQDOHWKLFVDQGDVSLULWRISXEOLFVHUYLFH/HJDOHGXFDWLRQVKRXOG
DOVR SUHSDUH SURIHVVLRQDOV HTXLSSHG WR PHHW WKH QHZ FKDOOHQJHV DQG GLPHQVLRQV RI
LQWHUQDWLRQDOL]DWLRQ ZKHUH WKHQDWXUH DQG RUJDQL]DWLRQ RI ODZ DQG OHJDOSUDFWLFH DUH
XQGHUJRLQJDSDUDGLJPVKLIW([LVWLQJFXUULFXOXPVKRXOGEHLPPHGLDWHO\FKDQJHGDV
SHU UHFRPPHQGDWLRQ RI1DWLRQDO .QRZOHGJH &RPPLVVLRQ $Q\IXUWKHU GHOD\ LQ WKLV
UHJDUGZLOOEHVXLFLGDO
$FFRUGLQJ WR PH WKDW DQ\ RYHUQLJKW VROXWLRQ RU D VLQJOH VWHS LQ WKLV UHJDUG LV QRW
SRVVLEOHRQH%XWDWWKHVDPHWLPHDQ\GRJPDWLFDGKHUHQFHWRWKHROGWUDGLWLRQDODQG
H[LVWLQJV\VWHPZRXOGEHVXLFLGDOLQWKHGD\VDKHDG6RDEDODQFHEHWZHHQWKHVHWZR
VKRXOGEHPDLQWDLQHGLQRUGHUWRFKDQJHWKHHQWLUHIDEULFRIOHJDOHGXFDWLRQLQ,QGLD
/HW XV JLUG XS WKH ORLQV WR PDNH QHFHVVDU\ FKDQJHV LQ WKH H[LVWLQJ V\VWHP VR WKDW
,QGLDQOHJDOHGXFDWLRQFDQDEOHWRIDFHWKHJOREDOFKDOOHQJHV
5HIHUHQFHV
$JUDZDO6. ³5HSRUWRQ/HJDO(GXFDWLRQLQ,QGLDSUREOHPVDQGSURVSHFWLYH´
$OO,QGLDVHPLQDURQ/HJDO(GXFDWLRQ³-RXUQDORI,QGLDQODZLQVWLWXWH´9RO
$XVWLQ ³3URYLQFHRIMXULVSUXGHQFHGHYHORSPHQW´ HGV +/$+DUW
%HUQDGHWWH*ULIILQ³WKH/DZVRFLHW\´
%UHQGRQ)%URZQ ³5HFHQWWUHQGVLQ8QLWHG6WDWHV/HJDO(GXFDWLRQ´-RXUQDORI/HJDO
(GXFDWLRQ
ϱϯ
/HJDO(GXFDWLRQ±:KHQ$OO,V1RW6R:HOO
$QDNKD.9LMD\
7KH1DWLRQDO8QLYHUVLW\RI$GYDQFHG/HJDO6WXGLHV.RFKL
/HJDO HGXFDWLRQ LV WKH DFW RI OHDUQLQJ ODZ /HDUQLQJ LV WKH DFW RI DFTXLULQJ NQRZOHGJH
/HDUQLQJ ODZ LV ERWK D VRFLDO VFLHQFH DQG D QDWXUDO VFLHQFH ,W LV D VSHFLDOL]HG EUDQFK RI
OHDUQLQJWKDWFDWHUVWRWKHGHYHORSPHQWRIDVXVWDLQDEOHGHPRFUDWLFRUGHU,QDZHOIDUHVWDWH
OHJDOHGXFDWLRQLVOLQNHGWRGHYHORSPHQW/HJDOHGXFDWLRQLVDOVRSHUFHLYHGDVDQLQVWUXPHQW
IRUVRFLDOFRQVWUXFWLRQ
,W LV VDLG WKDW OHJDO HGXFDWLRQ LV ERWK SURIHVVLRQDO DQG OLEHUDO HGXFDWLRQ $V SURIHVVLRQDO
HGXFDWLRQ LW HTXLSV ODZ VWXGHQWV WR EHFRPH OHJDO SUDFWLWLRQHUV DQG DV OLEHUDO HGXFDWLRQ LW
LPSDUWVFXOWXUDOHGXFDWLRQPDNLQJVWXGHQWVODZDELGLQJFLWL]HQV ,WDOVRIXOILOOVDQDFDGHPLF
REMHFWLYHLQWKHFUHDWLRQRIMXULVWVDQGOHJDOSKLORVRSKHUV
/HJDO HGXFDWLRQ LV IXQGDPHQWDO WR MXGLFLDO V\VWHP /HJDO HGXFDWLRQ DFTXLUHV DGGLWLRQDO
LPSRUWDQFH ZKHQ YLHZHG IURP D µFRQVWLWXWLRQDO SHUVSHFWLYH¶ ,W LV VHWWOHG SRVLWLRQ WKDW
HGXFDWLRQ LV SDUW RI WKH ULJKW WR OLIH DQG SHUVRQDO OLEHUW\ XQGHU $UWLFOH +HQFH DV DQ\
IXQGDPHQWDO ULJKW LW PXVW EH FRQVWUXHG LQ WKH OLJKW RI WKH GLUHFWLYH SULQFLSOHV XQGHU WKH
&RQVWLWXWLRQ /HJDO HGXFDWLRQ LV LQH[WULFDEOH OLQNHG WR $UWLFOH $ ZKLFK SURYLGHV IRU
HTXDOMXVWLFHDQGOHJDODLG)XUWKHUOHJDOHGXFDWLRQLVDQHVVHQWLDOIRUUXOHRIODZDQGLVYHU\
PXFKDSDUWRISXEOLFLQWHUHVW
/HJDO(GXFDWLRQ6WDWHRIWKH$IIDLUV
'HYHORSPHQWRULPSURYHPHQWRIOHJDOHGXFDWLRQZDVQHYHUWDNHQDVDVHULRXVLVVXHLQ,QGLDDW
OHDVW WLOO WKH ODWH V ,Q IDFW LW KDV EHHQ UHPDUNHG WKDW OHJDO HGXFDWLRQ KDV QRW UHFHLYHG
%U\DQ$*DUQHU HG %ODFN¶V/DZ'LFWLRQDU\ WKHG
03-DLQ03-DLQ V2XWOLQHVRI,QGLDQ/HJDODQG&RQVWLWXWLRQDO+LVWRU\
1/5DMDK:KHUHDUHRXUOHJDOSKLORVRSKHUV"7KH+LQGX2SLQLRQ1RY
/DZ &RPPLVVLRQ RI ,QGLDWK 5HSRUW RQ 7KH /HJDO (GXFDWLRQ 3URIHVVLRQDO 7UDLQLQJ DQG 3URSRVDOV IRU
$PHQGPHQWVWRWKH$GYRFDWHV$FW DQGWKH8QLYHUVLW\*UDQWV&RPPLVVLRQ$FW
8QQLNULVKQDQ-3Y6WDWHRI$3 6&&
'HHSDN6LEDOY3XQMDE8QLYHUVLW\$,5 6&
ϱϱ
SURSHUDWWHQWLRQDVQDWXUDOVFLHQFHVRURWKHUVRFLDOVFLHQFHV $VDUHVXOWOHJDOHGXFDWLRQKDV
IDLOHGWRIORXULVKDVRWKHUGLVFLSOLQHVKDYH
7KHLQLWLDOVHWRIUHIRUPVZDVDLPHGDWULGGLQJOHJDOHGXFDWLRQRILWVFRORQLDOYHVWLJHV7KLV
ZDVIROORZHG E\ DWWHPSWV WR µSURIHVVLRQDOLVHOHJDOHGXFDWLRQ¶ 7KHQH[WSKDVHVDZDWWHPSWV
PRGHUQLVHOHJDOHGXFDWLRQWRPDNHWKHVWXG\VRFLDOO\DQGWHPSRUDOO\UHOHYDQW
7RGD\LWFDQEHVDLGWKDWOHJDOHGXFDWLRQLVLQDVWDWHRISRVWIOX[7KHFXUUHQWV\VWHPLVWKH
SURGXFWRI\HDUVRIUHIRUPV6RPHRIWKHVHFKDQJHVLQFOXGHLQWURGXFWLRQRILQWHJUDWHGGRXEOH
GHJUHHFRXUVHVDVDJDLQVWWKHWUDGLWLRQDOWKUHH\HDUGHJUHHFRXUVHLQ DQGWKHFRQVHTXHQW
HVWDEOLVKPHQW RI 1DWLRQDO /DZ 8QLYHUVLWLHV DFURVV WKH QDWLRQ ,Q 8*& GHYHORSHG
&XUULFXOXP'HYHORSPHQW&HQWUHVWRSURPRWHH[FHOOHQFHLQWHDFKLQJDW8QLYHUVLW\OHYHO7KH
MXGLFLDU\ KDV DOVR SOD\HG D NH\ UROH LQ LPSURYHPHQW RI WKH VWDQGDUGV RI OHJDO HGXFDWLRQ
WKURXJKLWVWLPHO\LQWHUYHQWLRQV
2QHIHDWXUHZKLFKFDQQRWEHPLVVHGLVWKHSUROLIHUDWLRQRI&HQWUHVRI/HJDO(GXFDWLRQ 7KLV
LQFOXGHV8QLYHUVLWLHVDXWRQRPRXVLQVWLWXWLRQVSXEOLFDQGSULYDWHFROOHJHV,QWKHUH
ZHUHODZFROOHJHVDQG6SHFLDOLVHG8QLYHUVLWLHVRI/DZ 7KHQXPEHUURVHWRDQG
UHVSHFWLYHO\ E\ ,Q FROOHJHV VRXJKW DSSURYDO RI WKH %DU &RXQFLO RI
,QGLD7KH LQLWLDO VFHSWLFLVP WRZDUGV SULYDWH FROOHJHV QR ORQJHU UHPDLQV 3ULYDWH FROOHJHV
KDYHEHFRPHPRUHRIDQHFHVVLW\DQG*RYHUQPHQWKDVHYHQEHHQREOLJDWHGWRDOORZDJUDQW
LQDLGIRUVXFKFROOHJHVLQRUGHUWRHQVXUHDFFHVVWROHJDOHGXFDWLRQ
7KHJURZWKLVLQWXQHZLWKWKHLQFUHDVLQJGHPDQGIRUOHJDOHGXFDWLRQ7KHQXPEHURIVWXGHQWV
HQUROOHG LQ ODZ VWUHDP KDV LQFUHDVHG IURP ODNKV WR ODNKVLQ OHVV WKDQ WKUHH
\HDUV ,W IRUPV RI WKH WRWDO HQUROPHQW LQ KLJKHU HGXFDWLRQ :KLOH WKLV FRXOG EH DQ
HIIHFW RI WKH JURZLQJ GHPRJUDSKLFV LW LV D FOHDU LQGLFDWRU RI D FKDQJH LQ PLQGVHW RI WKH
DSSOLFDQWV :KLOH HDUOLHU ODZ UHPDLQHG D ORZ NH\ RSWLRQ IRU KLJKHU HGXFDWLRQ WRGD\ LW KDV
FOHDUO\EHFRPHDSULRULW\
*OREDOLVDWLRQ KDV SXW OHJDO HGXFDWLRQ LQWR D WUDQVLWLRQDO VWDJH DQG WKLV KDV FXOPLQDWHG LQ
FKDQJHV LQVLGH WKH V\VWHP +LWKHUWR WKHDLP RI OHJDO HGXFDWLRQ KDV ODUJHO\ EHHQ WR FDWHUWR
.&-HQD5ROHRI%DU&RXQFLOVDQG8QLYHUVLWLHVIRU3URPRWLQJ/HJDO(GXFDWLRQLQ,QGLD-,/,
µ&HQWUHVRI/HJDO(GXFDWLRQ¶LVGHILQHGLQ6 LY 7KH5XOHVRI/HJDO(GXFDWLRQ
0LQLVWU\RI+XPDQ5HVRXUFH'HYHORSPHQW$OO,QGLD6XUYH\RQ+LJKHU(GXFDWLRQͲ
0LQLVWU\RI+XPDQ5HVRXUFH'HYHORSPHQW$OO,QGLD6XUYH\RQ+LJKHU(GXFDWLRQ
%DU&RXQFLORI,QGLD¶VILQDOOLVWRIODZFROOHJHV,QGLDQ([SUHVV6HSW
6HH6WDWH2I0DKDUDVKWUDY0DQXEKDL9DVKL 6&&
0LQLVWU\RI+XPDQ5HVRXUFH'HYHORSPHQW$OO,QGLD6XUYH\RQ+LJKHU(GXFDWLRQ
0LQLVWU\RI+XPDQ5HVRXUFH'HYHORSPHQW$OO,QGLD6XUYH\RQ+LJKHU(GXFDWLRQ
ϱϲ
GRPHVWLFQHHGV%XWWRGD\HYHQOHJDOSURIHVVLRQLVODUJHUDQGPRUHGLYHUVHWKDQHYHUEHIRUH
DQGPRUHXQLILHGWKDQDWDQ\WLPHLQLWVKLVWRU\
7KH YHU\ QDWXUH RI ODZ OHJDO LQVWLWXWLRQV DQG ODZ SUDFWLFH DUH LQ WKH PLGVW RI D SDUDGLJP
VKLIW/HJDOHGXFDWLRQKHQFHPXVWVHHNWRVHUYHGLVWLQFWLQWHUGLVFLSOLQDU\NQRZOHGJHGRPDLQV
±ODZDQGVRFLHW\ODZVFLHQFHDQGWHFKQRORJ\ ODZHFRQRPLFVFRPPHUFHDQGPDQDJHPHQW
7KLV KDV OHQW D QRYHO SHUVSHFWLYH WR OHJDO HGXFDWLRQ DQG KDV PDGH LW PXOWLGLVFLSOLQDU\ LQ
FKDUDFWHU 7KHIURQWLHUVRIOHJDO SURIHVVLRQ WRGD\ H[WHQG EH\RQGQDWLRQDO ERUGHUV7KH%DU
&RXQFLOKDVDOUHDG\WDNHQQRWHRIWKHQHHGIRUVHDPOHVVFRQQHFWLYLW\LQOHJDOSURIHVVLRQ
/HJDO HGXFDWLRQ KDV DOZD\V EHHQ LQ D VWDWH RI G\QDPLF WUDQVIRUPDWLRQ 6XVWDLQHG DQG
LQFUHPHQWDOHIIRUWVKDYHEHHQPDGHWRLPSURYHWKHTXDOLW\RIOHJDOHGXFDWLRQ7KHUHUHPDLQ
QRGRXEWVRIDWOHDVWVRPHLPSURYHPHQW2XUV\VWHPLVQRWDVWUDQJHUWRXPSWHHQ&RPPLWWHH
5HSRUWV GLUHFWHG WRZDUGV LPSURYLQJ OHJDO HGXFDWLRQ 7KH QXPHURXV DQG GLYHUVH
XQLPSOHPHQWHGLGHDVDVUHJDUGVOHJDOHGXFDWLRQLVWHVWLPRQ\WRWKHQHHGWRUHYDPSWKHOHJDO
HGXFDWLRQV\VWHPDWOHDVWLQVRPHUHVSHFWV
,UUHVSHFWLYHRIZKHWKHUOHJDOHGXFDWLRQLVLQDFULVLVRUQRWWKHUHLVHYLGHQWO\DQRSSRUWXQLW\
WR ORRN FULWLFDOO\ DW WKH FRPSRQHQWV RI OHJDO HGXFDWLRQ 7KH OHJDO HGXFDWLRQ VHFWRU UHTXLUHV
UHYDPSLQJ DW OHDVW LQ VRPH UHVSHFWV 7KRXJK WKH VFRSH DQG LPSDFW RI OHJDO HGXFDWLRQ KDV
H[SDQGHG PDQLIROG GXH WR WKH VHYHUDO QHZ DYHQXHV LW KDV UHDFKHG WKHUH DUH VLJQLILFDQW
FKDOOHQJHVEHIRUHWKHV\VWHP,WUHTXLUHVDVLQFHUHDQGFRQVFLRXVDWWHPSWWRFUHDWHDV\VWHPRI
OHJDO HGXFDWLRQ UHVSRQVLYH WR WKH JOREDOLVHG ZRUOG 7KHVH FKDOOHQJHV PRUH RIWHQ WKDQ QRW
WDNHWKHIRUPRIFRQVWUDLQWVDQGDQDUURZYLVLRQRIJRYHUQDQFH
'HP\VWLI\LQJWKH*RYHUQDQFHRI/HJDO(GXFDWLRQ
7KHTXHVWLRQRIVWDQGDUGRIOHJDOHGXFDWLRQLVFORVHO\OLQNHGWRWKDWRIPXOWLSOHMXULVGLFWLRQV
RYHU OHJDO HGXFDWLRQ SODQQLQJ 7KHUH DUH WZR VWDWXWRU\ ERGLHV FRQFHUQHG ZLWK OHJDO
HGXFDWLRQ LQ ,QGLD 7KH %DU &RXQFLO RI ,QGLD %&, WKH DSH[ ERG\ FRQFHUQHG ZLWK WKH
VWDQGDUGV RI OHJDO HGXFDWLRQ DQG 7KH 8QLYHUVLW\ *UDQWV &RPPLVVLRQ 8*& ZKLFK LV WKH
XPEUHOODERG\IRUDOOLQVWLWXWLRQVRIKLJKHUHGXFDWLRQ
$PHULFDQ %DU $VVRFLDWLRQ 5HSRUW RI 7KH 7DVN )RUFH RQ /DZ 6FKRROV DQG WKH 3URIHVVLRQ 1DUURZLQJ WKH
*DS
,WHP1R $ /( 7KH%DU&RXQFLO2I,QGLD/HJDO(GXFDWLRQ&RPPLWWHH0LQXWHV2I0HHWLQJ WK
-DQXDU\
*XUMHHW6LQJK5HYDPSLQJ3URIHVVLRQDO/HJDO(GXFDWLRQ-,/,
ϱϳ
7KH%&,SHUIRUPVDGPLQLVWUDWLYHVRFLDODQGJHQHUDOIXQFWLRQV DVUHJDUGVOHJDOSURIHVVLRQ
,WLVWUXVWHGZLWKWKHWDVNRIVDOYDJLQJWKHSURIHVVLRQ ,WLVWKHSLRXVGXW\RIWKH%DU&RXQFLO
WR SURWHFW WKH SXEOLF LPDJH RI OHJDO SURIHVVLRQ 7KH 6WDWH %DU &RXQFLOV DUH XQGHU JHQHUDO
VXSHUYLVLRQ RI WKH %&, ,W RUJDQL]HV VHPLQDUV RQ WRSLFV RI JHQHUDO LQWHUHVW DQG SURYLGHV
OHJDO DLG WR WKH SRRU ,W OD\V GRZQ VWDQGDUGV RI SURIHVVLRQDO FRQGXFW DQG HWLTXHWWH IRU
DGYRFDWHVDV DOVR SURPRWHV DQG VXSSRUWV ODZ UHIRUP&OHDUO\ WKH %&, KDV PRUH WR GR
ZLWKOHJDOSURIHVVLRQWKDQOHJDOHGXFDWLRQ
7KH%&,SOD\VD UHJXODWRU\UROH YLVDYLVOHJDOHGXFDWLRQ,WLVH[SUHVVO\HQWUXVWHGZLWKWKH
GXW\ WR SURPRWH OHJDO HGXFDWLRQ 7KLV SRZHU H[WHQGV WR SUHVFULELQJ VWDQGDUGV RI OHJDO
HGXFDWLRQ WR EH REVHUYHG E\ 8QLYHUVLWLHV LQ WKH FRXQWU\ 7KH ODZ GHJUHH DZDUGHG E\ D
8QLYHUVLW\ PXVW EH UHFRJQLVHG E\ WKH %&, 7R WKDW HQG WKH %&, FDQ YLVLW DQG LQVSHFW
8QLYHUVLWLHV/HJDOHGXFDWLRQVHHPVWREHRQO\RQHDPRQJWKHPDQ\IXQFWLRQVSHUIRUPHGE\
WKH%&,
7KH %&, H[HUFLVHV WKHVH IXQFWLRQV WKURXJK VXERUGLQDWH OHJLVODWLRQV 7KH 5XOHV RI /HJDO
(GXFDWLRQ IUDPHG E\ WKH %&, LQ FRQVXOWDWLRQ ZLWK WKH 8QLYHUVLWLHV DQG 6WDWH %DU
&RXQFLOV FRQWDLQ SURYLVLRQV WR UHJXODWH WKH 6WDQGDUGV RI 3URIHVVLRQDO (GXFDWLRQ DV ZHOO DV
WKRVHRQLQVSHFWLRQDQGDFFUHGLWDWLRQRIFRXUVHV
%&, SHUIRUPV WKHVH IXQFWLRQV WKURXJK WKUHH VXSSOHPHQWDU\ ERGLHV QDPHO\ WKH /HJDO
(GXFDWLRQ &RPPLWWHH /(& WKH %DU &RXQFLO RI ,QGLD 7UXVW DQG 'LUHFWRUDWH RI /HJDO
(GXFDWLRQ ,W LV DOVR DVVLVWHG E\ WKH 6WDWH %DU &RXQFLOV $ /HJDO (GXFDWLRQ &RPPLWWHH
ZLWKERWKPHPEHUVIURPWKH%DU&RXQFLODQGRXWVLGHLWLVDOVRFRQFHLYHGE\WKH$GYRFDWHV
$FW,WZRXOGFRQVLVWRIWHQPHPEHUVILYHHOHFWHGE\WKH&RXQFLOIURPDPRQJVWLWVPHPEHUV
DQGILYHQRQPHPEHUVFRRSWHGE\WKH&RXQFLO
7KH 8*& SOD\VD SLYRWDOUROHLQUHJXODWLRQRIVWDQGDUGVRIOHJDOHGXFDWLRQLQ,QGLD 7KH
&RPPLVVLRQ DFWV LQ FRQVXOWDWLRQ ZLWK 8QLYHUVLWLHV DQG DGRSWV VWHSV IRU GHWHUPLQDWLRQ DQG
,QGLDQ&RXQFLORI/HJDO$LG $GYLFHY%&, 6&&
96XGHHUY%DUFRXQFLORI,QGLD 6&&
6 J $GYRFDWHV$FW
,G6 E $GYRFDWHV$FW
,G6 H $GYRFDWHV$FW
,G6 K $GYRFDWHV$FW
%DU&RXQFLO2I,QGLDY$SDUQD%DVX$,5 6&
,G6 JJ $$UHDGZLWK6 L
,G6 D $GYRFDWHV$FW
8QLYHUVLW\RI'HOKLY5DM6LQJK 6XSS 6&&
ϱϴ
PDLQWHQDQFHRIVWDQGDUGVRIWHDFKLQJH[DPLQDWLRQDQGUHVHDUFKLQ8QLYHUVLWLHV 7KH8*&
LV DOVR HPSRZHUHG WR GHWHUPLQH DQG FRRUGLQDWH WKH VWDQGDUG RI WHDFKLQJ FXUULFXOXP DQG
H[DPLQDWLRQVLQ8QLYHUVLWLHV7KHPDQGDWHRIWKH8*&LVQRWVSHFLILFDOO\GLUHFWHGWRFDWHU
WROHJDOHGXFDWLRQ7KH&RPPLVVLRQLVGHVLJQHGVRDVWRHQVXUHVWDQGDUGVRIKLJKHUHGXFDWLRQ
DVDZKROH
:KRVHUHVSRQVLELOLW\LVLWDQ\ZD\"
(YLGHQWO\ WKHUH LV QR VSHFLDOL]HG ERG\ WR GHDO ZLWK WKH QHHGV RI OHJDO HGXFDWLRQ 2QH
FRQFOXVLRQWKDWFDQEHGUDZQDVUHJDUGVWKHJRYHUQDQFHPHFKDQLVPRIOHJDOHGXFDWLRQLVWKH
RYHUODS RI MXULVGLFWLRQV EHWZHHQ WKH WZR ERGLHV VRPHWKLQJ QRW XQLTXH WR ,QGLD 1HLWKHU
WKH%&,QRWWKH8*&E\LWVHOIFDQFDWHUWRDOOUHTXLUHPHQWVRIOHJDOHGXFDWLRQ7KH%&,DQG
WKH8*&KDYHGLIIHUHQWSRZHUVLQUHODWLRQWRWKHVHYHUDODVSHFWVRIOHJDOHGXFDWLRQ
%&,±,VLW3URIHVVLRQDORU$FDGHPLF"
0RUHRIWHQWKDQQRWFRQFHUQVKDYHEHHQH[SUHVVHGDERXWWKHDELOLW\DQGH[SHUWLVHRIWKH%&,
LQGHDOLQJZLWKWKHHYROXWLRQRIOHJDOQRUPVLQUHODWLRQWROHJDOHGXFDWLRQ,WLVDUJXHGWKDWWKH
$GYRFDWHV¶ $FW SHUIRUPV RQO\ WKH OLPLWHG IXQFWLRQ RI FUHDWLQJ ODZ\HUV 6XFK GLVFXVVLRQV
KDYHHYHQPRRWHGUHSODFHPHQWRI%&,DVWKHDSH[ERG\UHJXODWLQJOHJDOHGXFDWLRQLQ,QGLD
,QIDFWVXFKFRQFHUQVDUHQROHVVWKDQXQIRXQGHGFRQMHFWXUHV
7KH FRQVWLWXWLRQ RI WKH /HJDO (GXFDWLRQ &RPPLWWHH LV SURRI IRU WKH UHVROYH RI WKH %&,
WRZDUGV LPSURYLQJ VWDQGDUGV RI OHJDO HGXFDWLRQ 1XPHURXV UHVROXWLRQV KDYH DOVR EHHQ
SDVVHG WRZDUGV LPSURYLQJ WKH VWDWH RI DIIDLUV RI OHJDO HGXFDWLRQ7KH 6XSUHPH &RXUW KDV
DOVRWLPHDQGDJDLQHPSKDVLVHGWKHSURPLQHQWUROH%&,SOD\VDVUHJDUGVOHJDOHGXFDWLRQYLVD
YLVOHJDOSURIHVVLRQ
7KHUHFDQEHQRLRWDRIGRXEWWKDWWKH%&,PXVWUHPDLQWKHSULPDU\ERG\WKDWUHJXODWHVWKH
VWDQGDUGV RI OHJDO HGXFDWLRQ LQ WKH FRXQWU\ 7KH IXQFWLRQ RI WKH %&, LQ UHODWLRQ WR OHJDO
HGXFDWLRQKRZHYHUPXVWEHWXQHGWRPHHWWKHFXUUHQWQHHGVRIOHJDOHGXFDWLRQ7KHUHPXVW
67KH8QLYHUVLW\*UDQWV&RPPLVVLRQ$FW
3URI<DVKSDOYV6WDWHRI&KDWWLVJDUK 6&&
'U %DJRQL $ %XNDU /HJDO (GXFDWLRQ $QG &KDOOHQJHV 2I &RQWHPSRUDU\ 'HYHORSPHQWV ,Q 1LJHULD
,QWHUQDWLRQDO-RXUQDORI&OLQLFDO/HJDO(GXFDWLRQ
5XOH [YL 5XOHVRI/HJDO(GXFDWLRQ%&,
6HH$SSHQGL[ 5HVROXWLRQSDVVHGE\WKH/HJDO(GXFDWLRQ&RPPLWWHHQG$XJXVW
6HH210RKLQGURRY7KH%DU&RXQFLO2I'HOKL$,5 6&
ϱϵ
EH LQVWLWXWLRQDOLVHG DVVRFLDWLRQ RI WHFKQLFDO H[SHUWV ZLWK %&, WR HQVXUH PRUH LQWULFDWH
XQGHUVWDQGLQJRIFRQWHPSRUDU\LVVXHVZKLOHH[HUFLVLQJSRZHUVRIUHJXODWLRQ
8*&DQG%&,±7RZDUGVDQ,QFOXVLYH,QWHUDFWLRQ0HFKDQLVP
2QH LQWHUHVWLQJ TXHVWLRQ WKDW HPHUJHV LV ZKLFK ERG\ WKH %&, RU WKH 8*& KDV JUHDWHU
LPSRUWDQFH LQ OHJDO HGXFDWLRQ 5HJXODWLRQ RI OHJDO HGXFDWLRQ KDV DOVR EHHQ SHUFHLYHG DV D
FDVH RI KLJKHU HGXFDWLRQ )RU LQVWDQFH WKH 1DWLRQDO .QRZOHGJH &RPPLVVLRQ 1.&
UHFRPPHQGHG WKH VHWWLQJ XS RI D 6WDQGLQJ &RPPLWWHH IRU /HJDO (GXFDWLRQ XQGHU WKH
,QGHSHQGHQW5HJXODWRU\$XWKRULW\IRU+LJKHU(GXFDWLRQ ,5$+(
,W KDV DOUHDG\ EHHQ DFFHSWHG WKDW WKHUH LV D QHHG IRU FRRUGLQDWLRQ EHWZHHQ WKH ERG\ WKDW
UHJXODWHV DGPLVVLRQWRSURIHVVLRQDOWUDLQLQJDQGWKH8QLYHUVLWLHV ZKLFKZRXOG GHDOZLWKWKH
DFDGHPLF VLGH RI OHJDO HGXFDWLRQ 7KH FRQVXOWDWLYH UHODWLRQVKLS EHWZHHQ WKH %&, DQG 8*&
IRUPV WKH EDFNERQH RI UHJXODWLRQ RI OHJDO HGXFDWLRQ VWDQGDUGV LQ ,QGLD µ(IIHFWLYH
FRQVXOWDWLRQ¶EHWZHHQ%&,DQG8QLYHUVLWLHVFDQEHDFKLHYHGE\LQFUHDVLQJWKHLQYROYHPHQWRI
PHPEHUVRIDFDGHPLDLQUHJXODWLQJOHJDOHGXFDWLRQ
)XUWKHU%&,DQG8*&VKDUHDQHDUV\PELRWLFUHODWLRQVKLS%&,GHSHQGVRQ8QLYHUVLWLHVIRU
LPSDUWLQJOHJDOHGXFDWLRQZKLFKLVQHFHVVDU\IRUWKHSURIHVVLRQ7KH5XOHVIUDPHGE\WKH%&,
PXVWQRWEHDUELWUDU\7KHSUDFWLFDOGLIILFXOWLHVLQWKHZD\RIODZVFKRROVPXVWDOVREHWDNHQ
LQWRDFFRXQWLQFOXGLQJDYDLODELOLW\RIIXQGVDQGLQIUDVWUXFWXUH
7KHVROXWLRQLVWRHYROYHDQLQFOXVLYHLQWHUVHFWLRQPHFKDQLVPWRHQVXUHWKDWERWKWKHERGLHV
DUHHTXDOSDUWQHUVLQOHJDOHGXFDWLRQ7KLVLQWHUVHFWLRQFDQEHIDFLOLWDWHGE\&RPPLWWHHVDQG
WKHLQFOXVLRQDVSHFWFDQEHWDNHQFDUHRIE\WKHLUHTXLWDEOHFRPSRVLWLRQ7RZDUGVWKLVHQGWKH
/DZ&RPPLVVLRQUHFRPPHQGHGWKHVHWWLQJXSRID8*&&RPPLWWHHRQ/HJDO(GXFDWLRQZLWK
WKUHHIDFXOW\PHPEHUVFRPPRQWRWKH%&,/(&
+RZHYHU WKLV LQYROYHV FUHDWLRQ RI D &RPPLWWHH LQ DGGLWLRQ WR WKH H[WDQW /(& XQGHU WKH
$GYRFDWHV¶$FW7KLVPD\FUHDWHDGGLWLRQDOGLIILFXOWLHVLQWKHIRUPRIERWWOHQHFNVEHWZHHQWKH
WZR&RPPLWWHHVZKLFKPD\WDNHFRQVLGHUDEOHWLPHWRUHVROYH
,W PLJKW EHD EHWWHUVROXWLRQWRVWUHQJWKHQDQGPRGLI\WKHDOUHDG\H[LVWLQJPHFKDQLVP7KH
FXUUHQW /(& XQGHU WKH $GYRFDWHV¶ $FW FDQ LWVHOI EH WKH LQFOXVLYH LQWHUVHFWLRQ PHFKDQLVP
1DWLRQDO .QRZOHGJH &RPPLVVLRQ 5HSRUW 2I 7KH :RUNLQJ *URXS 2Q /HJDO (GXFDWLRQ DYDLODEOH DW
KWWS NQRZOHGJHFRPPLVVLRQDUFKLYHQLFLQGRZQORDGVGRFXPHQWVZJBOHJDOSGI
ϲϬ
+RZHYHULQWKLVGLUHFWLRQWKHUHDUHWZRFRQFHUQVWREHDGGUHVVHGQDPHO\FRPSRVLWLRQRIWKH
ERG\ DQG LWV PRGH RI FRQVXOWDWLRQ $W SUHVHQW WKHUH LV QR VSHFLILFDWLRQ DV WR ZKR WKH ILYH
QRQ%DUPHPEHUVRIWKH/(&DUH,WFDQEHFOHDUO\VSHOWRXW7KHVHSRVWVVKRXOGEDODQFHWKH
UROHVRIWKH%DU-XGLFLDU\DQGODZWHDFKHUV
$VIDUDVFRQVXOWDWLRQLVFRQFHUQHGFDUHPXVWEHWDNHQWRHQVXUHWKDWDOOVWDNHKROGHUVLQOHJDO
HGXFDWLRQDUHFRQVLGHUHG7KLVH[WHQGVEH\RQG8QLYHUVLWLHVDQG WKH%DUWRLQFOXGHPHPEHUV
ZKRUHSUHVHQWWKHVRFLHW\EHLWSXEOLFVHUYDQWVRUVRFLDODFWLYLVWV
:KHWKHUZHFKRRVHWRLPSURYLVHWKHH[LVWLQJPHFKDQLVPRUUHYDPSE\IRUPLQJQHZERGLHV
D IHZ IDFHWV PXVW EH DGKHUHG WR $OO WKH HQWLWLHV VR LQYROYHG PXVW WDNH DQ RSHQ PLQG DV
UHJDUGV LQIRUPDWLRQ VKDULQJ DQG GHOLEHUDWLRQV 7KH ERGLHV PXVW SHUIRUP WKHLU GXWLHV
UHOLJLRXVO\ ZLWK IROORZXSDFWLRQV )ROORZXSDFWLRQV FDQ EHFODVVLILHG LQWRWZR ,WLQFOXGHV
EHQFKPDUNLQJ DQG REMHFWLYH TXDOLW\ HYDOXDWLRQ RI &/(V DORQJ ZLWK LQVSHFWLRQ RI &/(V
5DWLQJDQGFRQVHTXHQWUDQNLQJRILQVWLWXWHVFDQEHLQWHJUDWHGLQWRLQVSHFWLRQRXWFRPHV
7KH/DZ&RPPLVVLRQKDVH[SUHVVHGGLVVDWLVIDFWLRQZLWKWKHLQVSHFWLRQVFDUULHGRXWE\%&,
IRU JUDQWLQJ SHUPLVVLRQ RU UHFRJQLWLRQ WR ODZ FROOHJHV ,W UHFRPPHQGHG WKDW WKH %&, PXVW
WDNH H[WUHPHFDUH ZKLOHJUDQWLQJSHUPLVVLRQDQGZKLOHFRQGXFWLQJLQVSHFWLRQV7KHSURFHVV
RQLQVSHFWLRQPXVWEHVWUHDPOLQHGDQGWKHSURFHGXUHQHHGVDQRYHUKDXO)XUWKHUWKH%&,FDQ
DGRSWDSUDJPDWLFDSSURDFKLQWKHJUDQWRISHUPLVVLRQWRODZFROOHJHV6XFKSHUPLVVLRQPD\
EH DOORZHG RQO\ DIWHU VXFK LQVWLWXWLRQ KDV WKH UHTXLVLWH LQIUDVWUXFWXUH DQG RWKHU IDFLOLWLHV ,W
KDV EHHQ UHFRPPHQGHG WKDW WKHVH DUH H[HUFLVHG LQ FRQVXOWDWLRQ ZLWK WKH /HJDO (GXFDWLRQ
&RPPLWWHH
7KH1.&KDGGHYHORSPHQWRIDQ,QGHSHQGHQW5DWLQJ6\VWHPEDVHGRQDVHWRIDJUHHGFULWHULD
WR DVVHVV WKH VWDQGDUG RI DOO LQVWLWXWLRQV WHDFKLQJ ODZ WR HQVXUH FRQVLVWHQW DFDGHPLF TXDOLW\
WKURXJKRXW WKH FRXQWU\ 7KLV LV \HW WR EH LPSOHPHQWHG DQG UHOLDQFH LV ODUJHO\ SODFHG RQ
SULYDWH VXUYH\V DQG RWKHU VRXUFHV IRU VXFK UDWLQJ )DFWRUV WKDWDUH WR EH FRQVLGHUHG LQ VXFK
UDWLQJLQFOXGHWKHSUHIHUHQFHVKRZQE\FDQGLGDWHVIRUDGPLVVLRQWRDODZVFKRROWKHVXFFHVV
UDWHRIJUDGXDWHVIURPDODZVFKRROLQWKH$OO,QGLD%DU([DPLQDWLRQWKHTXDOLW\DQGH[WHQW
RI LQIUDVWUXFWXUH DQG UHVRXUFHVDYDLODEOHDWDODZ VFKRRODQG WKHQXPEHURI SXEOLFDWLRQV E\
IDFXOW\IURPDODZVFKRROLQSHHUUHYLHZHGSXEOLFDWLRQV
ϲϭ
$4XHVWIRU4XDOLW\
,QDGGLWLRQWRPDWWHUVRIUHJXODWLRQDQRWKHUSHUWLQHQWLVVXHRQOHJDOHGXFDWLRQLVWKHTXDOLW\RI
HGXFDWLRQ7KHTXDOLW\RIOHJDOHGXFDWLRQFRQFHUQVHQWU\WRWKHFROOHJHFXUULFXOXPPHWKRGRI
H[DPLQDWLRQ LQFROOHJH DQGHYHQTXDOLILFDWLRQRIWHDFKHUV+HQFHTXDOLW\LVQRWDVWDQGDORQH
YLUWXH ,W LV FORVHO\ UHODWHG WR QXPHURXV DVSHFWV RI OHJDO HGXFDWLRQ :KDW FRPSOLFDWHV WKH
FRQFHSW RI TXDOLWDWLYH HGXFDWLRQ LV WKH EHQFKPDUN DJDLQVW ZKLFK LW PXVW EH YLHZHG 6XFK
EHQFKPDUNLVWKHOHJDOSURIHVVLRQDQGWKHQHHGVOHJDOHGXFDWLRQPXVWIXOILOOLQWKHFKDQJLQJ
VRFLHW\
7KH FUHDWLRQ RI WKH HOLWH 1DWLRQDO /DZ 6FKRROV DQG LQWURGXFWLRQ RI WKH &RPPRQ /DZ
$GPLVVLRQ 7HVW &/$7 LQ ZHUH DLPHG DW HQVXULQJ D FHUWDLQ WKUHVKROG RI VWDQGDUG LQ
OHJDOHGXFDWLRQ,WKDVEHHQDFNQRZOHGJHGWKDWWKHUHPXVWEHDQLQGHSHQGHQWDQGSHUPDQHQW
ERG\ WR FRQGXFW &/$7 $ UHDOLVDWLRQ RI WKH REMHFWLYHV RI VXFK VFUHHQLQJ H[DPLQDWLRQ
ZRXOGUHTXLUHLQYROYHPHQWRIH[SHUWV,QIDFWLWLVQHFHVVDU\ WRWDNHHIIHFWLYHVWHSVDWHYHU\
VWDJH RIFRQGXFWLQJWKHH[DP LQFOXGLQJSUHSDUDWLRQRITXHVWLRQVNH\DQVZHUV KHDULQJDQG
GHFODUDWLRQRIPHULWOLVW
7KHUH LV D FRQVLGHUDEOH JDS LQ WKH TXDOLW\ RI HGXFDWLRQ EHWZHHQ WKH 1/68V DQG RWKHU ODZ
VFKRROV:KLOHWKHUHDUHLVODQGVRIH[FHOOHQFHPRVWFHQWUHVRIOHJDOHGXFDWLRQDUHPHGLRFUH
,W ZRXOG EH DQ LUUHSDUDEOH PLVWDNH LI ZH UHVW FRQWHQW ZLWK WKHVH IHZ VWDU FROOHJHV 6XFK
LQVWLWXWLRQV DORQH FDQQRW EULQJ DQ RYHUDOO FKDQJH LQ WKH VWDQGDUGV RI OHJDO HGXFDWLRQ 7KH
RWKHU ODZ VFKRROV DUHXQDEOHWRRIIHUPRUHRSWLRQDOVXEMHFWVGXHWRODFNRIIDFXOW\,QVXFK
FRQWH[W ODZ VFKRROV PD\ILQGLWDGYDQWDJHRXV WRHQJDJHLQSDUWQHUVKLSVDQGFRQVRUWLDZLWK
RWKHU HGXFDWLRQDO LQVWLWXWLRQV LQ RUGHU WR VKDUH UHVRXUFHV DQG WKHUHE\ RIIHU JUHDWHU
RSSRUWXQLWLHVWRVWXGHQWVZLWKRXWVXEVWDQWLDOO\JUHDWHUILQDQFLDOLQYHVWPHQW
)DFXOW\±/D\LQJWKH*URXQGZRUN
$Q\ PHDQLQJIXO FKDQJH LQ WKH TXDOLW\ RI OHJDO HGXFDWLRQ UHTXLUHV D FKDQJH LQ DSSURDFK
WRZDUGVOHJDOHGXFDWLRQ/HJDOHGXFDWLRQGRHVQRWVWDQGIRUPHUHWHDFKLQJRIODZ,WLVDTXHVW
WR XQGHUVWDQG WKHIXQFWLRQRIODZDQGWKHUROHRQHFDQ SOD\LQ FDWHULQJWRVRFLHWDOGHPDQGV
6KXEKDP'XWWYV&RQYHQHU&ODW 8J ([DPDYDLODEOHDWKWWSV LQGLDQNDQRRQRUJGRF
6KDPQDG%DVKHHUYV8QLRQRI,QGLDDYDLODEOHDWKWWS VGRFXPHQWFORXGRUJGRFXPHQWVDQWLFODW
ZULWSHWLWLRQSGI
$PHULFDQ%DU$VVRFLDWLRQ7ZHQW\<HDUV$IWHUWKH0DF&UDWH5HSRUW $5HYLHZRIWKH&XUUHQW6WDWHRIWKH
/HJDO(GXFDWLRQ&RQWLQXXPDQGWKH&KDOOHQJHV)DFLQJWKH$FDGHP\%DUDQG-XGLFLDU\0DUFK
ϲϮ
IURP ODZ 7KH IXQFWLRQ OHJDO HGXFDWLRQ SHUIRUPV LV QRW PHUH DFDGHPLF /HJDO HGXFDWLRQ LV
ERWKSURIHVVLRQDOHGXFDWLRQDQGDFDGHPLFOHDUQLQJ8QGRXEWHGO\WKHSULVPRIXQGHUVWDQGLQJ
WKHQDWXUHRIOHJDOHGXFDWLRQPXVWEHH[SDQGHG
3UHSDULQJIHUWLOHJURXQGVIRUTXDOLWDWLYHFKDQJHVLQOHJDOHGXFDWLRQUHTXLUHVFOHDUO\GHILQLQJ
WKHUROHSOD\HGE\WKHIDFXOW\:KLOHWKHUHDUHLQVWLWXWLRQDOPHFKDQLVPVVXFKDVWKH%&,DQG
8*&WRUHJXODWHOHJDOHGXFDWLRQDVVXFKWKHIDFXOW\OD\VJURXQGZRUNWRUHDSWKHEHQHILWVRI
DQ\ UHIRUPV 7KHUH LV QHHG WR HQVXUH WKDW QHZ EORRG LV DWWUDFWHG WR SXUVXH DFDGHPLFV DV D
SURIHVVLRQ
2IWHQ EULOOLDQW VWXGHQWV GR QRW UHQWHU WKH DFDGHPLF DUHQD WKXV GHSULYLQJ WKH FRXQWU\ RI D
VWURQJ DFDGHPLF EDVH +HQFH HIIRUWV PXVW EH PDGH WR LPSURYH WKH VWDWXV DQG VHUYLFH
FRQGLWLRQVRIODZWHDFKHUV2WKHUEHQHILWVWKDWPD\EHDOORZHGLQFOXGHIXOO\SDLGVDEEDWLFDOV
DQGDGHTXDWH+RXVH5HQW$OORZDQFH)XUWKHULWLVDOVRLPSRUWDQWWRH[WHQGWKHVHEHQHILWVWR
IDFXOW\LUUHVSHFWLYHRIWKHQDWXUHRIWKHLQVWLWXWLRQ±SULYDWHRUVWDWXWRU\
7KHUROHRIWKHIDFXOW\LVQRWOLPLWHGWRFODVVURRPV,QIDFWWKHIDFXOW\SOD\VDSURPLQHQWUROH
LQ GHVLJQLQJ WKH FXUULFXOXP )DFXOW\ VRYHUHLJQW\ LQ GHVLJQLQJ WKH FRXUVHV LV WRXWHG DV D
PHWKRGWRHQVXUHVWDQGDUGDQGUHOHYDQFHRIFXUULFXOXP $OVRFRQVXOWDWLRQZLWKIDFXOW\FDQ
HOLPLQDWH DQRPDOLHV LQ WKH FXUULFXOXP 2QH SUREOHP WKDW ULVHV DV IDU DV WKH FXUULFXOXP LV
FRQFHUQHGLVWKDWXQFRQQHFWHGVXEMHFWVDUHMRLQHGLQRQHSDSHU
7KUHH PRUH DVSHFWV DUH YHU\ SHUWLQHQW WR TXDOLWDWLYH OHJDO HGXFDWLRQ WKH V\OODEXV
H[DPLQDWLRQDQGSHGDJRJ\
6\OODEXV±&UHDWLRQDQG$SSURDFK
8WPRVW FDUH LV WR EH WDNHQ LQ SUHSDUDWLRQ RI WKH V\OODEXV /DZ VFKRROV IDFH D SHUSOH[LQJ
YDULHW\ RI FRPSHWLQJ GHPDQGV IRU FXUULFXODU UHIRUP7KH V\OODEXV PXVW DOORZ IRU JUHDWHU
LQWHUGLVFLSOLQDU\ DQG PXOWLGLVFLSOLQDU\ DSSURDFKHV WR WKH VWXG\ RI ODZ DV ZHOO DV D ZLGHU
FKRLFH RI VSHFLDOLVDWLRQ IRU ODZ VWXGHQWV 7KH FXUULFXOXP PXVW EH FRQWHPSRUDU\ DQG PRUH
RYHU LW PXVW EH EDVHG LQ D ZLGHU ERG\ RI VRFLDO VFLHQFH NQRZOHGJH ,W PXVW EH SXUSRVHIXO
FRPSHWLWLYHDQGUHVXOWRULHQWHG7KHFXUULFXOXPLQ&/(VFRQVLVWVRIDIHZRSWLRQDOVXEMHFWV
RUHOHFWLYHVDQGDVHWRIFRUHVXEMHFWV7KHUDQJHRIDYDLODEOHHOHFWLYHVFDQEHH[SDQGHGZKLOH
%&, 5HSRUW 2I 7KH &XUULFXOXP 'HYHORSPHQW &RPPLWWHH
DYDLODEOH DW
KWWS ZZZEDUFRXQFLORILQGLDRUJZSFRQWHQWXSORDGVFGFUHSRUWZHESGI
$.HQQHWK3\H/HJDO(GXFDWLRQ,Q$Q(UD2I&KDQJH 7KH&KDOOHQJH'XNH/DZ-RXUQDO$SULO1R
ϲϯ
UHRULHQWLQJ WKH FXUULFXOXP IRU FRUH VXEMHFWV 7KH FRXUVH PXVW HQDEOH VWXGHQWV WR LQWHUUHODWH
DQGFRQQHFWWKHVXEMHFWVVWXGLHGLQVFKRROZLWKFRQWH[WXDOSUREOHPVDQGFKDOOHQJHV
7KHV\OODELFDQDOVRFRQWHPSRULVHOHJDOHGXFDWLRQ7KLVUHTXLUHVWKDWHPHUJLQJVSHFLDOLWLHVRI
ODZ ILQG SODFH LQ WKH FXUULFXOXP 7KLV FDQ DOVR H[WHQG WR LQWHUGLVFLSOLQDU\ FRQQHFWLRQV
EHWZHHQ ODZ DQGRWKHUGLVFLSOLQHV:KLOHUHDOLVLQJWKLVWKURXJKWKH V\OODELPD\VRXQGQHDU
LPSRVVLEOHLWFDQEHPDGHSRVVLEOHWKURXJKEHWWHUQHWZRUNLQJ/DZFROOHJHVHVSHFLDOO\WKRVH
ZLWKLQ ODUJHU 8QLYHUVLWLHV FDQ HVWDEOLVK PRUH HIIHFWLYH FRQQHFWLRQV ZLWK RWKHU GHSDUWPHQWV
7KLV FDQ SURYLGHDUDQJHRISUDFWLFDODQGLQWHOOHFWXDOEHQHILWVIRUERWKVWXGHQWVDQGIDFXOW\
LQFOXGLQJ YDOXDEOH LQVLJKWV DERXW ODZ DQG LWV UHODWLRQVKLS WR RWKHU DFDGHPLF GLVFLSOLQHV
SDUWLFXODUO\LQWKHKXPDQLWLHVDQGVFLHQFHV
7RGD\ OHJDO HGXFDWLRQ KDV VHHQ WKH HPHUJHQFH RI VXEMHFWV WKDW WUDQVFHQG WHUULWRULDO DQG
QDWLRQDO MXULVGLFWLRQV 7KLV UHTXLUHV WKDW OHJDO HGXFDWLRQ LV JOREDOLVHG ,Q WKH FRQWH[W RI
OLEHUDOL]DWLRQ SULYDWL]DWLRQ DQG JOREDOLVDWLRQ ZH KDYH WR NHHS SDFH ZLWK LQWHUQDWLRQDO
VWDQGDUGV )XUWKHU WKH DLP RI OHJDO HGXFDWLRQ VKRXOG EH WR FUHDWH ODZ\HUV ZKR DUH
FRPIRUWDEOH DQG VNLOOHGLQµGHDOLQJ¶ZLWK WKHGLIIHULQJ OHJDO V\VWHPVDQGFXOWXUHVWKDWPDNH
XSRXUJOREDOFRPPXQLW\ZKLOHUHPDLQLQJVWURQJLQRQH¶VRZQQDWLRQDOOHJDOV\VWHP
$ VWDQGDUGL]HG VWUXFWXUH DQG FXUULFXOXP GHVLJQ WKURXJKRXW WKH FRXQWU\ LI SRVVLEOH FDQ
IDFLOLWDWHPRELOLW\RIVWXGHQWFRPPXQLW\IURPRQHSDUWRIWKHFRXQWU\WRDQRWKHUHQFRXUDJLQJ
PRUHQDWLRQDOLQWHJUDWLRQ,Q%&,VHWXSWKHILUVW&XUULFXOXP'HYHORSPHQW&RPPLWWHH
ZLWK WKH DLP RI IRUPXODWLQJ FRXUVH GHVLJQ LQ WKH FRXUVHV 7KH &RPPLWWHH VWUHVVHG RQ WKH
LPSRUWDQFHRIIDFXOW\DXWRQRP\LQGHVLJQLQJWKHFRXUVHV
7KHUHLVDOVRDQHHGWRKDUPRQL]HWKHFXUULFXOXP7KHFRXUVHPXVWEHFXVWRPL]HGEDVHGRQ
WKHORFDOQHHGVDQGUHVRXUFHV+RZHYHUFDUHVKRXOGEHWDNHQWRHQVXUHWKDWVWXGHQWVGRQRW
DFTXLUHDQRYHUVWXIIHGIHHGLQJGXHWRHQRUPRXVFXUULFXOXPRUHOVHLWZLOOSURGXFHRQO\PRUH
LQIRUPDWLRQZLWKRXWH[SDQGLQJWKHVWXGHQWV¶JHQXLQHLQVLJKW
)DFXOW\ PD\ DOVR EH UHTXLUHG WR SXEOLVK WKH V\OODEXV WKH\ SURSRVH WR IROORZ DORQJ ZLWK
SUHVFULEHGWH[WVDQGUHVRXUFHVIRUVWXGHQWV7KLVFDQIDFLOLWDWHSHHUUHYLHZDQGGHOLEHUDWLRQV
RQWKHVDPH
ϲϰ
([DPLQDWLRQ
5HDO EHQHILW IURP DQ\ FXUULFXOXP FDQ EH REWDLQHG RQO\ LI WKH NQRZOHGJH LV WHVWHG LQ DQ
REMHFWLYH VFHQDULR 7KHUH LV D JUHDW QHHG WR HTXLS WKH H[DPLQDWLRQ V\VWHP ZLWK ZD\V WR
HOLPLQDWH PDOSUDFWLFHV OLNH FRS\LQJ LQ ODZ VFKRROV 7KH QDWXUH RI TXHVWLRQV PXVW EH
DQDO\WLFDOUHTXLULQJDQDSSOLFDWLRQRIODZ,QPRVWLQVWLWXWLRQVTXHVWLRQSDSHUVUHTXLUHRQO\D
UHSURGXFWLRQRIODZDQGFDVHV6XFKDPRYHFDQHQVXUHWKDWVWXGHQWVDSSO\WKHLULQGHSHQGHQW
WKLQNLQJLQDQVZHULQJWKHP
3HGDJRJ\±6KLIWVDQG1HZ3HUPXWDWLRQV
7UDGLWLRQDO6RFUDWHV¶PHWKRGRIWHDFKLQJFDQQRWUHDOLVHWKHDLPVRIOHJDOHGXFDWLRQ,WKDVWR
EHVXSSOHPHQWHGE\RWKHUHIIHFWLYHPHWKRGVZKLFKFRQVLGHUWKHFKDQJLQJGLPHQVLRQVRIOHJDO
HGXFDWLRQ $QRWKHU WHDFKLQJ PHWKRG WKDW KDV HYROYHG LV WKH /DQJGHOO DSSURDFK ZKLFK KDV
VHUYHG WKH HVVHQWLDO SXUSRVH RI XSJUDGLQJ OHJDO HGXFDWLRQ +RZHYHU WKHUH KDYH EHHQ
DUJXPHQWVWKDWLWKDVFDXVHGWKHSHQGXOXPWRVZLQJWRRIDUWRZDUGVDEVWUDFWOHJDOWUDLQLQJ
ZKLOH LJQRULQJ WKH SUDFWLFDO DVSHFWV &RQYHQWLRQDO WHDFKLQJ PHWKRGV DUH WRR RIWHQ GLUHFWHG
RQO\WRZDUGVDFDGHPLFV7HDFKHUVPXVWEHDULQPLQGWKDWZKLOHPRVWRIWKHVWXGHQWVPD\
FKRRVHDSURIHVVLRQDOFDUHHUDVDODZ\HUVRPHRWKHUVPD\FKRRVHDMXGLFLDOFDUHHURUFDUHHU
DVDOHJDOFRQVXOWDQWRUODZRIILFHULQJRYHUQPHQWRUDQDFDGHPLFFDUHHU
$Q\WHDFKLQJPHWKRGPXVWIRFXVRQH[SHULHQWLDOOHDUQLQJ,GHDOO\DFRPELQDWLRQRIWHDFKLQJ
PHWKRGV LQFOXGLQJ OHFWXUHV FDVHVWXG\ PHWKRGV DQG SUREOHP RULHQWHG H[HUFLVHV PXVW EH
HPSOR\HG 6WXGHQWV PXVW EH LQYROYHG LQ WKRXJKW SURYRNLQJ GLVFXVVLRQV ,PDJLQDWLYH
WHFKQLTXHVLQFOXGLQJILHOGVXUYH\VDQGYLVLWVFDQEHXVHGWRH[SDQGWKHKRUL]RQVRIVWXGHQWV
)DFXOW\ H[FKDQJH SURJUDPV ZLWK OHDGLQJ XQLYHUVLWLHV DEURDG ZRXOG KHOS LQ HQULFKLQJ WKH
NQRZOHGJH EDVHDQGIDPLOLDUL]LQJIDFXOW\PHPEHUVZLWKRWKHUOHJDOV\VWHPVDQGLQQRYDWLYH
SHGDJRJLFPHWKRGV
3HGDJRJ\FDQEHPDGHPRUHHIIHFWLYHE\XVHRILQQRYDWLYHWHFKQRORJ\7HDFKLQJQHHGQRWEH
OLPLWHG WR SUHVHQWDWLRQV LQ FODVVURRPV ,W PXVW EH H[WHQGHG WR ZHEEDVHG WHFKQRORJLHV WKDW
SHUPLWFROODERUDWLRQDQGGLVFXVVLRQDPLGVWIDFXOW\DQGVWXGHQWVDFURVVWKHFRXQWU\([WHQVLYH
XVH RI QHWZRUNLQJ FDQ EH PDGH WR HQVXUH PD[LPXP GLVVHPLQDWLRQ RI NQRZOHGJH DQG
(GZDUG-'HYLWW:K\'RQ W/DZ6FKRROV7HDFK/DZ6WXGHQWV+RZWR7U\/DZ6XLWV &OHY6W/5HY
DYDLODEOHDWKWWS HQJDJHGVFKRODUVKLSFVXRKLRHGXFOHYVWOUHYYRO LVV
'RQDOG-:HLGPHQLQKLVDUWLFOH³7KH&ULVLVRI/HJDO(GXFDWLRQDZDNHXSFDOOIRUIDFXOW\´9RO-RXUQDO
RI/HJDO(GXFDWLRQ
ϲϱ
LQIRUPDWLRQ7KLVFDQEHUHDOLVHGE\FRPSOHWHGLJLWL]DWLRQRIDOOLQIRUPDWLRQDYDLODEOHLQWKH
,QGLDQ/DZ,QVWLWXWH6XSUHPH&RXUW/LEUDU\WKH,QGLDQ6RFLHW\IRU,QWHUQDWLRQDO/DZDVZHOO
DVWKRVHRIDOOODZVFKRROVXQLYHUVLWLHVDQGSXEOLFLQVWLWXWLRQVLQWKHFRXQWU\2WKHUSRVVLEOH
DYHQXHV DUH FDSWXUHG OHFWXUHV DORQJVLGH OLYH LQFODVV ZRUNVKRSV DQG FRPSXWHUDVVLVWHG
OHDUQLQJ H[HUFLVHV :KLOH FHUWDLQ LQVWLWXWLRQV DOUHDG\ PDNH XVH RI WKHVH IDFLOLWLHV WKHLU
SRWHQWLDOLV\HWWREHIXOO\UHDOLVHG
7KHUHLVDFHUWDLQO\DQRYHUZKHOPLQJQHHGWRGLYHUVLI\WKHSHGDJRJ\2QHPHDQVWRPDNHLW
SRVVLEOH LV WR HQKDQFH GLYHUVLW\ RI WKH IDFXOW\ (QKDQFHG XVH RI DGMXQFW IDFXOW\ LQFOXGLQJ
SUDFWLFLQJODZ\HUVDQGMXGJHVFDQ DGG DQ HOHPHQW RI µUHDOQHVV¶ WR OHDUQLQJ E\ LQFOXVLRQ RI
SUDFWLFDODVSHFWV RIVXEMHFWV7KLVFDQDOVRSURYLGHGHSWKDQG EHQHILWWR WKHFXUULFXOXPDWD
UHODWLYHO\ORZFRVW7KHUHPXVWDOVREHVXIILFLHQWIOH[LELOLW\ ZLWKODZVFKRROVWRDSSRLQWODZ
WHDFKHUV ZLWKRXW KDYLQJ DQ //0 GHJUHH LI WKH LQGLYLGXDO KDV SURYHQ DFDGHPLF RU
SURIHVVLRQDOFUHGHQWLDOV
5HVHDUFKDQG/HDUQLQJ±(OLPLQDWLRQDQG&RQVWUXFWLRQ
/DZ VFKRRO FDQ SOD\ D FULWLFDO UROH LQ FUHDWLRQ DQG JHQHUDWLRQ RI NQRZOHGJH LQ DGGLWLRQ WR
GLVVHPLQDWLRQRINQRZOHGJH,QIDFWLWKDVEHHQSRLQWHGRXWWKDWWKHUHLVDQDEVHQFHRIOHJDO
SKLORVRSKHUV WR DQVZHU SHUSOH[LQJ TXHVWLRQV RI ODZ 6XFK DEVHQFH RZHV ODUJHO\ WR WKH
LQVXIILFLHQWHPSKDVLVRQOHJDOUHVHDUFKLQOHJDOHGXFDWLRQ
$ WZR SURQJHG DSSURDFKFDQ EH DGRSWHG WR PHUJH UHVHDUFK DQG OHDUQLQJ )LUVW WKH IDFWRUV
WKDW KLQGHU UHVHDUFK PXVW EH HOLPLQDWHG DQG WKHQ WKHUH PXVW EH D EXLOW LQ PHFKDQLVP WR
IDFLOLWDWHUHVHDUFK
3ODJLDULVPLVDIDFWRUWKDWDIIHFWVTXDOLW\RIDFDGHPLFZULWLQJ&/(VDUHHQFRXUDJHGWRDVVLJQ
SURMHFWV ZKHUH VWXGHQWV DUH H[SHFWHG WR UHVHDUFK DQG ZULWH SHUVXDVLYH PHPRUDQGD RQ
WRSLFV7KHVHSURMHFWVRIIHUHQRUPRXVVFRSHIRURULJLQDOSDWKEUHDNLQJUHVHDUFK+RZHYHU
WKHZRUNVDUHRIWHQSODJLDULVHGGXHWRWKHFDOORXVDWWLWXGHDGRSWHGE\WHDFKHUVLQHYDOXDWLRQRU
ODFN RI WLPH IRU H[WHQVLYH UHVHDUFK $OVR WKRXJK SURMHFW SDSHUV DUH SDUW RI ODZ VFKRRO
1/5DMDK:KHUHDUHRXUOHJDOSKLORVRSKHUV"7KH+LQGX2SLQLRQ1RY
%&, 5XOHV 6WDQGDUGV RI /HJDO (GXFDWLRQ DQG 5HFRJQLWLRQ RI 'HJUHHV LQ /DZ IRU DGPLVVLRQ DV DGYRFDWHV
DYDLODEOHDWKWWS ODZPLQQLFLQODVXERUGEFLSDUWKWP
6HH -RQDWKDQ *LQJHULFK $GLW\D 6LQJK :ULWLQJ 5HTXLUHPHQWV 6WXGHQW $VVHVVPHQW $QG 3ODJLDULVP ,Q
,QGLDQ /DZ 6FKRROV DYDLODEOH DW KWWSV EORJVKDUYDUGHGXMRQDWKDQILOHV*LQJHULFKDQG6LQJKIURP
,QGLD/DZ1HZV)DOOFRS\SGI
ϲϲ
FXUULFXOXP PRVW ODZ VFKRROV WKURXJKRXW WKH FRXQWU\ DUH LQGLIIHUHQW WR WKHP7KH ODFN RI
DZDUHQHVVDPRQJVWXGHQWVRQRULJLQDOOHJDOZULWLQJLVDQRWKHUUHDVRQ7RZDUGVWKLVHQGWKH
%&, KDVH[SUHVVHG LWV ZLOOLQJQHVV WR VXSSRUW ODZ FROOHJHV WR UXQ VRIWZDUH WKDW FKHFNV IRU
SODJLDULVP
$VIDUDVWKHGHYHORSPHQWRIUHVHDUFKIDFLOLWLHVLVFRQFHUQHGWKHUHLVDSRVVLELOLW\WKDWFHUWDLQ
&/(VDUHDWDGLVDGYDQWDJHZLWKUHVSHFWWRUHVRXUFHDYDLODELOLW\7KLVFDQEHUHVROYHGWKURXJK
FUHDWLRQRIZHOOQHWZRUNHG&HQWUHVWRFDUU\RXWUHVHDUFK7KHVHPD\WDNHWKHIRUPRI&HQWHUV
IRU$GYDQFHG/HJDO6WXGLHVDQG5HVHDUFK &$/6$5 ZLWKWKHPDQGDWHIRUSURPRWLQJOHJDO
VWXGLHVDQGUHVHDUFKDQGVKDOOHQMR\IXOODXWRQRP\$WRQHOHYHOVXFK&HQWUHFDQIDFLOLWDWH
UHVRXUFH VKDULQJ DPRQJWKH &/(VDQGLW FDQ DOVR VHUYHDVD WKLQNWDQNIRUSURYLGLQJ OHJDO
DGYLFHWRWKHJRYHUQPHQW
9DOXHDQG6NLOO(GXFDWLRQ±5HDOLVLQJWKHYLVLRQRIOHJDOHGXFDWLRQ
:KDW GLVWLQJXLVKHV OHJDO HGXFDWLRQ IURP RWKHU VWUHDPV RI KLJKHU HGXFDWLRQ LV LWV JUHDWHU
SUR[LPLW\ DQG LPSRUWDQFH WR WKH JHQHUDO SXEOLF /HJDO HGXFDWLRQ PXVW VRFLDOO\ HQJDJH WKH
OHDUQHUV DQG LQFXOFDWH WKH VSLULW RI VHUYLFH LQ WKHP ,W LV VDLG WKDW WKH OHJDO SURIHVVLRQ LV DQ
KRQRXUDEOHDQGSLRXVSURIHVVLRQ
+HQFH WKH TXDOLW\ RI OHJDO HGXFDWLRQ LV QRW OLPLWHG WR DWWDLQPHQW RI DFDGHPLF JRDOV %RWK
SURIHVVLRQDOO\DQGVRFLDOO\WKHUHDUHFHUWDLQIXQGDPHQWDOYDOXHVDQGDELOLWLHVDODZJUDGXDWH
PXVWSRVVHVV)RULQVWDQFH2UJDQL]DWLRQDQG0DQDJHPHQWRI/HJDO:RUN´LVUHFRJQLVHGDV
DIXQGDPHQWDOODZ\HULQJVNLOO:ULWLQJFRPPXQLFDWLRQVNLOOVDQGWKHDELOLW\WRQHJRWLDWHDUH
RWKHUVNLOOVDODZ\HUPXVWSRVVHVV
$ODZ\HUPD\QRWEHLQDSRVLWLRQWRGLDJQRVHWKHFOLHQW VSUREOHPDGHTXDWHO\XQOHVVKHKDV
WKH UDQJH RI NQRZOHGJH DQG VNLOO QHFHVVDU\ WR ORRN EH\RQG WKH FOLHQW V GHILQLWLRQ RI WKH
SUREOHPDQGLGHQWLI\DVSHFWVRIWKHSUREOHPZKLFKKLVFOLHQWKDVQRWSHUFHLYHG$OVRODZ\HUV
EHDU HWKLFDO UHVSRQVLELOLWLHV DV UHSUHVHQWDWLYHV RI FOLHQWV RIILFHUV RI WKH FRXUWV DQG SXEOLF
FLWL]HQVUHVSRQVLEOHIRUWKHTXDOLW\DQGDYDLODELOLW\RIMXVWLFH7KLVDOVRH[WHQGVWRWKHVNLOORI
UHFRJQL]LQJDQGUHVROYLQJHWKLFDOGLOHPPDVDQGSURYLGLQJDWOHDVWDUXGLPHQWDU\WUDLQLQJWR
UHVROYHWKHP+HQFHOHJDOHGXFDWLRQLVERWKHWKLFDODQGUHVSRQVLEOHSURIHVVLRQDOHGXFDWLRQ
6XSUL\D5RXWK/HJDO(GXFDWLRQ$WWKH&URVVURDGV-,/,
µ%&, &KDLUPDQ LQLWLDWHV VWHSV WR VWHP SODJLDULVP LQ OHJDO VFKRODUVKLS¶ DYDLODEOH DW
KWWS ZZZEDUFRXQFLORILQGLDRUJEFLFKDLUPDQLQLWLDWHVVWHSVWRVWHPSODJLDULVPLQOHJDOVFKRODUVKLS
,QGLDQ&RXQFLO2I/HJDO$LGY%DU&RXQFLO2I,QGLD$,5 6&
ϲϳ
7KHUH DUH VRFLDO YLVLRQV DQG JRDOV OHJDO HGXFDWLRQ PXVW DFKLHYH 7KH VRFLDO MXVWLFH DLP RI
,QGLDQOHJDOHGXFDWLRQLVWRSURYLGHDIDLUHIIHFWLYHFRPSHWHQWDQGDFFHVVLEOHOHJDOV\VWHP
WRWKHFLWL]HQV7KHFHQWUDOIXQFWLRQWKDWOHJDOSURIHVVLRQPXVWSHUIRUPLVQRWKLQJOHVVWKDQ
WKHDGPLQLVWUDWLRQRIMXVWLFH
7KXVWKHPDLQFKDOOHQJHIDFLQJ,QGLD VOHJDOV\VWHPLVWRHQVXUHWKDWFRPPRQSHRSOHDUHDEOH
WR HQMR\ WKHLU FRQVWLWXWLRQDO DQG OHJLVODWLYH ULJKWV WR WKH IXOOHVW ,Q WKLV UHJDUG WKH SULPDU\
UHVSRQVLELOLW\UHVWVZLWKWKH&/(VWKHPVHOYHV&/(VPXVWDVVHVVZKHWKHUWKH\DUHLQVWLOOLQJ
DFDGHPLF SURJUDPV ZLWK WKH SURIHVVLRQ¶V FRUH YDOXH RI MXVWLFH DQG EXLOGLQJ LQ VWXGHQWV DQ
XQGHUVWDQGLQJ RI WKHLU UHVSRQVLELOLW\ WR SDUWLFLSDWH LQ SXEOLF VHUYLFH DQG SUR ERQR
UHSUHVHQWDWLRQ
5H/HDUQLQJWKH3URIHVVLRQ
,W LV VDLG WKDW WKH HQWLUH IXWXUH RI OHJDO SURIHVVLRQ GHSHQGV RQ XOWLPDWH SURGXFW RI /DZ
&ROOHJHV 7KHFKDQJLQJQDWXUHRIWKHOHJDOSURIHVVLRQFDOOVIRUDJUHDWHUIRFXVRQVWXGHQWV¶
SUDFWLFHUHDGLQHVV 7KHUH LV DQ XUJHQW QHHG WR EULGJH WKH JDS EHWZHHQ OHJDO HGXFDWLRQ DQG
QHHGV RI OHJDO SURIHVVLRQ 7KLV UHTXLUHV WKDW OHJDO HGXFDWLRQ WDNHV WKH IRUP RI D FOLQLFDO
PRGHO RI HGXFDWLRQ WKDW LQWHJUDWHV FODVVURRP VLPXODWLRQ DQG FOLQLFDO LQVWUXFWLRQ LQ WKH
FXUULFXOXP7KH 0DF &UDWH 5HSRUW LQ WKH 86$ FDQ VHUYH DV WKH UHIHUHQFH SRLQW LQ WKLV
UHJDUG 7KH 5HSRUW LV D YLWDO PLOHVWRQH WKDW IRUPHG D GLUHFWLRQDO VLJQ IRU WKH OHJDO
SURIHVVLRQ
6XFK LQWHJUDWLRQ RI DVSHFWV RI OHJDO SURIHVVLRQ LQWR OHJDO HGXFDWLRQ KDV WDNHQ WKH IRUP RI
µFOLQLFDOOHJDOHGXFDWLRQ¶2QHZD\WRFDUU\WKLVIRUZDUGLVE\VHWWLQJXSOHJDODLGFOLQLFV,W
KDVDOVREHHQUHFRPPHQGHGWKDWWKHVHWWLQJXSRIVXFKFOLQLFVEHPDQGDWHGDVDFRQGLWLRQIRU
UHFRJQLWLRQ RI WKH ODZ FROOHJH $ SUDFWLFDO H[DPLQDWLRQ RQ 5HVHDUFK 0HWKRGRORJ\ /DZ
7HDFKLQJ DQG &OLQLFDO ZRUN KDV DOVR EHHQ PRRWHG+RZHYHU WKH SUREOHP LV WKDW FOLQLFDO
FRXUVHV LQ ODZ VFKRROV DUH PRVWO\ UHGXFHG WR DQ H[WHQVLRQ RI FODVVURRP OHDUQLQJ 7KH ORZ
)UDQN6%ORFK 05.3UDVDG,QVWLWXWLRQDOL]LQJ$6RFLDO-XVWLFH0LVVLRQ)RU&OLQLFDO/HJDO(GXFDWLRQ
&URVV1DWLRQDO&XUUHQWV)URP,QGLD$QG7KH8QLWHG6WDWH&OLQLFDO/5HY
'U+DQLUDMY%DU&RXQFLO2I0DKDUDVKWUD *RD$,5 6&
%DU&RXQFLORI,QGLDYV%RQQLH)2,/DZ&ROOHJH ,QGODZ6&
7HUHQFH - $QGHUVRQ 5REHUW 6 &DW] 7RZDUGV D &RPSUHKHQVLYH $SSURDFK WR &OLQLFDO (GXFDWLRQ $
5HVSRQVHWRWKH1HZ5HDOLW\ :DVK8/4
7KRPDV 0 6WHHOH 7KH 0DF&UDWH 5HSRUW ,WV ,PSDFW RQ (GXFDWLRQ LQ /DZ )LUP 0DQDJHPHQW 3DFH /
5HY
8*&
&XUULFXOXP
'HYHORSPHQW
&RPPLWWHH
/DZ
5HSRUW
DYDLODEOH
DW
KWWS ZZZXJFDFLQROGSGIPRGHOFXUULFXOXPODZSGI
ϲϴ
SULRULW\ DFFRUGHG WR SUDFWLFDO FRXUVHV VKRXOG FKDQJH ZKLFK DJDLQ UHTXLUHV D FKDQJH LQ
SHUFHSWLRQRIOHJDOHGXFDWLRQ
+RZHYHULWPXVWEHQRWHGWKDWWKHWDVNRIOHJDOHGXFDWLRQLVQRWOLPLWHGWRSUHSDULQJVWXGHQWV
IRUWKHWUDGLWLRQDOSURIHVVLRQ,WPXVWDOVRHQDEOHVWXGHQWVSHUIRUPRWKHUUROHVLQGLYHUVHILHOGV
DVUHTXLUHG7KHUHLVDQHHGWRUHOHDUQDQGFKDQJHWKHGLUHFWLRQRIOHJDOHGXFDWLRQ$GRSWLQJ
DP\RSLFYLHZRIOHJDOHGXFDWLRQLVQROHVVWKDQDWUDJHG\7KHQHHGRIWKHKRXULVWREDODQFH
GRFWULQDODQGYRFDWLRQDOHGXFDWLRQ
&RQFOXGLQJ5HPDUNV
/HJDO HGXFDWLRQ LV DWFURVVZRUGV ZLWKWKH JOREDOLVLQJ ZRUOG ,W UHTXLUHVD SDQJOREDO YLVLRQ
ZLWK QDWLRQDO FUHGHQWLDOV HTXLSSHG E\ OHDGHUVKLS IURP WKH OHJDO FRPPXQLW\ /DZ VFKRROV
VKRXOGEHLQWKHYDQJXDUGLQUHFRJQL]LQJWKDWOHJDOHGXFDWLRQGRHVQRWHQGZLWKJUDGXDWLRQ
WKDW LW LV D OLIHORQJ HQWHUSULVH 7KHUH LV D QHHG IRU FRQWLQXLQJ DQG ZHOO RUJDQLVHG OHJDO
HGXFDWLRQUHFNRQLQJWKHQHZWUHQGVLQWKHZRUOGRUGHU
/DZ VFKRROV VKRXOG UHVSRQG WR WKHVH FKDOOHQJHV ZLWK VRPH VHOIHYDOXDWLRQ DV RIWHQ WKHVH
LVVXHV LQYROYH SHFXOLDU ORFDO SUREOHPV /HJDO HGXFDWLRQ QHHGV ORQJ WHUP SUDFWLFDO UHIRUPV
WKDW FDQ EH PDGH RQO\ DIWHU FRQVXOWDWLRQ ZLWK DOO VWDNHKROGHUV LQFOXGLQJ WKH IDFXOW\ ,W LV
HVVHQWLDO WKDW UROHV RI WKH %DU %HQFK DQG WKH DFDGHPLD YLVjYLV WKH UHJXODWLRQ RI OHJDO
HGXFDWLRQDUHEDODQFHG
/HJDOHGXFDWLRQWRGD\LVLQXUJHQWQHHGRIFODULILFDWLRQGLUHFWLRQDQGFUHDWLRQRIQHZLGHDV
:KDW ZH UHTXLUH LV D URDG PDS WR ORFDWH WKH GHILFLHQFLHV DQG PRUHRYHU WR JHW ULG RI WKH
FRPSODFHQF\WKDWKDVVHWLQDVUHJDUGVOHJDOHGXFDWLRQUHIRUPV,WLVQRWSRVVLEOHWRSLQSRLQWD
VLQJOHLVVXHSODJXLQJWKHOHJDOHGXFDWLRQV\VWHP+RZHYHUPDQ\LVVXHVLQFRPELQDWLRQIRUP
DIRUPLGDEOHFKDOOHQJH7KHUH DUHPDQ\PRUHLVVXHVWREHH[SORUHGLIOHJDOHGXFDWLRQLVWR
KDYHWKHGHVLUHGµEUHDGWKGHSWKDQGZLGHSHUVSHFWLYH¶7KHV\VWHPLVLQQHHGRIDUHYROXWLRQ
WKDWFDQHQDEOHLWUHVSRQGPHDQLQJIXOO\DQGHIIHFWLYHO\WRPRGHUQFKDOOHQJHV
5HIHUHQFHV
$PHULFDQ%DU$VVRFLDWLRQ 5HSRUWRI7KH7DVN)RUFHRQ/DZ6FKRROVDQGWKH3URIHVVLRQ
1DUURZLQJWKH*DSUHWULHYHGIURP
KWWS ZZZDPHULFDQEDURUJFRQWHQWGDPDEDSXEOLFDWLRQVPLVFOHJDOBHGXFDWLRQBOHJDOBHGXFDWLRQBD
QGBSURIHVVLRQDOBGHYHORSPHQWBPDFFUDWHBUHSRUW DXWKFKHFNGDPSGI
ϲϵ
/HJDO(GXFDWLRQLQ,QGLD ,VVXHV &KDOOHQJHV
.XVK.DOUD
.XUXNVKHWUD8QLYHUVLW\
7KHIXQFWLRQRIOHJDOHGXFDWLRQWKXVLVQRWRQO\WRLPSDUWOHJDOVNLOOVEXWWRLPSDUWDQ
XQGHUVWDQGLQJDVWRWKHHQGVIRUZKLFKWKRVHVNLOOVDUHWREHXVHGWKDWLVWRZDUGVDIXOOVHQVH
RIFRQWULEXWLRQWKHODZ\HUVDUHWRPDNHWRWKHIXQFWLRQRIODZDVDSRWHQWLQVWUXPHQWIRUWKH
EXLOGLQJXSDQGSUHVHUYDWLRQRIVXFKDVRFLHW\
0D[ZHOO&RKHQ
³«KXPDQKLVWRU\EHFRPHVPRUHDQGPRUHDUDFHEHWZHHQHGXFDWLRQDQGFDWDVWURSKH´
/HJDO(GXFDWLRQLQ,QGLD
$V RSSRVHG WR RWKHU IRUPV RI SURIHVVLRQDO HGXFDWLRQ VXFK DV PHGLFLQH HQJLQHHULQJ
PDQDJHPHQW HWF OHJDO HGXFDWLRQ LV ERWK SURIHVVLRQDO DV ZHOO DV OLEHUDO GHSHQGLQJ RQ LWV
REMHFWLYH ±DFTXLVLWLRQ RI SURIHVVLRQDO VNLOOV RU VRFLRFXOWXUDO HGXFDWLRQ 7KH REMHFWLYHV RI
OHJDOHGXFDWLRQDVHQYLVDJHGE\WKH%D[L&RPPLWWHHDUHDVXQGHU
³:HDUHXQDQLPRXVWKDWOHJDOVFLHQFHLVDKXPDQVFLHQFHUHODWLYHO\DXWRQRPRXVRIWKHRWKHU
KXPDQ VRFLDO VFLHQFHV ,W IXUQLVKHV EH\RQG WHFKQLTXHV VNLOOV DQG FRPSHWHQFHV WKH EDVLF
SKLORVRSKLHV LGHRORJLHV FULWLTXHV DQG LQVWUXPHQWDOLWLHV DOO DGGUHVVHG WR WKH FUHDWLRQ DQG
PDLQWHQDQFHRIDMXVWVRFLHW\,WLVLQWKLVFRQFHUQZLWKMXVWLFHLQVRFLHW\DQGZLWKDWWDLQLQJD
MXVWVRFLHW\ZKLFKGLIIHUHQWLDWHVOHJDOVFLHQFHVIURPRWKHUVRFLDODQGKXPDQVFLHQFHV´
7KHSUHVHQWOHJDOHGXFDWLRQLVSUHGRPLQDQWO\OLEHUDOLQFKDUDFWHU+RZHYHUWKHIRXQGDWLRQRI
ODZDVDOLEHUDOHGXFDWLRQLQ,QGLDLVZHDNVLQFHDIWHUEHLQJLQLWLDWHGLQLWWKHODZJUDGXDWHLV
LQ D GLOHPPD DV WR KLV IXWXUH 7KH 5DGKDNULVKQDQ &RPPLVVLRQ RQ 8QLYHUVLW\ (GXFDWLRQ
ODPHQWHGWKHIDFWWKDW³«2XU&ROOHJHVRI/DZGRQRWKROGDSODFHRIKLJKHVWHHPHLWKHUDW
KRPH RU DEURDG QRU KDV /DZ EHFRPH DQ DUHD RI SURIRXQG VFKRODUVKLS DQG HQOLJKWHQHG
0D[ZHOO&RKHQ³7KH&RQGLWLRQRI/HJDO(GXFDWLRQRI&DQDGD´&DQDGLDQ%DU5HYLHZ S
5HSRUW RI WKH &XUULFXOXP 'HYHORSPHQW &HQWUH FRPPRQO\ NQRZQ DV %D[L &RPPLWWHH 9RO 8QLYHUVLW\
*UDQWV&RPPLVVLRQ
ϳϭ
UHVHDUFK´ 7KH 6HWDOYDG &RPPLVVLRQ REVHUYHG ³7KH PDLQ SXUSRVH RI XQLYHUVLW\ OHJDO
HGXFDWLRQVHHPVKLWKHUWRWRKDYHEHHQQRWWKHWHDFKLQJRIODZDVDVFLHQFHRUDVDEUDQFKRI
OHDUQLQJEXWPHUHO\LPSDUWLQJWRVWXGHQWVDNQRZOHGJHRIFHUWDLQSULQFLSOHVDQGSURYLVLRQVRI
ODZWRHQDEOHWKHPWRHQWHUWKHOHJDOSURIHVVLRQ´7KH&RPPLVVLRQDOVRREVHUYHG³QRULVWKH
HGXFDWLRQLQODZLPSDUWHGDWWKHXQLYHUVLWLHVVXFKDVWRILWWKHODZJUDGXDWHVIRUWKHSURIHVVLRQ
QRWZLWKVWDQGLQJ LWV VXSSRVHG ELDV LQ IDYRXU RI D SURIHVVLRQDO FDUHHU´ ,W PXVW EH
UHPHPEHUHGWKDWRQO\IHZSHRSOHFDQHQMR\WKHHFVWDV\RI OHDUQLQJ DVXEMHFW SXUHO\IRUWKH
VDNHRIVXFKHFVWDV\(GXFDWLRQLVWKHUHIRUHH[SHFWHGWREHUHIOHFWHGLQWKHSURFHVVRIOLIHDQG
OLYLQJ
/HJDO (GXFDWLRQ &DWHULQJ WR WKH GHPDQGV RI WKH /HJDO 3URIHVVLRQ DV
GLVWLQFWIURP/LWLJDWLRQ
,W PXVW EH UHPHPEHUHG WKDW OLWLJDWLRQ LV D SDUW RI WKH OHJDO SURIHVVLRQ DQG LV QR ORQJHU WKH
PDLQVWD\ RI WKH VDPH 7KHUHIRUH OHJDO HGXFDWLRQ PXVW QRW EH FRQILQHG WR FDWHU WR WKH
UHTXLUHPHQWV RI OLWLJDWLYHDGYRFDF\ $ KLJKO\ VNLOOHG SURIHVVLRQDO HGXFDWLRQ ZLWKRXW DQ LQ
GHSWK NQRZOHGJH DQG DSSUHFLDWLRQ RI IXQGDPHQWDOV RI ODZ LV TXLWH OLNHO\ WR FUHDWH D
FRPSOHWHO\H[SORLWDWLYHOHJDOSURIHVVLRQ%\GHILQLWLRQOHJDOSURIHVVLRQDOVKDYHRQO\DVPDOO
GRPDLQRI³SUHVHQWLQJEHIRUHDFRXUWRUDQDXWKRULW\´7KHZLGHVWDUHDRIOHJDOFRQVXOWDQF\
DGYLFHGRFXPHQWDWLRQQRWDULDOVHUYLFHVHWFDUHDOORXWVLGHWKHGRPDLQRIOHJDOSURIHVVLRQDOV
,Q IDFW PHPEHUV RI WKH %DU &RXQFLO DQG RI WKH OHJDO SURIHVVLRQ KDYH QHYHU ORGJHG WKHLU
SURWHVW LQ DQ\ IRUP DJDLQVW VXFK PHWKRGV RI VKULQNLQJ WKH DUHD RI RSHUDWLRQ PHDQW IRU WKH
OHJDOSURIHVVLRQWKURXJKVWDWXWRU\SURFHVVHV7KH,QGLDQ$GYRFDWHV$FWGRHVQRWVSHDNRIWKH
PDQDJHPHQWRIWKHOHJDOSURIHVVLRQDQGKDVQRWEURXJKWWKHRUJDQL]DWLRQDQGPDQDJHPHQWRI
ODZILUPVXQGHULWVSXUYLHZ,WSUHVXPHVWKDWDOOSURIHVVLRQDODFWLYLWLHVDUHFDUULHGRXWDWWKH
OHYHO RI LQGLYLGXDOV6XFK DSURSRVLWLRQLVQRW RQO\LQFRUUHFWEXWFUHDWHVDEUHHGLQJJURXQG
IRU LQHIILFLHQF\ DQG LQFDSDFLW\ 6LQFH WKH $FW KDV QRW WDONHG DERXW DQ\ RUJDQL]DWLRQDO
VWUXFWXUH RI WKH OHJDO SURIHVVLRQ WKHUH LV QR FRQFHSW RI OLPLWHG OLDELOLW\ QR FRQFHSW RI
µODZ\HUV FROOHFWLYH¶ EH\RQG D SDUWQHUVKLS RI )XUWKHU FRRUGLQDWLRQ ZLWK RWKHU
SURIHVVLRQDOV KDV EHHQ PDGH WDERR 7KHVH FROOHFWLYHO\ SURPRWH LQFRPSHWHQFH LQFDSDELOLW\
DQGLQHIILFLHQF\LQVHUYLQJWKHFOLHQW¶VWRWDOQHHGZLWKWKHFOLHQWVEHLQJNHSWDWDGLVDGYDQWDJH
RIPRQRSROLVWLFVHUYLFHDQGWKHKD]DUGRIUXQQLQJEHWZHHQPDQ\VHUYLFHSURYLGHUV
0HQRQ/HJDO(GXFDWLRQLQ,QGLD 6WDWXVDQG3UREOHPV S
,ELGSS
1/0LWUD/HJDO(GXFDWLRQ,Q,QGLD,QWHUQDWLRQDO&RQIHUHQFH
ϳϮ
/DZDQGOHJDOLQVWLWXWLRQVDUHFRQFHUQHGZLWKJRRGJRYHUQDQFH*RRGJRYHUQDQFHQHFHVVDULO\
UHTXLUHV 5XOH RI /DZ ZKLFK VHHNV MXVWLFH DQG HQVXUHV D MXVW VRFLHW\ 7KLV SURSRVLWLRQ
IXQGDPHQWDOO\ TXHVWLRQV WKH DELOLW\ RI WKH %DU &RXQFLO RI ,QGLD WR OD\ GRZQ VWDQGDUGV IRU
OHJDOHGXFDWLRQ3DUWRIVWDQGDUGVHWWLQJFRQFHUQHGZLWKIXQGDPHQWDOVOLNHEDVLFSKLORVRSKLHV
LGHRORJLHV FULWLTXHV DQG LQVWUXPHQWDOLWLHV DQG DGGUHVVHV LWVHOI WR WKH FUHDWLRQ DQG
PDLQWHQDQFHRIDMXVWVRFLHW\LVSURSHUO\ZLWKLQWKHGRPDLQRIWKH8*&
*OREDOL]DWLRQ*$76DQG/HJDO(GXFDWLRQ
7KH /DZ &RPPLVVLRQ KDV VHULRXVO\ WDNHQ QRWH RI WKH SURFHVV RI JOREDOL]DWLRQ RQ OHJDO
VHUYLFHV7UDGHLQ OHJDOVHUYLFHVLVHVVHQWLDOO\FRQFHUQHGZLWKDPHPEHUFRXQWU\¶VFXOWXUH
LQFOXGLQJ ODQJXDJH SURFHGXUH DQG NQRZOHGJH DERXW WKH FRXQWU\¶V OHJDO SULQFLSOHV 7KDW LV
WKHUHDVRQZK\DFRXQWU\FDQFHUWDLQO\SUHVFULEH D TXDOLILFDWLRQUHTXLUHPHQWVDQGSURFHGXUH
IRU HQUROPHQW DV VHUYLFH SURYLGHU E WHFKQLFDO VWDQGDUGV WR EH DFKLHYHG WR LQFUHDVH WKH
FRPSHWHQFHDQGDELOLW\RIWKHVHUYLFHSURYLGHUVDQG F OLFHQVLQJUHTXLUHPHQWVSURYLGHGWKDW
VXFKUHTXLUHPHQWVDUHEDVHGRQREMHFWLYHVDQGWUDQVSDUHQWFULWHULDDUHQRWPRUHEXUGHQVRPH
WKDQQHFHVVDU\DQGGRQRWLPSRVHUHVWULFWLRQVRQWKHVXSSO\RIWKHVHVHUYLFHV
7KHDERYHVWLSXODWLRQVLQ*$76LQFUHDVHWKHUHVSRQVLELOLW\RIWKH%&,DVZHOODVWKH8*&LQ
WKHFKDUJHRIVWDQGDUGL]DWLRQDQGUHJXODWLRQRIWKHV\VWHPRIOHJDOHGXFDWLRQLQ,QGLD6LQFH
WKH $GYRFDWHV $FW UHTXLUHV D TXDOLILFDWLRQ RI ODZ JUDGXDWH WR EH WKH TXDOLILFDWLRQ
SUHVFULEHG IRU HQUROPHQW DV DQ $GYRFDWH ERWK WKH 8*& DQG WKH %DU &RXQFLO RI ,QGLD QRZ
KDYHDZLGHUUHVSRQVLELOLW\WRVHHWKDWWKHHQKDQFHPHQWRIFDSDFLW\LVDFKLHYHGLQDQRWKHUILYH
\HDUVWLPHWKURXJKDQHZHGXFDWLRQDOV\VWHP7KLVVKRXOGHQVXUHWKDWWKHUHLVDFRPSHWLWLYH
VWDQGDUGVHWLQRUGHUWRDFKLHYHDOHYHOSOD\LQJILHOGHVSHFLDOO\ZKHQIRUHLJQODZ\HUVDQGODZ
ILUPV ZRXOG DOVR VWULYH IRU LQFUHDVLQJ WKHLU SODQ WLPH LQ WKLV FRXQWU\ ,W PXVW EH FOHDUO\
XQGHUVWRRG WKDW ,QGLD LV D YHU\ DWWUDFWLYH PDUNHW IRU DOO LQWHUQDWLRQDO SOD\HUV EH LW LQ
LQYHVWPHQW WUDGH LQ JRRGV LQ SURWHFWLQJ LQWHOOHFWXDO SURSHUW\ RU LQ H[WHQGLQJ VHUYLFHV WR
FOLHQWV5HVWULFWLRQVIRUHQWU\FDQRQO\EHEDVHGRQ
³$ WKLUG VHULRXV FKDOOHQJH DVVXPLQJ LPSRUWDQFH UHODWHV WR WKH JOREDOL]DWLRQ SURFHVV XQGHUZD\ ,QGLD ZLOO
KDYHWRRSHQXSLWVOHJDO VHUYLFHVVHFWRUVRRQHU RUODWHUZLWKLQWKH QH[WILYH \HDUV ,WLVERWKFKDOOHQJHDQGDQ
RSSRUWXQLW\)RUWKHVHFRQGODUJHVWSURIHVVLRQLQWKHZRUOGWREHDEOHWRSURYLGHDOHYHOSOD\LQJILOHGZLWKLQWKH
FRXQWU\DQGWRHQFRXUDJHFURVVERUGHUSUDFWLFHDPRQJ,QGLDQODZ\HUVWKHSURIHVVLRQKDVWRUHYLVHSROLFLHVDQG
FRQWUROVDSSURSULDWHO\IRUZKLFKWKHWLPHKDVFRPH´
*HQHUDO$JUHHPHQWLQ7UDGHLQ6HUYLFHV$UW9,DQG$UW9,,
ϳϯ
D 4XDOLILFDWLRQUHVWULFWLRQV
E UHVWULFWLRQVLPSRVHGE\ZD\RIH[SHULHQFHDQGWHFKQLFDONQRZOHGJHDQG
F OLFHQVLQJUHTXLUHPHQWV
$OO WKHVH DUH UHTXLUHG WR EH UHDVRQDEOH UHVWULFWLRQV KDYLQJ FRPSOHWH WUDQVSDUHQF\ DQG
SURYLGLQJRSSRUWXQLWLHVWRDOOVWDNHKROGHUVWRDFTXLUHWKHP
*OREDOL]DWLRQ WKURZV WKUHH FKDOOHQJHV WR DOO DXWKRULWLHV FRQQHFWHG ZLWK WKH OHJDO
SURIHVVLRQ DQG OHJDO HGXFDWLRQ )LUVWO\ WKH SUHVHQW OHJLVODWLYH GHVLJQ IRU WKH OHJDO
SURIHVVLRQ LV ZRHIXOO\ LQDGHTXDWH LW UHVWULFWV DQG GLVFULPLQDWHV ,W LV LQFDSDEOH RI EHLQJ
VWDQGDUGL]HG LQ FRUH DUHDV RI SURIHVVLRQDO OHJDO HGXFDWLRQ /HJDO SURIHVVLRQDO HGXFDWLRQ
HVSHFLDOO\LQWKHILQDQFLDOVHFWRUDQGLQFRUSRUDWHJRYHUQDQFHLVVRSRRUWKDW3DUOLDPHQW
LWVHOI KDV DOORZHG WKH DFFRXQWLQJ SURIHVVLRQ WR GLVFKDUJH UHVSRQVLELOLWLHV ZKLFK VKRXOG
RWKHUZLVHKDYHEHHQWKDWRIOHJDOSURIHVVLRQDOV
/HJDOHGXFDWLRQZKLFKLVWKHOHJLWLPDWHPHWKRGRIJXDUGLQJWKHSURIHVVLRQ¶VLQWHUHVWLQD
QDWLRQ LV FRPSOHWHO\ PLVPDQDJHG 8QLYHUVLWLHV FRQGXFWLQJ FRXUVHV GR QRW WDNH
UHVSRQVLELOLW\ IRU WKHLU JUDGXDWLQJ SURGXFWV 7KH IDFXOW\ GRHV QRW GHVLJQ WKH FRXUVH
EHFDXVH LW LV LPSRVHG XSRQ WKHP 7KH 8QLYHUVLW\ *UDQWV &RPPLVVLRQ JRHV RQ GHEDWLQJ
WKH P\WKLFDO TXHVWLRQ RI ODZ ZKHWKHU LV DQ DFDGHPLF FRXUVH RU D SURIHVVLRQDO FRXUVH
ZLWKRXWPDNLQJDQHIIRUWWRLPSURYHTXDOLW\7KH%DU&RXQFLOVERWKDWWKH&HQWUHDQGWKH
6WDWH EHLQJ SROLWLFDO LGHQWLWLHV DUH LQFDSDEOH RI VWDQGDUGL]LQJ WKH ODZ FXUULFXOD 7KH
SHUVRQDOODZGRHVQRWHPSRZHUWKH%DU&RXQFLOWRGHYHORSWKHDELOLW\RIWKHSURIHVVLRQ
7KHRQO\H[LVWLQJGHEDWHRIZKHWKHUDODZFRXUVHVKRXOGEHRIWKUHH\HDUV¶GXUDWLRQRURI
ILYH \HDUV¶GXUDWLRQ LVDIUXLWOHVVH[HUFLVH7KH SUREOHPLVQRWRIWKUHH\HDURUILYH\HDU
FRXUVHV LW LV RI GHYHORSLQJ D TXDOLWDWLYH VKLIW LQ WKH FRXUVH RXWOLQH SUHSDULQJ VWXG\
PDWHULDOVDQGGHVLJQLQJDQDSSURSULDWHSHGDJRJ\
&KDOOHQJHVLQWKH3RVW*$76(UD
,QWKHDERYHVLWXDWLRQWKHUHIRUHOHJDOHGXFDWLRQDQGLWVVWDQGDUGL]DWLRQIDFHWKHIROORZLQJ
FKDOOHQJHV L VWDQGDUGL]LQJ WKH SURSHU TXDOLILFDWLRQ LQSXWV IRU WKH SURIHVVLRQ LL
FRPSXOVRU\ SURIHVVLRQDO WUDLQLQJ LQSXWV EHIRUH MRLQLQJ WKH SURIHVVLRQ DQG LLL
FHUWLILFDWLRQ SURFHGXUHIRU MRLQLQJ WKH SURIHVVLRQ ,Q WKH 86 WKH LQSXW TXDOLILFDWLRQ LV D
GHJUHH RI -' IURP DQ $PHULFDQ 8QLYHUVLW\ RU DQ //0 GHJUHH IURP DQ $PHULFDQ
ϳϰ
XQLYHUVLW\ LI D ODZ GHJUHH LV WDNHQ IURP DQ\ RWKHU 6WDWH :LWK WKLV LQSXW D SHUVRQ FDQ
ZRUN LQ D /DZ ILUP DV D OHJDO DVVLVWDQW EXW FDQQRW UHSUHVHQW FOLHQWV 7KH SHUVRQ FDQ
SUHSDUH GHWDLOHG UHFRPPHQGDWRU\ QRWHV UHVHDUFK RQ OHJDO LVVXHV SUHSDUH WKH FDVH DQG
VXEPLWWKHILOHEHIRUHKLVVHQLRU6XFKDSHUVRQFDQDIWHUREWDLQLQJVXFKDGHJUHHDSSHDU
LQWKH%DUWHVWFRQGXFWHGE\6WDWH%DU&RXQFLOV$IWHUFOHDULQJVXFKDWHVWKHPD\JHWD
OLFHQVHWRSUDFWLFHODZZKHUHE\KHFDQUHSUHVHQWKLVFOLHQWV$VDOUHDG\VWDWHGXQGHUWKH
%ULWLVK V\VWHP D SHUVRQ FDQ WDNH WKH SURIHVVLRQDO %DUDW/DZ FRXUVH ZLWK DQ\ ,QQV RI
&RXUWRUDQLQVWLWXWHDIWHUREWDLQLQJDJUDGXDWHOHYHOGHJUHHQRWQHFHVVDULO\LQODZIURP
DQ\ XQLYHUVLW\ 7KH WUDLQLQJ LQFOXGHV RI SURIHVVLRQDO VNLOOV WKURXJK YDULRXV SUDFWLFDO
PHWKRGV
,Q ,QGLD WKH 8QLYHUVLW\ *UDQWV &RPPLVVLRQ KDV WR VWDQGDUGL]H WKH TXDOLW\ RI WKH OHJDO
HGXFDWLRQ ZKLFK LQFOXGHV WKH VXEVWDQWLYH SRUWLRQ RI WKH DFDGHPLF FXUULFXOD 7KH
&XUULFXOXP 'HYHORSPHQW &HQWUH &'& KDV JRQH LQWR WKH GHWDLOV RI WKDW H[HUFLVH EXW
XQIRUWXQDWHO\ WKH 8*& GRHV QRW HQIRUFH LWV ZULWV RQ WKH XQLYHUVLWLHV 7KH FXUULFXOXP
GHVLJQHGE\WKH&'&LQLWVUHSRUWVUHPDLQVDSDSHUWLJHU
,Q VR IDU DV SUDFWLFDO WUDLQLQJ LV FRQFHUQHG WKH %DU &RXQFLO GLG QRW KDYH DQ\
UHVSRQVLELOLW\IRUWKHFRQGXFWRIVXFKWUDLQLQJ7KHUHIRUHLWKDVFRQYHQLHQWO\SDVVHGWKDW
UHVSRQVLELOLW\ RQ WR WKH8QLYHUVLWLHV E\ VXJJHVWLQJ WKDW VRPHFRXUVHV RQ SURFHGXUDO ODZ
VKRXOG EH FRPSXOVRULO\ VWXGLHG DQG WKDW VRPH SUDFWLFDO WUDLQLQJ FRXUVHV VKRXOG EH
LPSDUWHG/LNH$PHULFDQXQLYHUVLWLHVWKHUHIRUH,QGLDQ8QLYHUVLWLHVDUHDDOVRWDNLQJWKH
HQWLUHUHVSRQVLELOLW\IRUSUHSDULQJVWXGHQWVERWKLQUHVSHFWRIVXEVWDQWLYHOHJDONQRZOHGJH
DVZHOODVWKHSURFHGXUDODQGSUDFWLFDOWUDLQLQJ
7KH 6WDWH %DU &RXQFLOV DUH PDGH UHVSRQVLEOH WR HQUROO WKH OHJDO SURIHVVLRQDOV VWUDLJKW
DIWHUWKHLUJUDGXDWLRQ7KHUHLVQRWHVWFRQGXFWHGWRVWDQGDUGL]HSURIHVVLRQDOLQSXWV7KH
$PHQGPHQW%LOOVXJJHVWHGE\WKH/DZ&RPPLVVLRQSUHVFULEHVHLJKWPRQWKVWUDLQLQJDQG
D %DU H[DPLQDWLRQ 6XFK DFDGHPLF DQG SURIHVVLRQDO OLFHQVLQJ UHVWULFWLRQV DUH SHUPLWWHG
XQGHU*$768QIRUWXQDWHO\WKHSURIHVVLRQKDVWDNHQWKHFKDOOHQJHVLQDQHJDWLYHPDQQHU
E\ FDOOLQJ VWULNHV DQG DJLWDWLRQVLQVRPH SDUWV RI WKH FRXQWU\ ,W LV TXLWHXQGHUVWDQGDEOH
WKDWWKHSURIHVVLRQLVXQSUHSDUHGERWKDFDGHPLFDOO\DVZHOODVLQWHUPVRIVNLOOVWRDFFHSW
WKHFKDOOHQJHFUHDWHGE\*$76
ϳϱ
&RQWLQXLQJ/HJDO(GXFDWLRQ
D 3RVW/DZ6FKRRO/HJDO(GXFDWLRQIRU/DZ\HUV
³/DZ\HUV DUH DOZD\V JRLQJ WR EH VWXGHQWV EHFDXVH WKH OHDUQLQJ GRHVQ¶W VWRS LQ ODZ
VFKRRO7KHLURQ\LVWKDWZKHQZHEHFRPHODZ\HUVZHQRWRQO\FRQWLQXHWREHVWXGHQWV
ZHVLPXOWDQHRXVO\DUHWHDFKHUV´
0LFKDHO6*UHFR
7KXV ODZ\HUV¶ HGXFDWLRQ LV DV SURFHVV H[WHQGLQJ RYHU D ZKROHFDUHHU ,W VWDUWV ZLWK WKH
DFDGHPLFVWDJHH[WHQGV WKURXJK WUDLQLQJLQFRXUWV DQGFRQWLQXHV WKURXJKD PL[ RI VHOI
HGXFDWLRQ DQG OHDUQLQJ IURP SHHUV IRU DV ORQJ DV D SHUVRQ LQ LQYROYHG LQ OHJDO ZRUN
$IRUHVDLG ZH KDYH VWUHVVHG RQ WKH LPSRUWDQFH RI WKH FDSDFLW\ WR OHDUQ LQGHSHQGHQWO\
ZKLFKPXVWEHGHYHORSHGDWWKHHDUOLHVWSRVVLEOHVWDJHLHODZVFKRRO,WLVWKDWFDSDFLW\
ZKLFKPDUNVWKHYLWDOGLVWLQFWLRQEHWZHHQHGXFDWLRQDQGWUDLQLQJ
7KH(QJOLVKOHJDOV\VWHPSURYLGHVDQH[DPSOHRIDQXQXVXDOO\DPELWLRXVDQGVXFFHVVIXO
SURJUDP WKDW LQFUHDVHV WKH SURILFLHQF\RI SUDFWLFLQJ ODZ\HUV 3URIHVVLRQDO $FFUHGLWDWLRQ
3URJUDPPH7KHVFKHPHLVUXQE\DUHSUHVHQWDWLYHERG\RIWKHOHJDOSURIHVVLRQUHJXODWLQJ
WKHTXDOLW\RILWVRZQPHPEHUV2QWKHVLPLODUOLQHVLVWKH'LSORPDLQ/HJDO3UDFWLFHLQ
6FRWODQG ZKLFK LV D WKUHH\HDU FRXUVH RI SURIHVVLRQDO WUDLQLQJ DQG HGXFDWLRQ $IWHU
JUDGXDWLQJZLWKDXQLYHUVLW\GHJUHHLQODZVWXGHQWVZKRZLVKWRHQWHUWKH6FRWWLVKOHJDO
SURIHVVLRQ PXVW FRPSOHWH WKH VDLG 'LSORPD 7KH 'LSORPD SURYLGHV ODZ VWXGHQWV ZLWK
SUDFWLFDOVNLOOVDQGNQRZOHGJHDQGHTXLSVWKHPIRUWKHWZR\HDUWUDLQHHVKLSWKDWIROORZV
WKH 'LSORPD ,W LV SURYLGHG E\ XQLYHUVLW\ ODZ VFKRROV EXW LV WDXJKW SUHGRPLQDQWO\ E\
SUDFWLWLRQHUV
E -XGLFLDO(GXFDWLRQDQG7UDLQLQJ
7KHEDVLFDLPRI>-XGLFLDO7UDLQLQJ@LVWRHTXLSWKHWUDLQHHVQRWRQO\ZLWKWRROVWRH[HFXWH
WKHLUZRUNEXWWRHQGRZWKHPZLWKYLVLRQDVWRZKDWLVH[SHFWHGRXWRIWKHV\VWHPWKH\
VHUYH:KDWLVPHDQWIRUMXVWLFH":KDWLVGHFLVLRQPDNLQJSURFHVV":KDWDUHWKHJRDOVRI
ϭϱϬ
0LFKDHO6*UHFR3UHVLGHQW$PHULFDQ%DU$VVRFLDWLRQ.H\QRWH$GGUHVVDWWKH)RUGKDP8QLYHUVLW\6FKRRO
RI /DZ 6\PSRVLXP &KDOOHQJHV LQ /DUJH )LUP 3UDFWLFHV $SU LQ &ODUN ' &XQQLQJKDP ³/HJDO
(GXFDWLRQDIWHU/DZ6FKRRO /HVVRQVIURP6FRWODQGDQG(QJODQG¶V´)RUGKDP8UEDQ/DZ-RXUQDO
ϭϱϭ
1DQL$3DONKLYDOD:H7KH3HRSOH0DQLSDO3RZHU3UHVV S
&ODUN ' &XQQLQJKDP ³/HJDO (GXFDWLRQ DIWHU /DZ 6FKRRO /HVVRQV IURP 6FRWODQG DQG (QJODQG´
)RUGKDP8UEDQ/DZ-RXUQDO
ϳϲ
WKH &RQVWLWXWLRQ" :KDW LV WKH GLUHFWLRQ LQ ZKLFK WKH ODZ PXVW PRYH" :KDW GRHV WKH
GLFWXPMXVWLFHDFFRUGLQJWRODZLPSO\"
WK5HSRUWRIWKH/DZ&RPPLVVLRQRI,QGLD
/HJDO(GXFDWLRQ3DUDGLJP 8VHRI1HZ7HFKQRORJLHV
1HZ FRPPXQLFDWLRQ WHFKQRORJLHV WKURXJK WKH ,QWHUQHW RIIHU RSSRUWXQLWLHV IRU ODZ VWXGHQWV
IDFXOW\DQGSUDFWLFLQJODZ\HUVWRVXSSRUWWKHOHDUQLQJSURFHVV7KH,QWHUQHWSURYLGHVDZHDOWK
RI UHVRXUFHV DQG GLYHUVH FRPPXQLFDWLRQV SODWIRUPV WR HQFRXUDJH SHHU LQWHUDFWLRQ
FROODERUDWLRQDQGIHHGEDFNIURPWHDFKHUVDQGRWKHUV
/HJDOHGXFDWLRQVKRXOGHPSOR\QHZWHFKQRORJLHVVRWKDWODZVWXGHQWVDUHSUHSDUHGIRUWKHLU
SURIHVVLRQDO OLYHV LQ ZKLFK WHFKQRORJ\ IRU UHVHDUFK DQG FRPPXQLFDWLRQV ZLOO SOD\ DQ
LPSRUWDQW UROH ,W LV LPSRUWDQW WR WHDFK VWXGHQWV LQ D ZD\ WKDW LQFUHDVHV WKHLU FRPIRUW ZLWK
WHFKQRORJ\DQGFROODERUDWLYHZRUN 6WXGHQWVZLWKWHFKQRORJLFDOVNLOOVZLOOEHHTXLSSHGWR
DFFHVVXSWRGDWHLQIRUPDWLRQDQGUHVRXUFHVRQFHWKH\DUHLQODZSUDFWLFH
6WXGHQW FHQWHUHG HGXFDWLRQDO WHFKQRORJ\ FDQ DGGUHVV FULWLFLVPV RI WKH WUDGLWLRQDO WHDFKHU
FHQWHUHG FODVVURRP 7HFKQRORJ\ FDQ IDFLOLWDWH LQIRUPDO FRPPXQLFDWLRQV DPRQJ ODZ
VWXGHQWVDQGIDFXOW\DOORZLQJPRUHIHHGEDFNWRVWXGHQWVDQGJUHDWHUDXWRQRP\LQOHDUQLQJ
/DZWHDFKHUVDUHH[SHULPHQWLQJZLWKYLUWXDO RQOLQH OHDUQLQJH[SHULHQFHVERWKVLPXODWHG
DQG RQ DFWXDO SURMHFWV 8VH RI RQOLQH WHFKQRORJ\ HQWDLOV FRPPXQLFDWLRQV E\ VWXGHQWV LQ
6HH*(25*(6,(0(16 3(7(57,77(1%(5*(5+$1'%22.2)(0(5*,1* 7(&+12/2*,(6
)25 /($51,1* DYDLODEOH DW KWWS XPDQLWREDFDOHDUQLQJBWHFKQRORJLHVFHWOO+(7/ SGI GLVFXVVLQJ
WKH IXQGDPHQWDO FKDQJHV LQ KLJKHU HGXFDWLRQ GXH WR FRQFHSWXDO DQG WHFKQRORJLFDO FKDQJHV LQ WHDFKLQJ DQG
OHDUQLQJ DQG GHVFULELQJ ZD\V LQ ZKLFK QHZ WRROV RSHQ FRXUVHZDUH EORJV VRFLDO QHWZRUNV DXGLR DQG
SRGFDVWLQJ DQG ZHE FRQIHUHQFLQJ FDQ EH XVHG LQ WHDFKLQJ DQG OHDUQLQJ VHH DOVR VXSUD QRWHV RQOLQH
UHVRXUFHVRQOHJDOHGXFDWLRQ
'$9,' /& 7+20621 /$: 6&+22/ DW GHVFULELQJ FXUUHQW FULWLFLVPV RI OHJDO
HGXFDWLRQDQGDVVHUWLQJ WKDWODZVFKRROVVKRXOG XVHQHZWHFKQRORJLHVWR HPSRZHUVWXGHQWVWR EHVHOIGLUHFWHG
OHDUQHUVSUHSDUHGIRUIXWXUHFKDQJHWKDWWKHQHZPHDQVRIVKDULQJDQGFUHDWLQJFRQWHQWUHLQIRUFHFROODERUDWLYH
DSSURDFKHVQHFHVVDU\IRUSUREOHPVROYLQJWKDWNQRZOHGJHRIWHFKQRORJ\LVLQFUHDVLQJO\LPSRUWDQWIRUHIILFLHQW
ODZ SUDFWLFH DQG HQFRXUDJLQJ IDFXOW\ WR WDNH WKH OHDS WR H[SHULPHQW ZLWK QHZ WHFKQRORJLFDO PHWKRGV RI
LQWHUDFWLRQZLWKVWXGHQWVLQODZVFKRROFRXUVHV
,GDW
,G
ϭϱϳ
6HH HJ 3$8/ 0$,L$5* 75$16)250,1* /(*$/ ('8&$7,21 /($51,1* $1' 7($&+,1*
7+( /$Z ,1 7+( ($5/< 7Z(17<),567 &(1785< GLVFXVVLQJ FROODERUDWLYH OHDUQLQJ WKURXJK
LQWHUGLVFLSOLQDU\WUDQVDFWLRQDOVLPXODWLRQVLQWKHYLUWXDOWRZQRI$UGFDOORFK6FRWODQG 7+20621VXSUDQRWH
DW GHVFULELQJWKHXVHRIZLNLVLQWHDFKLQJ$GPLQLVWUDWLYH/DZWKHXVHRID³)LOH 6HUYH´V\VWHPLQ
DOLWLJDWLRQFRXUVHDQGWKHXVHRI&DVH0DSLQWHDFKLQJ/HJDO5HVHDUFKDQG:ULWLQJ
4XHHQVO 8QLY RI 7HFK 6FK RI /DZ 9LUWXDO /DZ 3ODFHPHQW KWWS ZZZODZTXW HGXDXODERXWOZLOO ODVW
YLVLWHG$SULO RIIHULQJ³9LUWXDO/DZ3ODFHPHQW´LQZKLFK³6WXGHQWVZLOODSSO\ OHJDONQRZOHGJHDQG
VNLOOVWRFRPSOHWHDUHDOZRUOGZRUNSODFHSURMHFWLQDWHDPXVLQJRQOLQHFRPPXQLFDWLRQWHFKQRORJLHVWRHQDEOH
VWXGHQWVWREHYLUWXDOO\UDWKHUWKDQSK\VLFDOO\SUHVHQWDWWKHZRUNSODFHDQGWRHQJDJHZLWKWKHRWKHUSDUWLFLSDQWV
ϳϳ
WKHLU SURIHVVLRQDOUROHVDQGYRLFHV$OHJDOHGXFDWLRQSLRQHHU LQWKHILHOGRIYLUWXDOOHDUQLQJ
HQYLURQPHQWV3URIHVVRU3DXO0DKDUJGUDIWHGWKHIROORZLQJVHW RIJXLGHOLQHVIRUWKHYLUWXDO
OHDUQLQJ H[SHULHQFH KH FUHDWHG DFWLYH SDUWLFLSDWRU\ OHDUQLQJ OHDUQLQJ WR GR WUDQVDFWLRQV
UHIOHFWLRQ FROODERUDWLYH OHDUQLQJ DQG HWKLFDO DQG SURIHVVLRQDO OHDUQLQJ 7KHVH JXLGHOLQHV
LQFRUSRUDWHWKHOHDUQLQJSULQFLSOHVXQGHUGLVFXVVLRQPRUHEURDGO\LQOHJDOHGXFDWLRQ
,Q DGGLWLRQ ODZ SURIHVVRUV FRPPXQLFDWH DERXW OHJDO HGXFDWLRQ LVVXHV WKURXJK EORJV )RU
H[DPSOH $PHULFDQ ODZ SURIHVVRUV VKDUH LQIRUPDWLRQ WKURXJK WKH /DZ 3URIHVVRU %ORJ
1HWZRUN 7KHVH EORJV SURYLGH VSDFH IRU VKDULQJ LQIRUPDWLRQ DQG SRVWLQJ TXHVWLRQV DQG
UHVSRQVHVWRODZFROOHDJXHV
/HJDO(GXFDWLRQLQ,QGLDDQG5HIRUPV7UHQGV
/DZ WHDFKHUV LQ ,QGLD VKRXOG FRQVLGHU WR ZKDW H[WHQW WKH IRXU LQWHUVHFWLQJ WUHQGV LQ OHJDO
HGXFDWLRQ UHIRUP GLVFXVVHG DERYH UHIUDPLQJ RI FXUULFXODU FRQWHQW WR LQWHJUDWH FURVV
ERUGHU DQG LQWHUQDWLRQDO GLPHQVLRQV RI SUDFWLFH JUHDWHU HPSKDVLV RQ SUREOHPVROYLQJ
QHJRWLDWLRQ DQG WUDQVDFWLRQDO SUDFWLFH WR EDODQFH WKH WUDGLWLRQDO IRFXV RQ OLWLJDWLRQ
FRQQHFWLRQ RI WKHRU\ DQG SUDFWLFH WKURXJK FOLQLFDO OHJDO HGXFDWLRQ DQG XVH RI QHZ
WHFKQRORJLHVIRUOHDUQLQJDUHSUHVHQWLQ,QGLD$UHWKHVHLVVXHVYLHZHGDVUHOHYDQWLQ,QGLD"
7R ZKDW H[WHQW DUH OHJDO HGXFDWRUV LQ ,QGLD ZRUNLQJ RQ WKHVHLVVXHV" :KDW LQQRYDWLRQV DUH
RFFXUULQJ" :KDW UHVRXUFHV DUH DYDLODEOH WR VKDUH" $ EULHI GLVFXVVLRQ RI WKH ,QGLDQ OHJDO
HGXFDWLRQ V\VWHP IRU WKRVH UHDGHUV ZKR DUH QRW IDPLOLDU ZLWK LW VHWV WKH VWDJH IRU IXUWKHU
FRQVLGHUDWLRQRIWKHVHTXHVWLRQV
LQWKH ZRUNSODFHLQFOXGLQJ WKH ZRUNSODFH VXSHUYLVRU RIWKH YLUWXDO SODFHPHQW´ 6WXGHQWVSDUWLFLSDWHLQ RQH RI
WKUHH SURMHFWV DG,QLQLVWHUHG E\ RUJDQL]DWLRQDO SDUWQHUV LQFOXGLQJ D FKDULWDEOH LQWHUQDWLRQDO VRFLDO MXVWLFH
RUJDQL]DWLRQDODZ\HUV DOOLDQFHDQGDODZILUP $W+DUYDUG/DZ6FKRROVWXGHQWVOHDUQDERXWDQGWKURXJKWKH
PHGLXPRI,QWHUQHWLQD&\EHUODZ&OLQLF%HUNPDQ&WUIRU/DZ 6RF \DW+DUYDUG8QLYVXSUDQRWH7KH
ZHESDJHGHVFULEHVWKHFOLQLFDVIROORZV
7KH&\EHUODZ&OLQLFSURYLGHV KLJKTXDOLW\SURERQR OHJDOVHUYLFHVWRDSSURSULDWHLQGLYLGXDOVVPDOOVWDUWXSV
QRQSURILW JURXSV DQG JRYHUQPHQW HQWLWLHV UHJDUGLQJ FXWWLQJHGJH LVVXHV RI WKH ,QWHUQHW QHZ WHFKQRORJ\ DQG
LQWHOOHFWXDO SURSHUW\ +DUYDUG /DZ 6FKRRO VWXGHQWV HQKDQFH WKHLU SUHSDUDWLRQ IRU KLJKWHFK SUDFWLFH DQG HDUQ
FRXUVH FUHGLW IRU ZRUNLQJ RQ D YDULHW\ RIUHDOZRUOG OLWLJDWLRQ FOLHQW FRXQVHOOLQJ DGYRFDF\ OHJLVODWLRQ DQG
WUDQVDFWLRQDOOLFHQVLQJSURMHFWVDQGFDVHV
ϭϱϵ
GHVFULELQJ NH\ JXLGHOLQHV IRU WUDQVDFWLRQDO OHDUQLQJ IRU GHVLJQ RI D YLUWXDO VLPXODWLRQ IRU D SRVWJUDGXDWH
SURIHVVLRQDOFRXUVHFDOOHGWKH'LSORPDLQ/HJDO3UDFWLFHDWWKH*ODVJRZ*UDGXDWH6FKRRORI/DZLQ6FRWODQG
ϭϲϬ
6HH/DZ3URIHVVRU%ORJV1HWZRUNKWWS ODZSURIHVVRUVW\SHSDGFRP- FRQWDLQLQJOLQNVWRDQXPEHURIEORJV
LQVXEVWDQWLYHODZDUHDVDVZHOODV/HJDO:ULWLQJ3URI%ORJKWWS ODZSURIHVVRUVW\SHSDGFRPOHJDOZULWLQJDQG
&OLQLFDO/DZ3URI%ORJKWWS ODZSURIHVVRUVW\SHSDGFRP-FOLQLFBSURIO DOOODVWYLVLWHG$SULO
ϳϴ
7KH %DU &RXQFLO RI ,QGLD WKH UHJXODWRU\ ERG\ RYHU OHJDO SUDFWLFH DQG OHJDO HGXFDWLRQ
SOD\V D NH\ UROH GHILQLQJ WKH FXUULFXOXP DW ODZ VFKRROV 7KH WDVN RI UHJXODWLQJ OHJDO
HGXFDWLRQLVPDPPRWKDVWKHUHDUHRYHU DSSURYHGODZFROOHJHVLQ,QGLD
7KH%DU&RXQFLORI,QGLDUHFRJQL]HVWZRW\SHVRIFRXUVHVIRUILUVWGHJUHHVLQODZWKHWKUHH
\HDU %DFKHORU RI /DZ //% GHJUHH IRU JUDGXDWHV KROGLQJ DQ LQLWLDO %DFKHORU¶V GHJUHH LQ
DQ\ GLVFLSOLQH DQG WKH ILYH\HDU MRLQW %DFKHORU RI $UWV %DFKHORU RI /DZ %$ //%
GHJUHHDIWHUWZHOIWKVWDQGDUG)RUHDFKRIWKHVHGHJUHHSURJUDPPHV%DU&RXQFLORI,QGLD
PDQGDWHV WKDW VWXGHQWV WDNH QRW OHVV WKDQ WZHQW\HLJKW ODZ VXEMHFWV HLJKWHHQ FRPSXOVRU\
VXEVWDQWLYHODZVXEMHFWVDQGIRXUFRPSXOVRU\FOLQLFDOSDSHUV FODVVHV //%VWXGHQWVWDNH
VL[RSWLRQDOSDSHUVIURPWKUHHRUPRUHJURXSVRIHOHFWLYHWRSLFVDQGIRUDVSHFLDOL]HGDQGRU
KRQRXUV FRXUVH D VWXGHQW WDNHV DQ DGGLWLRQDO HLJKW SDSHUV IURP RQH JURXS 7KH OLVW RI
HOHFWLYHFRXUVHJURXSVWKDWPD\EHRIIHUHGLVUREXVWLQFOXGLQJ&RQVWLWXWLRQDO/DZ%XVLQHVV
/DZ ,QWHUQDWLRQDO 7UDGH /DZ &ULPHV DQG &ULPLQRORJ\ ,QWHUQDWLRQDO /DZ /DZ DQG
$JULFXOWXUH DQG ,QWHOOHFWXDO 3URSHUW\ /DZ DQGDXQLYHUVLW\VFKRRO PD\DGG WR WKH VXEMHFWV
DQGJURXSV,QGLDQODZVFKRROVRIWHQOLPLWWKHQXPEHURIHOHFWLYHVWROHVVWKDQDGR]HQLQD
JLYHQVHPHVWHULQYLHZRIFRQVWUDLQWVLQIDFXOW\H[SHUWLVHDQGRWKHUUHVRXUFHV
7KH KLJK GHJUHH RI FRQWURO RYHU WKH FXUULFXOXP OLNHO\ VWHPV IURP WKH IDFW WKDW ,QGLD UHOLHV
VROHO\ RQ D SHUVRQ¶V GHJUHH LQ ODZ IURP D UHFRJQLVHG 8QLYHUVLW\ WR LQVXUH PLQLPXP
FRPSHWHQFH IRU SUDFWLFH IRU DGPLVVLRQ DQG HQUROOPHQW RI DGYRFDWHV E\ WKH 6WDWH %DU
7KH$GYRFDWHV$FW 6HFWLRQ O K VWDWHVWKDWRQHRIWKHIXQFWLRQVRIWKH%DU&RXQFLORI,QGLDVKDOO
EH³WRSURPRWHOHJDOHGXFDWLRQDQGW'OD\GRZQVWDQGDUGVRIVXFKHGXFDWLRQLQFRQVXOWDWLRQZLWKWKH
8QLYHUVLWLHVLQ,QGLDLPSDUWLQJVXFKHGXFDWLRQDQGWKH6WDWH%DU&RXQFLOV´7KH$GYRFDWHV$FW 1RRI
O K ,1',$&2'(KWWS LQGLDFRGHQLFLQOIXOODFWODVS"WIQP
³&HQWUHRI/HJDO(GXFDWLRQLVWKHWHUPLQRORJ\XVHGE\WKH%DU&RXQFLORI,QGLD%DU&RXQFLORI,QGLD5XOHV
RQ6WDQGDUGVRI/HJDO(GXFDWLRQDQG5HFRJQLWLRQRI'HJUHHVLQ/DZIRU3XUSRVHRI(QUROPHQWDV$GYRFDWHDQG
,QVSHFWLRQRI8QLYHUVLWLHVIRU5HFRJQL]LQJLWV'HJUHHLQ/DZ8QGHU6HFWLRQV K DQG L O F LLL DQG
LLLD ^DI DJ DQG G RIWKH$GYRFDWHV$FW 0DGHE\WKH%DU&RXQFLORI,QGLDLQ&RQVXOWDWLRQZLWK
8QLYHUVLWLHVDQG6WDWH%DU&RXQFLOV DYDLODEOHDW
KWWS ZZZEDUFRXQFLORILQGLDRUJOOHJDOHGXFDWLRQOUXOHVOHJDOHGXSKSKHUHLQDIWHU%DU&RXQFLORI,QGLD5XOHVRI
/HJDO(GXFDWLRQ@,QWKLVDUWLFOHWKHWHUPV³ODZVFKRROV´DQG³ODZFROOHJHV´DUHXVHGLQWHUFKDQJHDEO\DQG
ZLWKLQWKHPHDQLQJRI³&HQWUHRI/HJDO(GXFDWLRQ´
6HH/LVWRI$SSURYHG/DZ&ROOHJHV DVRI2FWREHU %DU&RXQFLORI,QGLD:HEVLWH
KWWS ZZZEDUFRXQFLORILQGLDRUJOOHJDOHGXFDWLRQOUXOHVOHJDOHGXSKS ODVWYLVLWHG$SU
%DU&RXQFLORI,QGLD5XOHVRI/HJDO(GXFDWLRQVXSUDQRWH
ϭϲϱ
,GDWVFKHG,,7KHUHTXLUHGFRXUVHVDUH-XULVSUXGHQFH/DZRI&RQWUDFW6SHFLDO&RQWUDFW/DZRI7RUW
LQFOXGLQJ09$FFLGHQWDQG&RQVXPHU3URWHFWLRQ/DZV)DPLO\/DZ WZRSDSHUV /DZRI&ULPHV 3HQDO&RGH
/DZRI&ULPHV &ULPLQDO3URFHGXUH&RGH&RQVWLWXWLRQDO/DZ WZRSDSHUV 3URSHUW\/DZ&LYLO3URFHGXUH&RGH
DQG/LPLWDWLRQ$FW$GPLQLVWUDWLYH/DZ&RPSDQ\/DZ3XEOLF,QWHUQDWLRQDO/DZ3ULQFLSOHVRI7D[DWLRQ/DZ
(QYLURQPHQWDO /DZ /DERXU DQG ,QGXVWULDO /DZ WZR SDSHUV FRPSXOVRU\ FOLQLFDO FRXUVHV DUH 'UDIWLQJ
3OHDGLQJ DQG &RQYH\DQFLQJ 3URIHVVLRQDO (WKLFV DQG 3URIHVVLRQDO $FFRXQWLQJ 6\VWHP $OWHUQDWLYH 'LVSXWH
5HVROXWLRQ DQG0RRW&RXUW([HUFLVHDQG,QWHUQVKLS,GDWVFKG,,SWP$` %
,GDWVFKG,,SWO,&&
,G
ϳϵ
&RXQFLOV 1RQHWKHOHVV WKH KLJKO\ PDQGDWHG FXUULFXOXP SODFHV ,QGLDQ ODZ VFKRROV DW D
FRPSHWLWLYH GLVDGYDQWDJH LQ UHVSRQGLQJ WR WKH IDVW FKDQJLQJ SURIHVVLRQ RI ODZ DQG JOREDO
WUHQGVLQOHJDOHGXFDWLRQ
2WKHU DVSHFWV RI ,QGLDQ KLJKHU HGXFDWLRQ EHDU RQ GLVFXVVLRQ RI WKH IRXU WUHQGV 3UDFWLFDO
WUDLQLQJDQGFOLQLFDOOHJDOHGXFDWLRQLQ,QGLDDUHDIIHFWHGE\WKHIDFWWKDWIXOOWLPHODZIDFXOW\
FDQQRW SUDFWLFH ODZ WKRXJK D ODZ WHDFKHU PD\ VHHN SHUPLVVLRQ WR DSSHDU LQ D SDUWLFXODU
FDVH $ SUDFWLVLQJ DGYRFDWH PD\ WHDFK ODZ EXW WHDFKLQJ LV UHVWULFWHG WR WKUHH KRXUV SHU
GD\7KLV HIIHFWLYHO\ EDQV ODZ SUDFWLFH E\ IXOOWLPH IDFXOW\ D EDQ WKDW DIIHFWV WHDFKHUV¶
DELOLW\WRVXSHUYLVHOHJDODLGE\VWXGHQWV$QRWKHUDVSHFWLVWKHUROHRIXQLYHUVLW\SROLFLHVRQ
YDULRXV PDWWHUV VXFK DV V\OODEXV FUHDWLRQ DQG VWXGHQW DVVHVVPHQW RQ WKHLU OHDUQLQJ LQ D
FRXUVH $ V\OODEXV LV RIWHQ FUHDWHG E\ D JURXS RI SURIHVVRUV ZKR WHDFK WKH VDPH VXEMHFW
*UDGLQJ RI H[DPLQDWLRQV XVXDOO\ LQYROYHV H[WHUQDO H[DPLQHUV EHVLGHV WKH SURIHVVRU RI WKH
VXEMHFW 7KLV FRQWH[W UHTXLUHV FROODERUDWLRQ DPRQJ WHDFKHUV DQG FRQVWUDLQV DQ LQGLYLGXDO
WHDFKHUIURPH[SHULPHQWDWLRQ
%RWKWKH1DWLRQDO.QRZOHGJH&RPPLVVLRQ 1.& DQGDKLJKOHYHOFRPPLWWHHJRYHUQPHQWDO
FRPPLWWHHKDYHUHFRPPHQGHGWKDWWKHSURIHVVLRQDODJHQFLHVLQFOXGLQJ%DU&RXQFLORI,QGLD
EHGLYHVWHGRIRYHUDFDGHPLFPDWWHUVWRDOORZXQLYHUVLWLHVWRH[HUFLVHFRQWURORYHUFXUULFXODU
PDWWHUV 7KH 1.&āKDV DOVR UHFRPPHQGHG FUHDWLRQ RI D UDWLQJ V\VWHP IRU ODZ VFKRROV
FKDQJHV LQ ILQDQFLQJ RI OHJDO HGXFDWLRQ PHDVXUHV WR DWWUDFW DQG UHWDLQ WDOHQWHG IDFXOW\
FXUULFXOXP GHYHORSPHQW FKDQJHV LQ WKH H[DPLQDWLRQ V\VWHP PHDVXUHV IRU LQFUHDVLQJ
7KH$GYRFDWHV$FW 1RRI F ,1',$&2'(
KWWS LQGLDFRGHQLFLQ-IXOODFWODVS"WIQP
ϭϲϵ
,G DGYRFDWHV WR EH WKH RQO\ UHFRJQLVHG FODVV RI SHUVRQV WR SUDFWLFH SRZHU RI &RXUW WR SHUPLW
DSSHDUDQFHVLQSDUWLFXODUFDVHV
ϭϳϬ
$GYRFDWHV 5LJKWWR7DNH8S/DZ7HDFKLQJ 5XOHV *D]HWWHRI,QGLD([WUDRUGLQDU\SW L
2FW %DU &RXQFLO RI ,QGLD 5XOHV SW 9, FK ,, 9,, SDUD DYDLODEOH DW
KWWS ZZZEDUFRXQFLORILQGLDRUJOEDUFRXQFLOOUXOHVLQGH[SKS ODVW YLVLWHG $SULO ³$Q DGYRFDWH VKDOO
QRW EH D IXOOWLPH VDODULHG HPSOR\HH RI DQ\ SHUVRQ JRYHUQPHQW ILUP FRUSRUDWLRQ RU FRQFHUQ VR ORQJ DV KH
FRQWLQXHVWRSUDFWLFH´
6 'D\DO /HJDO 3URIHVVLRQ DQG /HJDO (GXFDWLRQ LQ 7+( ,1',$1 /(*$/ 6<67(0 -RVHSK
0LQQDWXUHG
1DW O.QRZOHGJH&RPP QVXSUDQRWH (GXFDWLRQ3DQHOIRU$FFRUGLQJ*UHDWHU$XWRQRP\WR8QLYHUVLWLHV
(&21 7,0(6 0DU DYDLODEOH DW KWWS HFRQRPLFWLPHVLQGLD WLPHVFRPO1HZVO1HZV%\
,QGXVWU\,6HUYLFHVO(GXFDWLRQO(GXFDWLRQSDQHOIRUDFFRUGLQJJUHDWHUDXWRQRP\WR
XQLYHUVLWLHVODUWLFOHVKRZFPV%XWFI/$Z&200 12),1',$
7+5(3257217+(/(*$/('8&$7,21 352)(66,21$/75$,1,1*$1'352326$/6)25
$,O (1'0(176727+($'92&$7(6$&7 $O O 7+(81,9(56,7<*5$176&200,66,21
$&7 DW UHFRPPHQGLQJ FUHDWLRQ RI D 8*& /HJDO (GXFDWLRQ &RPPLWWHH WR UHSUHVHQW
XQLYHUVLWLHV IRU SXUSRVHV RI FRQVXOWDWLRQ ZLWK %DU &RXQFLO RI ,QGLD DV SDUW RI LWV PDQGDWH WR FRRUGLQDWH DQG
GHWHUPLQH
VWDQGDUGV
IRU
KLJKHU
HGXFDWLRQ
LQVWLWXWLRQV
DYDLODEOH
DW
KWWS ODZFRPPLVVLRQRILQGLDQLFLQOUHSRUWVOWKUHSRUW3DUW,SGI
ϴϬ
UHVHDUFK DW ODZ VFKRROV DQG PHDVXUHV WR LQFUHDVH WKH GLPHQVLRQV RI LQWHUQDWLRQDOL]DWLRQ RI
ODZVFKRROV
+RZ/HJDO(GXFDWLRQFDQEHLPSURYHG
(GXFDWLRQFUHDWHVWKHVRFLDOFOLPDWHLQZKLFKWKHODZVFDQRSHUDWHHIIHFWLYHO\(GXFDWLRQQRW
RQO\PRXOGVKXPDQSHUVRQDOLW\LWDOVRFUHDWHVDFRQVFLRXVQHVVRIRXUUHVSRQVLELOLW\WRZDUGV
WKH RWKHU PHPEHUV RI WKH VRFLHW\ 0DQ KDV D FRPSRVLWH SHUVRQDOLW\ KH KDV LPPHQVH
SRWHQWLDOLWLHVEXWJRRGDVZHOODVHYLOZLOOVWRSZKLOHHGXFDWLRQVHHNVWREULQJRXWWKHJRRGLQ
PDQODZSUHYHQWVWKHHPHUJHQFHRIWKHHYLOLQKLPVRHGXFDWLRQLVDQLQGLVSHQVDEOHXQLWRI
PDQNLQG7KHUHLVWKHUHIRUHWKHQHHGIRUDKDUPRQ\EHWZHHQWKHODZDQG(GXFDWLRQ7KHVH
WZRRUKDYHWRZRUNLQFORVHFROODERUDWLRQDQGPDUFKHGDKHDGLQXQLVRQ$QG/DZDV+DQV
*LUOVDQGULJKWO\PDLQWDLQVLVDV\VWHPRIQRUPVWKDWUHJXODWHVWKHEHKDYLRXURIPHQ6RWKDW
/HJDO (GXFDWLRQ VKRXOG RQ RQH KDQG UHJXODWH WKH KXPDQ &RQGXFW DQG RQ WKH RWKHU KDQG
GLUHFW WKHP WRZDUGV WKH GHYHORSPHQW RI VRFLHW\ DW ODUJH 7KH EXUGHQ RQ OHJDO (GXFDWLRQ LV
LQFUHDVLQJGD\E\GD\WRSURPRWHVRFLDORUGHU
1R6RFLHW\LVVWDWLF6RFLHW\NHHSVFKDQJLQJZLWKWKHEHKDYLRXURIWKHSHRSOH6XFKFKDQJH
PD\ RFFXU VORZO\ DQG UDSLGO\ /DZ KDV WR UHJXODWH WKH EHKDYLRXU RI WKH SHRSOH :KHQ WKH
EHKDYLRXURIWKHSHRSOHKDVPRYHGDZD\IURP/DZZLWKDVXIILFLHQWGHJUHHRISHUPDQHQFH
WHQVLRQV DULVH ZLWK YDU\LQJ UHVXOWV 6DYLJQ\ WKH IDWKHU RI WKH +LVWRULFDO 6FKRRO RI /DZ
PDLQWDLQHGWKDW7KH/DZLVPDQLIHVWDWLRQRIWKHVSLULWRIWKHSHRSOHVRWKDWLWDOHUWVZLWKWKH
GHYHORSPHQWVRIWKHVSLULW$OWKRXJKKHGLGQRWRSSRVHFRQVFLRXVHIIRUWVDW/DZUHIRUPVKH
SUHDFKHG WKDWWKH UHIRUP VKRXOGDOZD\VIROORZWKHVSLULWRIWKHSHRSOH HOVHLWZDVGRRPHG
%XW WKLV WKHRU\ LV DSSOLFDEOH RQO\ ZKLOH VRFLHW\ HYROYHV FRPIRUWDEO\ ZLWK LWV OHJDO V\VWHP
7RGD\JDOYRQLFFKDQJHVDUHWDNLQJSODFHHDFKRIZKLFKFDQUDGLFDOO\DOWHUWKHV\VWHPLWVHOI
2QHRIVXFKFKDQJHVLVWKHLQVWUXPHQWVIRUGLVSRVLQJRIWKHGLVSXWHVEHWZHHQDGYHUVDULHVRQH
RIZKRPPXVWEHLQWKHZURQJ,QWKHHIIHFWWKHLUIXQFWLRQLVWRGLVSHQVHFRUUHFWLYHMXVWLFH
%XWQRZFRXUWVKDYHDGDSWHGWKHGLVWULEXWLYH-XVWLFHLH,QDSUREOHPDOOWKHSDUWLHVLQYROYHG
DUH PRUH RU OHVVLQWKH ULJKW5HFHQWO\LQ$3ZLWKDQDJLWDWLRQIURPWKHZRPHQWKHOLTXRU
ZDVSURKLELWHG:KHQWKHJHQGHUGLVFULPLQDWLRQLQPDWULPRQLDO/DZVZDVSURWHVWHGWKHHTXDO
VKDUHWRVRQDQGGDXJKWHUZDVDOORWWHG:LWKWKHVHH[DPSOHVLWLVFOHDUWKDW/DZKDVWRDGDSW
ϭϳϯ
1DW O.QRZOHGJH&RPP QVXSUDQRWH
6HH6.$JJDUZDO³DUHSRUWRQOHJDOHGXFDWLRQLQ,QGLD±SUREOHPVDQGSHUVSHFWLYH´
ϴϭ
WKH FKDQJHV LI LW KDV WR VXUYLYH ,W LV HQRXJK WR NHHS DGDSWLQJ WKH /DZ WKHUH KDV WR EH DQ
DGDSWLRQRI/DZ\HU¶VWKLQNLQJ
/DZ ZLOO JHW DGDSWDELOLW\ RQO\ ZKHQ WKH /DZ PDNHUV /DZ WHDFKHUV SURPRWHUV DQG WKH
VWXGHQWV DUH DGDSWDEOH WR FKDQJHV 7KLV DGDSWDELOLW\ FDQ EHDFKLHYHG RQO\ WKURXJK HIIHFWLYH
/HJDO(GXFDWLRQ
$V ZH NQRZ DW SUHVHQW WKH UHSUHVHQWDWLYHV RI WKH SHRSOH IDLOHG LQ NHHSLQJ WKHPVHOYHV DQG
H[HFXWLYHV LQ D SURVSHFWLYH SKDVH WKH MXGLFLDU\ EHLQJ DQ LQGHSHQGHQW RUJDQ VKRXOG HTXLS
LWVHOI ZLWK IXOO VWUHQJWKWR UHJXODWHWKH OHJLVODWLYHDQGH[HFXWLYH DFWLRQV)RU WKDWDV -XVWLFH
-DJDQQDGD 5DMX /RND\XNWD $3 ULJKWO\ PDLQWDLQHG WKDW EHLQJ WKH SURPRWHUV RI -XVWLFH
/DZ\HUV VKRXOG EH ZHOO YHUVHG LQ /DZ $V /DZ UHIOHFWV WKH VRFLDO HWKRV DQG SOD\ DQ
LPSRUWDQW UROH LQ GHPRFUDWLF DQG GHYHORSLQJ FRXQWULHV HIIHFWLYH /HJDO HGXFDWLRQ LV DQ
LQHYLWDEOHRQH
0DQ\ -XULVWV DQG VRFLDO WKLQNHUV HPSKDVL]HG WKH LPSRUWDQFH RI HIIHFWLYH OHJDO HGXFDWLRQ
0DQ\ RSLQHG WKDW WKH KDUPRQLRXV EOHQG RI WKH PHFKDQLFV RI WKH SURIHVVLRQ DQG DFDGHPLF
NQRZOHGJHLVQHHGHG
0DQ\ ZDUQHG WKDW WKH *RYHUQPHQW SROLF\ RI IUHH /HJDO $,' DQG DW SUHVHQW WKH HIIRUWV RI
MXGLFLDU\ WR VZHHS RXW WKHFRUUXSWHGSROLWLFLDQVIURP WKHDUHQD RI 'HPRFUDWLF *RYHUQPHQW
ZLOO EHLQ YDLQ LI WKHOHJDOHGXFDWLRQZDVQRWLPSDUWHG HIIHFWLYHO\,QWKHSUHVHQWV\VWHPRI
DGPLQLVWUDWLRQRI-XVWLFH,WLVDQDGPLWWHGIDFWWKDWQRVFKHPHRI/HJDO$,'DGPLQLVWUDWLRQ
RI(TXDO-XVWLFHFDQIXQFWLRQHIIHFWLYHO\ZLWKRXWWKHDFWLYHDVVLVWDQFHDQGFRRSHUDWLRQRIWKH
ZHOOWUDLQHGPHPEHUVRIWKH/HJDO3URIHVVLRQ
0DQ\ SURSRVHG JOREDOL]DWLRQ RI OHJDO SURIHVVLRQ 7R FRPSHWH ZLWK LQWHUQDWLRQDO OHYHO /DZ
SUDFWLWLRQHUVZHVKRXOGKDYHHQRXJKVXEVWDQWLDONQRZOHGJHDQGSURFHGXUDOVNLOOIRUWKDWZH
QHHGVWURQJDFDGHPLFIRXQGDWLRQ
0DQ\DUJXHGWKDWDQHIIHFWLYHOHJDOHGXFDWLRQDOV\VWHPLVLWVHOIDQLQVWUXPHQWRIPDLQWDLQLQJ
ODZ DQG RUGHU LQ WKH VRFLHW\ ,W DOVR KHOSV LQ PDLQWDLQLQJ D EDODQFHG UHODWLRQ EHWZHHQ WKH
FRQIOLFWLQJLQWHUHVWVRIWKHSHRSOH,QGHHGLWLVDQHVVHQFHRIWKHµVRFLDOHQJLQHHULQJ¶/DZLVD
EHG URFN RQ ZKLFK WKH HQWLUH HGLILFH RI VRFLHW\ LV EXLOW 6R WKH ORQJHYLW\ RI WKH VRFLHW\
GHSHQGV RQ WKH VWUHQJWK RI /DZ $V D ULYHU FDQ¶W ULVH KLJKHU WKDQ WKH VRXUFH WKH MXGLFLDU\
FDQ¶WDWWDLQWKHFXOPLQDWLQJVWDJHXQOHVVWKHDGYRFDWHVLQWKH%DUDUHSURSHUO\WUDLQHGLQWKH
ϴϮ
LQVWLWXWLRQV6RWKHJHQHWLFGHIHFWLQOHJDOHGXFDWLRQLVHYLWDEO\UHIOHFWHGRQWKH%HQFKDQGDW
WKH%DUDQGXOWLPDWHO\RQMXGLFLDU\7KHUHIRUHLWLVQHFHVVDU\WRKDYHVRXQGOHJDOHGXFDWLRQDO
V\VWHP
%XW XQIRUWXQDWHO\ DV /DZ &RPPLVVLRQ KHDGHG E\ 6DWHOYHG UHSRUWHG WKDW /HJDO
HGXFDWLRQKDVEHHQIDFLQJFULVLVIRUWKHSDVW\HDUV&RPPLVVLRQSRLQWHGRXWPDQ\IDFWRUV
IRUWKHVORZGHWHULRUDWLRQLQWKH/HJDO6WDQGDUGV VRPHRIWKRVHDUHODFNRIDGHTXDWHWHDFKLQJ
VWDIILQFUHDVLQJVWXGHQWSRSXODWLRQZKRDUHQRWYHU\PXFKLQWHUHVWHGLQOHDUQLQJ/DZODFNRI
EXLOGLQJV ODFN RI DGHTXDWH DQG PLQLPXP VWDQGDUG ERRNV PRUH QXPEHU RI WHPSRUDU\
DIILOLDWHGFROOHJHVDQGVRRQ«
7R PDNH OHJDO HGXFDWLRQ VRFLDOO\ UHOHYDQW LQWHOOHFWXDOO\ FKDOOHQJLQJ DQG SURIHVVLRQDOO\
FRPSHWHQW RQH FDQ PDNH D QXPEHU RI UHFRPPHQGDWLRQV LQ UHVSHFW RI FXUULFXOXP FRQWHQW
WHDFKLQJ PHWKRGV DGPLVVLRQ SROLFLHV DQG H[DPLQDWLRQ WHFKQLTXHV &KLHI -XVWLFH $KPDGL LQ
KLVLQDXJXUDODGGUHVVDWWKH$OO,QGLDQFRQIHUHQFHRI/DZ\HUVPDGHPDQ\WKRXJKWSURYRNLQJ
VXJJHVWLRQV , ZRXOG OLNH WR GUDZ DWWHQWLRQ LQ UHJDUG WR WKUHH LPSRUWDQW VXJJHVWLRQV KH
PDGH
L
7KH%DU-XGLFLDU\DQG8*&PXVWMRLQKDQGVWRUDLVHWKHVWDQGDUGRIOHJDOHGXFDWLRQLQWKLV
FRXQWU\$VDILUVWVWHSLQWKLVGLUHFWLRQLWLVVXJJHVWHGWKDWD/HJDOHGXFDWLRQFRPPLWWHHRIWKH
%DUFRXQFLOVKRXOGEHVHWXSFRPSULVLQJUHSUHVHQWDWLYHVRIDOOWKHWKUHHZLQJV
LL
/HJDO(GXFDWLRQ&RPPLWWHHVRIRUPHGPXVWGLUHFWWKHFRQFHUQHG8QLYHUVLW\WRZLWKGUDZWKH
UHFRJQLWLRQ RU DIILOLDWLRQ DQG WKDW ZRXOG RQFH DQG IRU DOO SXW DQ HQG WR WKRVH ODZ VFKRROV
ZKLFKDUHVXIIHULQJIURPWKHDERYHPHQWLRQHGGLVDELOLWLHV
LLL
,Q HYHU\ VWDWH VRPH DGYLVRU\ FRPPLWWHH VKRXOG EH VHW XS ZLWK D VLWWLQJ -XGJH RI WKH +LJK
FRXUWEHLQJDVVRFLDWHGWKHUHZLWKWRLQIRUPDQGDGYLVHWKH OHJDOHGXFDWLRQFRPPLWWHHRIWKH
GHYHORSPHQWVWDNLQJSODFHLQWKHVWDWH
$VWKH-XVWLFHSRLQWVRXWLQIRUHJRLQJSDVVDJHVWKH%DU$VVRFLDWLRQVDQG8QLYHUVLWLHVSOD\D
GRPLQDQW UROH LQ PDNLQJ OHJDO HGXFDWLRQ SURJUDPPHV VXFFHVVIXO 1RZ ZH ZLOO GLVFXVV WKH
UROHRIWKH%DU$VVRFLDWLRQDQG8QLYHUVLW\LQ/HJDO(GXFDWLRQ
6HH150DGKYD0HQRQ³OHJDOHGXFDWLRQLQ,QGLD VWDWXVDQGSUREOHPV´
7KHDOO,QGLDFRQIHUHQFHRIODZ\HUV1HZ'HOKL
ϴϯ
5ROHRI%DU$VVRFLDWLRQLQ/HJDO(GXFDWLRQ
$V WKHVHFRQGODUJHVW%DULQWKHZRUOG,QGLDQ%DU&RXQFLOKDV DGRPLQDQWUROHWRSOD\WKLV
PDWWHU,QSXUVXDQFHRIWKDW,QGLDQ%DU&RXQFLOFUHDWHGD7UXVWQDPHO\%DUFRXQFLORI,QGLD
7UXVW DVDQHGXFDWLRQDODQGUHVHDUFKIRXQGDWLRQZLWKWKHREMHFWVRIHVWDEOLVKLQJRQHRU
PRUHPRGHO/DZVFKRROVRUJDQLVLQJ/HJDO$LGWRWKHSRRUSXEOLVKLQJ/DZ%RRNVDQG/DZ
UHSRUWVDQG SURPRWLQJZHOIDUHRIWKH PHPEHUVRIWKHSURIHVVLRQ%DU&RXQFLORI,QGLDWUXVW
RUJDQL]HGPDQ\VHPLQDUVRQ/HJDO(GXFDWLRQLQ DW%RPED\7UXVWRUJDQLVHGDVHPLQDU
RQ,PSOLFDWLRQRIQHZSDWWHUQRI(GXFDWLRQ RQ/HJDO(GXFDWLRQSDUWLFXODUO\ZLWK
UHIHUHQFH RQ HQWUDQFH TXDOLILFDWLRQ GXUDWLRQ DQG FXUULFXODP VLPLODUO\ $OO ,QGLDQ /DZ
WHDFKHUV$VVRFLDWLRQRUJDQL]HGD1DWLRQDO&RQIHUHQFHRQ/HJDO (GXFDWLRQDW'KDUZDUGLQ
0DQ\ VWDWH %DU &RXQFLOV >7DPLO 1DGX .HUDOD :% 03 83 %LKDU@ UHVSRQGHG
SRVLWLYHO\WR WKHFDOORIWKH7UXVWDQGH[SUHVVHGWKHQHHGIRU UHIRUPLQJWKHV\VWHPRI/HJDO
(GXFDWLRQ
,Q $GYRFDWHV $FW ZDV SDVVHG 8V RI WKH $FW WKH %DU &RXQFLO RI ,QGLD KDV EHHQ
HPSRZHUHG WR PDNH UXOHV UHODWLQJ WR WKH VWDQGDUGV RI /HJDO (GXFDWLRQ WR EH REVHUYHG E\
8QLYHUVLWLHVLQ,QGLD%DU&RXQFLOPDGHPDQ\UXOHV,WKDVPDGHVXJJHVWLRQVIRUEHWWHUV\VWHP
EXWGXHWRWKHODFNRIHDUQHVWQHVVLQWHDFKHUVWKHHIIHFWLYHH[HFXWLRQRIWKHUXOHVIDLOHG0DQ\
/DZOHFWXUHVZHUHQRWTXDOLILHGLQ-5) RU 1(7H[DP%XWVWLOOWKH\DUHEHLQJDSSRLQWHGLQ
ODZFROOHJHVEHFDXVHWKH\GRQRWDQGFDQ¶WGHPDQGDKLJKHUUHPXQHUDWLRQIURPWKHFROOHJH
WKH FROOHJH FRPPLWWHHVZLOODSSRLQW IRU QRPLQDO DPRXQW RI UHPXQHUDWLRQ ZKLFK ZLOO EDGO\
DIIHFWWKH/DZ6WXGHQWV6RWKH%DU&RXQFLOKDVWRORRNLQWRWKHFROOHJHPDWWHUVDQGVHHWKDW
WKHOHFWXUHUVKDYHFRPSOHWHGRUSDVVHG-5) RU 1(7DSDUWIURP%DU8QLYHUVLWLHVVKRXOGDOVR
WDNHGXHUHJDUGRIWKHPDWWHU
%DU &RXQFLOV IURP WKH EHJLQQLQJ DUH YHU\ LQWHUHVWHG LQ LPSOHPHQWLQJ RQH \HDU DSSUHQWLFH
SURJUDPPH (YHQLQWKHEHJLQQLQJ$PHULFDQ/DZ6WXGHQWVVHUYHGDVDSSUHQWLFHVXQGHUWKH
SUDFWLFLQJODZ\HUVZKHUHWKH\FRSLHGGUDIWHGOHJDOSDSHUVUHDGWKHIHZERRNVDYDLODEOHLQ
WKHLU RIILFH DQG REVHUYHG WKHLU PHQWRUV LQDFWLRQ 7KH LPSDFW RI VXFK WUDLQLQJ ZDV XQHYHQ
VRPHIOHGJLQJODZ\HUVEHJDQWKHLUSUDFWLFHRIODZZLWKDJRRGEDFNJURXQGZKLOHPRVWZHUH
LQDGHTXDWHO\SUHSDUHGWRDVVXPHWKHUHVSRQVLELOLWLHVRIWKHSURIHVVLRQ7KHSUDFWLWLRQHUVODFN
WLPH DQG LQWHUHVW WR HGXFDWH WKHPVHOYHV DQG WKH IDFW WKDW PRVW ODZ SUDFWLFHV HPEUDFHG D
QDUURZ UDQJH RI LQWHUHVW DOVR FRQWULEXWHG WR WKH SRRU TXDOLW\ RI WKH WUDLQLQJ WKH \RXQJHVW
6HH$GYRFDWH¶V$FW %DUFRXQFLORI,QGLDWUXVW
ϴϰ
ODZ\HUVUHFHLYHG(YHQLQ,QGLDWKHVWXGHQWVDWSUHVHQWXQGHUJRLQJDSSUHQWLFHVKLSDV,KDYH
REVHUYHG DUH MXVW LPLWDWLQJ WKUHH VHQLRUV WKH\ KDYH ORVW WKHLU LQGHSHQGHQW LGHQWLW\ 7KH
1DWXUDO /RJLFDO DELOLWLHV ZLWK ZKLFK WKH\ DUH HQGRZHG DUH EHLQJ VXSSUHVVHG ZKLFK LV QRW
ZDUUDQWHGIRUWKHSURVSHULW\RIWKHVWXGHQWVDQGWRWKHSURIHVVLRQ
$QLPPDWXUH//%VWXGHQWLQFRXUWVPD\XQGHUVWDQGWKHWKLQJVJRLQJRQDQGWKDWZLOOKDYHD
QHJDWLYH LPSDFW RQWKHVWXGHQW7KLVLVVRPHWKLQJ OLNHWDNLQJDER\WRDKRUURUILOPZKLFK
FDQ¶WPDNHDGLVWLQFWLRQEHWZHHQWKHµILFWLRQ¶DQGµUHDOLW\¶ZKDWHYHULVSLFWXULVHGLQWKHILOP
KHEHOLHYHVWKHPWREHWUXHDQGUHDOEHFDXVHKHKDVQRW\HWH[SHULHQFHGWKHUHDOOLIH\HW,Q
WKHVDPHPDQQHUDVWXGHQWRIODZZKRKDVQRW\HWVHHQWKHODZLQPRWLRQFDQ¶WDVVLPLODWHWKH
VXEVWDQWLDO NQRZOHGJH ZKLFK KH KDV DFTXLUHG LQ WKH FODVV URRP DQG SURFHGXUDO NQRZOHGJH
ZKLFKKHREVHUYHVQRZZLOOGHILQLWHO\KDYHDQHJDWLYHLPSDFWRQKLP
,QP\YLHZLQVWHDGRINHHSLQJWKHVWXGHQWLQFRQIXVLQJVWDWHRIPLQGLQFRXUWVEHWWHULQYROYH
WKHPLQIUHHOHJDO$,'SURJUDPPHV7KHVHSURJUDPPHVDUHFRPPXQLW\RULHQWHGDQGSUREOHP
VROYLQJSUDFWLFDOWUDLQLQJWKURXJKOHJDOVHUYLFHVLQWKHVFKRROVHWWLQJZLOOJLYHWKHPDFKDQFH
WR OHDUQ WKH WHFKQLTXHV RI LQWHUYLHZLQJ FROOHFWLRQ RI IDFWV DSSUHFLDWLRQ RI HYLGHQFH
H[DPLQDWLRQFURVV±H[DPLQDWLRQUHH[DPLQDWLRQ RIZLWQHVVLQD UHDOOLIHVLWXDWLRQ7KLVZLOO
EH D JRRG DFDGHPLF H[SRVXUH WR WKH VWXGHQWV :LWK WKLV WKH\ ZLOO NQRZ WKHLU QHHG WR WKH
VRFLHW\ZKLFKLVYHU\HVVHQWLDODWSUHVHQW7KLVZLOODOVRFUHDWHDQRSWLPLVWLFYLHZDPRQJWKH
VWXGHQWV
,WLVWKH'LVWULFW%DU$VVRFLDWLRQZKLFKLVWKHFRPSHWHQWDQGVXLWDEOHERG\WRLPSOHPHQWWKLV
SODQRIDFWLRQ
5ROHRI8QLYHUVLWLHVDQG/HJDO(GXFDWLRQ
,W LV QHHGOHVV WR VWUHVV WKH UROH RI 8QLYHUVLWLHV DQG DIILOLDWHGFROOHJHV LQ LPSDUWLQJHIIHFWLYH
OHJDOHGXFDWLRQ7KHVWXGHQWVRI/DZDUHPHQWDOO\DQGSK\VLFDOO\DWWDFKHGWRWKH8QLYHUVLWLHV
DQG FROOHJHVIRUFRQVLGHUDEOHSHULRGRIWLPH6RWKHVHLQVWLWXWLRQV ZLOOKDYHHQRXJK WLPHWR
PRXOGWKHFKDUDFWHUDQGSHUVRQDOLW\RIVWXGHQWVDQGLPSDUWHIIHFWLYH/HJDO(GXFDWLRQWRWKHP
+HUHDUHVRPHRIP\VXJJHVWLRQVWKDW,IHHOZLOOKHOSLQLPSDUWLQJHIIHFWLYHOHJDOHGXFDWLRQ
L
$XWRQRPLVDWLRQRI/DZGHSDUWPHQWVLQWKH8QLYHUVLWLHVLH/DZGHSDUWPHQWVKRXOGEHJLYHQ
IXQGVLQWKHEHJLQQLQJRIWKH$FDGHPLF<HDULWVHOIVRWKDWWKH+HDGRIWKH'HSDUWPHQWPD\
ϴϱ
VSHQG WKH PRQH\ DFFRUGLQJ WR WKH FKDQJLQJ QHHGV DQG WR IXOILOO WKH GHPDQGV RI WKH WLPH
LQGHSHQGHQW
LL
/LNH LQ 86$ WKH ,QGLDQ 8QLYHUVLWLHV DOVR DOORW /DZ VWXGHQW WR *RYHUQPHQWDO RU SULYDWH
DJHQFLHVOLNHWKH0XQLFLSDO%RDUGWKHFRQVXPHUFRXQFLO«HWFDQGDVVLJQWRWKHPWKHWDVNV
LQFOXGLQJ ILHOG LQYHVWLJDWLRQ ZULWWHQ ZRUN SDUWLFLSDWLRQ LQ GLVFXVVLRQV UHJDUGLQJ /HJDO
PDWWHU«HWF WKH FKLHI SXUSRVH RI VXFK DQ LQWHUQVKLS LV WR GLVFRYHU KRZ WKH YDULRXV
RUJDQL]DWLRQZRUNDQGZKDWHQDFWPHQWVDUHPRVWO\XVHGLQSUDFWLFH
LLL
6WXGHQWV VKRXOG EH JLYHQ ILQDQFLDO DVVLVWDQFH DQG PRUDO HQFRXUDJHPHQW WR SDUWLFLSDWH LQ
1DWLRQDO DQG ,QWHUQDWLRQDO &RQIHUHQFHV VR WKDW WKH VWXGHQW ZLOO KDYH D FKDQFH WR OHDUQ
FRPPXQLFDWLRQVNLOOVDQGKDYHDQRSSRUWXQLW\WRLQWHUDFWZLWKKLJKHURIILFLDOV
LY
7RGD\¶V//0VWXGHQWVDUH7RPRUURZ¶V/DZWHDFKHUVVRWKHFRQFHQWUDWLRQRQ//0VWXGHQWV
VKRXOG EH JUHDWHU //0 VWXGHQWV VKRXOG QRW RQO\ KDYH FRPPDQG RQ WKH VXEMHFW EXW DOVR
FXOWLYDWH WHDFKLQJ DELOLWLHV 7KH\ VKRXOG OHDUQ WHDFKLQJ WHFKQLTXHV VR VKRXOG EH JLYHQ D
FKDQFHWRWDNHFODVVHVIRU//%VWXGHQWVZKLFKZLOOGHILQLWHO\JLYHWKHPDORWRIFRQILGHQFH
$QGEDVLQJRQWKHFODVVURRPSHUIRUPDQFHLQWHUQDOPDUNVVKRXOGDOVREHJLYHQWRWKHP
Y
3DSHU VXEPLVVLRQV VKRXOG EH PDGH PDQGDWRU\ IRU WKH //0 VWXGHQWV DW WKH 1DWLRQDO DQG
,QWHUQDWLRQDO/HYHOFRQIHUHQFHV
YL
7KH VXEMHFWV SUHVFULEHG LQ WKH FXUULFXOXP GR QRW VDWLVI\ WKH QHHGV RI WKH VRFLHW\ 1HZ
YLL
$WWKHVWDWHOHYHO8QLYHUVLWLHVVKRXOGRIIHUIRXUFRPPRQVSHFLDOL]DWLRQVWKH\VKRXOGSURSHUO\
HQDFWPHQWVVKRXOGEHLQWURGXFHGLQWKHFXUULFXOXPDWOHDVWDW//0OHYHO
EHXWLOL]HGE\8*&
YLLL
$ 1DWLRQDO SURIHVVRU VKRXOG EH DSSRLQWHG UHJXODUO\ E\ WKH 8*& 7KLV SURYLVLRQ VKRXOG
SURSHUO\EHXWLOL]HGE\8*&
L[
$1DWLRQDO&RPPRQ(QWUDQFH7HVWVKRXOGEHFRQGXFWHGDQGIXOO\HTXLSSHGDLGHGLQVWLWXWLRQV
DORQHVKRXOGEHJLYHQWKHFKDQFHWRDGPLWVXFFHVVIXOVWXGHQWV
[
8QLYHUVLWLHVVKRXOGLQLWLDWHVWHSVWRFRQGXFWFDPSXVLQWHUYLHZVIRUYDFDQFLHVLQWKHSXEOLF RU
SULYDWHVHFWRUV
[L
(YHQUHFHQWO\SDVVHG //0VWXGHQW DUHQRWDZDUHRIWKHUHFHQWGHYHORSPHQWVLQ/DZ:KHQ
WKH\ DUH VHQW WR WKH FODVV URRPV WR WHDFK WKH\ DUH QRW LQ D SRVLWLRQ WR DQVZHU WKH TXHVWLRQV
IURPQHZJHQHUDWLRQV
[LL
$QGQRDPRXQWRISURIHVVLRQDOHWKLFVLV JRLQJWRFKDQJHWKHSUHVHQWVWDWHRIDIIDLUVDQGWKH
RQO\DQVZHULVWRLQFXOFDWHWKHVHHWKLFVLQWKHEHKDYLRXUSDWWHUQRIWKHVWXGHQWVULJKWIURPWKH
VWDJHWKHLULQGXFWLRQLQWKHLQVWLWXWH
[LLL
/DVW EXW QRW OHDVW ZH VKRXOG VWDUW GRLQJ UHVHDUFK RQ WKH ,QGLDQ -XULVSUXGHQFH ,QGLDQ
SKLORVRSKLFDOWKRXJKWVVKRXOGEHJLYHQDURRPWRSOD\PDNLQJWKHODZVXVFHSWLEOHVRWKDWWKH
6HH7KH-RXUQDOOHJDOHGXFDWLRQ³7KH/HJDO3URIHVVLRQLQ-DSDQDQG8QLWHG6WDWHV´
ϴϲ
VWXGHQWVFDQIHHODWKRPHZLWKSKLORVRSK\RI/DZ:KHQDWKRURXJKSKLORVRSKLFDONQRZOHGJH
LVLPSDUWHGWKHQWKHVWXGHQWVFDQFRPHXSZLWKKLJKHGXFDWLRQDOVWDQGDUGV
%XW WKH LVVXH LV QRW WKH IDFWXP RI H[LVWHQFH RI WKHVH LGHDV LQ RXU SUHVHQW SDSHUV EXW WKH
TXHVWLRQLVLWVULJRURXVLPSOHPHQWDWLRQVDQGWKHH[WHQWWRZKLFKLWRXJKWWREHGRQH
&RQFOXVLRQ
/DZVFKRROH[SHULHQFHVLIWKH\DUHSRZHUIXOO\HQJDJLQJKDYHWKHSRWHQWLDOWRLQIOXHQFHWKH
SODFHRIPRUDOYDOXHVVXFKDVLQWHJULW\DQGVRFLDOFRQWULEXWLRQLQVWXGHQW¶VVHQVHRIVHOI7KLV
LVHVSHFLDOO\OLNHO\WRWDNHSODFHLQUHODWLRQWRWKHVWXGHQW¶VVHQVHRISURIHVVLRQDOLGHQWLW\
ZKLFKLVRIFRXUVHDQLPSRUWDQWSDUWRIWKHLQGLYLGXDO¶VLGHQWLW\PRUHEURDGO\
:LOOLDP06XOOLYDQ
,IHHOLWLVULJKWJHVWXUHWRUHPLQG\RXDOORQFHDJDLQWKHVD\LQJRI6ZDPLWKDW³(GXFDWLRQLV
QRWWKHDPRXQWRILQIRUPDWLRQZKLFKLVSXWLQWR\RXUEUDLQ WRUHPDLQWKHUHDOOWKURXJK\RXU
OLIHXQGLJHVWHG,WLVPHQPDNLQJFKDUDFWHUEXLOGLQJDQGDVVLPLODWLRQRILGHDV´
7KH%&,VWDWHEDUFRXQFLOVVWDWHJRYHUQPHQWVWKH8*&DQGXQLYHUVLWLHVKDYHDJUHDWHUUROH
WRSOD\IRULPSURYLQJWKHVWDQGDUGRIOHJDOHGXFDWLRQLQWKHFRXQWU\7KH\VKRXOGZRUNLQD
FRPSUHKHQVLYH PDQQHU ZLWKRXW DQ\ FRQIOLFW 7KH\ VKRXOG WKLQN VHULRXVO\ WR SURYLGH WKH
UHVRXUFHV ERWK KXPDQ DQG ILQDQFLDO WR DOO ODZ VFKRROV IRU TXDOLWDWLYH OHJDO HGXFDWLRQ 7KH
OHJDOHGXFDWLRQLQVWFHQWXU\VKRXOGDOVRFRQVLGHUWKHJOREDOL]DWLRQDQGLW VLPSOHPHQWDWLRQV
RQ OHJDO ILHOG DW QDWLRQDO DQG LQWHUQDWLRQDO OHYHOV 7KH %&, DQG WKH 8*& LQ WKH DUHD RI
FRPSXWHU DSSOLFDWLRQV DQG LQIRUPDWLRQ WHFKQRORJ\ LQ WKH OHJDO ILHOGV VKRXOG H[SORUH QHZ
DYHQXHV DQG SRWHQWLDO XVHV RI WKH ,QWHUQHW LQ WKH SUDFWLFH RI ODZ DQG OHJDO HGXFDWLRQ 7KH\
VKRXOG ILQGRXW WKHZD\VDQG PHDQV WRPHHWWKH QHZ FKDOOHQJHVDQGSURYLGHEHWWHUWRROVRI
UHVHDUFK DQG PHWKRGRORJ\ RI OHDUQLQJ IRU WKH FRPLQJ JHQHUDWLRQV 8QLYHUVLW\ VWDWXWHV LI
QHFHVVDU\VKRXOGEHFKDQJHGWREULQJDOOODZFROOHJHVXQGHUDVLQJOHODZXQLYHUVLW\,QHDFK
VWDWHD1DWLRQDO/DZ6FKRROW\SHRILQVWLWXWLRQVKRXOGEHHVWDEOLVKHG7KHDUHDRIGHILFLHQF\
VKRXOGEHORFDWHGDQGFRUUHFWLYHVVKRXOGEHDIIHFWHGZLWKWKHFRRSHUDWLRQRIERWKEDUFRXQFLOV
DQGXQLYHUVLWLHV1HHGOHVVWRVD\WKRVHUHSXWHGDQGFRPSHWHQWDFDGHPLFLDQVVKRXOGEHWDNHQ
LQWR FRQILGHQFH DQG WKHLU VHUYLFHV DYDLOHG RI WR VHW ULJKW WKH PDWWHUV ,W LV QRW RQO\ LQ WKH
ILWQHVVRIWKLQJVEXWDOVRWKHGLUHQHHGRIWKHWLPHWRLQWURGXFHDILYH\HDUODZFRXUVHLQDOO
ϴϳ
UHFRJQL]HG ODZ VFKRROV RI WKH FRXQWU\ 7KH PHDVXUHV VXJJHVWHG LQ WKLV SDSHU LI VLQFHUHO\
LPSOHPHQWHGFRXOGKHOSLQXVKHULQJDQHZHUDLQTXDOLW\OHJDOHGXFDWLRQLQWKHFRXQWU\
7RVXPXSRXUOHJDOHGXFDWLRQV\VWHPQHHGVDORWRILPSURYHPHQWDQGUHIRUPDWLRQRYHULWV
WUDGLWLRQDOPHWKRGVLQRUGHUWRPHHWWKHQHHGVDQGGHPDQGVRIWKHSUHVHQWGD\VRFLHW\,QWKH
SHULRGRIJOREDOL]DWLRQODZFDQQRWEHVHHQLQLVRODWLRQ,QWKHSUHVHQWGD\VFHQDULRRIWKH
ZRUOG HYHQWV DUH PRYLQJ IDVW DQG WKHUH VKRXOG QRW EH GHOD\ LQ UHIRUPV RI OHJDO HGXFDWLRQ
1RZWKHWLPHKDVFRPHWRUHDOL]HKRZWRSUHSDUHRXUODZVWXGHQWVWRFRSHZLWKWKHVHUDSLG
FKDQJHV DQG DOVR KRZ WR DGDSW RXU OHJDO V\VWHP WR QHZ YLVWDV ZLWK D YLHZ WR IXOILOOLQJ WKH
MXVWLFH SURPLVHG LQ WKH SUHDPEOH WR WKH &RQVWLWXWLRQ RI ,QGLD ,Q WKLV FRQWH[W WKH PXWXDO
FRRSHUDWLRQEHWZHHQWKHEDUFRXQFLOVDQGWKHXQLYHUVLWLHVLVTXLWHHVVHQWLDO
(GPXQG%XUNHULJKWO\VDLG³<RXFDQQHYHUSODQWKHIXWXUHE\WKHSDVW´7KHWLPHLVULSH
IRUDQRYHUKDXORIOHJDOHGXFDWLRQLQ,QGLD
$V WKHUH DUH ODZV RI SRHWU\ VR WKHUH LV DOVR SRHWU\ LQ ODZ $SDUW IURP PDNLQJ ODZ DV
LQWHUHVWLQJVXEMHFWWKHPHVVDJHIRUODZVWXGHQWVLV
7KHEHVWSRHWU\LQODZZLOORQO\EHHQMR\HGZKHQ\RXGLVFRYHU
<RXUFRPPLWPHQWWRµ5XOHRI/DZ¶
<RXUSDVVLRQIRUOLEHUW\
<RXUSURIRXQGFRQFHUQIRULQVLGLRXVHQFURDFKPHQWVRQKXPDQULJKWV
:KLFK,SHUFHLYHDVWKHJUHDWHVWGDQJHUWROLEHUW\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5HIHUHQFHV
'U650\QHQL:RUOG7UDGH2UJDQL]DWLRQ :72 $VLD/DZ+RXVHQGHGLWLRQ
'U-13DQGH\ &RQVWLWXWLRQDO/DZRI,QGLD&HQWUDO/DZ$JHQF\ WKHGQ
'U-XVWLFH$6$QDQG +/6DULQ0HPRULDOOHFWXUH ³/HJDOHGXFDWLRQLQ,QGLDSDVWSUHVHQWDQGIXWXUH´
&5DMNXPDU³/HJDOHGXFDWLRQDQG*OREDO3KLODQWKURS\´
&5DMNXPDU³*OREDOL]DWLRQDQGOHJDOHGXFDWLRQ´
*HQHUDO$JUHHPHQWRQ7UDGHLQ6HUYLFHV *$76 RI:72
'U150DGKDYD0HQRQ ³5HIRUPLQJWKHOHJDOSURIHVVLRQ 6RPHLGHDV´
5HSRUWRIWKH:RUNLQJ*URXSRQ/HJDO(GXFDWLRQRI7KH1DWLRQDO.QRZOHGJH&RPPLVVLRQ
-XVWLFH$0$KPDGL ³5HSDULQJWKHFUDFNVLQOHJDOHGXFDWLRQ´
&5DMNXPDU ³,PSURYLQJOHJDOHGXFDWLRQLQ,QGLD´
ϴϴ
/HJDO(GXFDWLRQLQ,QGLD ,VVXHV &KDOOHQJHV
$LVKZDU\D+LPDQVKX6LQJK
%DQDVWKDOL8QLYHUVLW\5DMDVWKDQ
,QWURGXFWLRQ
(YHU\WKLQJ LV GHYHORSLQJ DW D IDVWHU UDWH ,Q WKLV HUD RI JOREDOL]DWLRQ XUEDQL]DWLRQ DQG
PRGHUQL]DWLRQHYHU\WKLQJLVFKDQJLQJDOPRVWHYHU\GD\&KDQJHKDVEHFRPHLUUHVLVWLEOHDQG
DGDSWDELOLW\ WR FKDQJLQJ D QHHG ,Q WKLV VLWXDWLRQ HYHU\ GD\ EULQJV QHZ FKDOOHQJHV WR WKH
DGPLQLVWUDWLRQRIODZDQGMXVWLFHLQWKHFRXQWU\,QWKHVHFLUFXPVWDQFHVLWEHFRPHVQHFHVVDU\
IRU HYHU\ GHYHORSLQJ FRXQWU\ OLNH ,QGLD WR KDYH HGXFDWHG GLVFLSOLQHG DQG EHWWHU ODZ\HUV
MXULVWV DQGMXGJHV )RU WKHDWWDLQPHQW RI ZKLFKRQH QHHGV VXFK DV\VWHP RIOHJDOHGXFDWLRQ
WKDW FRXOG VWD\ SDUDOOHO WR WKH HYHU FKDQJLQJ FRPSOH[LWLHV RI VRFLHW\ DQG WKDW FRXOG ERWK
VDIHJXDUGWKHULJKWVRIWKHFLWL]HQVDQGHQVXUHWKHFRPSLODWLRQRIGXWLHVE\WKHP
³7RPRXQGWKHQDWLRQWRWKHSLQQDFOHRIEHVWDGPLQLVWUDWLRQRIMXVWLFHZHQHHGWRHGXFDWHDQG
PDNHRYHUWKHEHVWODZ\HUV´ 5DMQL3DUPDU
7KHVLWXDWLRQWRGD\
:KDWKDSSHQVLQPRVWFRXQWULHVLVWKDWKDOIRIWKHODZ\HUVDGGUHVVLQJWKHFRXUWDUHVRSRRUO\
WUDLQHGWKDWWKHLUFOLHQWVDFWXDOO\RIWHQORRVHFDVHVWKDWDUHVWURQJHQRXJKWRZLQ1RWMXVWWKH
OHJDO ODQJXDJH WKHLU PDQQHUV FRQGXFW DWWLWXGH HWF DUH DOO VR GHSUHVVLQJ WKDW LW DIIHFWV WKH
DGPLQLVWUDWLRQRIODZRUGHUDQGDERYHDOOMXVWLFHDWDODUJHUOHYHO
/DZMXVWLFHDQGRUGHUDUHWKHVROHIXQFWLRQRIMXGLFLDU\DQGODZ\HUV\RXVHHDUHWKHEDFNERQH
RI MXGLFLDU\ $QG EHFDXVH WKH\ SOD\ DQ LPPHQVHO\ LPSRUWDQW UROH LQ WKH DGPLQLVWUDWLRQ RI
MXVWLFH ODZ DQG RUGHU LW LV ERWK SUHVXPHG DQG H[SHFWHG WKDW WKH\ VHUYH WKHLU FOLHQWV DQG
DSSDUHQWO\ WKH QDWLRQ ZLWK UDWLRQDO DUJXPHQWV 0HDJHU DUJXPHQWDWLYH HORFXWLRQ DQG WKH
SRZHUWRSHUVXDGHRWKHUVZLOOQRWGRLQDOOFDVHV.QRZOHGJHDQGWKHJURXQGDGYRFDF\VNLOOV
DUHDOZD\VQHHGHG7KH\DUHWKHRQHWKDWDFWXDOO\GUDZVWKHOLQHEHWZHHQEDGJRRGDQGYHU\
JRRG ODZ\HUV $ WKRURXJK NQRZOHGJH RI ODZ ZKHQ FRPELQHG ZLWK ZLWDQG LQWHOOHFW PDNHV
RQHDEHWWHUODZ\HUWKDQWKHRWKHUV
0UV5DMQL3DUPDU$VVLVWDQW3URIHVVRU$PLW\/DZ6FKRRO-DLSXU
ϵϬ
+RZWRHYDGHWKLVSUREOHP"
(GXFDWLRQ LV WKH RQO\ PHDQV WKURXJK ZKLFK RQH FDQ UHDFK XQPDWFKDEOH KHLJKWV H[FHO
LQGLIIHUHQW VSKHUHV RI OLIH DQG HYHQ FRQTXHU WKH ZRUOG DQG ZKHQ LW FRPHV WR WKH OHJDO
IUDWHUQLW\2UJDQL]HGSODQQHGDQGTXDOLW\OHJDOHGXFDWLRQWRWKHVWXGHQWVRIWKHKXPDQUDFHLV
OLNHWKHSODQHWVWRWKHVRODUV\VWHPVWDUVWRWKHVN\FRORUVWRWKHUDLQERZOLJKWWRWKHVXQDQG
EORRGWRWKHERG\,WLVRQHVXFKZHDOWKSRVVHVVHGE\HYHU\HGXFDWHGSHUVRQZKLFKLVQHLWKHU
DIIHFWHG E\ LQIODWLRQ QRU GRHV LW JHW GHSUHFLDWHG ,W FDQ QHLWKHU EH VWROHQ QRU VROG ,W LV RQH
VXFKDVVHWZKLFKLQFUHDVHV LQDOOUHVSHFWV RYHUWLPH
,QIDFWRQHKDVULJKWO\VDLG³(GXFDWLRQLVWKHPRVWSRZHUIXOZHDSRQZKLFK\RXFDQXVHWR
FKDQJHWKHZRUOG´ 1HOVRQ0DQGHOD
(GXFDWLRQ LV WKH WRUFKWR WKH ULJKW SDWK ,W LV OLNH WKDW IODPH ZKLFK RQFH LJQLWHG SDVVHV WKH
OLJKWDKHDG:LVHPHQRIWKHLUWLPHVLIDUHUHPHPEHUHGWRGD\WKHQLWLVRQO\EHFDXVHRIWKH
HGXFDWLRQWKH\KDG(GXFDWLRQLQVWLOOVLQRQHQRWMXVWZKDW¶VLQWKHERRNVLHNQRZOHGJHRI
WKH VXEMHFW PDWWHU EXW DW WKH VDPH WLPH LW DOVR LPSODQWV LQ RQH YDOXHV OLNH FRPSDVVLRQ
KRQHVW\ GHYRWLRQ GHGLFDWLRQ SXQFWXDOLW\GLVFLSOLQHUHVSHFWWRZDUGVRWKHUDQGPDQ\VXFK
TXDOLWLHVWKDWDUHDFWXDOO\WKHVLJQVRIDJRRGSHUVRQDFFHSWDEOHWRVRFLHW\0DQ\FDQEHZLVH
VPDUWDQGHYHQFOHYHURUZLWW\EXWFLYLFVHQVH±LWLVZKDWRQO\WKHHGXFDWHGZLOOKDYHDWOHDVW
PRUHWKDQWKHXQHGXFDWHGRUWKHOHVVHGXFDWHGRQHV
<HDUVRISUDFWLFHFKDUPDQGVNLOOVWRSHUVXDGHRWKHUVZLWJRRGZLOODOORILWJRHVLQYDLQLI
WKHUHLVQRULJKWHGXFDWLRQ6RVLPSO\EHLQJHGXFDWHGLVQRWHQRXJKEHLQJULJKWO\HGXFDWHGLV
ZKDWWKHQHHGRIWKHKRXULV
/HJDO(GXFDWLRQLQ,QGLD
7KHFRQFHSWRIMXVWLFHLVQRWµDRQFHXSRQDWLPHFRQFHSW¶LQ IDFWLWLVµDQDOOWLPH¶µVLQFH
WKHEHJLQQLQJ¶W\SHVFRQFHSW
/HJDOHGXFDWLRQLQ,QGLDLVDVROGDVWKHFRQFHSWRIGKDUPDLQWKH9HGLFSHULRG$OWKRXJKDW
WKDWWLPHLWZDVWKHNLQJRUKLVDSSRLQWHHV SHUVRQVRINQRZQLQWHJULW\DQGUHSXWDWLRQRIEHLQJ
IDLUDQGLPSDUWLDO ZKRFDUULHGWKHSURFHVVRIGLVSHQVLQJMXVWLFHEXW\HVWKLVQHHGRIKDYLQJ
D IDLU DQG MXVW V\VWHP IRU DGPLQLVWUDWLRQ RI MXVWLFH ZDV IXOILOOHG WKRXJK ZLWK OLWWOH
FRPSURPLVHV
ϵϭ
7UDLWVRIODZRUGHUDQGDGPLQLVWUDWLRQRIMXVWLFHKDYHH[LVWHGVLQFHWKHHDUOLHVWEHJLQQLQJWKDW
RQHFDQHYHUWKLQNRI,IRQHEHOLHYHVWKHQDFFRUGLQJWRWKH+LQGXP\WKRORJ\WKHSULQFLSOHV
RI MXVWLFH DQG HTXDOLW\ KDYH EHHQ D SDUW RI WKH OLYHV RI WKH JRGV WRR 1RW HYHQ WKH\ FRXOG
HVFDSHREOLJDWLRQFRQILUPLQJMXVWLFH6KDQLGHYWKHWKLUGVRQRI6XU\DGHYLVUHQRZQHGIRUKH
DOZD\V DELGHG E\ MXVWLFH 1R PDWWHU ZKR LW LV ZKDW SRVLWLRQ WKH SHUVRQ KHOG KH UHPDLQHG
XQMXVWIDLULPSDUWLDODQGHTXDOLQEHKDYLRUWRZDUGVDOO7H[WVOLNHPDQXVPULWL\DMQDYDON\D
VPULWL QDUVGVPULWL WRRDUH DQ H[LVWLQJ HYLGHQFHWKDW WKH SULQFLSOHV DQG FRQFHSW RI MXVWLFH LV
QRWKLQJFUHDWHGE\WKHDIWHUFLYLOL]DWLRQVEXWLWZDVWKHUHVLQFHWKHEHJLQQLQJ
,VVXHVDQGFKDOOHQJHV
7KHV\VWHPRIOHJDOHGXFDWLRQLQ,QGLD
7KUHH\HDUVODZFRXUVH
3RVWLQGHSHQGHQFHLWZDVLQWKHZDNHRIWKHQHHGRIEHWWHUODZ\HUVDQGEHWWHUMXULVWVWKDWWKH
OHJLVODWXUHSDVVHGWKH$GYRFDWH¶V$FWLQWKH\HDU :LWKFKDQJLQJWLPHVFKDQJLQJQHHGV
DQGFKDQJLQJVFHQDULRWKHOHJLVODWXUHPDGHUHQRYDWLRQVLQWKH$FWYLDDPHQGPHQWVWKHPRVW
SURPLQHQW RQH RIDOOZDVWKDWPDGHLQWKH\HDU ,WZDVLQ WKLV\HDUWKDWWKHOHJLVODWXUH
HQOLVWHGWKHTXDOLILFDWLRQVWREHSRVVHVVHGIRURQHWRMRLQWKHWKUHH\HDU//%FRXUVH
%XW%XW%XW/LNHQRSHUVRQLVSHUIHFWDQGQRGD\DOOJRRGQRODZFDQEHFRPSOHWH7KH
WKUHH\HDUVFRXUVHWRRKDVVRPHPLQRUDQGPDMRUIODZVWKDWLQVRPHZD\RURWKHUVWDQGXSDV
DFKDOOHQJHWROHJDOHGXFDWLRQ,WDOVRLQDZD\DGGVWRWKHLPPRUDOFRQGXFWRIWKHVWXGHQWV
6WXGHQWV DWWHQGLQJ VHPLQDUV FRPSHWLWLRQV DQG LQYHVWLQJ WLPH LQ RWKHU DFDGHPLF DFWLYLWLHV
ZKHQ IDLO WR PHHW WKH UHTXLUHG DWWHQGDQFH LQGXOJH LQ LPPRUDO SUDFWLFHV OLNH µSUR[\¶
DWWHQGDQFH$OPRVWHYHU\VWXGHQWVGRHVLWDWOHDVWRQFHGXULQJWKHLUVWXGHQW¶VOLIH
, GR QRW DGYRFDWH HUDGLFDWLQJ WKH DWWHQGDQFH V\VWHP LW¶V QHHGHG DQG LQ FROOHJHV OLNH
50/1/8 'U 5DP 0DQRKDU /RKLD 1DWLRQDO /DZ 8QLYHUVLW\ /XFNQRZ ZKHUH VWXGHQWV
ORRVH PDUNV LI WKH\ ORVH DWWHQGDQFH WKLV DWWHQGDQFH V\VWHP LV DFWXDOO\ UDQN VDYHU EHFDXVH
UHJXODUFODVVDWWHQGLQJVWXGHQWVJHWDFKDQFHWRVFRUHPRUH%XWZKDW,DGYRFDWHLVWKDWDORQJ
ZLWKWKH UHJXODUDFDGHPLFVXEMHFWFODVVHV WKHUHDUHRWKHULPSRUWDQWDFWLYLWLHVDQG WDVNVWRR
WKDWDODZVWXGHQWQHHGVWRKDYHDVHWWOHGKDQGLQVRWKHUXOHVUHJXODWLRQVDQGHYHQWKHWLPH
WDEOH VKDOO EH VHW XS LQ D ZD\ WKDW WKRVH LQGXOJHG LQ RWKHU DFDGHPLF DFWLYLWLHV HLWKHU JHW
UHZDUGHG ZLWK DWWHQGDQFH SRLQWV RU DW OHDVW LI PDUNHG DEVHQW GR QRW ORVH WKHLU
ϵϮ
VFRUHVJUDGHVSRLQWHU ZKDWHYHU LV WKH V\VWHP RI FRXUVH RQO\ DIWHU SURSHU LQYHVWLJDWLRQ LV
GRQH )RU FROOHJHV ZKR DZDUG SRLQWV IRU DWWHQGDQFH WKHUH FRXOG EH VRPH V\VWHP WKDW DOVR
DZDUGVSRLQWVRUPDUNVWRVWXGHQWVDFWLYHLQRWKHUDFDGHPLFHYHQWVDFWLYLWLHVRUFRPSHWLWLRQV
$IWHU DOO ZKHQ WKHUH FDQ EH VSRUWV TXRWD DQG PHULWRULRXV VFKRODUVKLSV ZK\ QRW DFDGHPLF
TXRWD"
6WULFWHPSKDVLVRYHUDWWHQGDQFH
6LQFHWKHWKUHH \HDUODZFRXUVHFDQEHSXUVXHGRQO\LIRQH KROGVDEDFKHORU¶VGHJUHHLQDQ\
GLVFLSOLQHZKLFKPHDQVQRUPDOO\KHVKHLVRUPRUHWKDQ\HDUVRIDJHZKLFK,EHOLHYHLV
DQDJHZKHUHRQHEHFRPHVPDWXUHHQRXJKWRGHFLGHZKDW¶VJRRGDQGZKDW¶VQRW6WXGHQWVDW
WKLVVWDJHDUHG\QDPLFFDUHHURULHQWHGDQGROGHQRXJKWRFKRRVHZKDW¶OOEHJRRGIRUWKHPLQ
WKHORQJUXQ,GRQ¶WPHDQWRVD\WKDWWKHXQLYHUVLWLHVVKRXOGOHDYHWKHLUVWXGHQWVMXVWIUHHWR
GRZKDWHYHUWKH\ZDQWUHJDUGOHVVRIWKHIDFWWKDWWKH\DUHQRWDWWHQGLQJWKHFODVVHVEXWZKDW
, ZDQW WR FRQYH\ LV WKDWDVWXGHQWVKRXOGEH OHIW WR VSHQG KLVKHUWLPHLQD ZD\ WKDW KHVKH
WKLQNV ZRXOG EH PRVW IUXLWIXO IRU KLPKHU UHDVRQ EHLQJ WKDW QRW IRU HYHU\RQH ZKDWHYHU LV
WDXJKWLQWKHFODVVZLOOIHWFKUHVXOWVDWWKHHQG0D\EHWKHUHLVVRPHRWKHUFRXUVHVRPHRWKHU
FRPSHWLWLRQVRPHRWKHUSXEOLFDWLRQZULWHXSWKDWKHVKHLIIRFXVHVDQGVSHQGVWLPHRQZLOO
IHWFK KLPKHU EHWWHU UHVXOWV 2I FRXUVH D FKHFN VKRXOG EH SXWRQ EXW DWWHQGDQFH VKRXOG EH
PDGHIOH[LEOHDWOHDVWIRUWKHSRVWJUDGXDWHVWXGHQWV
)LYH\HDUVODZFRXUVH
$GRSWHG IURP WKH ZHVWHUQ V\VWHP RI OHJDO HGXFDWLRQ LW ZDV LQ WKH \HDU WKDW WKH
JRYHUQPHQWLQWURGXFHGWKLVV\VWHPRIOHJDOHGXFDWLRQLQ,QGLDPDNLQJ1/6,8DW%HQJDOXUX
LHWKH1DWLRQDO/DZ6FKRRORI,QGLD8QLYHUVLW\ WKHILUVWODZFROOHJHLQ,QGLDSURYLGLQJWKH
ILYH \HDU ODZ FRXUVH 7RGD\ WKH WRS ILYH FROOHJHV SURYLGLQJ WKH ILYH \HDU ODZ FRXUVH DUH
1/6,8 %HQJDOXUX 1DWLRQDO /DZ 6FKRRO RI ,QGLD 8QLYHUVLW\ %HQJDOXUX 1$/6$5
+\GHUDEDG 1DWLRQDO$FDGHP\RI /HJDO6FLHQFHVDQG5HVHDUFK+\GHUDEDG 1/,8%KRSDO
1DWLRQDO/DZ,QVWLWXWH8QLYHUVLW\%KRSDO 18-6.RONDWD 1DWLRQDO8QLYHUVLW\RI-XULGLFDO
VFLHQFHV.RONDWD DQG1/8- 1DWLRQDO/DZ8QLYHUVLW\-RGKSXU 7KHVHWRSILYHXQLYHUVLWLHV
LQ WKHVWDWHVRI .DUQDWDND7HODQJDQD0DGK\D3UDGHVK.RONDWD DQG5DMDVWKDQUHVSHFWLYHO\
DUHPDQXIDFWXULQJWKHEHVWODZVWXGHQWVRIWKHFRXQWU\HYHU\\HDU6LQFHHYHU\HPSOR\HU
ZDQWVWKHEHVWLWLVWKHVHILYHXQLYHUVLWLHVZLWKJUHDWHVWSODFHPHQWUHFRUGRIDPRQJVWDOORWKHU
7KHQ%DQJDORUH
ϵϯ
7KHILYH\HDUODZFRXUVHJDYHWKHDVSLULQJDQGZLOOLQJVWXGHQWVWKHFKDQFHWRFDUU\RXWWKHLU
VWXG\ LQ D SURIHVVLRQDO FRXUVH MXVW DIWHU FRPSOHWLQJ LQWHUPHGLDWH LH VHQLRU VHFRQGDU\
VFKRROLQJ ZKLFKZDVQRWWKHFDVHHDUOLHU EXWLWDOVRKDVVRPHFRQVDFFRPSDQ\LQJLW6RPH
RIZKLFKDUHOLVWHGEHORZ
-DFNRIDOOPDVWHURIIHZ
$FFRUGLQJWRWKHV\OODEXVRIWKHPRVWFROOHJHVWKHILYH\HDUVODZPDNHVWKHVWXGHQWVDMDFNRI
DOODQGPDVWHURIIHZ%HFDXVHRQHKDVWRVWXG\QRWMXVWODZVXEMHFWVEXWDOVRVXEMHFWVIURP
WKHGLVFLSOLQHRIDUWVPDQDJHPHQWFRPPHUFHRUZKDWHYHUWKHGLVFLSOLQHWKH\FKRRVHDVDSDUW
RI WKHLU GXDO GHJUHH ILYH \HDU FRXUVH DQG WKDW WR DOO WRJHWKHU 7KH PRVW WHFKQLFDO VXEMHFWV
LQFOXGLQJSURFHGXUDOODZVDQGRWKHUOLNH,QGLDQ3HQDO&RGH ,3& &ULPLQDO3URFHGXUH&RGH
&U3& &RGH RI &LYLO 3URFHGXUH &3& (YLGHQFH &RQVWLWXWLRQ $GPLQLVWUDWLYH /DZ DUH
SODQQHGDQGWDXJKWLQDVHPHVWHU1RZ\RXFDQWKLQNRIWKHIODZ\RXUVHOI
)URPWKHSHUVSHFWLYHRIWHDFKHUV
L 6XEMHFWVRIQRQVSHFLDOL]DWLRQ
PDQ\ DWLPHVD WHDFKHULVIRUFHGXQGHUSURIHVVLRQDOREOLJDWLRQWRWHDFKDVXEMHFWKHVKH LV
QRWVSHFLDOL]HGLQWKLVPLJKWEHJRRGDQGIUXLWIXOIRUWKHWHDFKHULQWKHVHQVHWKDWKHVKHJHWV
WROHDUQDORWPRUHZKLOHSUHSDULQJOHFWXUHVEXWLQPRVWFDVHVZKDWKDSSHQVLVWKDWWKHWHDFKHU
GRHVQ¶W SHUIRUP WR WKH SRLQW WKDW KHVKH ZRXOG KDYH LI JLYHQ D VXEMHFW RI KLVKHU
VSHFLDOL]DWLRQ/DZLVDVSHFLDOL]HGILHOGDILHOGRIVSHFLDOL]DWLRQ1HLWKHUHYHU\RQHFDQWHDFK
HYHU\WKLQJQRUDQ\RQHILQGVMR\RUFDQSHUIRUPKLVKHUEHVWLQDQDUHDQRWRILQWHUHVW
7KHUH DUH SHRSOH ZKR PLJKW ILQG VRODFH LQ VXFK VLWXDWLRQV ZKLOH WHDFKLQJ D VXEMHFW QRW RI
WKHLU LQWHUHVWDQGQRGRXEWWKHUHDUHPXOWLWDVNHUVWRREXW WKHQIRUDWHDFKHULIWKLVKDGWR
KDSSHQLHLIKHVKHKDVWRWHDFKDVXEMHFWQHLWKHURIKLVLQWHUHVWQRUKLVVSHFLDOL]DWLRQWKHQDW
WKHRXWVHWZKDWLVWKHSRLQWRIGRLQJDVSHFLDOL]DWLRQLQDQ\VXEMHFW":KDWLVWKHSXUSRVHRI
IRFXVLQJ RQ D VSHFLILF VXEMHFW IRU RQH RU WZR ORQJ \HDUV ZKHQ DW WKH HQG WKH\ DUH WR EH
SURIHVVLRQDOO\REOLJDWHGWRH[SORUHPRUHWKDWWRGXULQJVXFKDWLPHVWDJHRIWKHLUOLIHZKHQ
KHVKHVKRXOGEHDOORZHGWRGLVSHQVHDQGVKDUHZKDWOHDUQW
ϵϰ
LL 6DEEDWLFDOOHDYHV
8QOLNHPRVWLQWHUQDWLRQDOXQLYHUVLWLHVVDEEDWLFDOOHDYHVDUHQRWHDVLO\DYDLODEOHWRWHDFKHUVRI
PRVWXQLYHUVLWLHVLQ,QGLD+HQFHPRVWRIWKHWLPHVWKH\DUHVWXFNLQDVLWXDWLRQZKHUHWKH\
KDYHWRSXUVXHWKHLUKLJKHUHGXFDWLRQDQGDFDGHPLFDVSLUDWLRQVNHHSLQJDWVWDNHWKHLUFXUUHQW
SRVLWLRQRUMRE
+DG WKHUH EHHQ UHJXODWHG FRGLILHG OHJLVODWLYHO\ FRQWUROOHG SURYLVLRQV IRU VDEEDWLFDO OHDYHV
IRUWHDFKHUV,EHOLHYHWKHVFRSHIRUERWKODZDQGOHJDOHGXFDWLRQFRXOGKDYHH[SDQGHGDQG
ZKRNQRZVZHFRXOGKDYHKDGEHWWHUWHDFKHUVVFKRODUVUHVHDUFKHUVODZ\HUVRUHYHQMXULVWV
DIWHUWKDW
)URPWKHSHUVSHFWLYHRIVWXGHQWV
L 1RSURSHURULHQWDWLRQ
0RVWVWXGHQWVHVSHFLDOO\LQWKHILYH\HDUODZFRXUVHODQGXSLQWRODZIURPQRZKHUH,QPRVW
FDVHVWKH\JHWWKHPVHOYHVHQUROOHGLQWKHFRXUVHMXVWEHFDXVHWKH\WKLQNWKDWLWZLOOIHWFKWKHP
DGHJUHHLQDSURIHVVLRQDOFRXUVHRUEHFDXVHLWZLOOEHIXQRUPD\EHEHFDXVHWKH\DUHKLWE\
WKHVWHUHRW\SLFDOEHOLHIDWWDFKHGWRWKHGLVFLSOLQHRIOHJDOVWXGLHVWKDW³MRNXFKQDKLNDUVDNWD
YR ODZ NDUWD KDL´ 0DQ\ OLWHUDOO\ PDQ\ VWXGHQWV SXUVXLQJ DQ\ RI WKH WKUHHILYH \HDU ODZ
FRXUVHDUHHQUROOHGEHFDXVHWKHLUSDUHQWVIRXQGLWWREHILWIRUWKHP7KHUHDUHPDQ\VWXGHQWV
ZKR GR QRW NQRZ ZKDW&/$7 &RPPRQ /DZ $GPLVVLRQ 7HVW LVWLOO WKH\HQWHU LQWRDODZ
FROOHJH $IWHU FRPSOHWLQJ WKHLU UHVSHFWLYH FRXUVHV VXFK VWXGHQWV PD\ IHWFK WKHPVHOYHV MRE
VDQG ZKR NQRZV PD\HYHQPLQWPRQH\WKURXJKRXWWKHLU OLIHWLPHEXWLVPRQH\WKH XOWLPDWH
JRDO"&DQZHFDOO ULFKHVWSHUVRQDVWKHPRVWLQWHOOHFWXDOSHUVRQ",VLWWKDWPRQH\FDQMXGJH
\RXUVNLOOVDELOLWLHVZLWRUZLVGRP"7KLQNIRU\RXUVHOI
LL 5RWHOHDUQLQJV\VWHP
7KH FXUUHQW V\VWHP RI OHJDO HGXFDWLRQ LQ ,QGLD LQ PRVW XQLYHUVLWLHV LV IRFXVHG RQ WKH
SULPLWLYHPHWKRGVRIOHDUQLQJLHURWHOHDUQLQJUDUHO\JLYLQJDQRSSRUWXQLW\WRWKHVWXGHQWVWR
WKLQNRXWLIWKHER[LQYHQWRUVWDUWVRPHWKLQJQHZDQGIUHVK6WXGHQWVOLWHUDOO\VLWEHIRUHWKH
QLJKWRIWKHH[DPPXJXSOLNHKHOODQGQH[WGD\MXVWYRPLWLWRXWRQWKHDQVZHUVKHHW7KHUH
LV QRWKLQJ WKDW LV DFWXDOO\ WHVWLQJ WKHLU LQWHOOHFW RU LQEXLOW VNLOOV ZKLFK DUH XQLTXH DQG
GLIIHUHQWIRU HYHU\ RWKHUSHUVRQ 7KHLUPHPRUL]LQJFDSDFLW\DQGQRWLQGHSWKNQRZOHGJH LV
ϵϱ
WHVWHG+HVKHZULWLQJWKHEHVWPXJJHGXSDQVZHUVFRUHVKLJKHVWDQGWKHEHVWWKLQNHUV±WKH\
DUHWDJJHGDVDYHUDJHVWXGHQWV
³&KLOGUHQPXVWEHWDXJKWKRZWRWKLQNQRWZKDWWRWKLQN´ 0DUJDUHW0HDG
, SHUVRQDOO\ ILQG LW YHU\ LGLRWLF 1RW EHFDXVH , FDQQRW PXJ XS WKLQJV RU PHPRULHV OLNH WKH
WRSSHUVEXWEHFDXVHLIWHVWHGRQLQWHOOHFWDQGSUDFWLFDODSSOLFDWLRQ,PLJKWVFRUHPRUHRUZKR
NQRZV,PLJKWVFRUHWKHKLJKHVW$VFKLOGUHQDOORIXVKDYHKDWHGWKLVV\VWHPRIH[DPLQDWLRQ
EXW ZKHQ ZH EHFRPHDGPLQLVWUDWRUV RUWHDFKHUVRU SROLF\ PDNHUV ZHHQIRUFH WKHVDPHROG
VFKRROH[DPLQDWLRQSURFHGXUHVEOXQWO\
LLL 1RSUDFWLFDODSSURDFKWRZDUGVODZ
7KH V\OODEXV RI PRW FROOHJHV LV SODQQHG RQ WKHRU\ PDNLQJ WKH PRVW WHFKQLFDO VXEMHFWVOLNH
,QGLDQ3HQDO&RGH ,3& &ULPLQDO3URFHGXUH&RGH &U3& &RGHRI&LYLO3URFHGXUH &3&
(YLGHQFH &RQVWLWXWLRQ$GPLQLVWUDWLYH/DZSXUHO\WKHRUHWLFDO DQGKHQFHGLVLQWHUHVWLQJDQG
ERULQJ +RZ FDQ RQH WKHQ H[SHFW VWXGHQWV WR H[FHO LQ WKH ODWHU VWDJHV RI WKHLU KDYLQJ EHHQ
WDXJKWWKLVZD\WKDWPHDJUHO\VWLPXODWHGWKHLULQWHUHVW"
(YHQLQWHUQDODVVHVVPHQWVE\WKHWHDFKHU FRPSULVLQJDJUHDWSDUWRIWKHRYHUDOOSHUFHQWDJH
DUHGRQHEDVHGRQWKHWKHRU\SUHVHQWHGWRWKHUHVSHFWLYHVXEMHFWWHDFKHU1RPDWWHUKRZKDUG
\RX WU\ WHVWLQJ ZKHWKHU LW LV FRSLHG VWXGHQWV ILQG ZD\V RI E\SDVVLQJ DQG HVFDSH WKH KDUG
ZRUNUDWKHUVXEPLWDZULWHSDUWO\RUWRWDOO\EHORQJLQJWRVRPHRQHHOVH7KLQN\RXUVHOIZKDW
DELOLWLHVRUVNLOOVDUHDFWXDOO\EHLQJWHVWHG"&RS\LQJVNLOOVE\SDVVLQJVNLOOVRUWKHWKRXJKWRI
EXWQHYHUDFWXDOO\WUXO\WHVWHGUHVHDUFKRULQWHOOHFWXDOVNLOOV"
LY 6WULFWHPSKDVLVRYHUDWWHQGDQFH
$V , VSRNH RI LW HDUOLHU WRR DV D SURPLQHQW SUREOHPLVVXH FKDOOHQJH EHIRUH VWXGHQWV ± WKLV
H[LVWLQJDWWHQGDQFHV\VWHPUHVWULFWVPRVWWKHVWXGHQWVWRSXUVXHWKHDFWLYLW\HYHQWJRDORI
WKHLUFKRLFH7KH\WU\DQGLQGXOJHWRRKDUGLQPHHWLQJWKHUHTXLUHGDWWHQGDQFHWKDWWKH\EHLW
LQFLGHQWDOO\ RU GHOLEHUDWHO\ WXUQ WKHPVHOYHV LJQRUDQW WRZDUGV RWKHU HVVHQWLDO DQG YLWDO
DFWLYLWLHVHYHQWVFRPSHWLWLRQV OLNH PRRW FRXUW FRPSHWLWLRQV VHPLQDUV V\PSRVLXPV
FRQIHUHQFHV GHEDWHVHWFWKDWDUHDFWXDOO\ VXFKDFWLYLWLHV ZKHUHD VWXGHQW QHHGVWR KDYHD
VHWWOHGKDQGDW&RQVHTXHQWLDOO\PDNLQJWKHPOHWKDUJLFGXOOERRNZRUPVDQGKHQFHPDNLQJ
WKHPODVWLQWKHUDFH
ϵϲ
Y 7HDFKHUVDOORWWHGVXEMHFWQRWRIWKHLUVSHFLDOL]DWLRQ
:KHQDWHDFKHULVDOORWWHGDVXEMHFWQRWRIKLVKHUVSHFLDOL]DWLRQKHVKHLVQRWVROHO\DIIHFWHG
WKH HIIHFW FDUULHV IRUZDUG WL WKH VWXGHQWV $QG ZKHQ , VD\ HIIHFWV WKH VWXGHQWV , PHDQ
DGYHUVHO\DIIHFWVWKHVWXGHQWVDPRQJVWZKLFKWKHZRUVWLVWKDWWKHVWXGHQWVDUHQRWSURYLGHG
ZLWKWKHXWPRVWTXDOLW\HGXFDWLRQIURPWKHLUWHDFKHUVKDYLQJDQRSWLRQWKDWWKHVDPHWHDFKHU
FRXOGDFWXDOO\WHDFKWKHPWKHRWKHUVXEMHFWIDUEHWWHUWKDQWKHVXEMHFWWKDWKHLVDOORWWHG6HOI
QRWHV DQG VHOIVWXG\ LV QRW HYHU\ ERG\¶V FXS RI WHD LQ DOO FDVHV $OVR WKHUH DUH FHUWDLQ
VXEMHFWVWKDWQHHGWREHWDXJKWDQGH[SODLQHGE\DVHFRQGSHUVRQDWHDFKHUEHFDXVHVWXGHQWV
DWWHQG WKHFROOHJH RUFODVVHVWROHDUQDQGDWHDFKHULVWKHUHWRWHDFKDIWHUDOOWKDWLVKLVKHU
MREDQGWKDWLVIRUZKDWWKHVWXGHQWVDUHSD\LQJ1RZLIDWHDFKLQWKLVFDVHVSHFLDOL]HGLQD
VXEMHFW DQG KDV D JRRG LQVLJKW RYHU LW EXW LV SURIHVVLRQDOO\ REOLJDWHG WR WHDFK VRPH RWKHU
VXEMHFWKRZIDLUVR\RXWKLQNLWLVWRWKHVWXGHQWVWKHWHDFKHUWKHVXEMHFW RUWKH V\VWHPRI
OHJDOHGXFDWLRQ"
YL $FFHVVLELOLW\WRHUHVRXUFHV
:LWK DOPRVW YHU\ DQG DQ\WKLQJ JRLQJ GLJLWDO ODZ WRR LV XQWRXFKHG E\ GLJLWDOL]DWLRQ 7HFK
H[SHUWV DQG ,QYHQWRUV KDYH VR IDU LQYHQWHG PDQ\ DSSVDQG VRIWZDUHV WKDW FDQ DOORZ \RX WR
H[SORUH DOPRVW DQ\ ERRN FDVH MRXUQDO PDQXDO GLFWLRQDU\ OH[LFRQ FRPPHQWDU\ PLQLVWU\
UHSRUWV HWF E\ MXVW D FOLFN %XW WKH GUDZEDFN LV WKDW PDQ\ FROOHJHV VWLOO FRXOG QRW SURYLGH
WKHLUVWXGHQWVZLWKVXFKXOWUDWHFKIDFLOLWLHV
$FFHVV DQG NQRZOHGJHDERXWVLWHV OLNHV0DQXSDWUD6&&RQOLQH ,QGLDQNDQRRQHWFZLOOQRW
MXVWPDNHUHVHDUFKDQGVWXG\TXLFNEXWDOVRVDYHWLPHPRQH\ VSHQWRQERRNV DQGEHKDQG\
DVZHOO
³:KDWHYHUWKHFRVWRIRXUOLEUDULHVWKHSULFHLVFKHDSFRPSDUHGWRWKDWRIDQ
LJQRUDQWQDWLRQ´ :DOWHU&URQNLWH
(OHFWURQLF JDGJHWV DUH QRW DOORZHG WR EH FDUULHG HYHU\ZKHUH LQ WKH FDPSXV RI PDQ\
XQLYHUVLWLHVLQWHUQHWLVUHVWULFWHGLQPRVWFROOHJHV H[DPSOH%DQDVWKDOL9LG\DSLWK5DMDVWKDQ
)RUJHW XQLYHUVLWLHV HYHQ SDUHQWV WKURZ WDQWUXPV OLNH ³EDUEDGG KR JD\DJD\L KDL GLQ EDKU
SKRQHPHLQODJDODJLUHKWDUHKWL KDLSKRQHPHLQDLVLN\DSDGKDL KRUDKLKDL"´HWFLIWKH\
ILQGXVXVLQJRXUSKRQHRUODSWRSPRUHWKDQWKHXVXDO
ϵϳ
1RWMXVWWKLVHYHQWHDFKHUVDUHLJQRUDQWRYHUKRZWRDFFHVVFHUWDLQHUHVRXUFHVWKHQKRZFDQ
ZHH[SHFWWKHVWXGHQWVWRJRGLJLWDO"
6WHUHRW\SHV FXVWRPDULO\ DQG FRPPRQO\ DWWDFKHG WR ODZ ODZ VWXGHQWV DQG
ODZ\HUV
L
7KHUHLVWKLVVWHUHRW\SLFDOEHOLHIWKDWLVDWWDFKHGWRPRVWIHPDOHODZ\HUVDQGODZ
VWXGHQWVWKDWVXFKD*LUOLVQRWILWWRPDUU\RUEHWWHULVQRWDµPDUULDJHPDWHULDO¶,I
\RXVHHDURXQGVHOI\RXZLOOIRUVXUHILQGDQXPEHURIXQPDUULHGZRPDQZKRDUH
VRPHZD\RUWKHRWKHUDWWDFKHGWRWKHILHOGRIODZ
LL
$OVR WKHUH LV WKLV FRQFHSWLRQ LQ PRVW SHRSOH¶V PLQGV WKDW WKUHH SHRSOH VKDOO EH
DYRLGHGIRUDVORQJDVRQHFDQDQGVXFKWKUHHSHRSOHLQFOXGHWKHEODFNFRDWZHDUHUV
WKH ZKLWHFRDW ZHDUHUVDQG WKH NKDNL ZHDUHUV7KLVPLVEHOLHILVDUHVXOW RI WKHIHDU
ZKLFKSULPDULO\LQODZUHODWHVWRWKHWLPHDQGPRQH\WKDWLVFRQVXPHGWKURXJKRXWWKH
SURFHHGLQJVRUWKHWULDOV7KLVLVVRPHZD\DUHWKHUHVXOWRISRRUOHJDOHGXFDWLRQDQG
LWKDVILQDOO\OHGWRDFRQFHSWLRQWKDW
³/DZ\HUVDUHOLDUV´
&RQVHTXHQWLDOO\OHVVHUQXPEHURIVWXGHQWVSXUVXHODZDVILHOGRIVWXG\DIWHUFRPSOHWLQJWKH
VHQLRU HGXFDWLRQ DQG DOVR PD\ EH EHFDXVH RI WKH VDPH UHDVRQ QRW PDQ\ SDUHQWV OLNH WKHLU
ZDUGWREHDODZ\HU<HWDQRWKHUKLQGUDQFHWROHJDOHGXFDWLRQ
1RQDWWHQGLQJVWXGHQWVDUHGHJUHHKROGHUV
$YHU\FRPPRQSKHQRPHQRQ,ZRXOGVD\WKDWLVSUDFWLFHGLQ,QGLDWKDWVWXGHQWVZKRKDYH
QHYHU DWWHQGHG FODVVHV DUH ODZ GHJUHH KROGHUV WKLV GRHVQ¶W LQFOXGH GLVWDQFH OHDUQLQJ
SURJUDPV EHFDXVH WKH\ DUH IXOO\IOHGJHG DQG IXOO\SODQQHG FRXUVHV E\ HPLQHQW VFKRODUV
WHDFKHUV DQG IHOORZV RI WKH UHQRZQHG XQLYHUVLWLHV :KDW , DP WDONLQJ DERXW KHUH LV WKH
SUREOHP ZKHUH VWXGHQWV ZKR QHYHU VHH WKHIDFH RI WKHLU FROOHJHV H[FHSW IRU H[DPV TXDOLI\
DQG SUDFWLFH , PHDQ LV LW QRW XQIDLU WR WKH VWXGHQWV UHJXODUO\ DWWHQGLQJ FODVVHV JRLQJ WR
FROOHJHVVDFULILFLQJWKHLUTXDOLW\WLPHOHDYLQJWKHLUKRPHEHKLQGMXVWWRDWWHQGFROOHJH"7KH\
DUH DIILOLDWHGFROOHJHVZKLFKRQO\FRQGXFW H[DPVDQGQRWFODVVHVDQGSURYLGHWKHLUVWXGHQWV
ZLWK SURIHVVLRQDO GHJUHHV ,W LV GXH WR VXFK FROOHJHV DQG VWXGHQWV WKDW XQFLYLOL]HG ODZ\HUV
ZLWKODPHDUJXPHQWVVWDQGEHIRUHWKHFRXUWDQGPDNHODZDQGOHJDOSURIHVVLRQDPRFNHU\
ϵϴ
4XDQWLW\QRW4XDOLW\
0XVKURRPLQJ RI SULYDWHODZ FROOHJHVLV DQRWKHUFKDOOHQJHWR OHJDOHGXFDWLRQ7ZR GHFDGHV
EDFN LW ZDV MXVW 1/6,8 ZKLFK ZDV VHW XS ZLWK D PRWLYH RI SURYLGLQJ TXDOLW\ HGXFDWLRQ WR
VWXGHQWVLQWHUHVWHGLQWKHGLVFLSOLQHRIODZ7KHFROOHJHGLGQRWKDYHDOXFN\GUDZRUILUVWFXP
ILUVW DGPLVVLRQ SURFHGXUH EXW D FRPPRQ ODZ DSWLWXGH WHVW &/$7 ZDV LQWURGXFHG ZKHUH
DGPLVVLRQV ZHUH JLYHQ DFFRUGLQJ WR WKH DSSOLFDQW¶V DSWLWXGH %XW VORZO\ DQG JUDGXDOO\ MXVW
OLNH GLVFLSOLQHV RI PHGLFDO DQG HQJLQHHULQJ EHFDPH FRPPRQ LQ HYHU\ RWKHU KRXVHKROG
VLPLODUO\ ZLWK PXVKURRPLQJ SULYDWH XQLYHUVLWLHV OHJDO HGXFDWLRQ WRR LV QRW MXVW SURYLGHG E\
WKH1/8V VHWXSE\WKHJRYHUQPHQW EXWDYDULHW\RIRWKHUXQLYHUVLWLHVDQGFROOHJHV
7KHVKRUWFRPLQJVDQGUHSHUFXVVLRQVDWWDFKHGWRLWDUHWKDWZLWKWKHIORRGRSHQLQJRISULYDWH
ODZXQLYHUVLWLHVWKHVROHSXUSRVHRIJUDQWLQJTXDOLW\HGXFDWLRQWRVWXGHQWVLVORVWDQGDOXPS
VXP QXPEHU RI VWXGHQWV PRVW RI ZKRP DUH QRW HYHQ ILW WR IDFH D MXGJH DUH PDQXIDFWXUHG
HYHU\\HDU
,QWKHORQJUXQZKDWZLOOKDSSHQLVWKDWOLNHXQVNLOOHGFRXQWOHVVDQGMREOHVVHQJLQHHUV,QGLD
ZLOOVRRQKDYHXQVNLOOHGFRXQWHVVMREOHVVODZGHJUHHKROGHUV7KXVGHWHULRUDWLQJWKHKXPDQ
UHVRXUFHRIWKHFRXQWU\
&RQFOXVLRQ
,QGLD LVVWLOOD \RXQJFRXQWU\VLQFHLQGHSHQGHQFHDQGLWVSRWHQWLDOFDQQRWEHGRXEWHG:KDW
RQHQHHGVWRNHHSLQPLQGLVWKDWWKHFXUUHQWVFHQDULRFDQRQO\EHFKDQJHGLIWLPHO\UHIRUPV
DUH PDGH WRPDNHWKHFXUUHQWV\VWHPRIHGXFDWLRQPRUHUHVSRQVLYH5DWKHUWKDQWKHW\SLFDO
URWH OHDUQLQJ PHWKRGV SUDFWLFDO DSSURDFK QHHGV WR EH EURXJKW LQ WKH FXUULFXOXP DOWKRXJK
PRRWFRXUWVDUHDJUHDWHQGHDYRUEXWDORWLVVWLOOQHHGHG ,IWKHDXWKRURIWKLVHVVD\ZHUHWR
VXPPDUL]H WKHHVVD\LQ WKHVKRUWHVW ZD\ SRVVLEOHLWZRXOG EHWKDWHGXFDWLRQ LVDWZRZD\
SURFHVV EHWZHHQ D WHDFKHU RU WXWRU DQG D VWXGHQW D SXSLO DQG WKH WHDFKHU FDQ SURGXFH
FRQVFLHQWLRXV VWXGHQWV KRQHVW SURIHVVLRQDOV DQG LQIRUPHG FLWL]HQV RQO\ LI KH VKH LV D
GHGLFDWHGWHDFKHUGHWHUPLQHGWRXSJUDGHDQGHQKDQFHWKHFXUUHQWV\VWHPRIDGPLQLVWUDWLRQRI
MXVWLFH
,QGLD LV DQ XSFRPLQJ HYROYLQJ VXSHU SRZHU IRUHVHHQ WR EH FRPSULVLQJ RI WKH JUHDWHVW
QXPEHURI\RXWKSRSXODWLRQE\WKH\HDULIVLWXDWLRQVDUHQRWFRUUHFWHG\HWWKLQJVZKLFK
FDQFKDQJHWKHIDWHRIWKHFRXQWU\PLJKWJHWRXWRIFRQWURO
ϵϵ
/HJDO(GXFDWLRQLQ,QGLD ,VVXHV &KDOOHQJHV
0RKDPPDG$WLI$KPDG
'HOKL0HWURSROLWDQ(GXFDWLRQ**6,38QLYHUVLW\
,QWURGXFWLRQ
³$VORQJDVWKHZRUOGVKDOOODVWWKHUHZLOOEHZURQJVDQGLIQRPDQREMHFWHGDQGQRPDQ
UHEHOOHGWKRVHZURQJVZRXOGODVWIRUHYHU´&ODUHQFH'DUURZDSURPLQHQW$PHULFDQODZ\HU
DQGOHDGLQJPHPEHURI$PHULFDQ&LYLO/LEHUWLHV8QLRQDSWO\VDLGWKHDIRUHPHQWLRQHGTXRWH
7LOOWKLVZRUOGH[LVWVWKHQHHGRI/DZZLOOSUHYDLODQGZLWKVZLIWO\SURSDJDWLQJWLPHWKH/DZ
ZLOOUHIRUP
7KH ODZ DQG WKH OHJDO HGXFDWLRQ KDV DOZD\V EHHQ UHIRUPLQJ DQG LPSURYLQJ LWVHOI ZLWK WKH
QHHGRIWKHKRXU,Q,QGLDOHJDOHGXFDWLRQKDVEHHQRQWKHDJHQGDRIWKHJRYHUQPHQWVLQFHWKH
LQGHSHQGHQFH RI WKH FRXQWU\ 7R LPSURYH WKH OHJDO HGXFDWLRQ V\VWHP LQ WKH FRXQWU\
JRYHUQPHQW ERGLHV VXFK DV /DZ FRPPLVVLRQV RI ,QGLD %DU &RXQFLO RI ,QGLD 8QLYHUVLW\
*UDQWV &RPPLVVLRQ DQG RWKHUV KDYH WDNHQ YDULRXV LQLWLDWLYHV 7KH 1DWLRQDO .QRZOHGJH
&RPPLVVLRQDQGDFRPPLWWHHRIWKUHHPHPEHUVFUHDWHGE\WKH6XSUHPH&RXUWRI,QGLDKDYH
DOVRUHFRPPHQGHGUHIRUPVLQWKHOHJDOHGXFDWLRQV\VWHPRIWKHFRXQWU\/HJDO(GXFDWLRQLV
LQIOXHQFHGE\DPXOWLWXGHRIIDFWRUVVXFKDV
*RYHUQPHQWDO3ROLF\
%&,
8*&
$GPLQLVWUDWLQJERG\RIWKHODZVFKRROV
1DWLRQDO/LWLJDWLRQ3ROLF\
'HYHORSPHQWVLQ/HJDO3URIHVVLRQ
'HYHORSPHQWVLQWKH/HJDO6\VWHP
&RPSHWHQF\RIVWXGHQWV IDFXOWLHV
,QIUDVWUXFWXUH
%DU&RXQFLORI,QGLD
8QLYHUVLW\*UDQWV&RPPLVVLRQ
ϭϬϭ
7HFKQRORJLFDODGYDQFHPHQWV
,QGLDQ/HJDO(GXFDWLRQ6\VWHP
,Q,QGLDOHJDOHGXFDWLRQKDVEHHQWUDGLWLRQDOO\RIIHUHGDVDWKUHH\HDUVJUDGXDWHGHJUHH7KLV
VWUXFWXUHKDVEHHQFKDQJHGVLQFH 8SRQWKHVXJJHVWLRQRIWKH/DZ&RPPLVVLRQRI,QGLD
DQG WKH %DU &RXQFLO RI ,QGLD VSHFLDOL]HG ODZ XQLYHUVLWLHV GHYRWHG WR OHJDO HGXFDWLRQ ZHUH
HVWDEOLVKHG WKH ILUVW EHLQJ WKH 1DWLRQDO /DZ 6FKRRO RI ,QGLD 8QLYHUVLW\ %DQJDORUH
7KHUHDIWHU RWKHU ODZ XQLYHUVLWLHV ZHUH VHW XS RIIHULQJ ILYH \HDUV LQWHJUDWHG ODZ GHJUHH
SURJUDPPH ZLWK GLIIHUHQW QRPHQFODWXUH LQ DGGLWLRQ WR WKH SUHYDLOLQJ WUDGLWLRQDO WKUHH \HDU
JUDGXDWH GHJUHH 7KHVH ODZ XQLYHUVLWLHV ZHUH PHDQW WR RIIHU D PXOWLGLVFLSOLQDU\ DQG
LQWHJUDWHG DSSURDFK WR OHJDO HGXFDWLRQ ,W ZDV WKHUHIRUH IRU WKH ILUVW WLPH WKDW D ODZ GHJUHH
RWKHUWKDQ//%RU%/ZDVJUDQWHGLQ,QGLD7KHVH1DWLRQDO/DZ6FKRRORIIHUDILYH\HDU
ODZ FRXUVH XSRQ WKH VXFFHVVIXO FRPSOHWLRQ RI ZKLFK DQ LQWHJUDWHG GHJUHH ZLWK WKH WLWOH RI
%$ //% +RQRXUV %6F //% +RQRXUV %&RP //% +RQRXUV %%$ //%
+RQRXUV ZRXOGEHJUDQWHG7KHUHDIWHUYDULRXVODZVFKRROVDFURVVWKHFRXQWU\RIIHULQJILYH
\HDULQWHJUDWHGODZGHJUHHSURJUDPPHKDYHEHHQHVWDEOLVKHGXQGHUWKH$GYRFDWHV$FW
ZKLFK LV D ODZ SDVVHG E\ WKH3DUOLDPHQWERWK RQ WKH DVSHFW RIOHJDO HGXFDWLRQ DQG DOVR IRU
UHJXODWLRQ RI FRQGXFW RI OHJDO SURIHVVLRQ8QGHU WKH $FW WKH%DU &RXQFLO RI ,QGLD LV WKH
VXSUHPH UHJXODWRU\ ERG\ WR UHJXODWH WKH OHJDO SURIHVVLRQ LQ ,QGLD DQG DOVR WR HQVXUH WKH
FRPSOLDQFHRIWKHODZVDQGPDLQWHQDQFHRISURIHVVLRQDOVWDQGDUGVE\WKHOHJDOSURIHVVLRQLQ
WKHFRXQWU\
1XPHURXVFKDQJHVKDYHWDNHQSODFHLQERWKOHJDOHGXFDWLRQDQGOHJDOSURIHVVLRQVLQFHWKHQ
ZKLFK LQ WXUQ UHTXLUH D UHDUWLFXODWLRQ RI WKH DLPV DQG REMHFWLYHV RI OHJDO HGXFDWLRQ 7KH
1DWLRQDO.QRZOHGJH&RPPLVVLRQZKLOHGHOLEHUDWLQJRQWKHLVVXHVUHODWHGWRNQRZOHGJHKDV
PDGH D PRGHVW DWWHPSW LQ WKLV UHJDUG ZKHQ LW DIWHU UHFRJQL]LQJ OHJDO HGXFDWLRQ DV µDQ
LPSRUWDQWFRQVWLWXHQWRISURIHVVLRQDOHGXFDWLRQ¶VWDWHGWKXV
³7KH YLVLRQ RI OHJDO HGXFDWLRQ LV WR SURYLGH MXVWLFH RULHQWHG HGXFDWLRQ HVVHQWLDO WR WKH
UHDOL]DWLRQRIYDOXHVHQVKULQHGLQWKH&RQVWLWXWLRQRI,QGLD,QNHHSLQJZLWKWKLVYLVLRQOHJDO
HGXFDWLRQPXVWDLPDWSUHSDULQJOHJDOSURIHVVLRQDOZKRZLOOSOD\GHFLVLYHUROHVQRWRQO\DV
DGYRFDWHV SUDFWLFLQJ LQ FRXUWV EXW DOVR DV DFDGHPLFV OHJLVODWRUV MXGJHV SROLF\ PDNHUV
6HFWLRQ J $GYRFDWHV$FW
1DWLRQDO.QRZOHGJH&RPPLVVLRQ&RPSLODWLRQRI5HFRPPHQGDWLRQVRQ(GXFDWLRQ 2FW
KWWS ZZZNQRZOHGJHFRPPLVVLRQJRYLQUHFRPPHQGDWLRQVOHJDOHGXFDWLRQDVS
ϭϬϮ
SXEOLF RIILFLDOV FLYLO VRFLHW\ DFWLYLVWV DV ZHOO DV OHJDO FRXQVHO LQ WKH SULYDWH VHFWRU
PDLQWDLQLQJWKHKLJKHVWVWDQGDUGVRISURIHVVLRQDOHWKLFVDQGD VSLULWRISXEOLFVHUYLFH/HJDO
HGXFDWLRQ VKRXOG DOVR SUHSDUH SURIHVVLRQDOV HTXLSSHG WR PHHW WKH QHZ FKDOOHQJHV DQG
GLPHQVLRQV RI LQWHUQDWLRQDOL]DWLRQ ZKHUH WKH QDWXUH DQG RUJDQL]DWLRQ RI ODZ DQG OHJDO
SUDFWLFH DUH XQGHUJRLQJ D SDUDGLJP VKLIW )XUWKHU WKHUH LV QHHG IRU RULJLQDO DQG SDWK
EUHDNLQJ OHJDO UHVHDUFK WR FUHDWH QHZ OHJDO NQRZOHGJH DQG LGHDV WKDW ZLOO PHHW WKHVH
FKDOOHQJHVLQDPDQQHUUHVSRQVLYHWRWKHQHHGVRIWKHFRXQWU\DQGWKHLGHDVDQGJRDOVRIRXU
&RQVWLWXWLRQ´
$V LW LV HYLGHQW IURP WKH DERYH WKH DLP RI OHJDO HGXFDWLRQ LV WR SURYLGH MXVWLFHRULHQWHG
HGXFDWLRQDQGSURGXFHFRPSHWHQWOHJDOSURIHVVLRQDOWRIXOILOGLYHUVHOHJDOQHHGVDWKRPHDQG
DEURDGDQGXQGHUWDNHRULJLQDODQGSDWKEUHDNLQJOHJDOUHVHDUFKWRFUHDWHQHZOHJDONQRZOHGJH
DQGLGHDVWRPHHWQHZFKDOOHQJHVIDFLQJWKHVRFLHW\
'HYHORSPHQWRI&XUULFXOXP
+LVWRULFDOO\OHJDOHGXFDWLRQZDVLPSDUWHGLQ,QGLDLQODZGHSDUWPHQWVRIXQLYHUVLWLHVZKHUH
FRXUVHVZHUHWDXJKWDVWKUHH\HDUSURJUDPPHVDIWHUXQGHUJUDGXDWLRQUHVXOWLQJLQWKHDZDUG
RIDQ//% GHJUHH/HJDOHGXFDWLRQDQGLWVLPSRUWDQFHWRHVWDEOLVKDUXOHRIODZVRFLHW\GLG
QRW UHFHLYH DQ\ VHULRXV SULRULW\ RU DWWHQWLRQ LQ WKHVH XQLYHUVLWLHV DOWKRXJK GXH WR WKH VKHHU
PRWLYDWLRQRIVWXGHQWVWKHPVHOYHVWKHGHSDUWPHQWVZHUHVXFFHVVIXOLQSURGXFLQJPDQ\RIWKH
EULJKWHVW ODZ\HUV DQG VRPH RI WKH EHVW DFDGHPLFV LQ WKH FRXQWU\ 2YHU WKH \HDUV WKHUH KDV
EHHQ D FRQVLGHUDEOH GHJHQHUDWLRQ RI DFDGHPLF VWDQGDUGV ZLWKLQ WKHVH ODZ GHSDUWPHQWV ZLWK
OLWWOH VFRSH IRU LQQRYDWLRQ LQ WKH GHVLJQ RI FRXUVHV GHYHORSPHQW RI DSSURSULDWH WHDFKLQJ
PRGXOHVIRUPXODWLRQRIUHVHDUFKDJHQGDLQFOXGLQJXQGHUWDNLQJRIUHVHDUFKSURMHFWVDQGDOVR
WKH SURPRWLRQ RI DGYRFDF\ LQ ODZ\HULQJ 7KH GHSDUWPHQWV DOVR VXIIHUHG IURP ODFN RI
LQGHSHQGHQFH DQG LQVWLWXWLRQDO DXWRQRP\ DV WKH\ ZHUH ZLWKLQ WKH XQLYHUVLW\ V\VWHP ZKRVH
SULRULWLHV GLG QRW DOZD\V PDWFK $V D UHVXOW WKH DELOLW\ WR DWWUDFW VHULRXV VWXGHQWV ZLWK D
SDVVLRQDWHFRPPLWPHQWWRVWXG\ODZLQDOOLWVUDPLILFDWLRQVGUDPDWLFDOO\UHGXFHGFXOPLQDWLQJ
LQLQVWLWXWLRQDOLVHGPHGLRFULW\LQODZIDFXOWLHVDFURVVWKHFRXQWU\
)RUWKHUHDOL]DWLRQRIYLVLRQDLPDQGREMHFWLYHVRIOHJDOHGXFDWLRQFXUULFXOXPLVDQHFHVVDU\
WRRO:LWKWKHVZLIWIORZRIWLPHWKHGHYHORSPHQWRIFXUULFXOXPPXVWEHFDUULHGRXWDVZHOO
,Q,QGLDQDWLRQDOODZXQLYHUVLWLHVDQGODZFROOHJHVRIIHUDWKUHH\HDU%DFKHORU/DZ'HJUHH
%///% DQG D ILYH \HDU LQWHJUDWHG XQGHUJUDGXDWH GHJUHH %$ //% %&RP //%
ϭϬϯ
%6F //% $QG %%$ //% 7KH FXUUHQW SROLF\ RI WKH %DU &RXQFLO RI ,QGLD %&,
ZKLFKLVWKHVXSUHPHUHJXODWRU\ERG\WRUHJXODWHWKHOHJDOSURIHVVLRQLQ,QGLDDQGSUHVFULEH
WKHFXUULFXOXPDQGV\OODELIRUXQGHUJUDGXDWHFRXUVH KDVEHHQWRHQFRXUDJHRQO\ILYH\HDU
GXDOGHJUHH//%3URJUDPPHV$UHFHQWOHJDOHGXFDWLRQUHIRUPGRFXPHQWRI%&,VWDWHVWKDW
µPRYLQJIRUZDUGRQO\ILYH\HDUGXDOGHJUHH//%SURJUDPPHZRXOGEHUHFRJQL]HGE\WKH
%DU&RXQFLORI,QGLD %&, ¶EXWDWWKHVDPHLWDOVRDGGVWKDWµ%&,ZLOOFRQWLQXHWRHQFRXUDJH
WKUHH\HDU//%FRXUVHIRUVSHFLDOL]HGDUHDVVXFKDV,QWHOOHFWXDO3URSHUW\5LJKWVZKLFKDUH
XQGHUWDNHQE\SRVWJUDGXDWHV¶
$V WKH PDWWHU VWDQGV QRZ WKH FXUULFXOXP SUHVFULEHG E\ %&, IRU HDFK RI WKH GHJUHH
SURJUDPPHV //% DQG %$ //% LV PDQGDWRU\ IRU DOO ODZ FROOHJHV DQG XQLYHUVLW\
GHSDUWPHQWVRIODZ7KH%&,FXUULFXOXPPDQGDWHVVWXGHQWVWRWDNHQRWOHVVWKDQWZHQW\HLJKW
ODZ VXEMHFWV HLJKWHHQ FRPSXOVRU\ VXEVWDQWLYH ODZ VXEMHFWV DQG IRXU FRPSXOVRU\ FOLQLFDO
SDSHUV 7KH\ DUH UHTXLUHGWRWDNHVL[ RSWLRQDOSDSHUVIURPWKUHHRUPRUHJURXSVRIHOHFWLYH
WRSLFVDQGIRUDVSHFLDOL]HGDQGRUKRQRXUVFRXUVHWRWDNHDQDGGLWLRQDOHLJKWSDSHUVIURP
RQHJURXS7KHOLVWRIHOHFWLYHJURXSVWKDWPD\EHRIIHUHGLVUREXVWLQFOXGLQJ&RQVWLWXWLRQDO
/DZ %XVLQHVV /DZ/DZDQG$JULFXOWXUHDQG,QWHOOHFWXDO3URSHUW\/DZ ,QDGGLWLRQWRWKLV
%&,DOORZVDXQLYHUVLW\VFKRROWRDGGRWKHUVXEMHFWVDQGJURXSVWRLWVFXUULFXOXP
7KHUHLVQRGRXEWWKDWWKHHVWDEOLVKPHQWRIWKHQDWLRQDOODZVFKRROVVWDUWLQJZLWKWKH1DWLRQDO
/DZ 6FKRRO RI ,QGLD 8QLYHUVLW\ 1/6,8 LQ %DQJDORUH VXFFHVVIXOO\ FKDOOHQJHG WKLV
LQVWLWXWLRQDOL]HGPHGLRFULW\DQGVXFFHHGHGLQDWWUDFWLQJVHULRXVVWXGHQWVWRWKHVWXG\RIODZ
,Q IDFW WKH VWXG\ RI ODZ KDV UHFHLYHG EHWWHU DWWHQWLRQ DPRQJ KLJK VFKRRO OHDYHUV LQ WKH
FRXQWU\ ZLWK WKHLQWURGXFWLRQRIILYH\HDULQWHJUDWHGSURJUDPPHV7KLVKDVEURXJKWXSQHZ
LVVXHV UHODWLQJ WR SHGDJRJ\ DQG DSSURDFK WR XQGHUJUDGXDWH VWXGLHV IRU LPSDUWLQJ OHJDO
HGXFDWLRQ IRU KLJK VFKRRO OHDYHUV 7KH QDWLRQDO ODZ VFKRROV WKDW KDYH EHHQ HVWDEOLVKHG LQ
%DQJDORUH+\GHUDEDG.RONDWD%KRSDODQG-RGKSXUKDYHDOOFRQWULEXWHGLQWKHLURZQZD\V
WRZDUGSURPRWLQJH[FHOOHQFHLQOHJDOHGXFDWLRQDQGUHVHDUFKSDUWLFXODUO\E\DWWUDFWLQJVRPH
RIWKHEULJKWHVWVWXGHQWVWRFRQVLGHUODZDVDSUHIHUUHGFDUHHURSWLRQ%XWZKHUHWKHVHVFKRROV
IDFH VLJQLILFDQW FKDOOHQJHV LV LQ DWWUDFWLQJ IDFXOW\ PHPEHUV ZKR DUH WRS UHVHDUFKHUV LQ WKH
ILHOG RI ODZ DQG FDQ FRPELQH VRXQG WHDFKLQJ PHWKRGV ZLWK HVWDEOLVKHG WUDFN UHFRUGV RI
UHVHDUFK 7KH ODFN RI UHVHDUFKHUV LQ ODZ DQG DEVHQFH RI GXH HPSKDVLV RQ UHVHDUFK DQG
SXEOLFDWLRQV LQ WKH H[LVWLQJ ODZ VFKRROV KDYH OHG WRWKHDEVHQFH RI DQ LQWHOOHFWXDOO\ YLEUDQW
HQYLURQPHQW
%&,5XOHVRQ6WDQGDUGVRI/HJDO(GXFDWLRQDQG5HFRJQLWLRQRI'HJUHHVLQ/DZIRUSXUSRVHRI(QUROPHQWDV
$GYRFDWHDQG,QVSHFWLRQRI8QLYHUVLWLHVIRU5HFRJQL]LQJLWV'HJUHHLQ/DZ
6HFWLRQ L K 7KH,QGLDQ$GYRFDWHV$FW
ϭϬϰ
5HVHDUFKFDQFRQWULEXWHVLJQLILFDQWO\WRZDUGLPSURYHPHQWLQWHDFKLQJDQGPRUHLPSRUWDQWO\
DGGUHVVLQJQXPHURXVFKDOOHQJHVUHODWLQJWRODZDQGMXVWLFH,IRQHZHUHWRORRNDWWKHIDFXOW\
SURILOHRIWKHZRUOG¶VWRSODZVFKRROVRQHZLOOILQGWKDWWKHUHLVJUHDWHPSKDVLVRQUHVHDUFK
DQGSXEOLFDWLRQVDPRQJDFDGHPLFV%HVLGHVWHDFKLQJWKH\FRQWULEXWHLQVLJQLILFDQWZD\VE\
LQLWLDWLQJ DQG GHYHORSLQJ UHVHDUFK SURMHFWV LQ FXWWLQJ HGJH DUHDV E\ SURIHVVLRQDO
FRQWULEXWLRQV WR LQWHUQDWLRQDO RUJDQL]DWLRQV ODZ ILUPV DQG FRUSRUDWLRQV DQG E\ SOD\LQJ DQ
LPSRUWDQW UROHLQJRYHUQPHQWSROLF\IRUPXODWLRQDQGSURPRWLQJFLYLOVRFLHW\DFWLYLVP/DZ
VFKRROVDQGDFDGHPLFVLQ,QGLDQHHGWRJRDORQJZD\LQGHYHORSLQJDQLQVWLWXWLRQDOFXOWXUH
WKDWSURPRWHVDQGHQFRXUDJHVUHVHDUFKWKDWKDVWKHFDSDFLW\WRIRVWHUPDQ\SRVLWLYHFKDQJHV
LQVRFLHW\DWODUJH
,VVXHV &KDOOHQJHV
, ,QIUDVWUXFWXUHDQGILQDQFLDOUHVRXUFHV
7KH ODZ VFKRROV LQ ,QGLDKDYH WR UHFRJQL]H WKDW WKHUH LVD QHHGIRU FUHDWLQJ VRXQGSK\VLFDO
LQIUDVWUXFWXUH7KHUHVKRXOGEHPRUHIXQGVIRUWKLVDQGIRUGHYHORSLQJUHVHDUFKSURMHFWVDQG
RWKHU LQLWLDWLYHV WR HQFRXUDJH IDFXOW\ PHPEHUV *HQHUDOO\ WKH LQIUDVWUXFWXUH RI WKH QDWLRQDO
ODZ VFKRROV LV EHWWHU WKDQ ZKDW H[LVWV LQ WKH ODZ GHSDUWPHQWV RI WUDGLWLRQDO XQLYHUVLWLHV
,PSURYHPHQWLQLQIUDVWUXFWXUHVKRXOGEHDFURVVWKHERDUGLQFOXGLQJLQXQLYHUVLWLHVZKLFKVWLOO
SURGXFH PRVW RI WKH ODZ JUDGXDWHV 8QLYHUVLW\ FDPSXVHV VKRXOG EH SODFHV WKDW FDQ LQVSLUH
VWXGHQWVDQGWKHIDFXOW\VRWKDWWKH\DUHLQYROYHGLQUHIOHFWLQJXSRQWKHYDULRXVSUREOHPVWKDW
FRQIURQWVRFLHW\$FDGHPLFIUHHGRPWRWKLQNDQGFRQWULEXWHFDQQRWEHHQVXUHGLIXQLYHUVLWLHV
ODFNWKHQHFHVVDU\SK\VLFDOLQIUDVWUXFWXUHDQGILQDQFLDOUHVRXUFHV
,, 'HYHORSPHQWRISKLODQWKURSLFLQLWLDWLYHV
3KLODQWKURS\LQOHJDOHGXFDWLRQLVUDUH,WE\DQGODUJHUHPDLQVDVWDWHVSRQVRUHGHQGHDYRXU
RU DQ XQLPSUHVVLYH FRPPHUFLDO HQWHUSULVH GHYRLG RI KLJK DFDGHPLF VWDQGDUGV 7KHUH LV DQ
XUJHQW QHHG IRU HQFRXUDJLQJ SKLODQWKURSLF LQLWLDWLYHV LQ SURPRWLQJ H[FHOOHQFH LQ OHJDO
HGXFDWLRQDQGUHVHDUFKLQWKHFRXQWU\5HFHQWO\WKH1DWLRQDO.QRZOHGJH&RPPLVVLRQ 1.&
FRQVWLWXWHG E\ WKH 8QLRQ *RYHUQPHQW LQ VXEPLWWHG LWV ILUVW DQQXDO UHSRUW /HJDO
HGXFDWLRQ ZDV RQH RI WKH IRFXV DUHDV DPRQJ WKH GLIIHUHQW LVVXHV FRQVLGHUHG DV SDUW RI WKH
1.&¶V FRQVXOWDWLRQV ZLWK ODZ DFDGHPLFV DQG SUDFWLWLRQHUV ZHUH³PHWKRGV RIDWWUDFWLQJ DQG
ϭϬϱ
UHWDLQLQJ WDOHQWHG IDFXOW\´ DQG ³GHYHORSLQJ D VHULRXV UHVHDUFK WUDGLWLRQ WKDW LV JOREDOO\
FRPSHWLWLYH´7KH1.&UHSRUWQRWHGWKHIROORZLQJZLWKUHJDUGWRSKLODQWKURSLFFRQWULEXWLRQV
³,W LV FOHDU WKDW ZH KDYH QRW H[SORLWHG WKLV SRWHQWLDO ,Q IDFW WKH SURSRUWLRQ RI VXFK
FRQWULEXWLRQV LQ WRWDO H[SHQGLWXUH RQ KLJKHU HGXFDWLRQ KDV GHFOLQHG IURP PRUH WKDQ SHU
FHQWLQWKH VWROHVVWKDQWKUHHSHUFHQWLQ>WKH@ V«´3KLODQWKURS\LQOHJDOHGXFDWLRQ
LVHVVHQWLDOIRULWVJURZWKDQGGHYHORSPHQW(YHU\HIIRUWRXJKWWREHPDGHE\DOOVWDNHKROGHUV
LQFOXGLQJ WKH ODZ VFKRROVWKHEDUWKH EHQFKWKHODZILUPVDQGFRUSRUDWLRQVIRUSURPRWLQJ
SKLODQWKURSLFLQLWLDWLYHVLQOHJDOHGXFDWLRQDQGUHVHDUFK
,,, 0HDVXUHWRUHWDLQEHWWHUIDFXOW\
7KHUH LV D QHHG WR IXQGDPHQWDOO\ UHH[DPLQH WKH FRQWH[W RI OHJDO HGXFDWLRQ LQ WKH FRXQWU\
7KH SUHVHQW V\VWHP GRHV QRW VXIILFLHQWO\ UHFRJQL]H WKH NH\ SUREOHP ZLWK UHJDUG WR OHJDO
HGXFDWLRQ ² ODFN RI IDFXOW\ PHPEHUV ZKR DUH JRRG WHDFKHUV DV ZHOO DVVRXQG UHVHDUFKHUV
7KHUH LV QHHG WR LGHQWLI\ WDOHQW DPRQJ \RXQJ ODZ\HUV VR WKDW WKH\ FDQ EH HQFRXUDJHG WR
FRQVLGHU DFDGHPLD DV D FDUHHU RSWLRQ 7KHUH LV QR GRXEW WKDW SRRU ILQDQFLDO LQFHQWLYHV
GLVFRXUDJH PDQ\ \RXQJ DQG EULOOLDQW ODZ\HUV IURP FRQVLGHULQJ D FDUHHU LQ DFDGHPLD ,W LV
LPSRUWDQWWRDGGUHVVWKLVLVVXHDVZHOO%XWWKHUHFRXOGEHRWKHUIDFWRUVZKHUHLPSURYHPHQWV
DQG FKDQJHV DUH IHDVLEOH VXFK DVFDUHHU GHYHORSPHQW RSSRUWXQLWLHV ZLWKLQ WKHODZ VFKRROV
GHYHORSPHQWRIUHVHDUFKLQIUDVWUXFWXUHLQFOXGLQJWKHUHVRXUFHV WRRUJDQLVHDQGSDUWLFLSDWHLQ
QDWLRQDO DQG LQWHUQDWLRQDO FRQIHUHQFHV DQG XQGHUWDNH VHULRXV UHVHDUFK D KDUPRQLRXV
HQYLURQPHQW WKDW IRVWHUV PXWXDO UHVSHFW JRYHUQDQFH RI WKH ODZ VFKRROV LQ D WUDQVSDUHQW
IDVKLRQ DQGDERYHDOOIDLWKLQWKHOHDGHUVKLSRIWKHLQVWLWXWLRQWKDWH[FHOOHQFHZLOOQRWRQO\
EH SURPRWHG DV D JHQHUDO SROLF\ EXW DIILUPDWLYH HIIRUWV ZLOO EH WDNHQ WR HQFRXUDJH DQG
VXSSRUWH[FHOOHQFH
7KH1DWLRQDO.QRZOHGJH&RPPLVVLRQKDVJRQHPDQ\VWHSVIXUWKHUDQGUHFRPPHQGHGVDODU\
GLIIHUHQWLDOVZLWKLQDQGEHWZHHQXQLYHUVLWLHVDQGODZVFKRROV 6DODU\GLIIHUHQWLDOVDFFRUGLQJ
WR WKH .QRZOHGJH &RPPLVVLRQFRXOG EHFRQVLGHUHGDVD PHDQV WR UHWDLQ TXDOLW\ WDOHQW DQG
DOVR D FXOWXUH RI H[FHOOHQFH 7KH &RPPLVVLRQ KDV DOVR UHFRPPHQGHG LQFHQWLYHV OLNH
LQFUHDVLQJH[LVWLQJSURPRWLRQDOVFKHPHVDQGDYHQXHVWRSURPRWHIDFXOW\PHPEHUVSURYLGLQJ
IXOO\ SDLG VDEEDWLFDOV DQG DGHTXDWH +RXVH 5HQW $OORZDQFH +5$ LQVWLWXWLQJ DZDUGV WR
KRQRXU UHSXWHG WHDFKHUV DQG UHVHDUFKHUV DW QDWLRQDO DQG LQWHUQDWLRQDO OHYHOV DQG DOORZLQJ
IDFXOW\ WR WDNH XS FRQVXOWDQF\ DVVLJQPHQWV DQG OHJDO SUDFWLFH LQ FRXUWV :LWK UHJDUG WR
RSSRUWXQLWLHV LQ OHJDO HGXFDWLRQ WKDW PD\ EH SURYLGHG WR ODZ WHDFKHUV DV D PHDQV WRDWWUDFW
ϭϬϲ
DQG UHWDLQ WDOHQWHG IDFXOW\ WKH .QRZOHGJH &RPPLVVLRQ LV RI WKH YLHZ WKDW WKHVH UHIRUPV
³QHHG WR EH LQWURGXFHG LQ D EDODQFHG UHDVRQDEOH DQG UHJXODWHG PDQQHU WR HQVXUH DGHTXDWH
LQFHQWLYL]HIDFXOW\ZLWKRXWFRPSURPLVLQJRQWKHPDLQWHQDQFHRIFRQVLVWHQWDFDGHPLFTXDOLW\´
)DFWRUV $JHQWV
7KH SUREOHPV DQG FKDOOHQJHV EHLQJ IDFHG LQ OHJDOHGXFDWLRQ LQ ,QGLD KDYH EHHQ UHFRJQL]HG
DQG WKHQ DQDO\]HG /DZ &RPPLVVLRQ RI ,QGLD WK 5HSRUW DQG WK 5HSRUW
DQG1DWLRQDO.QRZOHGJH&RPPLVVLRQ5HSRUWLQDUHQRWDEOHDSDUWIURPWKHVHYHUDO+LJK
&RXUW DQG 6XSUHPH &RXUW -XGJPHQWV DQG WKH YDULRXV VHPLQDUV DQG FRQIHUHQFHV KHOG
WKURXJKRXWWKHFRXQWU\/DZ&RPPLVVLRQRI,QGLDIHOWWKDW/HJDO(GXFDWLRQLVIXQGDPHQWDO
WRWKHYHU\IRXQGDWLRQRIWKHMXGLFLDOV\VWHPDQGLWWRRNXSWKHVWXG\RIOHJDOHGXFDWLRQVXR
PRWR
, *OREDOL]DWLRQLQ/HJDO(GXFDWLRQ
7KHDGYHQWRIFRQFHSWVRIJOREDOL]DWLRQDQGIUHHHFRQRP\KDVUHVXOWHGLQWKHFRXQWULHVY\LQJ
ZLWKHDFKRWKHUWRJURZIDVWHUDQGEHFRPHULFKHU,QWKLVEDWWOHRIGHYHORSPHQW,QGLDLVQRW
ODFNLQJEHKLQG9DULRXV,QWHUQDWLRQDO$JUHHPHQWVDUHEHLQJHQWHUHGLQWRKDYLQJIDUUHDFKLQJ
EHDULQJRQPXQLFLSDOODZVDQGJLYLQJULVHWRQXPHURXVFRPPLWPHQWV7KHUHKDVEHHQGUDVWLF
FKDQJH LQ WKH HQWLUH RXWORRN DQG OLIH VW\OH RI WKH SHRSOH $Q HUD KDV GDZQHG ZKHUH
VSHFLDOL]DWLRQFRPSXWHUL]DWLRQHOHFWURQLFPHGLDLQWHUQHWFRQVXPHULVPIRUHLJQLQYHVWPHQWV
LQVXUDQFHVPHUJHUVDQGWDNHRYHUVHWFDUHEHFRPLQJWKHRUGHURIWKHGD\$UULYDORIPXOWL
QDWLRQDO FRUSRUDWLRQV SULYDWH EDQNV LQFOXGLQJ IRUHLJQ EDQNV HWF DUH WKURZLQJ XS QHZ
FKDOOHQJHV EHIRUH WKH ILHOG RI WUDGH DQG FRPPHUFH 1HZ SUREOHPV DW LQGLYLGXDO DV ZHOO DV
VRFLDOOHYHOVDUHFRPLQJXS1RYHOPHWKRGVRIFRPPLWWLQJIUDXGVDQGFULPHVLQFOXGLQJF\EHU
FULPHV DUH FRPLQJ WR OLJKW 7KHVH GHYHORSPHQWV KDYH UHTXLUHG HQDFWPHQW RI QHZ ODZV DQG
UXOHV LQ YDULRXV ILHOGV LQFOXGLQJ LQWHOOHFWXDO SURSHUW\ ULJKWV LQIRUPDWLRQ WHFKQRORJ\
LQYHVWPHQWV EDQNLQJ WD[DWLRQ DUELWUDWLRQ HQYLURQPHQW FRQVXPHU SURWHFWLRQ HWF 7KHUH LV
WKHUHIRUHQHHGIRUH[SHUWVLQOHJDOGUDIWHUVODZ\HUVDQGMXGJHVKDYLQJGHHSNQRZOHGJHRIWKH
VSHFLDOL]HGILHOGV
VXRPRWR±RQLWVRZQPRWLRQ*HQHUDOO\XVHGLQ,QGLDQOHJDOSDUODQFH
ϭϬϳ
,, 7UDGLWLRQDO/HJDO(GXFDWLRQ
0RGHUQ OHJDOHGXFDWLRQLQ,QGLDZDVVWDUWHGE\WKH%ULWLVKDQG LWVSULQFLSDOFRQFHUQZDVWR
DFTXDLQW,QGLDQVZLWKUXOHVRIODZZKLFKZRXOGKHOSWKH%ULWLVKLQWKHDGPLQLVWUDWLRQRIWKH
FRXQWU\/HJDOHGXFDWLRQLQWKHSUHFRORQLDOSHULRGLPSDUWHGRQO\FHUWDLQLQIRUPDWLRQWRWKH
VWXGHQWVZLWKRXWGHYHORSLQJFULWLFDOSHUVSHFWLYHVDQGDQDO\WLFDOLQVLJKWVDPRQJODZVWXGHQWV
DQGZDVPDUNHGE\WKHURWHV\VWHP(YHQDIWHUWKHLQGHSHQGHQFHRIWKHFRXQWU\WKHVDPHDJH
ROG V\OODEXV RI FRXUVHV FRQWLQXHG ZLWKRXW UHDGMXVWLQJ WKH VDPH DFFRUGLQJ WR WKH FKDQJHG
QHHGVRIDQLQGHSHQGHQWQDWLRQVWDWHDQGWKHJRDOVWKH,QGLDQ5HSXEOLFKDGVHWRXWIRULWVHOILQ
WKH SUHDPEOH WR WKH &RQVWLWXWLRQ 1R ZRQGHU WKH VWDWH RI OHJDO HGXFDWLRQ UHPDLQHG
XQVDWLVIDFWRU\IRUPDQ\\HDUVXQWLODIUHVKEUHH]HRIQHZWKLQNLQJHQWHUHGWKHUHDOPRIOHJDO
HGXFDWLRQDQGLQLWLDWLYHVDLPLQJDWWKHUHIRUPVLQOHJDOHGXFDWLRQZHUHWDNHQDWVHYHUDOOHYHOV
,,, /HJDO(GXFDWLRQ :72$JUHHPHQW
$V D SDUW\ WR WKH *HQHUDO $JUHHPHQW RQ 7UDGH LQ 6HUYLFHV *$76 ,QGLD LV GXW\ ERXQG WR
DFFRUGµPRVWIDYRXUHGQDWLRQ¶VWDWXVPDUNHWDFFHVVDQGQDWLRQDOWUHDWPHQWWRRWKHUPHPEHU
FRXQWULHV RI WKH :RUOG 7UDGH 2UJDQL]DWLRQ $V D FRQVHTXHQFH LW LV QRW SRVVLEOH IRU WKH
*RYHUQPHQW RI ,QGLD WR SUHYHQW LQGHILQLWHO\ WKH HQWU\ RI IRUHLJQ ODZ\HUV DQG IRUHLJQ
XQLYHUVLWLHV LQWR ,QGLD $Q\ PLVDGYHQWXUH RQ WKH SDUW RI WKH *RYHUQPHQW RI ,QGLD LQ WKLV
UHJDUGZLOODPRXQWWRDQLQIULQJHPHQWRIWKHSURYLVLRQVRI*$76%RWKZLVGRPDQGSUXGHQFH
WKHUHIRUH GHPDQG WKDW EHIRUH IRUHLJQ XQLYHUVLWLHV DQG IRUHLJQ ODZ\HUV HQWHU WKH GRPHVWLF
PDUNHW,QGLDVKRXOGUHVWUXFWXUHDQGUHRULHQWLWVOHJDOHGXFDWLRQDQGOHJDOSURIHVVLRQWRPHHW
WKHQHZFKDOOHQJHVLQWKHFRQWH[WRIJOREDOL]DWLRQ,QWKHFKDQJHGVFHQDULROHJDOSURIHVVLRQ
UHTXLUHV ODZ\HUV WR UHSUHVHQW FOLHQWV QRW RQO\ ZLWKLQ EXW DOVR RXWVLGH QDWLRQDO IURQWLHUV
$FFRUGLQJO\ WR HQDEOH RXU ODZ JUDGXDWHV WR SUDFWLFH ODZ ERWK GRPHVWLFDOO\ DQG
LQWHUQDWLRQDOO\ LQ D KLJKO\ FRPSHWLWLYH OHJDO VHUYLFH PDUNHW ODZ VFKRROV VKRXOG LQFOXGH
ZLWKLQWKHLUFXUULFXOXPVXEMHFWVOLNHLQIRUPDWLRQWHFKQRORJ\FRUSRUDWHODZWD[DWLRQKXPDQ
ULJKWV EDQNUXSWF\ ODZV FRPPHUFLDO ODZ ZRPHQ ULJKWV DOWHUQDWLYH GLVSXWH UHVROXWLRQ
F\EHUODZ HWF 6WXGHQWV VKRXOG DOVR EH HQFRXUDJHG WR OHDUQ DW OHDVW RQH IRUHLJQ ODQJXDJH
LQFUHDVHFXOWXUDOIDPLOLDULW\ZLWKWKHOHJDOV\VWHPVRIRWKHUFRXQWULHVGHYHORSFRPPXQLFDWLRQ
VNLOOVDQGVKDUSHQSURIHVVLRQDOVNLOOVIRUWKHSXUSRVHVRIWUDQVQDWLRQDOOHJDOSUDFWLFH6WXGHQWV
DOVR QHHG WR EH HGXFDWHG DERXW FRQFHSWV OLNH JURXS GLVSXWH LQVWLWXWLRQ SURFHVV IXQFWLRQ
ϭϬϴ
GHFLVLRQUHJXODWLRQHIILFLHQF\HIIHFWLYHQHVVHWFDVSDUWRIJHQHUDOMXULVSUXGHQFHFRXUVHIRU
HQKDQFLQJWKHLUXQGHUVWDQGLQJRIFURVVOHJDOFXOWXUHV
,9 ,QIOXHQFHRI86OHJDOHGXFDWLRQ
7KH86PRGHORIOHJDOHGXFDWLRQFRQWLQXHVWRLQIOXHQFHOHJDOHGXFDWLRQLQRWKHUSDUWVRIWKH
ZRUOG-DSDQDQG.RUHDKDYHPRYHGWRDGRSW-'VW\OHJUDGXDWHODZGHJUHHV,Q$XVWUDOLD
WKH 8QLYHUVLW\ RI 0HOERXUQHKDVDGRSWHGD VLPLODUDSSURDFK (IIRUWVDUHXQGHUZD\LQ+RQJ
.RQJDQGWKH3KLOOLSSLQHVWRDGRSWWKH86PRGHORIOHJDOHGXFDWLRQZKHUHWKH-'LVRIIHUHG
DORQJVLGH WKH //% ,I WKLV WUHQG FRQWLQXHV (QJODQG ZLOO SUREDEO\ UHPDLQ RXWOLHU ZLWK LWV
WKUHH\HDUJUDGXDWHSURJUDPPH7KHJOREDOL]DWLRQRIOHJDOHGXFDWLRQPRYHPHQWKDVOHGWRWKH
HVWDEOLVKPHQW RI GRXEOH GHJUHH SURJUDPPHV DFURVV QDWLRQDO MXULVGLFWLRQV 7KH 1<8
6FKRRORI/DZDQG1DWLRQDO8QLYHUVLW\RI6LQJDSRUH'XDO'HJUHH3URJUDPPHLVDQH[DPSOH
RIVXFKSURJUDPPHV,WRIIHUV0DVWHURI/DZGHJUHHIURPHDFKRIWKHSDUWQHULQVWLWXWLRQVEXW
LV WDXJKW HQWLUHO\ LQ 6LQJDSRUH ZLWK 1<8 IDFXOW\ IO\LQJ LQ GXULQJ WKH QRUWKHUQ VXPPHU
PRQWKV 86 /DZ 6FKRROV KDYH PRYHGIURP WKHROGH[FKDQJH SURJUDPPHWR GRXEOH GHJUHH
SURJUDPPHV &RUQHOO 8QLYHUVLW\ /DZ 6FKRRO IRU H[DPSOH RIIHUV GRXEOH GHJUHHV LQ
SDUWQHUVKLSZLWKXQLYHUVLWLHVLQ)UDQFHDQG*HUPDQ\&ROXPELD/DZ6FKRRODOVRKDVSDUWQHUV
LQ )UDQFH DQG *HUPDQ\ DV ZHOO DV (QJODQG 1<8 KDV SDUWQHUVKLS ZLWK 2VJRRGH +DOO /DZ
6FKRRO LQ &DQDGD DQG WKH 1DWLRQDO 8QLYHUVLW\ RI 6LQJDSRUH $QG $PHULFDQ 8QLYHUVLW\
:DVKLQJWRQ &ROOHJH RI /DZ KDV SDUWQHUVKLS ZLWK 8QLYHUVLWLHV LQ &DQDGD 6SDLQ )UDQFH
(QJODQGWKH1HWKHUODQGV+RQJ.RQJ.RUHD6RXWK$IULFDDQG8JDQGD
,Q,QGLDQDWLRQDOODZXQLYHUVLWLHVDUHLQIOXHQFHGE\WKH86PRGHORIOHJDOHGXFDWLRQ6RRQHU
RUODWHUGRXEOHGHJUHHSURJUDPPHVZLOODOVREHUHSOLFDWHGLQDELJZD\KHUH7KHTXHVWLRQWKDW
GHVHUYHVVHULRXVFRQVLGHUDWLRQLQWKLVFRQWH[WLVZKHWKHUWKHJRDORIDJOREDOODZVFKRROFDQ
EH DFKLHYHG E\ VLPSO\ LQFRUSRUDWLQJ 86 LGHDV RU WKHUH LV DOVR D QHHG WR PDNH LW JOREDO E\
KDYLQJ D JHQXLQH HQJDJHPHQW ZLWK WKH SHRSOH DQG WKH SODFHV WKDW FRQVWLWXWH WRGD\¶V JOREDO
SURIHVVLRQ
-XULV'RFWRU
1HZ<RUN8QLYHUVLW\
ϭϬϵ
9 5ROHRI%DU&RXQFLORI,QGLD
/HJDO HGXFDWLRQ LQ ,QGLD LV UHJXODWHG E\ PXOWLSOH DJHQFLHV LQFOXGLQJ 8QLYHUVLW\ *UDQWV
&RPPLVVLRQDQG%DU&RXQFLORI,QGLD&RQVWLWXWHGXQGHU6HFWLRQRIWKH$GYRFDWH$FW
%&,LVDQDSH[ERG\IRUWKHHQWLUHOHJDOSURIHVVLRQLQ,QGLDDQGUHJXODWHVOHJDOHGXFDWLRQE\
OD\LQJ GRZQ PLQLPXPVWDQGDUGVRIOHJDOHGXFDWLRQUHTXLUHGIRUVWXGHQWVJUDQWVSHUPLVVLRQ
IRU HVWDEOLVKPHQW RI QHZ ODZ FROOHJHV DQG SHUIRUPV VHYHUDO RWKHU IXQFWLRQV UHODWHG WR
LQVSHFWLRQ UHFRJQLWLRQDQGDFFUHGLWDWLRQ 5HVHUYDWLRQVKRZHYHUKDYH EHHQH[SUHVVHGIURP
WLPHWRWLPHLQUHVSHFWRIWKHUROHRI%&,YLVjYLVOHJDOHGXFDWLRQRQWKHJURXQGWKDWEHLQJD
SURIHVVLRQDOERG\WKH&RXQFLOGRHVQRWKDYHERWKSRZHUDQGH[SHUWLVHWRLPSURYHWKHRYHUDOO
TXDOLW\ RI OHJDO HGXFDWLRQ 7RGD\ D ZLGHO\ VKDUHG YLHZ RI OHJDO HGXFDWRUV LV LQ IDYRXU RI
OLEHUDWLRQ RI VXFK HGXFDWLRQ IURP WKH GRPLQDQW FRQWURO RI WKH %DU &RXQFLO 7KH 1DWLRQDO
.QRZOHGJH &RPPLVVLRQ ZHQWIXUWKHU DQG UHFRPPHQGHG WKH VHWWLQJ XS RID QHZ UHJXODWRU\
PHFKDQLVP XQGHU WKH ,QGHSHQGHQW 5HJXODWRU\ $XWKRULW\ IRU +LJKHU (GXFDWLRQ ,5$+(
YHVWHG ZLWK SRZHUV WR GHDO ZLWK DOO DVSHFWV RI OHJDO HGXFDWLRQ DQG ZKRVH GHFLVLRQV DUH
ELQGLQJ RQ WKH LQVWLWXWLRQV WHDFKLQJ ODZ DQG RQ WKH 8QLRQ DQG 6WDWH *RYHUQPHQWV 7KH
.QRZOHGJH &RPPLVVLRQ DOVR UHFRPPHQGHG WKH FUHDWLRQ RI WKH 6WDQGLQJ &RPPLWWHH IRU
/HJDO (GXFDWLRQ 7KH 6WDQGLQJ &RPPLWWHH VKRXOG KDYH D YLVLRQ ERWK RI VRFLDO DQG
LQWHUQDWLRQDOJRDOVWRGHDOZLWKDOODVSHFWVRIOHJDOHGXFDWLRQDQGWRFDWHUWRWKHQHHGVRIWKH
SUHVHQWDQGWKHIXWXUH)DFLQJWKHSURVSHFWVRIEHLQJGLYHVWHGRILWVUHJXODWRU\DXWKRULW\RYHU
OHJDOHGXFDWLRQLQWKHHYHQWRIWKHHVWDEOLVKPHQWRID&RPPLVVLRQRQ+LJKHU(GXFDWLRQDQG
5HVHDUFKZKLFKZLOOUHSODFH8*&DQGRWKHUHGXFDWLRQUHJXODWRU\DXWKRULWLHV%DU&RXQFLORI
,QGLD DGRSWHG VHYHUDO OHJDO HGXFDWLRQ UHIRUP PHDVXUHV ,Q WKH ILUVW SODFH LW FRPSRVHG LWV
/HJDO(GXFDWLRQ&RPPLWWHHDVSURYLGHGIRUXQGHU5XOH [YL RIWKH%&,5XOHVZKLFK
SURYLVLRQFRQWHPSODWHGDGLVWLQJXLVKHG3URIHVVRURI/DZDVZHOODVWKH&KDLUPDQRI8*&WR
EH PHPEHUV RI WKH /HJDO (GXFDWLRQ &RPPLWWHH 7KH /HJDO (GXFDWLRQ &RPPLWWHH
FRQWHPSODWHGWKHFRQVWLWXWLRQRIDERG\RIH[SHUWVWREHDVVRFLDWHGZLWKWKH%&,LQVSHFWLRQ
WHDP WKH FRQVWLWXWLRQ RI D 6HOHFWLRQ &RPPLVVLRQ IRU WKH SXUSRVHV RI LGHQWLI\LQJ DQG
DSSRLQWLQJFRPSHWHQWIDFXOWLHVRIODZFROOHJHVDVZHOODVWKHSURYLVLRQRIEHWWHUVDODULHVDQG
IDFLOLWLHV WR ODZ IDFXOWLHV 7KH %DU &RXQFLO RI ,QGLD DOVR DSSURYHG WKH UHSRUW RI WKH WKUHH
PHPEHUFRPPLWWHHFUHDWHGE\WKH6XSUHPH&RXUWRI,QGLDLQ %DU&RXQFLORI,QGLDY%RQQLH
)2,/DZ&ROOHJHDQG2UV DQGUHVROYHGLQIDYRXURIWKHFRQVWLWXWLRQRID1DWLRQDO/HJDO
.QRZOHGJH&RXQFLOFRPSULVLQJOHJDOOXPLQDULHVDQGDFDGHPLFLDQVDVZHOODVPHPEHUVIURP
&DVH1RRIGHFLGHG$SULO
ϭϭϬ
YDULRXV VRFLDOO\ UHOHYDQW ILHOGV VXFK DV WHFKQRORJ\ VFLHQFH PHGLD HFRQRPLFV VRFLDO
VFLHQFHVHWF,WKDVHVWDEOLVKHGWKH'LUHFWRUDWHRI/HJDO(GXFDWLRQZLWKWKHUHVSRQVLELOLW\RI
FRQWLQXLQJ OHJDO HGXFDWLRQ WHDFKHUV WUDLQLQJ DGYDQFHG VSHFLDOL]HG SURIHVVLRQDO FRXUVHV
HGXFDWLRQ SURJUDPPH IRU ,QGLDQ VWXGHQWV VHHNLQJ UHJLVWUDWLRQ DIWHU REWDLQLQJ /DZ 'HJUHH
IURP D IRUHLJQ XQLYHUVLW\ UHVHDUFK RQ SURIHVVLRQDO OHJDO HGXFDWLRQ DQG VWDQGDUGL]DWLRQ
VHPLQDUDQGZRUNVKRSOHJDOUHVHDUFKDQGDQ\RWKHUDVVLJQPHQWWKDWPD\EHDVVLJQHGWRLWE\
WKH/HJDO(GXFDWLRQ&RPPLWWHHDQGWKH%DU&RXQFLORI,QGLD
&RQFOXVLRQ
,Q FRQFOXVLRQ WKH FXUUHQW GHEDWH RQ OHJDO HGXFDWLRQ DQG WKH LVVXHV UHODWHG WR LW UDLVHV D
QXPEHU RITXHVWLRQVRQZKLFKJUHDWHUGLDORJXHLVQHHGHGDPRQJWKH YDVWQXPEHURI,QGLDQ
ODZWHDFKHUV*OREDOL]DWLRQLQGXFHGFKDQJHVLQLQWHUQDWLRQDOUHODWLRQVKDYHDOWHUHGWKHQDWXUH
RIOHJDOSURIHVVLRQWRGD\DQGDVOHJDOSURIHVVLRQLVFORVHO\WLHGXSZLWKOHJDOHGXFDWLRQWLPH
KDV FRPHIRU RXU OHJDOHGXFDWRUVDQG WKHUHJXODWRU\ DXWKRULWLHVFRQFHUQHG WR PRYHIRUZDUG
DQGUHVWUXFWXUHOHJDOHGXFDWLRQVRWKDWRXUODZJUDGXDWHVFDQDOVRVXFFHVVIXOO\FRPSHWHLQWKH
HPHUJLQJ JOREDO PDUNHW RI WUDQVQDWLRQDO OHJDO VHUYLFH *OREDOLVDWLRQ DQG WKH FKDQJLQJ
GLPHQVLRQVRIWKH,QGLDQHFRQRP\DQGSROLW\KDYHWKURZQXSQHZFKDOOHQJHVRIJRYHUQDQFH
5ROHRIODZLQDOOLWVGLPHQVLRQVUHPDLQVWKHVLQJOHPRVWLPSRUWDQWFKDOOHQJHWKHFRXQWU\LV
IDFLQJ7KHFULPLQDODQGFLYLOMXVWLFHV\VWHPVDUHXQGHUVHYHUHVWUHVV7KHUROHRIODZVFKRROV
LQ LPSDUWLQJ OHJDO HGXFDWLRQ DQG GHYHORSLQJ ODZ\HUV ZKR DUH UDWLRQDO WKLQNHUV DQG VRFLDO
HQJLQHHUV LV FHQWUDO WR WKH IXWXUH RI OHJDO HGXFDWLRQ DQG WKH GHYHORSPHQW RI D NQRZOHGJH
HFRQRP\LQ,QGLD7KLVFDQEHGRQHRQO\LIWKHODZVFKRROVDUHDEOHWRDWWUDFWVRPHRIWKHEHVW
DQGWKHEULJKWHVWODZ\HUVWRPDNHDOLIHORQJFRPPLWPHQWWRWHDFKLQJOHDUQLQJDQGUHVHDUFK
VRWKDWWKH\DUHDEOHWRLQVSLUHJHQHUDWLRQVRIVWXGHQWVWRZRUNWRZDUGVHVWDEOLVKLQJDUXOHRI
ODZ VRFLHW\ LQ ,QGLD %XW ZKLOH WUDQVIRUPLQJ OHJDO HGXFDWLRQ WR PHHW WKH FKDOOHQJHV RI
JOREDOL]DWLRQ LV XQGRXEWHGO\ RQH DPRQJ VHYHUDO FRQVLGHUDWLRQV UHTXLULQJ LPSURYHPHQWV LQ
SHGDJRJ\DQGFXUULFXOXPLQOHJDOHGXFDWLRQWKHQHHGWRSURPRWHWKHUXOHRIODZGHPRFUDF\
FRQVWLWXWLRQDOLVP UHVSHFW IRU KXPDQ ULJKWV DQG VRFLDO MXVWLFH DQG WR VWUHQJWKHQ ,QGLD DV D
JOREDOSRZHUVKRXOGUHPDLQWKHPDLQGULYHUVRIOHJDOUHIRUPVHGXFDWLRQLQRXUFRXQWU\
ϭϭϭ
/HJDO(GXFDWLRQLQ,QGLD ,VVXHVDQG&KDOOHQJHV
$UXVKL3DQGH\
8QLYHUVLW\RI3HWUROHXPDQG(QHUJ\6WXGLHV
,QWURGXFWLRQ
/DZ LV D OLYLQJ SURFHVV ZKLFK FKDQJHV DFFRUGLQJO\ :LWK FKDQJH LQ WKH VRFLHW\ ODZ DOVR
FKDQJHV7KHUHIRUHOHJDOV\VWHPVKRXOGWDNHLQGHYHORSPHQWVDQGDGYDQFHVWKDWWDNHSODFHLQ
WKH VRFLHW\ DQG DOVR FRQFHSW RI OHJDO HGXFDWLRQ VKRXOG EH UHIRUPHG LQ YLHZ RI VXFK
GHYHORSPHQWV /HJDO HGXFDWLRQ VKRXOG EH FRQVWUXHG VXFK VR DV WR PHHW WKH HYHUJURZLQJ
GHPDQGV RI WKH VRFLHW\ DQG PXVW EH WKRURXJKO\ SUHSDUHG WR FDWHU WR WKH LQWULFDFLHV RI WKH
GLIIHUHQW VLWXDWLRQV 7KH YLVLRQ RIOHJDOHGXFDWLRQLV WR SURYLGH MXVWLFHRULHQWHG HGXFDWLRQ
QHFHVVDU\WRWKHUHDOL]DWLRQRIYDOXHVHQVKULQHGLQRXU&RQVWLWXWLRQRI,QGLD
,QGLD VWDQGV LQWHJUDWHG ZLWK WKH ZRUOG HFRQRPLF RUGHU LQ WKH HUD RI OLEHUDOL]DWLRQ
SULYDWL]DWLRQ DQG JOREDOL]DWLRQ :LWK JOREDOL]DWLRQ DQG DOVR FKDQJH LQ WKH VRFLHW\ WKH
UHJXODWRU\ IUDPHZRUN IRU OHJDO HGXFDWLRQ LQ ,QGLD UHTXLUHV SURIRXQG FKDQJHV WR PHHW WKH
HPHUJLQJ GHPDQGV RI WKH FRQVXPHU RI OHJDO VHUYLFHV 7R DFKLHYH WKLV REMHFWLYH WKHUH LV D
QHHGIRUDWKRURXJKRYHUKDXORIWKHSUHVHQWFXUULFXOXPSUHVFULEHGLQWKHODZVFKRROV$VWKH
UHFHQWWLPHVKDYH ZLWQHVVHGDVSDWHLQWKHVFLHQWLILFGHYHORSPHQWVWKHUHIRUHWKHFXUULFXOXP
FUDIWHG IRU WKH SXUSRVH RI OHJDO HGXFDWLRQ VKRXOG PHHW WKH FXUUHQW GHPDQGV GHYHORSPHQWV
WDNHQSODFHLQWKHVRFLHW\VRWKDWWKHODZVKRXOGPHHWWKHJURZLQJGHPDQGVRIWKHVRFLHW\DQG
VWXGHQWV DIWHUJUDGXDWLRQPXVWEHHTXLSSHGWRIDFHFHUWDLQFKDOOHQJHV /HJDOHGXFDWLRQDV
DQDVSHFWRISURIHVVLRQDOHGXFDWLRQKDVDVVXPHGFRQVLGHUDEOHVLJQLILFDQFHQRWRQO\LQWHUPV
RIWKHKLVWRULFDOXWLOLW\RIODZLQVRFLHW\EXWDOVRLQWKHFXUUHQWFRQWH[WRIJOREDOL]DWLRQ7KH
QHHG IRU WUDLQHG ODZ SHUVRQQHO LQ DFDGHPLD OLWLJDWLRQ FRUSRUDWH SUDFWLFH JRYHUQPHQW DQG
FLYLO VRFLHW\ KDV LQFUHDVHG VLJQLILFDQWO\ RYHU WKH ODVW IHZ \HDUV DQG WKH GHPDQGV IRU VXFK
WUDLQHG SHUVRQQHO ZLOO ULVH IDU PRUH H[SRQHQWLDOO\ LQ WKH \HDUV WR FRPH 7KXV WKHUH LV DQ
LPSHUDWLYHQHHGWREULQJRXUFXUUHQWOHJDOHGXFDWLRQDQGSURIHVVLRQDOIUDPHZRUNLQV\QFZLWK
WKHGHPDQGVDQGFKDOOHQJHVWKURZQRSHQE\WKHSURFHVVRIJOREDOL]DWLRQ
'U-XVWLFH$6$QDQG/HJDO(GXFDWLRQLQ,QGLD3DVW3UHVHQWDQG)XWXUH 6&&-
,ELG
/HJDO(GXFDWLRQLQ*OREDOLVHG:RUOG &KDOOHQJHVDQG2SSRUWXQLWLHV 3/-XQH
ϭϭϯ
)RUPDQ\UHDVRQVWKHTXDOLW\RIOHJDOHGXFDWLRQUHPDLQHGLQDGHTXDWH)RUWKLVUHDVRQVHYHUDO
DWWHPSWV ZHUH PDGH WR UHIRUP WKH VHW RI FRXUVHV )RU H[DPSOH HDUOLHU VHYHUDO XQLYHUVLWLHV
JUDQWHGODZGHJUHHOLNHDQ\RWKHUODZGHJUHHEXWDIWHU DQDWWHPSWZDVPDGHWRLPSURYH
OHJDO HGXFDWLRQ WKHUHE\ HVWDEOLVKLQJ VSHFLDOL]HG LQVWLWXWLRQV $LP EHKLQG VXFK UHIRUP ZDV
WKDW WKH ODZ DV D SURIHVVLRQ DQG OHJDO HGXFDWLRQ DV D GLVFLSOLQH ZDV QRW D SRSXODU FKRLFH
DPRQJVWXGHQWVLQ,QGLDSULRUWRWKHLQWURGXFWLRQRIILYH\HDUFRXUVH
/HJDO(GXFDWLRQLQ$QFLHQW,QGLD
$QFLHQW 3HULRG 'XULQJ WKH SHULRG RI $QFLHQW ,QGLD ODZ ZDV XQGHUVWRRG DV D EUDQFK RI
'KDUPD +RZHYHU LW LV YHU\ FKDOOHQJLQJ WR FRQVWUXH D GLVWLQFWLRQDPRQJVW VHFXODU ODZ DQG
UHOLJLRXV ODZV LQ $QFLHQW ,QGLD ,W LV NQRZQ WKDW WKH 9HGDV ZHUH WKH RULJLQDO VRXUFHV RI
ODZDQGWKHUHDIWHUWKH6PULWLVSURQRXQFHGWKHPHVVDJHRI9HGDVDQGIXUWKHU6PULWLNDUVZHUH
JUHDW MXULVWV $OVR 6PULWLNDUV FRPPHQWDWRUV DQG 1LEDQGKDNDUV >DOVR NQRZQ DV HVVD\LVWV@
ZHUH FRQVLGHUHG WKH OHJDO JXDUGLDQV RI ODZ .LQJ PDGH ODZV ZHUH DOVR LQWHUSUHWHG DV D
FRQVHTXHQFH WKH FRPPHQWDWRUV ZHUHIXQGDPHQWDOO\ ODZPDNHUV 6DGDFKDUD ZHUHWKHEDVH
RI OHJDO SURFHVV LQ $QFLHQW ,QGLD 7KH .LQJ ZKR ZDV WKH KHDG ZDV DGYLVHG E\ D 6DEKD
ZKHUH 6DEKD KDG ERWK DGYLVRU\ DQG DV ZHOO DV H[HFXWLYH IXQFWLRQV 7KH SDULVKDG ZDV DQ
H[SHUWFRPPLWWHHZKLFKFRPSULVHGRIPLQLVWHUVRIRIILFLDOVJHQHUDOO\%UDKPDQVZKRVHUROH
ZDVWRDGYLVHWKH.LQJDXWKRULWDWLYHO\RQYDULRXVDVSHFWVRIODZ
7KH WKHRU\ RIGKDUPDZKLFKLVRI WKH9HGLF SHULRGFDQDOVREHVHHQDV WKHFRQFHSW RIWKH
OHJDO HGXFDWLRQ LQ ,QGLD (YHQ WKRXJK WKHUH LV QR UHFRUG RI IRUPDO WUDLQLQJ LQ ODZ WKH
GLVSHQVDWLRQ RI MXVWLFH ZDV WR EH GRQH E\ WKHNLQJ ZKLFK ZDV VROHO\RQWKH EDVLV RID VHOI
DFTXLUHGWUDLQLQJ)XUWKHUPRUHMXVWLFHZDVDOVRDGPLQLVWHUHGE\WKH.LQJZLWKWKHKHOSRIKLV
DSSRLQWHHVZKRLQWXUQZHUHSHUVRQVRINQRZQLQWHJULW\DQGDVZHOODVWKHUHSXWDWLRQRIEHLQJ
IDLUPLQGHG UHDVRQDEOHDQGDOVR LPSDUWLDO 7KHJXLGLQJ IRUFHIRU WKH .LQJ RU KLV DSSRLQWHH
ZDVWKHVDIHJXDUGLQJRIWKH'KDUPD
,ELG
6.6KDUPD ³/HJDO3URIHVVLRQLQ,QGLD´6RFLRORJ\RI/DZDQGOHJDO3URIHVVLRQ
'HUUHW-'XQFDQ0³(VVD\VLQ&ODVVLFDODQG0RGHUQ+LQGX/DZ
,ELG
ϭϭϰ
/HJDO(GXFDWLRQ,Q,QGHSHQGHQW,QGLD +LVWRULFDO%DFNJURXQG
7KHUHKDVEHHQDPDMRUFKDQJHLQ,QGLDDIWHULQGHSHQGHQFHZKHWKHUVRFLDOO\HFRQRPLFDOO\
RUSROLWLFDOO\GUDVWLFFKDQJHVZHUHREVHUYHGDIWHUWKHIUHHGRPIURP%ULWLVKUXOH'XULQJWKH
\HDU ,QGLDKDGDIHGHUDOIRUPRIJRYHUQPHQW7KHµUXOHRIODZ¶ZKLFKLVRISDUDPRXQW
LPSRUWDQFHEHFDPHWKHIRXQGDWLRQDOGRFWULQH,WEHFDPHDOVRHYLGHQWWKDWDSROLW\EDVHGRQ
UXOHRIODZZRXOGQHFHVVLWDWHDOHJDOSURIHVVLRQDGHTXDWHO\VNLOOHGDQGRZQLQJNQRZOHGJHRI
ODZVDQGDOVRWKHLUSULQFLSOHVLQRUGHUWRPDLQWDLQDQGSUHVHUYHWKHOHJDOV\VWHPLQ,QGLD
7KHUHDIWHU 7KH $GYRFDWHV¶ $FW ZDV HQDFWHG LQ WKH \HDU ZKLFK EHFDPH RQH RI WKH
FUXFLDOSRLQWRIWKHOHJDOHGXFDWLRQV\VWHPZKLFKLVSUHVHQWO\ LQH[LVWHQFH7KH%DU&RXQFLO
RI,QGLD %&, 5XOHVLQGXFWHGXQGHU7KH$GYRFDWHV¶$FW OD\VGRZQWKHFXUULFXOXPIRU
LPSDUWLQJOHJDOHGXFDWLRQDOOWKHZD\WKURXJK,QGLD)XUWKHUPRUH%DU&RXQFLORI,QGLD5XOHV
KDYHEHHQJRYHUQLQJDOOWKHUHOHYDQWSURFHGXUDODVSHFWVRIOHJDOHGXFDWLRQWRJHWKHUZLWKEXW
DOVRQRWUHVWULFWHGWRWKHVXEMHFWVWREHWDXJKWLQFOXGLQJPRGHRIH[DPLQDWLRQZKLFKLVWREH
FRQGXFWHG WKH YDULRXV 'HJUHHV ZKLFK DUH WR EH WR EH FRQIHUUHG RQ VXFFHVVIXO VWXGHQWV
$IWHUZDUGVLQWKH\HDU LWEHFDPHRQHRIWKHEXUGHQVRPHWDVNIRUWKHWKUHH\HDUODZ
FROOHJHVWRLQFOXGHDOOWKHSURFHGXUDOVXEMHFWVLQWRWKHFXUULFXOXPRIWKHLUODZVFKRRODVWKH
VFRSH RIODZLV YHU\ ZLGH LQ QDWXUH 7KH PRQRORJXH OHFWXUH VFKHPH ZDVDGRSWHG LQDOPRVW
HYHU\ ODZ VFKRROV ZKHUH SUDFWLFDO WUDLQLQJ DQG DFWLYLWLHV LV HLWKHU FRPSOHWHO\ QHJOHFWHG RU
PDUJLQDOO\ LPSOHPHQWHG DW WKH OHYHO RQO\ RI 0RRW &RXUWV &RXUW YLVLWV DQG OHJDO UHVHDUFK
6XFK QR DSSURDFK DQG HQFRXUDJHPHQW WRZDUGV SUDFWLFDO DVSHFW FDQQRW EH FRQVLGHUHG
EHQHILFHQWIRUODZ\HUVLQWRGD\¶VVFKHPHRIWKHOHJDOHGXFDWLRQ'XULQJWKHFRXUVHRIWLPH
5XOHVDQGUHJXODWLRQVRQOHJDO(GXFDWLRQZKLFKZHUHLQFRUSRUDWHGLQWRWKHSUHH[LVWLQJUXOHV
DQG UHJXODWLRQV KDYHEHHQDPHQGHGIURP WLPHWRWLPH NHHSLQJ LQYLHZWKHFKDQJLQJQHHGV
DQGGHPDQGVRIWKHVRFLHW\
&RQVHTXHQWO\ VLWXDWLRQ FKDQJHG DIWHU WKH UHIRUPV LQ WKH OHJDO HGXFDWLRQ &XUUHQWO\ OHJDO
HGXFDWLRQ LQ ,QGLD LV UHJXODWHG E\ WKH PXOWLSOH DJHQFLHV LQFOXGLQJ WKH 8QLYHUVLW\ JUDQWV
FRPPLVVLRQ 8*&
WKH %DU &RXQFLO RI ,QGLD %&,
UHVSHFWLYHXQLYHUVLWLHV
WKH *RYHUQPHQW DQG WKH
0DQL$JDUZDO 0DODYLND%KDQGDUL&RQWLQXLQJ/HJDO(GXFDWLRQIRU,QGLDQ/DZ\HUV 3/'HFHPEHU
,ELG
'U6KREKD6D[HQD /HJDO(GXFDWLRQ 0RGHUQ7UHQGVDQG&KDOOHQJHV
7KH8QLYHUVLW\*UDQWV&RPPLVVLRQXQGHU6HFWLRQ I RIWKH8QLYHUVLW\*UDQWV&RPPLVVLRQ$FW
8*&$FW LVDOVRKDYLQJSRZHUWRH[HUFLVHFRQWURORYHUWKH8QLYHUVLWLHVDQGDIILOLDWHG&ROOHJHV
ϭϭϱ
,VVXHV 6XJJHVWLRQV
,QIUDVWUXFWXUH
/HJDOHGXFDWLRQLQ,QGLDWRGD\PXVWEHDFRPSUHKHQVLYHHGXFDWLRQ,WPXVWWHOO\RXWKHXUJHQW
QHHGIRUDQHZVHWRIODZVIRUDGMXVWLQJWRFKDQJHGSDWWHUQVRISHUVRQDOVRFLDOSROLWLFDODQG
HFRQRPLF UHODWLRQVKLS $QDO\]LQJ WKH FXUUHQW VFHQDULR LW FDQ EH FRQFOXGHG WKDW WKH SUHVHQW
OHJDOHGXFDWLRQGRHVQRWDGHTXDWHO\IXOILOWKHQHHGRIWKHVRFLHW\7KHUHIRUHWRILQGWKHFXUH
ZHPXVWDGGUHVVWKHSUREOHPVZKLFKH[LVWLQWKHFXUUHQWVFHQDULRRIOHJDOHGXFDWLRQ 2QHRI
WKHSULPDU\SUREOHPWKDWH[LVWWRGD\LVWKHLQIUDVWUXFWXUH6RPHRIWKHODZFROOHJHVLQ,QGLD
DUHIXQFWLRQLQJLQGHSORUDEOHFRQGLWLRQV,QIUDVWUXFWXUHSOD\VDNH\UROHLQHYHU\LQVWLWXWLRQV
7KHUHDUHLQVWLWXWLRQVZLWKRXWDGHTXDWHQXPEHURI WHDFKHUV'XHWRWKHODFNRUGHILFLHQF\LQ
WHDFKHUVDQGVWDIIDYDLODEOHWHDFKHUVHQGXSWHDFKLQJVXEMHFWZKLFKWKH\KDYHQHYHUWDXJKWRU
WKH\WKHPVHOYHV DUHWKRURXJKO\HTXLSSHGWRWHDFKWKDWSDUWLFXODUVXEMHFW,IWKHWHDFKHUGRHV
QRW WDNH LQWHUHVW LQ WKDW VXEMHFW WKHQ VWXGHQWV WHQG WR WDNH VXEMHFW FDVXDOO\ 7KHUHIRUH LW LV
VLJQLILFDQW WKDW DGHTXDWH QXPEHU RI WHDFKHUV DQG VWDIIV DUH UHFUXLWHG DQG VXFK WHDFKHUV
VKRXOGEHFRPSHWHQWDQGZLOOTXDOLILHGIRUWKDWSRVLWLRQ
)XUWKHUPRUHLQFRQFHUQZLWKLQIUDVWUXFWXUH RQHRIWKHNH\LVVXHVLVUHODWHGWROLEUDU\0RVW
RIWKHLQVWLWXWLRQVODFNVXIILFLHQWTXDQWLW\DQGTXDOLW\RIWKHERRNVDVUHTXLUHG7KHUHDUHQRW
VXIILFLHQWERRNVIRUHDFKVWXGHQWVIRURQHVXEMHFW)RUDODZVWXGHQWOLEUDU\UHVRXUFHVSOD\D
YHU\YLWDOUROHLQWKHGHYHORSPHQWRIVWXGHQW¶VFDUHHU%HLWIRUUHVHDUFKSDSHUFRXUVHUHODWHG
UHVHDUFK PRRW FRXUW FRPSHWLWLRQ HDFK DQG HYHU\ VWXGHQW LQ D ODZ VFKRRO UHTXLUH DGHTXDWH
TXDOLW\ DQG TXDQWLW\ ERRNV IRU WKHLU UHVHDUFK 6XIILFLHQW UHVRXUFHV VKRXOG EH UDLVHG IRU
SODQQHGGHYHORSPHQWRIOLEUDU\UHVRXUFHV:LWKWKHKHOSRIDGHTXDWHUHVRXUFHVDQGSODQQHG
OLEUDU\FDWDORJXHVWXGHQWVZLOOEHDEOHWRJDLQNQRZOHGJH
0RGLILFDWLRQLQ([LVWLQJ&XUULFXOXP
:LWKWKHDGYDQFHPHQWLQWKHVRFLHW\WKHUHLVDQXUJHQWQHHGWRPRGLI\WKHSUHVHQWFXUULFXOXP
ZLWK WKH DLP RI PHHWLQJ WKH GHPDQG RI WKH VRFLHW\ /HJDO HGXFDWLRQ VKRXOG DOVR SUHSDUH
8QGHU6HFWLRQ K WKH$GYRFDWHV$FW WKH%&,LVHQWUXVWHGZLWKWKHGXW\³WR
SURPRWHOHJDOHGXFDWLRQDQGWROD\GRZQVWDQGDUGVRIVXFKHGXFDWLRQLQFRQVXOWDWLRQZLWKWKH8QLYHUVLWLHVLQ
,QGLDLPSDUWLQJVXFKHGXFDWLRQDQGWKH6WDWH%DU&RXQFLOV´
/HJDO(GXFDWLRQLQ*OREDOLVHG:RUOG &KDOOHQJHVDQG2SSRUWXQLWLHV 3/-XQH
-XVWLFH$0$KPDGL5HSDLULQJWKHFUDFNVLQ/HJDO(GXFDWLRQ 6&&-
,ELG
ϭϭϲ
SURIHVVLRQDOV HTXLSSHG WR PHHW WKH QHZ FKDOOHQJHV DQG GLPHQVLRQV RI JOREDOL]DWLRQ ZKHUH
QDWXUH DQG RUJDQL]DWLRQ RI ODZ DQG OHJDO SUDFWLFH DUH XQGHUJRLQJ D SDUDGLJP VKLIW
'HYHORSPHQW RI VRFLHW\ KDV UHVXOWHG LQ LQFUHDVH LQ QHZ DUHD WR VWXG\ DQG IRU WKDW UHDVRQ
WKHUHLVDUHTXLUHPHQWWKDWODZ\HUVDUHQHHGHGWREHSURSHUO\WUDLQHGLQGLIIHUHQWEUDQFKHVRI
ODZ 7KLV FDOOV IRU QHFHVVLW\ LQ VSHFLDOL]DWLRQV LQ GLIIHUHQW EUDQFKHV RI ODZ 7KHUH LV D
QHFHVVLW\ WKDW YDVW QXPEHU RI GHGLFDWHG SHUVRQ VKRXOG EH DSSURSULDWHO\ WUDLQHG LQ GLIIHUHQW
EUDQFKHV RI WKH ODZ HYHU\ \HDU E\ SURYLGLQJ RU UHQGHULQJ FRPSHWHQW DQG SURSHU OHJDO
HGXFDWLRQ (YLGHQWO\ WKLV FDQ EH DFKLHYHG RQO\ LI DGHTXDWH QXPEHU RI ODZ FROOHJHV ZLWK
SURSHU LQIUDVWUXFWXUH LQFOXGLQJ H[SHUWLVH ODZ WHDFKHUV DQG VWDII DUH HVWDEOLVKHG WR GHDO ZLWK
VLWXDWLRQLQDQDSSURSULDWHPDQQHU
7KH PDLQ DLP RIWKH OHJDOHGXFDWLRQVKRXOG EH WR FUDIW ODZ\HUV ZKR DUH FRQWHQWHG DQG
H[SHULHQFHG ZLWK WKH GLIIHUHQW OHJDO V\VWHPV DQG FXOWXUHV WKDW IUDPH RXU JOREDO FRPPXQLW\
ZKLOHUHPDLQLQJVWURQJLQRQH VRZQQDWLRQDOOHJDOV\VWHP 6WXGHQWVDIWHUJUDGXDWLQJLQODZ
VFKRROV PXVW EH WUDLQHG WR VSHFLDOL]H LQ LQWHUQDWLRQDO WUDGH SUDFWLFHV FRPSDUDWLYH ODZ
HQYLURQPHQWDO ODZ LQWHUQDWLRQDO DGYRFDF\ JHQGHU MXVWLFH VSDFH ODZ FRQIOLFW RI ODZV
LQWHUQDWLRQDOKXPDQULJKWVODZELRPHGLFDOODZELRHWKLFVHWF0RVWLPSRUWDQWO\WKH\PXVW
DOVRDFTXLUHDJHQHUDONQRZOHGJHRI$PHULFDQ*HUPDQ&KLQHVH)UHQFKDQG-DSDQHVHODZ
)RU H[DPSOH LQ WKH ODVW \HDUV LQ 6RXWK .RUHD WKH FXUULFXOXP KDV EHHQ H[SDQGHG WR
LQFOXGHQRWRQO\WKHDERYHPHQWLRQHGVXEMHFWVRQWKHRWKHUKDQGDOVRLQWHUQDWLRQDOEXVLQHVV
LQWHUQDWLRQDO FLYLO SURFHGXUH LQWHUQDWLRQDO FRQWUDFWV DQG ODZV RI (QJODQG $PHULFD )UDQFH
DQG*HUPDQ\
7KHUHFDQEHQRGHQ\LQJRIWKHIDFWWKDWWKHFRQFHSWRIOHJDOHGXFDWLRQFDQQHYHUEHFRQILQHG
WR FODVVURRP OHFWXUHV DQG WKHRUHWLFDO VWXG\ RI WKH ODZ 7HDFKLQJ RI ODZ VKRXOG DOZD\V EH
PRUHSUDFWLFDOLQ QDWXUH/HFWXUHVRUJDQL]HGVKRXOGEHPXFKPRUHLQWHUDFWLYHWKLVZLOO QRW
RQO\ LQYLWH VWXGHQW¶V DWWHQWLRQ EXW DOVR LPSURYH FRPPXQLFDWLRQ VNLOOV RI VWXGHQWV 7KRXJK
/DQJGHOOLDQ³FDVHPHWKRG´KDVEHHQDGRSWHGLQYDULRXVLQVWLWXWLRQVEXWLQWHUDFWLYHDSSURDFK
LQ OHFWXUHV LV VWLOO QRW DSSOLHG 7HDFKHUV VKRXOG SUHSDUH WKHLU OHFWXUH VXFK ZKLFK LV PRUH
LQWHUDFWLYHLQQDWXUH
7KHUH VKRXOG EH FRQFHSW RI VSHFLDOL]DWLRQ ZKHUHLQ DOO WKH PDQGDWRU\ VXEMHFWV OLNH ,QGLDQ
SHQDO FRGH FRQVWLWXWLRQ HWF RI ODZ DQG SURFHGXUH VKRXOG EH WDXJKW WR HDFK DQG HYHU\
6WDWHRI0DKDUDVKWUDY0DQXEKDL3UDJDML9DVKL 6&&
'U6XVKLOD/HJDO(GXFDWLRQLQ*OREDOLVHG:RUOG &KDOOHQJHVDQG2SSRUWXQLWLHV 3/-XQH
,ELG
96XGHHUY%DU&RXQFLORI,QGLD 6&&
ϭϭϳ
VWXGHQWV DQG VXEMHFWV ZKLFK DUH RI GLIIHUHQW DUHD IRU H[DPSOH F\EHU ODZV LQ FDVH RI WKHVH
VXEMHFWV VWXGHQWV VKRXOG EH JLYHQ DQ RSSRUWXQLW\ WR FKRRVH DPRQJ WKRVH VXEMHFWV LQ ZKLFK
WKH\ DUH LQWHUHVWHG DQG SURSHU WUDLQLQJ IRU WKHVH VXEMHFWV VKRXOG EH JLYHQ WR WKH VWXGHQWV
DFFRUGLQJ WR WKHLU LQWHUHVW DUHD +RZHYHU WKLV FODVVLILFDWLRQ VKRXOG EH GRQH RQO\ DIWHU
VWXGHQWKDVFRPSOHWHGLWVUG\HDU$VLWZLOOPDNHLWHDVLHUIRUDVWXGHQWDWWKDWWLPHVLQFHE\
WKDWSHULRGVWXGHQWVDUHDZDUHRIYDULRXVVSHFLDODUHDLQODZ
µ%\HGXFDWLRQ,GRQRWPHDQWKHSUHVHQWV\VWHPEXWVRPHWKLQJLQWKHOLQHRISRVLWLYH
WHDFKLQJ0HUHERRNOHDUQLQJZRQ WGR:HZDQWWKDWHGXFDWLRQE\ZKLFKFKDUDFWHULV
IRUPHGVWUHQJWKRIPLQGLVLQFUHDVHGWKHLQWHOOHFWLVH[SDQGHGDQGE\ZKLFKRQHFDQ
VWDQGRQRQH VRZQIHHW¶
6ZDPL9LYHNDQDQGD
(QFRXUDJHPHQWWRZDUGV3DUWLFLSDWLRQLQ9DULRXV$FDGHPLF$FWLYLWLHV
)XUWKHUPRUHLQWKLVJOREDOL]HGDQGFRPSHWLWLYHZRUOGWKHLPSRUWDQFHRIOHJDOUHVHDUFKFDQ
QHYHUEHXQGHUHVWLPDWHG/HJDOUHVHDUFKLVQRWPHUHO\DQLQWHOOHFWHQKDQFLQJH[HUFLVHEXWLW
VHHPVWRRIIHULPPHQVHSURPLVHHYHQIURPDSURIHVVLRQDOSRLQWRIYLHZ6WXGHQWVVKRXOGEH
HQFRXUDJHGWRZULWHOHJDO UHVHDUFKSDSHU+RZHYHUDZDUHQHVVSOD\DYHU\LPSRUWDQWUROHLQ
WKLV UHJDUG 7KHUH DUH PDQ\ ODZ VWXGHQWV ZKR DW WKH WLPH RI MRLQLQJ D ODZ FROOHJH DUH QRW
DZDUH RI UHVHDUFK SDSHUV DQG YDULRXV RWKHU DFDGHPLF H[HUFLVH VXFK DV PRRW FRXUW
FRPSHWLWLRQ WULDO DGYRFDF\ FRPSHWLWLRQ DQG FOLHQW FRXQVHOOLQJ FRPSHWLWLRQ MXGJPHQW
ZULWLQJ FRPSHWLWLRQ ZKLFK DUH YHU\ LPSRUWDQW DQG UHOHYDQW IRU WKHLU DFDGHPLF JURZWK )RU
WKDW UHDVRQ GXULQJ WKHLU ILUVW VHPHVWHU LW VKRXOG EH WKH GXWLHV RI WKH IDFXOWLHV RI WKH
XQLYHUVLWLHV WKDW WKH\ VKRXOG RUJDQL]H DQ DZDUHQHVV VHPLQDU ZKHUH WKH VWXGHQWV VKRXOG EH
PDGHDZDUHZLWKWKHLPSRUWDQFHRIHDFKDQGHYHU\DFDGHPLFH[HUFLVHVDQGKRZSDUWLFLSDWLRQ
RI LW FDQ DIIHFW WKHLU UHVXPH :LWK WKH KHOS RI WKHVH DZDUHQHVV VWXGHQWV FDQ IUDPH DQ LGHD
GXULQJWKHLUILUVWVHPHVWHUDERXWYDULRXVH[HUFLVHVDQGFDQDFWLYHO\SDUWLFLSDWHLQHDFKRQHRI
WKHP7KLVZLOOKHOSLQFKRRVLQJWKHLULQWHUHVWDUHDZKLFKZLOOEHKHOSIXOLQIXUWKHUDFKLHYLQJ
WKHLUJRDO7KH\VKRXOGEHHQFRXUDJHGWRSDUWLFLSDWHLQVHYHUDODFDGHPLFH[HUFLVHV
0RRW FRXUW H[HUFLVHV DUH DOVR RQH RI WKH PRVW LPSRUWDQW DFDGHPLF DFWLYLWLHV ZKLFK DUH
UHOHYDQW LQ EXLOGLQJ XSD SHUVRQDOLW\RIDVWXGHQWDQGPDNLQJWKHPUHDG\IRUWKHLUSUDFWLFDO
DVSHFW RI WKH ODZ\HU ,W LV XVHG LQ ODZ VFKRROV WR IDPLOLDUL]H VWXGHQWV ZLWK UHDO ZRUOG
3URI'5$/DNVKPLQDWKDQG'U636LQJK/HJDOUHVHDUFK5HWURVSHFWDQG3URVSHFW&1/8/- >@
ϭϭϴ
ODZ\HULQJLQWHUPVRIFRXUWSURFHGXUH0RRWFRXUWKHOSVWRFUHDWHDOLQNEHWZHHQWKHRU\DQG
SUDFWLFH,WUHTXLUHVWKRURXJKUHVHDUFKLQPRRWFXUWWRVDWLVI\WKHMXGJHV0RRWFRXUWH[HUFLVHV
DUHQRWRQO\EHQHILFLDODVLWGHDOVZLWKSUDFWLFDODVSHFWEXWDOVRLWHQKDQFHVWKHPDQQHULVPVRI
WKHVWXGHQWV,WKHOSVVWXGHQWVWRSXWIRUZDUGWKHLUSRLQWVZLWKUHVSHFW
7KH WDVN RI DWHDFKHU LVQRW RQO\WRILOO LQWKHVWXGHQWVZLWK FRQWHQWV RIKLVQDUUDWLRQ EXWWR
EULQJ RXW WKH KLGGHQ WDOHQW LQ WKH VWXGHQWV 7KH LQWHJUDWHG VWXGHQWV DQG WHDFKHUV KDYH
XQOLPLWHG SRWHQWLDO IRU FROODERUDWLRQ LQ H[SORULQJ DQ\ DVSHFW RI D VXEMHFW7KHUH LV WKXV
QHHG IRU FRQWLQXLQJ HGXFDWLRQ RI WKH ODZ WHDFKHUV DQG WR LQIXVH LQ WKHP WKH GHVLUH WR GR
UHVHDUFK ZRUN 0RVW RI WKH ODZ WHDFKHUV MRLQ WKH ODZ VFKRROV DIWHU FRPSOHWLQJ WKHLU //%
//0 RU 3K' DQG DUH UDUHO\ H[SRVHG WR WKH SUDFWLFDO DVSHFW RI ODZ DQG WKH FRXUWV 6XFK
WHDFKHUV LPSDUW WKHRUHWLFDO NQRZOHGJH GLYRUFHG IURP WKH SUDFWLFDO DVSHFWV DQG WKH UHVXOW LV
WKDW D IUHVK ODZ\HU DSSHDUV TXLWH ORVW LQ WKH FRXUW URRP 3URSHU PHDQV PXVW WKHUHIRUH EH
GHYLVHGVRWKDWWKHODZWHDFKHULVUHTXLUHGWRJRWRODZFRXUWVWRJDLQWKHZRUNH[SHULHQFHDV
WKLV ZRXOG QRW RQO\ HQDEOH KLP WR KDYH WKH ZRUN H[SHULHQFH EXW ZLOO HQDEOH KLP WR HTXLS
PHDQLQJIXOO\WKHVWXGHQWVZKRZLVKWRMRLQWKHSURIHVVLRQ
7KHUHIRUHVLQFHWKHVWXG\RIODZFDQQHYHUEHOLPLWHGWRFODVVURRPOHFWXUHV6WXGHQWVVKRXOG
DOZD\VEHHQFRXUDJHGWRDFWLYHO\SDUWLFLSDWHLQDFDGHPLFDFWLYLWLHVZKLFKDUHQHFHVVDU\IRU
WKHLUIXWXUHGHYHORSPHQW7KHUHVKRXOGEHPDQGDWHWKDWGXULQJHDFKDFDGHPLF\HDUVWXGHQW
VKRXOGSDUWLFLSDWHLQDWOHDVWH[WUDDFDGHPLFDFWLYLWLHVZKLFKZLOOEHEHQHILFLDOZKHQWKH\
JUDGXDWHIURPDODZVFKRRO
2UJDQL]LQJ:RUNVKRSVDQG6HPLQDUV
,QWKLVUDSLGO\XUEDQL]LQJVRFLHW\WKHUHDUHVHYHUDOGHYHORSPHQWVWDNLQJSODFHZKLFKPHDQV
WKDWWKHUHDUHVHYHUDODGYDQFHPHQWVLQODZ(DFKDQGHYHU\DVSHFWRIODZFDQQRWEHDSDUWRI
WKH PDLQ FXUULFXOXP WKHUHIRUH HIIRUWV VKRXOG EH PDGH WR RUJDQL]H VHSDUDWH LQWHUDFWLYH
ZRUNVKRSVDQGVHPLQDUVIRUWKDWDUHD)RUH[DPSOHPHGLDWLRQDQGQHJRWLDWLRQDUHRQHRIWKH
LPSRUWDQW DOWHUQDWLYH GLVSXWH UHVROXWLRQPHFKDQLVP 7KHUHLV QR QHHG WR LQWURGXFHWKLV DV D
VHSDUDWHVXEMHFWEXWDQHIIRUWFDQEHPDGHWRKHOSVWXGHQWVXQGHUVWDQGDERXWWKLV7KLVFDQEH
DFKLHYHGE\LIDZRUNVKRSRUVHPLQDULVRUJDQL]HGIRUWKLVSXUSRVH+RZHYHUVXFKVHPLQDUV
VKRXOG DOZD\V EH LQWHUDFWLYH LQ QDWXUH )RU H[DPSOH LQ FDVH RI PHGLDWLRQ UROH SOD\LQJ
/HJDO(GXFDWLRQLQ*OREDOLVHG:RUOG &KDOOHQJHVDQG2SSRUWXQLWLHV 3/-XQH
-XVWLFH$0$KPDGL5HSDLULQJWKHFUDFNVLQ/HJDO(GXFDWLRQ 6&&-
ϭϭϵ
H[HUFLVH FDQ EH FRQGXFWHG ZKHUHLQ VWXGHQWV FDQ DFW DV PHGLDWRU DQG UHVROYH GLVSXWHV 7KLV
ZLOODOVRKHOSLQPDNLQJVWXGHQWDZDUHRIWKHSUDFWLFDOVFHQDULR
2QH RI WKH LPSRUWDQW ZRUNVKRSV ZKLFK VKRXOG EH RUJDQL]HG DW WKH HQG RI HYHU\ DFDGHPLF
\HDU VKRXOG EH SUREOHPVROYLQJ ZRUNVKRSV ,QSUREOHPVROYLQJ ZRUNVKRSV VWXGHQWV VKRXOG
EH WHVWHG RQ WKH EDVLV RI WKHLU OHJDO UHDVRQLQJ $W WKH HQG RI HYHU\ DFDGHPLF \HDU VXFK
ZRUNVKRS VKRXOG EH RUJDQL]HG ZKHUHVWXGHQWV VKRXOG EH JLYHQ WKH SUREOHP RQ WKHEDVLV RI
WKHVXEMHFWVWDXJKWLQWKDWUHVSHFWLYH\HDU3UREOHPVKRXOGFRQVLVWRIIDFWVZKHUHGLIIHUHQWRI
ODZV DUH WR EH DSSOLHG IDFWV FDQ LQFOXGH VWDWHPHQWV RI ZLWQHVVHV 6XFK SUREOHP VKRXOG EH
GUDIWHG WDNLQJ LQWR DFFRXQW DOO WKH OHJDO SUREOHPV ZKLFK DUH GHDOW SUDFWLFDOO\ LQ FRXUWV
6WXGHQWV VKRXOG EHDVNHG WRVROYH VXFKSUREOHPV ZLWKUHOHYDQWOHJDOLVVXHVLQYROYHGDQGWR
DSSO\ WKHLU OHJDO UHDVRQLQJ 7KLV ZLOO KHOS VWXGHQWV WR DSSO\ WKHLU PLQGV DQG KHOS LQ
SUDFWLFDOO\DSSO\LQJDOOWKHVXEMHFWVZKLFKWKH\KDYHVWXGLHGLQWKDWUHVSHFWLYHDFDGHPLF\HDU
/HJDOHGXFDWLRQVKRXOGEHVXFKZKLFKSUHSDUHWKHVWXGHQWVWRGHDOZLWKHDFKDQGHYHU\DVSHFW
RIOHJDOSURIHVVLRQOHJDOSURIHVVLRQ
5DWKHU WKDQ EXUGHQLQJ VWXGHQWV ZLWK DVVLJQPHQWV SURMHFWV ZKLFK GRHV QRW KHOS DW DOO LQ
LPSURYLQJ OHJDO UHDVRQLQJ RI D VWXGHQW DQG VWXGHQWV GRHV QRW XVH WKHLU FUHDWLYH LGHDV
&XUULFXOXPVKRXOGEHGHVLJQHGVXFKZKLFKHQFRXUDJHODZVWXGHQWVWRWKLQNRXWVLGHWKHER[
DQG DFWLYHO\ SDUWLFLSDWH LQ YDULRXV DFDGHPLF H[HUFLVHV WKHUHE\ LPSURYLQJ WKHLU
FRPPXQLFDWLRQ VNLOOV ZKLFK LV RQH RIWKH PDMRU FRQFHUQ LQ WKH SUHVHQW VFHQDULR 7KHUH DUH
VHYHUDO VWXGHQWV ODFNLQJ FRPPXQLFDWLRQ VNLOOV ZKLFK LV RQH RI WKH SULPDU\ UHTXLUHPHQW LQ
OHJDOSURIHVVLRQ
7KHUHIRUHNHHSLQJLQYLHZDOOWKHDERYHSRLQWVLWLVLPSRUWDQWWRQRWHWKDWILUVWO\ZRUNVKRSV
DQG VHPLQDUV VKRXOG EH RUJDQL]HG IRU WKH VSHFLDO ILHOG RI ODZ IRU H[DPSOH PHGLDWLRQ
QHJRWLDWLRQ ,QWHOOHFWXDO 3URSHUW\ 5LJKWV ,35 HWF 6HFRQGO\ 3UREOHPVROYLQJ ZRUNVKRS
VKRXOG EH FRQGXFWHG DW WKH HQG RI HDFK DFDGHPLF \HDU ZKLFK KHOSV WKH VWXGHQWV WR JDLQ
NQRZOHGJH DERXW WKH SUDFWLFDO DVSHFW RI ODZ 7KLUGO\ LQ VSLWH RI DVVLJQPHQWV DQG SURMHFWV
VXEPLVVLRQ VWXGHQWVVKRXOG EHHQFRXUDJHGWRWDNH SDUWLQYDULRXVDFDGHPLFH[HUFLVHVVXFK
DV PRRW FRXUW SXEOLFDWLRQ RI UHVHDUFK SDSHU SDSHU SUHVHQWDWLRQ HVVD\ FRPSHWLWLRQ DQG
YDULRXV RWKHU FRPSHWLWLRQV ZKLFK KHOSV WKHP WR EURDGHQ WKHLU SHUVSHFWLYH DERXW ODZ DQG
KHOSWKHPWKLQNFUHDWLYHO\WKHUHE\HQKDQFLQJWKHLUOHJDOUHDVRQLQJVNLOO
ϭϮϬ
,QWHUQVKLSV
³7UDLQLQJLVHYHU\WKLQJ7KHSHDFKZDVRQFHDELWWHUDOPRQG FDXOLIORZHULV
QRWKLQJEXWFDEEDJHZLWKDFROOHJHHGXFDWLRQ´
²0DUN7ZDLQ
$SDUW IURP DOO WKHVH DFWLYLWLHV DIWHU WKH HQG RI WKH DFDGHPLF \HDU VWXGHQWV VKRXOG EH
HQFRXUDJHGIRUWKHLULQWHUQVKLSVSURJUDPV7KHUHLVQREHWWHUOHDUQLQJH[SHULHQFHLQWKHZRUOG
WKDQ WKH SUDFWLFDO H[SHULHQFH RI WKH VXEMHFW $SDUW IURP FODVVURRP OHDUQLQJ DQG YDULRXV
DFDGHPLFH[HUFLVHVSDUDPRXQWLPSRUWDQFHVKRXOGEHJLYHQWRWKHUHDOLQWHUQVKLSH[SHULHQFH
,QWHUQVKLSH[SHULHQFHZLOOKHOSVWXGHQWVWRSUDFWLFDOO\DSSO\DOOWKHLUWKHRUHWLFDOVWXG\'XULQJ
VXPPHUVVWXGHQWVVKRXOGEHDVNHGWRLQWHUQLQDQ\RUJDQL]DWLRQZKHUHYHUWKHLULQWHUHVWDUHD
OLHVLWFDQHLWKHUEHZLWKDGYRFDWHVDQGMXGJHVLQFRXUWVRUODZILUPVOHJDOGHSDUWPHQWRI
DQ\FRPSDQLHV1*2HWF
7KLV ZLOO DFWXDOO\ KHOS VWXGHQW WR IDFH WKH UHDO OLIH SUREOHPV DQG VLWXDWLRQV ZKLFK DULVH LQ
OHJDO SURIHVVLRQ +HUH VWXGHQWV FDQ DOVR GHFLGH WKHLU LQWHUHVW DUHD DQG KHOS WKHP WR FKRRVH
ZKLFK OHJDO GHSDUWPHQW WKH\ ZDQW WR SDUW RI RU ZKLFK OHJDO SURIHVVLRQ WKH\ FDQ H[FHO LQ
/HJDO HGXFDWLRQ VKRXOG EH IOH[LEOH LQ QDWXUH 6WXGHQWV VKRXOG DOZD\V EH HQFRXUDJHG LQ
SUDFWLFDOSDUWLFLSDWLRQDQGLQWHUQVKLSLVRQHRIWKHEHVWOHDUQLQJH[SHULHQFHIRUHDFKDQGHYHU\
ODZVWXGHQWV
7KHUHIRUH VWXGHQWV VKRXOG EH PDGH DZDUH GXULQJ WKHLU ILUVW \HDU DERXW WKH EHQHILWV RI
LQWHUQVKLSDQGODZVFKRROVVKRXOGKHOSWKHLUVWXGHQWVWRREWDLQDQLQWHUQVKLSLQWKHLQVWLWXWLRQ
RIWKHLUFKRLFH
:RUNVKRSV6HPLQDUVDQG7UDLQLQJ3URJUDPVIRU7HDFKHUV
)XUWKHUPRUH OHDUQLQJ FDQ QHYHU EH OLPLWHG WR VWXGHQWV 6LQFH ODZ LV OLNH D OLYLQJ SURFHVV
ZKLFKFKDQJHVDFFRUGLQJO\WHDFKHUVVKRXOGEHPDGHDZDUHRIWKHUDSLGJURZWKLQWKHSURFHVV
RI ODZ 6HYHUDO ZRUNVKRSV DQG VHPLQDU RU WUDLQLQJ VKRXOG EH RUJDQL]H ZKLFK LPSURYH WKH
VNLOOV RI WHDFKHUV )XUWKHU LW ZLOO DOVR HQKDQFH WKHLU LQWHUDFWLYH DSSURDFK ZKLFK LV YHU\
LPSRUWDQW IRU WKHP ZKLOH GHOLYHULQJ OHFWXUHV ([FOXVLYH VHPLQDUV IRU WHDFKHUV VKRXOG EH
RUJDQL]HGZKHUHWKH\FDQLPSURYHWKHLUWHDFKLQJVNLOOVXQGHUVWDQGWKHFKDQJLQJGLPHQVLRQV
RIODZHWF7HDFKHUVVKRXOGDOVREHHQFRXUDJHGWRSXEOLVKUHVHDUFKSDSHUDVLWZLOOLQFUHDVH
WKHLUFUHGLELOLW\DVZHOODVNQRZOHGJHRIWKDWUHVSHFWLYHVXEMHFW
ϭϮϭ
/HJDO(GXFDWLRQLQ,QGLD ,VVXHV &KDOOHQJHV
'LNVKD<DGDY
5DIIOHV8QLYHUVLW\1HHPUDQD$OZDU5DMDVWKDQ
³(GXFDWLRQ WKHQ EH\RQG DOO RWKHU GHYLFHV RI KXPDQ RULJLQ LV WKH JUHDW HTXDOL]HU RI WKH
FRQGLWLRQVRIPHQWKHEDODQFHZKHHORIWKHVRFLDOPDFKLQHU\´
+RUDFH0DQQ
,QWURGXFWLRQ
/DZLVWKDWRQHVWULQJWKDWELQGVHYHU\SRVVLEOHDFWDQGV\VWHPWRLWLQIDFWWKHHQWLUHVRFLHW\
LVFRQWUROOHGE\PHDQVRIWKLVODZRQO\DQGDQ\DFWLIQRWLQFRQVRQDQFHZLWKWKHODZRIWKH
ODQG FDQ EH TXHVWLRQHG7KHUHOHYDQFH RI µODZ¶LQ WKHVRFLHW\ LV WRR PXFK ZKLFK FDQQRW EH
DIIRUGHGWREHRILPSURSHUDQGEHORZFRPSHWHQFH7KHFRPSHWHQFHDQGWKHSRWHQWLDORIODZ
FDQ EH PDLQWDLQHG WR DQ HIILFLHQW OHYHO RU EURXJKW WRD EHWWHU VWDWXV RQO\ LI WKH SHRSOH ZKR
KDQGOHLWDQGDSSO\LWDUHHIILFLHQWWKDWLVWKHMXGJHVODZ\HUVDQGHYHU\RIILFLDOQHHGVWREH
DWKHUEHVWWRKHOSODZIORXULVK,QIDFWWKHUROHRIODZ\HUVLVZD\WRRPXFKLQHYHU\DVSHFWRI
DGPLQLVWUDWLRQWKHUROHRIODZVWXGHQWVEHLQJHYHQPRUH
)RUDQ\VRFLHW\ULSHQLQJRIFLYLOL]DWLRQLVDWWULEXWHGWKURXJKWKHVRFLDOFRQVFLRXVQHVVRIWKH
VLJQLILFDQFHRIODZ+LVWRU\RIRXURZQLQGHSHQGHQFHPRYHPHQWLILPSDUWLDOO\ZULWWHQZLOO
GHYRWHPRUHSDJHVWRODZ\HUVWKDQWRWKHYRWDULHVRIDQ\RWKHUYRFDWLRQ,WLVDZHOODFFHSWHG
SURSRVLWLRQWKDWWKHSURIHVVLRQRIODZLVDQREOHFDOOLQJDQGWKHPHPEHUVRIOHJDOSURIHVVLRQ
RFFXS\ D YHU\ KLJK VWDWXV 7KLV EHLQJ WKH LPSRUWDQFH RI ODZ DQG WKH ODZ\HUV DQG WKH
VWXGHQWV WKHQ WKH\ QHHG WR EH YHU\ GLOLJHQW LQ WKHLU DSSURDFK WKH LQWHOOHFW PXVW EH YHU\
SURSHUO\VKDSHGIRUWKLVSXUSRVH7KLVFDQRQO\EHGRQHLIWKHURRWWKDWLVWKHOHJDOHGXFDWLRQ
LQWKHODZVFKRROVZKLFKSURGXFHVXFKSHRSOHDUHFRPSHWHQWDQGZHOOVXLWHGIRUDVWXGHQWWR
EHDSHUVRQZKR FDQWDNHFDUHRIWKHOHJDOV\VWHPDQGVHUYHWKHSXUSRVHRIEHLQJDODZ\HU
/HJDO HGXFDWLRQ LV QRW RQO\ QHHGHGWRSURGXFH DVWRXQGLQJ ODZ\HUVDQG OHJDOOXPLQDULHV EXW
DOVRDUHVSRQVLEOHDQGZHOODZDUHFLWL]HQEHFDXVHµ,JQRUDQFH RIODZLVQRWLQQRFHQFHEXWD
VLQZKLFKFDQQRWEHH[FXVHG¶DVIDUDVSURGXFLQJDODZ\HULVFRQFHUQHGWKHLPSRUWDQFHRID
ODZ\HU LV VXFK WKDW WKH OHJDO HGXFDWLRQ FRQGLWLRQ LQ ,QGLD LV QRW FDSDEOH RI JLYLQJ VXFK DQ
HGJH WR D ODZ VWXGHQW WR PHHW WKH VWDQGDUGV UHTXLUHG DW OHDVW QRW LQ WKH FDVH RI VPDOO
-XVWLFH,\HU.ULVKQD 7KHVRFLDOGLPHQVLRQVRIODZDQGMXVWLFHLQFRQWHPSRUDU\,QGLD 7KHG\QDPLFVRI
QHZMXULVSUXGHQFH
ϭϮϯ
JRYHUQPHQW XQLYHUVLWLHV IDU IURP WKH PRGHO 1DWLRQDO /DZ 8QLYHUVLWLHV VHWXS LQ GLIIHUHQW
VWDWHV,QIDFWWKHOHJDOSURIHVVLRQLVLQDSRVLWLRQRIFUHDWLQJJUHDWVWDWHVPHQEHFDXVHODZ\HUV
KDYH DQ LQGHSHQGHQW SURIHVVLRQ DQG WKH\ GR QRW FRPH XQGHU WKH LQIOXHQFH RI DQ\ RWKHU
SURIHVVLRQDQG WKH\DUHGLUHFWO\LQFRQWDFWZLWKWKHVXEMHFWV DQGNQRZDOOWKHUHTXLUHPHQWV
DQGWKHFRQGLWLRQRIWKHVRFLHW\ZKLFKQHHGVWREHLPSURYHGWKHUHIRUHFUHDWHEHVWSRVVLEOH
VHFWLRQ IRU WKH VWDWHVPHQ )RU FUHDWLQJ VXFK ODZ\HUV WKH OHJDO HGXFDWLRQ V\VWHP PXVW EH
VRXQG:HKDYHVHHQWKHOHJDOHGXFDWLRQV\VWHPWREHUHDOO\QHJOHFWHGLQWKHKLVWRU\ZKLFK
KDV QRZLQGHHG EHHQEXLOWXSZLWKWKHVHWXSRI1DWLRQDO/DZ8QLYHUVLW\LQ%DQJDORUHEXW
VWLOOWKHUHH[LVWVRPHUHDOO\ERWKHULQJIODZVLQWKHV\VWHPZKLFKUDQJHIURPWKHFRQGLWLRQRI
WKHWHDFKHUVEHLWWKHTXDOLILFDWLRQVRUWKHSD\VFDOHWRWKHVWXGHQWVZKRVRXJKWWRHQWHUODZ
MXVWEHFDXVHWKH\DUHOHIWZLWKQRDOWHUQDWLYHWKHLQWURGXFWLRQRIQHZSURJUDPPHRIILYH\HDU
ODZFRXUVHWKHGLIILFXOWLHVWKHVWXGHQWVIDFHGXHWRLWDQGWKHGLYHUVLRQRIJRRGVWXGHQWVIURP
WKH HOLWH 1/8¶V WR WKHFRUSRUDWHILHOG QRW IXOILOOLQJ WKH SXUSRVHRI WKH LPSURYHPHQWWKDWLV
GRQHDOO EHFDXVH WKHOLWLJDWLRQILHOGDSSHDUVWRWKHPDVWLPHFRQVXPLQJDQGEHLQJ DQRWVR
LQVSLULQJILHOGDVDFDUHHU7KHGLIILFXOWLHVDOVRDULVHGXHWRWRRPDQ\DXWKRULWLHVFRQWUROOLQJ
WKHOHJDOHGXFDWLRQILHOGWKHVXJJHVWLRQDUHDOVRJLYHQWRUHGXFHWKHFRQWUROOLQJDXWKRULWLHVWR
IHZVRWKDWWKHGHFLVLRQPDNLQJSURFHVVLVIDVWDQGLPSOHPHQWDWLRQFDQEHEURXJKWWRHIIHFW
VRRQ7KH QHHGLVWRPDNHWKHFDUHHUDWWUDFWLYHIRUWKHJRRGVWXGHQWVWRUHVRUWWRLQRUGHUWR
KDYHDFDSDEOHVWXGHQWHQWHUWKHILHOGIRUWKHSXUSRVHRILPSDUWLQJDQGGHDOLQJZLWKWKHMXVWLFH
V\VWHPQRWWRKDYHWKHWDOHQWORVWWRWKHFRUSRUDWHVHFWRUDQGWRUHGHILQHWKHJXLGHOLQHVIRUWKH
WHDFKHUV VR WKDW WKH\ GR QRW EDU FRPSHWHQW WHDFKHUV ZLWK JRRG FRPPXQLFDWLRQ VNLOOV IURP
HQWHULQJWKHWHDFKLQJILHOGPHUHO\EHFDXVHWKH\GRQRWTXDOLI\WKHJXLGHOLQHV
7KH HQWLUH HIIRUWV WR LPSURYH WKH /HJDO (GXFDWLRQ 6\VWHP LV WR PHHW WKH GHPDQGV RI WKH
JOREDOL]LQJZRUOGDQGWRLQFUHDVHWKHSRWHQWLDORIWKHODZVWXGHQWVZLWKUHVSHFWWRWKHIRUHLJQ
VWXGHQWVDQGFRUSRUDWHHQWLWLHVWKDWUHDOO\EHLQJDFKDOOHQJH
&RQVWLWXWLRQDO3URYLVLRQV&RQWUROOLQJ6\VWHPDQG&KDOOHQJHVWKHUHLQ
7KHUH LV VSHFLILFDOO\ QR HQWU\ RU SURYLVLRQ LQ WKH FRQVWLWXWLRQ WKDW GHDOV ZLWK WKH /HJDO
HGXFDWLRQ LQ ,QGLD EXW WKH HQWULHV DQG RI WKH OLVW , DUH WKH RQHV ZLWK UHIHUHQFH WR
ZKLFK WKH SDUOLDPHQW KDV HQDFWHG ODZ ZLWK UHVSHFW WR UHJXODWLRQV RQ WKH SURIHVVLRQDO OHJDO
HGXFDWLRQ LQ ,QGLD 7KHUHJXODWLRQ LVSDUWDNHQE\WZRVWDWXWRU\ERGLHVFRQVWLWXWHGXQGHUWKH
$GYRFDWH70'HYDGDVQG+LVWRU\RI/HJDO(GXFDWLRQLQ,QGLD *XHVW3RVW
ϭϮϰ
DERYHPHQWLRQHGODZVWKHEDUFRXQFLORI,QGLDDVWKHDSH[SURIHVVLRQDOERG\FRQFHUQHGZLWK
WKH VWDQGDUGV RI OHJDO SURIHVVLRQ DQG WKH 8QLYHUVLW\ *UDQWV &RPPLVVLRQ DV DQ XPEUHOOD
RUJDQLVDWLRQIRUDOOLQVWLWXWLRQVRIKLJKHU(GXFDWLRQ ,WKDVEHHQKHOGLQ%DU&RXQFLORI83
Y6WDWHRI83WKDWWKH$GYRFDWHV$FW VHFWLRQWKH%DU&RXQFLORI,QGLDKDVEHHQ
FRQVWLWXWHG DQG LW LV WKHDSH[ ERG\ WR UHJXODWHDQG HQIRUFH VWDQGDUGV WREH REVHUYHG E\ WKH
PHPEHUV RI WKH %DU ,W DORQJ ZLWK WKH 6WDWH %DU &RXQFLOV KDV WR WDNH FDUH RI DOO PDWWHUV
UHODWLQJ DQG LQFLGHQWDO WR DGPLVVLRQ SUDFWLFH HWKLFV SULYLOHJHV UHJXODWLRQV GLVFLSOLQH DQG
LPSURYHPHQW RI WKH SURIHVVLRQ %XW WKHVH V\VWHPV DUH QRW PDGH MXVW IRU WKH /HJDO
SURIHVVLRQDOVWUHDPEXWDOVRIRUWKH/HJDO(GXFDWLRQDQGLWVEHWWHUPHQWWKHVHFWLRQV K DQG
L RIWKH$GYRFDWHV$FW SURYLGHIRUWKHYDULRXVIXQFWLRQVZKLFKWKH%DU&RXQFLOKDV
WRSHUIRUPDVWRWKHUHJXODWLRQDQGFRQWURORIWKHOHJDOHGXFDWLRQ7KH6HFWLRQV RI
WKH$GYRFDWHV$FWGHDOVZLWKWKH/HJDOHGXFDWLRQDQGYDULRXVDVSHFWVOLNHWKH&RPPLWWHHDQG
WKH VHOHFWLRQDQGDGPLVVLRQ RIWKHODZ\HUVZKHQJUDGXDWHGIURP DUHFRJQLVHGXQLYHUVLW\,W
WKHUHIRUHKDVDVWDWXVRIDFRQWUROOLQJDXWKRULW\IRUWKHOHJDOHGXFDWLRQDVZHOODVZDVGHFODUHG
E\WKH6XSUHPH&RXUWLQ%DU&RXQFLORI,QGLDY%RDUGRI0DQDJHPHQW'D\DQDQG&ROOHJH
RI/DZDIWHUWKHLQVSHFWLRQRIWKHSRZHURIWKH%&,XQGHUWKH$GYRFDWHV$FW DQG
WKHUXOHVIUDPHGWKHUHXQGHUDQGFRQFOXGHGWKDWVLQFH%&,ZDVFRQFHUQHGZLWKWKHVWDQGDUGV
RIOHJDOSURIHVVLRQDQGWKHHTXLSPHQWRIWKRVHVHHNLQJHQWU\LQWRWKHSURIHVVLRQ%&,LVWKXV
DOVRFRQFHUQHGZLWKWKHOHJDOHGXFDWLRQLQWKHFRXQWU\
$QRWKHU JRYHUQLQJ DXWKRULW\ LV WKH 8QLYHUVLW\ *UDQWV &RPPLVVLRQ ZKLFK ZRUNV DV DQ
XPEUHOODRYHUDOOWKH8QLYHUVLWLHVDQGLVLQFRUSRUDWHGE\YLUWXHRIHQWU\RIWKHOLVW,DQGWKH
VHFWLRQ RI 8*& DFW LQ 3UHP &KDQGUD -DLQ Y 5. &KKDEUD WKH 8*& KDV WKH
SRZHUWRLQVSHFWDQGDQDO\VHWKHFKDOOHQJHVDQGSODFHVZKHUHWKHUHLVDQHHGRIUHIRUPLQWKH
ZRUNLQJDQGLQIUDVWUXFWXUHRIDXQLYHUVLW\DQGFDQVXJJHVWFKDQJHVWRLW,WHYHQKDVDXWKRULW\
WRSUHVFULEHWKHTXDOLILFDWLRQVRIWHDFKHUVLQWKHXQLYHUVLWLHVDQGLWZRXOGKDYHDQRYHUULGLQJ
HIIHFW RYHU DQ\ RWKHU OHJLVODWLRQ HYHQ E\ SDUOLDPHQW 6LPLODU UHJXODWRU\ SRZHU RI
LQVSHFWLQJ WKH LQIUDVWUXFWXUH DQG WHDFKHUVWXGHQW UDWLR ZDV UHDIILUPHG E\ WKH FRXUW LQ 3URI
<DVKSDOY6WDWHRI&KDWWLVJDUK
Ϯϭϱ
5HSRUWRIWKUHHPHPEHUFRPPLWWHH 5HIRUPRI/HJDO(GXFDWLRQ
%DU&RXQFLORI83Y6WDWHRI83
%DU&RXQFLORI,QGLDY%RDUGRI0DQDJHPHQW'D\DQDQG&ROOHJHRI/DZ
3UHP&KDQGUD-DLQY5.&KKDEUD
8QLYHUVLW\RI'HOKLY5DM6LQJK
3URI<DVKSDOY6WDWHRI&KDWWLVJDUK
Ϯϭϲ
ϭϮϱ
7KHUHKDVEHHQDQLQWHUIHUHQFHRIYDULRXVDXWKRULWLHVLQWKHDGPLQLVWUDWLRQRIOHJDOHGXFDWLRQ
DV ZH VHH LQ WKH VHFWLRQ GLVFXVVHG DERYH WKH XQQHFHVVDU\ PXOWLSOLFDWLRQ RI VWDWXWRU\ DQG
RWKHUERGLHVLVDIHDWXUHFRPPRQLQRXUFRXQWU\DQGQHHGVWREHDYRLGHG:HKDYHVHHQKRZ
LQ(QJODQGSURIHVVLRQDOOHJDOHGXFDWLRQDQGWKHDGPLVVLRQWRWKHSURIHVVLRQDUHFRQWUROOHGE\
DERG\FRQVLVWLQJH[FOXVLYHO\RISURIHVVLRQDOPHQ7KHUHLVQRUHDVRQZK\DVLPLODUFRQWURO
DQG UHJXODWLRQ VKRXOG QRW EH YHVWHG LQ WKH SURIHVVLRQ LQ ,QGLD &RRUGLQDWLRQ EHWZHHQ WKH
ERGLHVUHJXODWLQJSURIHVVLRQDOWUDLQLQJDQGWKH8QLYHUVLWLHVZLWKDYLHZWRHQVXULQJPLQLPXP
VWDQGDUGVFDQEHDFKLHYHGLQWKHPDQQHULQGLFDWHGDERYH ,QIDFWWKH/DZFRPPLVVLRQKDG
WULHG WR FDOO LW DQ HIIRUW LQ µFRQVXOWDWLRQ¶ ZLWK HDFK RWKHU DQG UHFRPPHQGHG WR DPHQG WKH
VHFWLRQ K RI WKH $GYRFDWHV $FW WKH %DODQFH WR EH PDLQWDLQHG EHWZHHQ WKH
SRZHURI8*&DQG%&,2QHRIWKHFKDOOHQJHVEHLQJWKLVWKHUHDUHSOHQW\ZKLFKQHHGVWREH
SXWKHHGWR
&KDOOHQJHVDVWRWKH7HDFKHUVDQGWKH7HDFKLQJ0HWKRG
7KH %&, QRUPV GR QRW SURYLGH DGHTXDWHO\ IRU WKH TXDOLILFDWLRQV DQG WKH YDULRXV DVSHFWV
UHODWHGWRWKHWHDFKHUVLQD/DZVFKRROEHVLGHVWKHSURYLVLRQVIRUWKHMXGJHVDQGDGYRFDWHVWR
EHWHDFKHUVZLWKRXW//0WKDWWRRSDUWWLPHUVWKHUHIRUHVXFKSURYLVLRQVDUHDGGUHVVHGE\WKH
8*&5XOHV
7KHILUVWDPRQJWKHGLIILFXOWLHVLVWKHH[DPRI1(7UHTXLUHGIRUWKHDVSLUDQWVWREHSDVVHGLQ
RUGHUWRVWDUWWHDFKLQJLWDOWKRXJKPDNHVZRUWK\DTXDOLILFDWLRQEXWLWPXVWDOVREHQRWHGWKDW
DQ\ RWKHU SURIHVVLRQ EH LW $,&7( 0&, QXUVLQJ FRXQFLO RI ,QGLD HWF GR QRW UHTXLUH VXFK
W\SHV RI H[DP WR LQGXFW WHDFKHUV LQWR WKH SURIHVVLRQ $OVR 1(7 RUDQ\ VXFK H[DP GRHVQ¶W
FKHFNWKH FRPPXQLFDWLRQVWDQGDUGRIWKHDVSLUDQWZKLFKKDSSHQVWREHWKHPRVWLPSRUWDQW
TXDOLW\RIDWHDFKHUDWHDFKHULVVHOHFWHGDIWHUDQLQWHUYLHZDQGLVQRWH[SHULHQFHGDWDOOLQWKH
EHJLQQLQJ GXH WR ZKLFK WKH VWXGHQWV VXIIHU ODWHU RQ WKH VDPH WHDFKHU JHWV WR WKH OHYHO RI
PDWXULW\ EXW WLOO WKHQ WKH VWXGHQWV ORRVH 7KHUHIRUH WKHUH LV D UHTXLUHPHQW RI WUDLQLQJ
SURJUDPPHVIRUWKHWHDFKHUVVRWKDWWKH\EHFRPHFRPSHWHQWHQRXJKWREXLOGDVWXGHQWZKLFK
KDV D SRWHQWLDO 7KHUH LV D UHTXLUHPHQW RI IXOOWLPH OHFWXUHUV LQ XQLYHUVLWLHV ZKLFK LV QRW
IXOILOOHG DFFRUGLQJ WR WKH SUHVHQW 8*& JXLGHOLQHV RI ZRUNORDG DQG WKH QXPEHU RI VXEMHFWV
SUHVFULEHG WR EH WDXJKW WKHUH DUH RQO\ WHDFKHUVDJDLQVW WKH UHTXLUHPHQW RILQ 0XPEDL
7KHWK/DZ&RPPLVVLRQ5HSRUW 5HIRUPRI-XGLFLDO$GPLQLVWUDWLRQ
7KHWK/DZ&RPPLVVLRQ5HSRUW7KH/HJDO(GXFDWLRQ 3URIHVVLRQDO7UDLQLQJDQG3URSRVDOVIRU
$PHQGPHQWVWRWKH$GYRFDWHV$FW DQGWKH8QLYHUVLW\*UDQWV&RPPLVVLRQ$FW
ϭϮϲ
/DZ &ROOHJHV ZLWK VXFK D ODUJH ZRUNORDG WKHUH LV UHDOO\ OLWWOH WLPH OHIW IRU UHVHDUFK DQG
SXEOLFDWLRQZKLFKLQGHHGLVLPSRUWDQWIRUDIXOOWLPHOHFWXUHU WKXVOHDGLQJWRXQVDWLVILHGDQG
GHWHULRUDWLQJ VWDWXV RI WHDFKHUV 7KH WHDFKHUV DUH QRW HYHQ JHWWLQJ SURSHU VDODULHV DQG
LQFHQWLYHV WKH\ DUH JLYHQ VDODULHV UDQJLQJ IURP UXSHHV WR UXSHHV ZLWKRXW DQ\
SHUNV DQG YDFDWLRQV EHVLGHV PDQ\ WLPHV YLVLWLQJ IDFXOW\ WHDFKHV IRU WR UXSHHV SHU
OHFWXUHRQWRSRIWKDWWKHJRYHUQPHQWGRHVQ¶WJLYHDQ\JUDQWDQG%&,NHHSVRQDGGLQJQHZ
ODZ FROOHJHV DOWKRXJK WKH %&, KDV WDNHQ PHDVXUHV WR HQVXUH WKDW WKH IDFXOW\ LV SDLG
DFFRUGLQJ WR WKH ³0LQLPXP3D\6FDOHVSUHVFULEHGE\WKH8*&3D\ &RPPLVVLRQ´ VWLOOWKLV
GLIILFXOW\SHUVLVWV
%HVLGHVWKHDERYHPHQWLRQHGWKHUHDUHRWKHUPDWWHUVRIFRQFHUQDVZHOOWKHWHDFKHUVQHHGWR
PDNH WKH VWXGHQWV H[SHUW OHDUQHUV VLQFH WKH HQWLUHODZ\HU VSLULW OLHV LQ QRW PXJJLQJ XS DQG
SDVVLQJ WKH H[DPV EXW DOVR DSSO\LQJ WKH VDPH NQRZOHGJH RYHU WKH UHDO OLIH VLWXDWLRQV
/DZ\HULQJFRXUVHVDQGFOLQLFVPD\EHXVHGWRDFKLHYHWKLVSXUSRVH$ODZWHDFKHUFDQXVHWKH
IRUPDWLYHDVVHVVPHQWSURFHVVWRLPSURYHWKHPHWDFRJQLWLYHVNLOOVRIODZVWXGHQWVVRWKH\FDQ
WUDQVIHU WKHLUOHDUQLQJWRWKHQHZDQGQRYHOVLWXDWLRQV WKH\IDFHLQWKHSUDFWLFHRIODZ/DZ
FROOHJHVQHHGWRWHDFKWKHPKRZWRFRQWLQXHWRGUDZXSRQWKHLUOHDUQLQJH[SHULHQFHVGXULQJ
WKHSUDFWLFHRIODZWRQHZVLWXDWLRQVWKH\ZLOOFHUWDLQO\HQFRXQWHU
$QRWKHUGLIILFXOW\LQWKLVILHOGLVWKDWWKHUHLVDQHHGRIODZWHDFKHUVLQHYHU\ODZVFKRRODQG
WKH\DUHZRUNLQJRQPRUHSDUWWLPHUVUDWKHUWKDQIXOOWLPHUVWKHEULOOLDQWVWXGHQWVGRQRWRSW
IRUWHDFKLQJSURIHVVLRQUDWKHUHLWKHUWDNHXSFRUSRUDWHMREVRUKHDGWRIRUHLJQXQLYHUVLWLHVIRU
WKHLU//0DQGWKH\GRQ¶WUHWXUQ7KHSROLF\PDNHUVLQWKLVZDNHKDYHWDNHQXSWKHUHGXFWLRQ
RI WKH //0 SRVWJUDGXDWLRQ SURJUDPPHIURP WZR WR RQH \HDU 7KH HIIRUWVWRILOO XS VXFKD
VKRUWDJHKDYHEHHQPDGHE\WKH/DZILUPVE\SURYLGLQJDGMXQFW/DZ\HUVDVWHDFKHUVIXUWKHU
WKH WHDFKHUV IURP WKH IRUHLJQ FRXQWULHV KDYH EHHQ UHFUXLWHG E\ SURYLGLQJ DWWUDFWLYH ZRUN
FRQGLWLRQV WKDQ RWKHUZLVH DYDLODEOH DQG ILOO XS WKH JDS 2WKHUV DUH HQWHULQJ LQWR H[FKDQJH
DUUDQJHPHQWV XQGHU ZKLFK VWXGHQWV DQG WHDFKHUV DUH SURYLGHG RSSRUWXQLWLHV WR OHDUQ LQ
GLIIHUHQW HQYLURQPHQWV XQGHU FUHGLW WUDQVIHU DUUDQJHPHQWV (YHU\ERG\ KDV UHDOL]HG WKDW WKH
IRXQGDWLRQ RID JRRGOHJDOHGXFDWLRQDQGEULOOLDQWVWXGHQWVOLHLQ WKHJRRGWHDFKHUV ZLWKRXW
ZKRPDVRXQGOHJDOHGXFDWLRQV\VWHPLVQRWSRVVLEOH %HVLGHVWKHWKUHSRUWRIWKH/DZ
&RPPLVVLRQ KDV DOVR H[SUHVVHG WKH QHHG RI WUDLQLQJ WR WKH WHDFKHUV DQG WKH QHHG RI WKHVH
ϮϮϯ
1DZVDJDUD\1LWLVKQG/HJDO(GXFDWLRQLQ,QGLD &XUUHQW&KDOOHQJHV
.XPDU5DMHQGUDQG3UREOHPVDQG&KDOOHQJHVEHIRUH/DZ7HDFKHUVLQ,QGLD
ϮϮϱ
0HQRQ150DGKDYD7KHWUDQVIRUPDWLRQRI,QGLDQOHJDOHGXFDWLRQ
ϮϮϰ
ϭϮϳ
WHDFKHUV WR JHW LQYROYHG LQ WKH UHFRPPHQGDWLRQV WR WKH YDULRXV OHJDO SROLFLHV WR KDYH PRUH
LQYROYHPHQWRIWHDFKHUVLQWKHSROLF\PDNLQJDVZHOO
&KDOOHQJHVZLWKUHVSHFWWRWKHVWXGHQWV
7KHVWXGHQWVDUHWKHSULPHIRFXVLQWKHOHJDOHGXFDWLRQGHEDWHRYHUWKHFRPSHWHQF\RILW7KH
TXDOLW\ RI WKH OHJDO HGXFDWLRQ FDQ EH DVFHUWDLQHG E\ ORRNLQJ DW WKH VWXGHQWV JUDGXDWLQJ WR
EHFRPH ODZ\HUV 7KH FKDOOHQJH WKDW DULVHV KHUH LV WKDW WKH VWXGHQWV WDNH XS WKH /HJDO ILHOG
ZKLFK LV QRW NQRZQ WR WKHP XQWLO WKH\ JHW LQWR LW WKHUH LV QR FKRLFH IRU ODZ LQ WKH
FRXUVHV )XUWKHU WKH VWXGHQWV FRPH IURP GLIIHUHQW ILHOGV LQWR ODZ WKHUHIRUH WKH RQH IURP
VFLHQFH ZRQ¶W XQGHUVWDQGWKHSDWWHUQRIVWXG\DVDQHFRQRPLFVVWXG\LQJDUWVVWXGHQWZRXOG
HFRQRPLFV EHLQJ WKHLPSRUWDQWVXEMHFWLQWKHFXUULFXOXP,QIDFWWKHUHLVQRHIIRUWPDGHWR
PDNH/DZDVFLHQWLILFVWXG\LWLVQHHGVVLQFHWKHUHDUHILHOGVOLNHF\EHUODZLQFRPHWD[ODZ
YDULRXV RWKHUV ZKLFK UHTXLUH VSHFLDO NQRZOHGJH DV WR LWV XQGHUVWDQGLQJ WKHUH PXVW EH D
FXUULFXOXP VHWXS WR VXLW VXFK D QHHG 7KH YDVW DQG LPSRUWDQW VXEMHFWV OLNH &U3& &3&
HWFDUHLQPDQ\FROOHJHVUHVWULFWHGWRMXVWRQHVHPHVWHUZKLFKLVLQGHHGYHU\LQVXIILFLHQWIRU
FRPSHWLQJ VXFK VXEMHFWV )XUWKHU YDULRXV DXWKRULWLHV UDQJLQJ IURP 3URI 15 0DGKDYD
0HQRQ WR WKH YDULRXV UHSRUWV RI /DZ &RPPLVVLRQ EH LW WK RU WK KDV DGGUHVVHG WKH
SUREOHPV RI3URPLVLQJVWXGHQWVQRWFKRRVLQJOLWLJDWLRQDVDFDUHHURSWLRQEHVLGHVFKRRVLQJ
WKHFRUSRUDWHMRERUPDNLQJFDUHHULQWKHIRUHLJQODZILUPVWKHGLIILFXOWLHVLQWKH/LWLJDWLRQ
ILHOGDQGODUJHQXPEHUDOUHDG\VWUXJJOLQJPDNHVLWDOLWWOHXQDWWUDFWLYHDILHOGWRVWHSLQWRWKH
ODZ\HUVDUHQRWVHUYLQJWKHSXUSRVHWKH\DUHEXLOWIRUWKHUHEHLQJDJUHDWQHHGIRUJRRGPLQGV
LQWR WKH OHJDO ILHOG WR SLFN LW XS IURP LWV SUHVHQW VWDWXV µMXVWLFH¶ ODJJLQJ IDU EHKLQG DV
FRPSDUHG WR RWKHU QDWLRQV )XUWKHU WKH VWXGHQWV HQWHU WKH 1/8V DIWHU WKH\ JHW WKURXJK WKH
(QWUDQFH ([DP &/$7 WKH\ DUH WUDLQHG E\ YDULRXV FRDFKLQJ LQVWLWXWLRQV ZKLFK SURYLGH D
SOHWKRUD RI PDWHULDOIRU WKH SUHSDUDWLRQWKH VWXG\E\URWH PDNHV WKHVHVWXGHQWVJHW WKURXJK
WKHH[DPVWKLVGRHVQ¶WLPSO\WKDWWKHVHDUHWKHPRVWPHULWRULRXVRQHVEXWUDWKHUPD\LPSO\
WKDWWKH\DUHJRRGDWPHPRULVLQJWKLQJVOHDYLQJEHKLQGVXFKVWXGHQWVZKRKDGWKHSRWHQWLDO
EXW GLGQ¶W JR WKURXJK DOO WKH FRDFKLQJ DZD\ IURP WKH EHQHILWV RI EHLQJ LQ DQ 1/8 :HOO
WKHUHDUHRWKHUIDFWRUVZKLFKPDNHWKHVWXGHQWVVWD\RQWKHKLQGIRRWIURPEHFRPLQJDJRRG
OHDUQHUDQGODZ\HU
ϭϮϴ
&KDOOHQJHZLWKUHJDUGVWRWKH&XUULFXOXP
7KHFXUULFXOXPLQGHHGSOD\VWRRLPSRUWDQWDUROHLQWKHEXLOGLQJRIDSURSHUOHJDOV\VWHPDQG
GHILQLQJ WKH TXDOLW\ RI D VWXGHQW IURP D OHJDO ILHOG WKHUH KDYH EHHQ YDULRXV GLVFXVVLRQV
UHJDUGLQJWKLVPDWWHULQWKHIRUPRIYDULRXVFRPPLWWHHVDQGFRPPHQWDULHVVRPHE\WKH&'&
&XUULFXOXP 'HYHORSPHQW &RPPLWWHH VRPH E\ UHSRUWV OLNH WKH RQH KHDGHG E\ 8SHQGUD
%DNVKL DQG PDQ\ RWKHU HIIRUWV E\ WKH WK /DZ FRPPLVVLRQ UHSRUW 7KH WK /DZ
&RPPLVVLRQUHSRUWKDVEHVLGHVWKHHQXPHUDWLRQVRIYDULRXVFRPPLWWHHVKDVVXJJHVWHGWKDW
HYHU\ /DZ FROOHJH KDV D OLEHUW\ DV WR WKH VHWWLQJXS RI WKH &XUULFXOXP DFFRUGLQJ WR WKHLU
UHVRXUFHVDQGRWKHUIDFWRUVWKDWLQDUHJXODWHGPDQQHUZLWKDVHWRIFRPSXOVRU\VXEMHFWVEXW
WKLVKDVSURYHGWREHDSRLQWZKHUHWKHODZFROOHJHVKDYHVHWDVLGHIROORZLQJWKHSUHVFULEHG
FXUULFXOXPDQGSUHVFULEHWKHFXUULFXOXPZKLFKLVLQHIILFLHQWDVWRWKHEXLOGLQJRIDEHWWHUODZ
VWXGHQWV
7KH%&,SXWVXSDVLOHQWDSSURDFKDVWRWKHFXUULFXOXPLQYHUQDFXODUODQJXDJHVDQGIUDPLQJ
RI WKH TXHVWLRQ SDSHUV LQ WKH YHUQDFXODU ODQJXDJH WKH 1.& 1DWLRQDO .QRZOHGJH
&RPPLVVLRQ GRHVQ¶WWKURZOLJKWRQWKLVHLWKHUHYHQWKHTXHVWLRQSDSHUSDWWHUQLVQRWVDPHLQ
HYHU\ FROOHJH JLYLQJ D GLIIHUHQW VWDQGDUG RI PHDVXULQJ WKH SRWHQWLDO RI D VWXGHQW IRU DOO
FROOHJHV DJDLQ D GUDZEDFN )XUWKHU WKH UHYLVHG FXUULFXOXP HLWKHU E\ WKH %&, RU E\ WKH
XQLYHUVLW\ZRXOGEHRIQRWKHOSLIWKHUHLVQRDYDLODELOLW\RIJRRGERRNVQRXSGDWHGPDWHULDO
RQ WKH WRSLF WDXJKW DQGQR RSHQ GLVFXVVLRQVDQGLQGXFLQJDQG RULHQWLQJHQYLURQPHQW RI WKH
ODZVFKRRO7KHTXHVWLRQVXQOHVVZRQ¶WEHFRQQHFWHGZLWKWKHUHFHQWKDSSHQLQJZLWKUHJDUGV
WR WKDW WRSLF ZRQ¶W EH DEOH WR LQGXFH LQWHOOLJHQW UHDGLQJ /HJDO HGXFDWLRQ QRZ GRHVQ¶W
LQFOXGHHWKLFDOOHDUQLQJWRDFRQVLGHUDWHWLPHUDWKHULVDPHUHIRUPDOLW\RIIROORZLQJWKH%&,
UXOHV7KHOHJDOHGXFDWLRQKDVEHFRPHDPDVVHGXFDWLRQUDWKHUWKDQDVSHFLDOLVHGWUDLQLQJ
7KHUHPXVWEHDSODFHIRUWKHSURIHVVLRQDOHWKLFVDVDFRPSXOVRU\VXEMHFW
7KHWK/DZ&RPPLVVLRQUHSRUWJLYHVDQHYHQIUHHKDQGWRWKHFROOHJHVE\UHFRPPHQGLQJ
WKDWWKH%&,PXVWQRWDFWDUELWUDULO\E\LPSRVLQJWKHUHYLVHGFXUULFXOXPRQWKHFROOHJHVEXW
PXVW JLYH D FRQVLGHUDWHDPRXQW RIWLPH VR WKDWWKH FROOHJHV DUHDEOHWRILQGWKHWHDFKHUV WR
WHDFKWKHQHZVXEMHFWVSUHVFULEHGZKLFKLVDOWKRXJKYHU\FRQVLGHUDWHRIWKH/DZ&RPPLVVLRQ
EXW OHDGV WR FROOHJHV QRW REH\LQJ WKH UXOHV $OWKRXJK WKH HIIRUW RI WKH %&, WR UHPRYH
3HGDJRJ\ E\ LQWURGXFWLRQ RI QHZ WHDFKLQJ WHFKQLTXHV DQG WR LQWURGXFHWKH VRIWZDUHIRUWKH
GHWHFWLRQ RI 3ODJLDULVP WR LQGXFH JHQXLQH WKRXJKWV LV DSSUHFLDEOH WKH SUREOHP OLHV LQ LWV
ϮϮϲ
ϮϮϳ
-D\DNXPDU6ULYLGK\D&KDOOHQJHV)DFLQJ/HJDO(GXFDWLRQ6RPH&RQFHUQV
'U0DVVH\,3+LVWRU\RIOHJDOHGXFDWLRQ
ϭϮϵ
LPSOHPHQWDWLRQ LQ WKH FROOHJHV ZLWK IHZHU UHVRXUFHV DQG LQDGHTXDWH LQIUDVWUXFWXUH 7KH
OHFWXUHV\VWHPPXJJLQJXSDQGRWKHUPHWKRGVKDYHEHHQWKHKDOOPDUNDQGWKHWHDFKLQJODFNV
DQ\NLQGRIGLVFXVVLRQDQGWKHVWXGHQWV¶SDUWLFLSDWLRQLVPHUHO\SDVVLYHZKLFKLVRIQRXVHWR
DVWXGHQWZKRDVSLUHVWRSUDFWLVHLQWKHFRXUWVIRUWKLVWKHHIIRUWVRIWKH/DZ&RPPLVVLRQWR
LPSOHPHQW WKH FRPSXOVRU\ DSSUHQWLFHVKLS DQG WUDLQLQJ YDOXH DQG VNLOO GHYHORSPHQW ZHUH
JLYHQ
)XUWKHUPRUH WKH PRVW SLQFKLQJ QHHGLV WRKDYHWKH VWXGHQW DFKLHYH SUDFWLFDO NQRZOHGJH RI
WKHPDWHULDOWKH\DUHDOUHDG\VWXG\LQJLQWKHFODVVHVE\PHDQVRIDWWHQGLQJWKH/RN$GDODWV
'LVWULFWDQG+LJK&RXUWV)DPLO\&RXUWVHWFWKHFROOHJHVPXVWPDNHDUUDQJHPHQWVWRJHWWKH
VWXGHQWVLQWRVXFKDFWLYLWLHVUDWKHUWKDQOHDYLQJWKHVWXGHQWVRQWKHLURZQIDWH 7KH$KPDGL
&RPPLWWHH UHSRUW LQ KDV HPSKDVLVHG RQ WKLV DVSHFW DQG UHFRPPHQGHG WKH SUDFWLFDO
HGXFDWLRQ EXW RZLQJ WR YDULRXV FDVHV LQ WKH KLJK FRXUWV FKDOOHQJLQJ WKH UXOH RI RQH \HDU
LQWHUQVKLS XQGHU VHQLRU DGYRFDWHV %&, KDV UHFRPPHQGHG IRXU SUDFWLFDO SDSHUV LQ WKH
FXUULFXOXP$VIRUWKH//0FXUULFXOXPWKHUHVWULFWHGWKRXJKWSURFHVVZDVVXJJHVWHGE\&'&
WREHZLGHQHGLQLWVVFRSHE\LQWURGXFLQJWKHVRFLDOVFLHQFHWRXQGHUVWDQGWKHLQWHUUHODWLRQRI
ODZVRFLHW\DQGDWWKHVDPHWLPHWKHPXOWLGLVFLSOLQDU\FRXUVHVWRHQDEOHWKHVWXGHQWVWRWKLQN
EH\RQGWKHSRRO
7KHHQWLUHUHQRYDWLRQRIWKHSUHPLVHRIWKH/HJDO(GXFDWLRQLQ,QGLDKDVEHHQDQDO\VHGE\WKH
&'&LWXQGHUVWDQGVWKHQHHGRIWKHKRXUWREHPRGHUQL]DWLRQRIV\OODELLQRUGHUWRPDNHLW
VRFLDOO\UHOHYDQWPXOWLGLVFLSOLQDU\HQULFKPHQWRIODZFXUULFXODDQGFRUUHVSRQGLQJSHGDJRJLF
PRGLILFDWLRQV 7KH &'& SUHSDUHG D GHWDLOHG FXUULFXOXP DQG V\OODEL IRU D QXPEHU RI
FRXUVHV 7KH PRVW EXUQLQJ RQH EHLQJ WKH &OLQLFDO /HJDO $LG IDFLOLWLHV WKDW ZRXOG EH D
PXOWLSXUSRVHHIIRUWLIIRUPXODWHGZRXOGQRWRQO\OHDGWRSROLVKHGSUDFWLFDONQRZOHGJHRIWKH
ODZDVSLUDQWEXWDOVRIXOILOOLQJWKHVRFLHWDOQHHGVRIVLPSOHNQRZOHGJHDERXWWKHODZVRDVWR
UHGXFH WKHLJQRUDQFHRIODZ E\ WKHFRPPRQ IRONDQGDLPDW PDVV VRFLDOMXVWLFH 7KLVLV DQ
LQLWLDWLYHQRWMXVWWR³OHDUQE\GRLQJ´DVDFFRUGLQJWRWKH3UHVLGHQW6LPRQ)UDVHU8QLYHUVLW\
$QGUHZ3HWWHUEXWDOVRZRXOGEHDQHIIRUWWREULQJMXVWLFHWREUDVVURRWOHYHOVWRWKHGHSULYHG
DQG FOXHOHVV JLYLQJ JXLGDQFH DQG GLUHFWLRQ 7KH $KPDGL FRPPLWWHH DQG WKH WK /DZ
&RPPLVVLRQ UHSRUW ERWKKDYH HPSKDVLVHGRYHU WKH QHHGWR KDYH D &OLQLFDO /HJDO HGXFDWLRQ
DQG /HJDO $LG &HQWUHV LQ /DZ VFKRROVDQGWKDWLW LV DFRQMRLQHG UHVSRQVLELOLW\RIWKH 8*&
DQG%&,WRHQVXUHLWEXWWKHJRYHUQPHQWKDVQRWWDNHQDQ\VDWLVIDFWRU\DFWLRQLQWKLVUHJDUG
ϮϮϴ
1DZVDJDUD\1LWLVKQG/HJDO(GXFDWLRQLQ,QGLD &XUUHQW&KDOOHQJHV
-XVWLFH0HKURWUD635H,QYHQWLQJ/HJDO(GXFDWLRQ &KDOOHQJHVDQG2SSRUWXQLWLHV
ϮϯϬ
,QGUDL\DQ1.7KH&KDOOHQJHRI/HJDO(GXFDWLRQ 7KH&XUUHQW6FHQDULR
ϮϮϵ
ϭϯϬ
7DONLQJ8WRSLDQ7KH6WXGHQWOHJDODLGFOLQLFVPD\FRQGXFWVXUYH\VDQGSUHSDUHUHSRUWVWKH\
VKDOO VHQG UHSRUWV WR WKH 6WDWH /HJDO 6HUYLFHV $XWKRULWLHV ZLWK FRSLHV WR WKH OHJDO VHUYLFHV
LQVWLWXWLRQV KDYLQJ WHUULWRULDOMXULVGLFWLRQDQG DOVR WRWKH 'LVWULFW /HJDO 6HUYLFHV$XWKRULWLHV
FRQFHUQHG &OLQLFDO OHJDO (GXFDWLRQ VKRXOG EH JLYHQ PRUH HPSKDVLV VR WKDW VWXGHQWV FDQ
OHDUQ WKH ODZ WKURXJK H[SHULHQFH DQG H[SHULHQFH WKH UROH RI ODZ DQG OHJDO LQ VRFLHW\ DORQJ
ZLWKDFTXLULQJSURIHVVLRQDOVNLOOV6XFKHIIRUWVDUHQRWKLQJEXWDSSUHFLDWHGVLPLODUHIIRUWV
KDYH EHHQ PDGH LQ &DQDGD ,QGLD 6RXWK 3DFLILF DQG $IULFDQ 1DWLRQV DQG PRVW UHFHQWO\ LQ
$XVWUDOLDWKH&OLQLFDO/HJDO$LGKDVEHHQSUDLVHGLQWKHJRYHUQPHQWUHYLHZVDQGVXJJHVWLRQV
UHJDUGLQJWKHH[SDQVLRQRIVXFKHIIRUWVLQWKH/DZVFKRROVKDYHEHHQPDGH7KLVLIHQIRUFHG
ZRXOGHYHQOHDGWRDSKLODQWKURSLFOHJDOHGXFDWLRQV\VWHPZKLFKDOWKRXJKLVUDUHEXWLVPRVW
QHHGHGLQSUHVHQWWLPHV7KHVHDUHWKH&XUULFXOXPUHTXLUHPHQWVIRUWKH/DZFROOHJHVLQ,QGLD
IRUWKHEHWWHUPHQWRI/HJDO(GXFDWLRQLQ,QGLDLWVHOIWKHUHVKRXOGEHPRUHVWHSVWKDWPXVWEH
WDNHQ VR WKDW WKH FXUULFXOXP LV VHW DFFRUGLQJ WR WKH QHHGV RI JOREDOLVDWLRQ DQG FRPSHWLWLRQ
ZLWKIRUHLJQQDWLRQVDQGVWXGHQWV
7KH&KDOOHQJHRI,QIUDVWUXFWXUH0RGHUQLVDWLRQDQG*OREDOLVDWLRQ
7KH ODZ FROOHJHV LQ ,QGLD DUH YHU\ PXFK LQ D QHHG WR KDYH D EHWWHU LQIUDVWUXFWXUH 7KHUH
VKRXOG EH RUH IXQGV LQYROYHG LQ WKH GHYHORSPHQW RI WKH ,QIUDVWUXFWXUHDQG HQFRXUDJLQJ WKH
IDFXOW\RIWKHODZ8QLYHUVLWLHVLQ,QGLD7KHLQIUDVWUXFWXUHRID1DWLRQDO/DZ6FKRROLVYHU\
PXFKGHYHORSHGDVFRPSDUHGWRWKH WUDGLWLRQDOODZFROOHJHVWKHSULYDWHDQGWKHGHHPHG
XQLYHUVLWLHVDUHDOVRRQWKHXSSHUKDQGLQWKLVDVSHFW7KHHQYLURQPHQWRIDODZVFKRROPXVW
EH LQVSLULQJ WR WKH VWXGHQWV DQG WKH ODZ WHDFKHUV 7KH QXPEHU RI ODZ FROOHJHV KDV DOVR
LQFUHDVHGWRDGUDVWLFOHYHO LQ WKHUHZHUHDWRWDORI8QLYHUVLW\GHSDUWPHQWVRIODZ
DQG ODZ FROOHJHV XQGHU XQLYHUVLWLHV ZLWK VWXGHQWV RQ WKHLU UROOV +RZHYHU LQ
WKHUHZHUHODZFROOHJHVZLWKRYHUVWXGHQWVRQWKHLUUROOV WKHQXPEHU
ZRXOG KDYH LQFUHDVHG LQ WKH SUHVHQW WLPHV 7KHVH XQLYHUVLWLHV ZHUH DOORZHG ZLWKRXW DQ\
FDUHIXOSODQQLQJ,WZDVVHHQDVDEXVLQHVVLQ VDQGVDPHGLXPRIH[WUDFWLQJSURILW
7KHSULYDWH%DUJDYHSHUPLVVLRQVZLWKRXWORRNLQJDWWKHDGHTXDF\RILQIUDVWUXFWXUHVWDIIRU
ERRNV DQG XVHG WKH SHUPLVVLRQ E\ WKH %DU &RXQFLO $V D UHVXOW ODZ FROOHJHV EHFDPH
DFFXPXODWLRQRI$UWVFROOHJHVDQGVWXGHQWVZKRKDGQRWVDWLVIDFWRULO\FRPSOHWHGWKHUHTXLUHG
ϮϯϮ
6KXNOD3UDNDVK&KDQGUD/HJDO(GXFDWLRQLQ,QGLD &KDOOHQJHVDQGSURVSHFWV
.XPDU&5DMQG,PSURYLQJ/HJDO(GXFDWLRQLQ,QGLD
ϭϯϭ
IRUPDOFRXUVHRIWHDFKLQJLQDFROOHJHZHUHDOVRHOLJLEOHIRUWKHHQWUDQFHH[DPLQDWLRQV 7KH
/DZ FROOHJH PDUNHW ZDV RSHQ IRUDOO WKHSOD\HUV LW ZDVMXVW D PDWWHU RIJHWWLQJ SHUPLVVLRQ
IURPWKH6WDWHJRYHUQPHQWWKHQHYHU\WKLQJWKDWIROORZHGZDVIRUWKHSDUWLHVDQGWKHLUSURILWV
7KHWHDPVVHQW E\WKH%&,IRULQVSHFWLRQFKHFNVRQO\WKHLQIUDVWUXFWXUHFDPSXVHWFZKLFK
ZRXOG REYLRXVO\ SUHVHQW D URV\ SLFWXUH 7KHWHDP PXVW ORRN DWWKH LQWHQW RI WKH LQVWLWXWH
KHDGWRFKHFNDVWRLWLVPHDQWRQO\IRUWKHSURILWRUIRUDJHQXLQHSXUSRVH)XUWKHUPRUHWKH
XQLYHUVLWLHV VRPHWLPHVDUHQRWKDYLQJ DGHTXDWHIXQGVWRPDLQWDLQWKH SURSHUVWDQGDUGV WKLV
FRQGLWLRQOHDGVWRQRWKLQJEXWDEXUGHQRYHUWKHVWXGHQWVLQWKHIRUPRIWKHIHHV7KHIXQGV
LQYHVWHG LQWR WKH KLJKHUHGXFDWLRQ KDYH UHGXFHGIURP SHUFHQWHDUOLHUWRMXVWSHUFHQWLQ
V7KLVODFNRIIXQGVKDVODQGHGKHDYLO\RQWKHKLULQJRIWKHWHDFKHUVE\WKHXQLYHUVLWLHV
LQPHWURSROLWDQFLWLHVRUDJRRGOLEUDU\DQGRWKHUIDFLOLWLHVWKHUHRI
$QRWKHU PRVW EXUQLQJ LVVXH IRU ZKLFK WKH OHJDO HGXFDWLRQ V\VWHP RI ,QGLD QHHGV WR EH
LPSURYHGDQGZKLFKLVZK\SUREDEO\VXFKDUWLFOHVDUHLQYLWHGLVWKHZUDWKRI*OREDOLVDWLRQRQ
WKHOHJDOHGXFDWLRQILHOG7KHFXUULFXOXPPXVWEHIUDPHGLQVXFKDZD\VRDVWRPHHWWKHQHHG
WKDWPD\DULVHIRUWKHODZVWXGHQWVDIWHUWKHVWXGHQWVRI,QGLDZRXOGKDYHWRFRPSHWHZLWKWKH
VWXGHQWV RI IRUHLJQ XQLYHUVLWLHV ,Q SUHVHQW WKHUH DUH DPSOH RI RSSRUWXQLWLHV DV QHZ DUHD RI
ZRUN DUH LQFUHDVHG LQ ZDNH RI JOREDOL]DWLRQ DQG JRYHUQDQFH VXFK DV LQWHUQDWLRQDO WUDGH
IRUHLJQ LQYHVWPHQWV PHUJHUV DQG WDNHRYHUV HWF ZKLFK UHTXLUH DJUHHPHQWV EHWZHHQ WKH
FRXQWULHVDQGNQRZOHGJHRIODZRIFRXQWU\ZLWKZKRPDJUHHPHQWLVPDGH&RQQHFWLQJWKH
FXUULFXOXPQHHGVZLWKWKHJOREDOLVDWLRQ
7KH 1.& KDG PDGH YDULRXV UHFRPPHQGDWLRQV WKH UHSRUW UHFRPPHQGV WKH GHYHORSPHQW RI
FRQWHPSRUDU\FXUULFXOXPZKLFKLVLQWHJUDWHGZLWKRWKHUGLVFLSOLQHVDQGDOVRHQVXUHVUHJXODU
IHHGEDFNIURP VWDNHKROGHUV7KHFXUULFXODDQGV\OODELPXVWEHEDVHGLQDPXOWLGLVFLSOLQDU\
ERG\ RI VRFLDO VFLHQFH DQG VFLHQWLILF NQRZOHGJH &XUULFXOXP GHYHORSPHQW VKRXOG LQFOXGH
H[SDQGLQJ WKH GRPDLQ RI RSWLRQDO FRXUVHV SURYLGLQJ GHHSHU XQGHUVWDQGLQJ RI SURIHVVLRQDO
HWKLFV PRGHUQL]LQJ FOLQLFDO FRXUVHV PDLQVWUHDPLQJ OHJDO DLG SURJUDPV DQG GHYHORSLQJ
LQQRYDWLYHSHGDJRJLFPHWKRGV:LWKWKHDGYHQWRIJOREDOL]DWLRQLWKDVEHFRPHLQFUHDVLQJO\
LPSRUWDQW WR LQFOXGH LQWHUQDWLRQDO DQG FRPSDUDWLYH ODZ SHUVSHFWLYHV 7KHUH DUH YDULRXV
ELOOV SHQGLQJ LQ WKH 3DUOLDPHQW WKH %LOO RQ 1DWLRQDO &RPPLVVLRQ RQ +LJKHU(GXFDWLRQDQG
6LQJK*5HYDPSLQJ3URIHVVLRQDO/HJDO(GXFDWLRQ 6RPH2EVHUYDWLRQVRQWKH//%&XUULFXOXP
/DNVKPLQDWK$/HJDO(GXFDWLRQ5HVHDUFKDQG3HGDJRJ\
Ϯϯϱ
1DZVDJDUD\1LWLVKQG/HJDO(GXFDWLRQLQ,QGLD &XUUHQW&KDOOHQJHV
Ϯϯϲ
0XNKHUMHH'\XWLPR\/DZ6FKRROVDQG/HJDO(GXFDWLRQLQ,QGLD
Ϯϯϳ
&KDQGDN<DVKXQG/HJDO(GXFDWLRQ6\VWHPLQ,QGLD
Ϯϯϴ
'DV3UDGHHS.XPDUQG/HJDO(GXFDWLRQWRPHHW&KDOOHQJHVRI*OREDOL]DWLRQ
Ϯϯϰ
ϭϯϮ
5HVHDUFK ZRXOG UHVWRUH WKH XQLYHUVLW\ DXWRQRP\ ZKLFK ZRXOG UHVXOW LQWR LQGLYLGXDO
FRPSHWLWLRQ DQG EHWWHUPHQW RI VRPH RI VRPH RI WKH LQVWLWXWLRQV IXUWKHU WKH )RUHLJQ
(GXFDWLRQDO6HUYLFH3URYLGHUV%LOOLILPSOHPHQWHGVKDOOOHDGWRIRUHLJQXQLYHUVLWLHVWRVHWXS
WKHLULQVWLWXWLRQVLQ,QGLDDQGWKLVZRXOGDJDLQOHDGWRPRUHFXWWKURDWFRPSHWLWLRQEXWDWWKH
VDPHWLPHEHWWHUNQRZOHGJHGHOLYHU\V\VWHP ZKLFKDJDLQVXJJHVWVWKDWJOREDOLVDWLRQLVQRW
IDU DZD\ IURP DSSURDFKLQJ WKH QHFN RI OHJDO ILHOG DQG DIIHFWLQJ WKH MRE RSSRUWXQLWLHV IRU
ZKLFKWKH1DWLYH/HJDO(GXFDWLRQDOV\VWHPQHHGVWREHUHDG\
6XJJHVWLRQV
7KHVXJJHVWLRQVIRUWKHLPSURYHPHQWRIWKH/HJDOHGXFDWLRQDUHLQIDFWUHFRJQLVHGE\YDULRXV
MXULVWV DOUHDG\ LW LV MXVWWKDW WKH\ KDYH WR EH DQDO\VHGDFFRUGLQJ WR WKHLU IHDVLELOLW\ DQG WKH
ZLOORIWKHDXWKRULWLHVWRLQFRUSRUDWHWKHPWKHFRPSOH[LWLHVRIWKHSRZHUVRIWKHDXWKRULWLHV
EHLQJWRRFKDRWLF3URI150DGKDYD0HQRQKDVH[SUHVVHGKLVRSLQLRQWKDWOHJDOHGXFDWLRQ
LQ,QGLDVKRXOGEHOLEHUDWHGIURPWKHGRPLQDQWFRQWURORIWKH%DU&RXQFLOVDQGHQWUXVWHGWR
OHJDO DFDGHPLFV ZLWK IUHHGRP WRLQQRYDWH H[SHULPHQW DQG FRPSHWH JOREDOO\%XWIRU WKH
WLPHEHLQJWKHHIIRUWVRIWKH%&,DQGWKH8*&PXVWEHKDUPRQLVHG
)XUWKHU WKHUH KDV WR EH D ZRUOG FODVV DSSURDFK LQ HYHU\ DVSHFW LQGHHG LQ WKH ,QGLDQ /DZ
VFKRROV HYHQ WKH WUDGLWLRQDO RQHV WKDW WR EH DFKLHYHG E\ JLYLQJ SODFH WR D FXUULFXOXP WKDW
PHHWVWKHQHHGVRIWKHµWREHJOREDOLVHG¶,QGLDQOHJDOILHOGVRWKDWWKHQDWLYHV\VWHPGRHVQ¶W
VHH IDLOXUH LQ FRPSDULVRQ WR WKHIRUHLJQ FRPSHWLWRUV )XUWKHU WKHSHGDJRJ\ VKRXOG EHGRQH
DZD\ZLWKWKHSUHVHQWEHLQJWKHKLJKWLPHWRGRWKLV7KHFXUULFXOXPPXVWPDNHFRPSXOVRU\
WKH 3UDFWLFDO /HJDO (GXFDWLRQ &OLQLFDO /HJDO $LG DQG SURIHVVLRQDO HWKLFV WKH PRRW FRXUW
H[HUFLVHVDQG GHEDWHVDQG081VWREHNHSW RQXWPRVW LPSRUWDQFH7KHWUDGLWLRQDOWHDFKLQJ
PHWKRGVVKRXOGEHGRQHDZD\ZLWKDQGQHZPHWKRGVLQFOXGLQJWHFKQRORJ\WREHLQWURGXFHG
UDWKHUWKDQWKHWUDGLWLRQDOOHFWXUHPHWKRG
7KHWHDFKHUVPXVWEHJLYHQPRUHLQFHQWLYHVWRPDNHWKHWHDFKLQJILHOGPRUHDWWUDFWLYHVRWKDW
WKHVKRUWDJHRIWHDFKHUVLVIXOILOOHGWKHQHHGPXVWEHWRILOOXSWKHJDSZLWKDEOHWHDFKHUVDQG
WUDLQLQJ PXVW EH PDGH FRPSXOVRU\ WR WKHP WKH VXJJHVWLRQ RI WKH WK /DZ FRPPLVVLRQ
UHSRUW RIKDYLQJ DGMXQFWWHDFKHUV EHLQJFRQVLGHUHG RQWKH VDPHWLPHWKHTXDOLILFDWLRQOHYHO
IL[HGPXVWQRWEHVXFKWKDWWKHEULOOLDQWWHDFKHUVDUHQRWDEOHWRJHWLQWRWKHVWUHDP
Ϯϯϵ
ϮϰϬ
.XPDU5DMHQGUDQG3UREOHPVDQG&KDOOHQJHVEHIRUH/DZ7HDFKHUVLQ,QGLD
/DNVKPLQDWK$/HJDO(GXFDWLRQ5HVHDUFKDQG3HGDJRJ\
ϭϯϯ
)XUWKHU D SURSHU VFUXWLQ\ RI WKH QHZ DVSLUDQW LQWR WKH OHJDO HGXFDWLRQ ILHOG WR RSHQ D
XQLYHUVLW\PXVWEHGRQHWRDYRLGXQQHFHVVDU\LQFUHDVHLQWKHQXPEHURIODZFROOHJHVZKLFK
MXVW³LQFUHDVHWKHTXDQWLW\ZLWKRXWHQVXULQJTXDOLW\´DQGDUHPHDQWMXVWIRUSURILWV
7KH 1DWLRQDO .QRZOHGJH&RPPLVVLRQ 1.& KDVIHOWDQHHGIRUDUDWLQJV\VWHPIRUDOOWKH
IDFLOLWLHVVRDVWRGLIIHUHQWLDWHEHWZHHQSURSHUDQGXQQHFHVVDU\ODZFROOHJHVWKHVDPHVKRXOG
EHLPSOHPHQWHG7KHUXOHVUHJDUGLQJWKHLQVWUXFWLRQLQ9HUQDFXODUODQJXDJHVVKRXOGEHPDGH
FOHDUE\WKH%&,
&RQFOXGLQJ5HPDUNV
,Q D QXWVKHOO WKH OHJDO HGXFDWLRQ KDV JRQH RQO\ GRZQKLOO VLQFH WKH WLPHV EHIRUH
LQGHSHQGHQFHWLOOODWHU7KHUHYROXWLRQFDPHLQWKHIRUPRIVHWWLQJXSRI1/8VEXWWKHUHVWLOO
H[LVW WUDGLWLRQDO ODZ VFKRROV DQG WKH ROGHQ PHWKRGV DQG ODFN RI IDFLOLWLHV KDYH PDGH WKHVH
MXVW D SURGXFWLRQ IDFWRULHV :LWK WKH SRVVLEOH FRPSHWLWLRQ ZLWK WKH IRUHLJQ HQWLWLHV LQ WKLV
UHJDUG WKH ,QGLDQ /HJDO (GXFDWLRQ KDV WR EH LPSURYHG WKHUH EHLQJ QXPHURXV VXJJHVWLRQV
PDGH LQ WKLV UHJDUG E\ YDULRXV MXULVWV DQG FRPPLWWHHV WKH FRPSOLDQFH DQG LPSOHPHQWDWLRQ
UHPDLQV D JUH\ DUHD DQG QRWKLQJ FRXOG EH GRQH WR IRUFH WKH V\VWHP WR REH\ WKHVH 7KH
VXJJHVWLRQVDOWKRXJKDUHRIXWPRVW LPSRUWDQFHDQGLIFRPSOLHGZLWKVKDOOGHILQLWHO\ OHDGWR
EHWWHUPHQW LQ WKH FLUFXPVWDQFHV7KHSHRSOHLQ WKH OHJDOILHOG DOUHDG\DUH JHWWLQJ DZDNHQHG
DQGWU\LQJWRLPSURYHWKHVLWXDWLRQVZKLFKJLYHDUHOLHIZLWKDEHOLHIWKDWWKLQJVVKDOOFKDQJH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5HIHUHQFHV
$GY70'HYDGDV+LVWRU\RI/HJDO(GXFDWLRQLQ,QGLD *XHVW3RVWUHWULHYHGIURP
KWWS VWULSSHGODZEORJVSRWLQKLVWRU\RIOHJDOHGXFDWLRQLQLQGLDKWPOUHWULHYHGRQ1RYHPEHU
%DU&RXQFLORI,QGLDY%RDUGRI0DQDJHPHQW'D\DQDQG&ROOHJHRI/DZ 6&&
%DU&RXQFLORI83Y6WDWHRI83$,5 6&
&KDQGDN<DVKX QG /HJDO(GXFDWLRQ6\VWHPLQ,QGLDUHWULHYHGIURP
KWWS ZZZOHJDOVHUYLFHVLQGLDFRPDUWLFOHDUWLFOHOHJDOHGXFDWLRQV\VWHPLQLQGLD KWPOUHWULHYHGRQ
1RYHPEHU
'DV3UDGHHS.XPDU QG /HJDO(GXFDWLRQWRPHHW&KDOOHQJHVRI*OREDOL]DWLRQUHWULHYHGIURP
KWWS ZZZOHJDOVHUYLFHLQGLDFRPDUWLFOHO/HJDO(GXFDWLRQ7R0HHW&KDOOHQJHV2I
*OREDOLVDWLRQKWPOUHWULHYHGRQ1RYHPEHU
'U1DZVDJDUD\1LWLVK QG /HJDO(GXFDWLRQLQ,QGLD &XUUHQW&KDOOHQJHVUHWULHYHGIURP
KWWS ZZZDFDGHPLDHGX/HJDO(GXFDWLRQLQ,QGLD&XUUHQW&KDOOHQJHVUHWULHYHGRQ1RYHPEHU
,QGUDL\DQ1. 7KH&KDOOHQJHRI/HJDO(GXFDWLRQ 7KH&XUUHQW6FHQDULR,QGLDQ%DU5HYLHZ
-D\DNXPDU6ULYLGK\D &KDOOHQJHV)DFLQJ/HJDO(GXFDWLRQ6RPH&RQFHUQV3DSHUSUHVHQWHGLQWKH
&RQIHUHQFHRQ/HJDO(GXFDWLRQ6FKRRORI/DZ8QLYHUVLW\RI0XPEDL0XPEDLRQ2FWREHU
ϭϯϰ
Related papers
Decorative Principles Between the Public and Private Spheres in Pompeii: Contexts, Patrons and Artisans
Principles of Decoration in the Roman World, 2021
As militaries are rebuilt, are we turning American?
The Japan Times , 2024
Vocabulary learning in massively multiplayer online games: context and action before words
Educational Technology Research and Development, 2015
Crete, A Border at the Sea: Defensive Works and Landscape–Mindscape Changes (Seventh–Eighth Centuries A.D.)
Change and Resilience: The Occupation of Mediterranean Islands in Late Antiquity, edited by Miguel Ángel Cau Ontiveros and Catalina Mas Florit, vol. 9, Oxbow Books, Oxford; Philadelphia, pp. 163–192. DOI 10.2307/j.ctvjsf3rt.14, 2019
12 Eylül Darbesi Sonrası Türk Boğazları Geçiş Ücretlerinde Düzenleme: Golden Frank Standardının Amerikan Doları'na Sabitlenmesi
Karadeniz İncelemeleri Dergisi, TR DİZİN, 2023
Accounting for Jewish Secularism: Is a New Cultural Identity Emerging?
Contemporary Jewry, 2010
Design strategy towards flame-retardant gel polymer electrolytes for safe lithium metal batteries
2024
Effect of Asset Structure on Value of a Firm: a Case of Companies Listed In Nairobi Securities Exchange
Research Journal of Finance and Accounting, 2014
Analisis Penghambat Penyelesaian Tugas Mahasiswa Pendidikan Teknologi dan Kejuruan
Indonesian Journal Of Civil Engineering Education, 2022
Sufficient Social Support as a Possible Preventive Factor against Fighting and Bullying in School Children
International journal of environmental research and public health, 2018
Oxidative Stress Causes Ferredoxin-NADP+ Reductase Solubilization from the Thylakoid Membranes in Methyl Viologen-Treated Plants
Plant Physiology, 1997
Recension de la littérature sur la relation entre les cognitions post-traumatiques, le blâme de soi et les symptômes de trouble de stress post-traumatique après une agression sexuelle
Psycause : revue scientifique étudiante de l'École de psychologie de l'Université Laval
Human Cardioviruses, Meningitis, and Sudden Infant Death Syndrome in Children
Emerging Infectious Diseases, 2011
A Research Lens for Studying Power in Learning Games
Utilizing Virtual and Personal Learning Environments for Optimal Learning
Adsorption of cyanide ion on pressmud surface: A modeling approach
Chemical Engineering Journal, 2012