mrv
DESCRIPTION
monitoring reporting verificationTRANSCRIPT
-
7RSLFV_,QWHUQDWLRQDO3DUWQHUVKLSRQ0LWLJDWLRQDQG059
KWWSPLWLJDWLRQSDUWQHUVKLSQHWPDMRUWRSLFV
)ROORZ#0LWLJDWLRQB059
+RPH &RQWDFW ,PSULQW /RJLQ 566
7RSLFV
7KH,QWHUQDWLRQDO3DUWQHUVKLSRQ0LWLJDWLRQDQG059IRFXVVHVLWVDFWLYLWLHVRQIRXUPDLQWRSLFV
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
,1'&VVKDOOPDNHLWSRVVLEOHWRWUDFNSURJUHVVDQGDFKLHYHDFROOHFWLYHDPELWLRQOHYHOVXIILFLHQWWROLPLWJOREDOZDUPLQJWREHORZ&UHODWLYHWRSUHLQGXVWULDOOHYHOV7RWKLVHQG,1'&VVKDOOFRPSULVHDPLWLJDWLRQJRDOZKLFKUHSUHVHQWVDSURJUHVVLRQEH\RQGFXUUHQWXQGHUWDNLQJVRIWKH3DUW\7KDWJRDOQHHGVWREHWUDQVIRUPHGLQWRDQHYHQWXDOO\OHJDOO\ELQGLQJPLWLJDWLRQFRPPLWPHQWXQGHUWKHDJUHHPHQWDQGPXVWEHWUDQVSDUHQWTXDQWLILDEOHFRPSDUDEOHYHULILDEOHDQGDPELWLRXV2QFHWKLVWUDQVIRUPDWLRQKDVWDNHQSODFHWKHFRQWULEXWLRQVDUHQRWLQWHQGHGDQ\PRUH
!5HDGPRUHDERXW,1'&
/RZ(PLVVLRQ'HYHORSPHQW6WUDWHJLHV/('6
/('6DUHQDWLRQDOKLJKOHYHOFRPSUHKHQVLYHORQJWHUPVWUDWHJLHVGHYHORSHGE\GRPHVWLFVWDNHKROGHUVZKLFKDLPDWGHFRXSOLQJHFRQRPLFJURZWKDQGVRFLDOGHYHORSPHQWIURPJUHHQKRXVHJDV*+*HPLVVLRQVJURZWK,QRWKHUZRUGVWKHJRDORID/('6LVWRPDNHGHYHORSPHQWFOLPDWHFRPSDWLEOH7KHUHDUHDQXPEHURIRWKHUGHQRPLQDWLRQVIRUVLPLODUSROLF\LQVWUXPHQWVVXFKDV/RZ&DUERQ'HYHORSPHQW6WUDWHJ\&OLPDWH&RPSDWLEOH'HYHORSPHQW3ODQRU1DWLRQDO&OLPDWH&KDQJH3ODQ%XWWKHDLPVSXUSRVHVDQGEDVLFHOHPHQWVDUHQRWYHU\GLIIHUHQW
/('6HVVHQWLDOV
$/('6LVDSROLF\LQVWUXPHQWWKDWLGHQWLILHVWKHVRXUFHVRIDFRXQWU\V*+*HPLVVLRQVDQGSULRULWL]HVRSWLRQVIRUWKHLUPLWLJDWLRQ
$/('6IRFXVHVRQDFKLHYLQJGHYHORSPHQWWKURXJKPLWLJDWLRQDFWLRQV
$/('6KHOSVWRLPSURYHIUDPHZRUNFRQGLWLRQVIRUSULYDWHVHFWRULQYHVWPHQWLQPLWLJDWLRQDFWLRQV
!/('67RRO6WHS%\6WHS*XLGDQFHWRD/RQJ7HUP)UDPHZRUNIRU&RQWLQXRXV6'&RRSHUDWLRQ!5HDGPRUHDERXW/('6
1DWLRQDOO\$SURSLDWH0LWLJDWLRQ$FWLRQV1$0$V
'XULQJWKHFOLPDWHQHJRWLDWLRQVLQ&DQFXQSDUWLHVDJUHHGWKDWGHYHORSLQJFRXQWULHVZLOOWDNHQDWLRQDOO\DSSURSULDWHPLWLJDWLRQDFWLRQVRU1$0$VWRUHGXFHWKHLU*+*HPLVVLRQV,QFRQWUDVWWRWKH&'01$0$VQHHGQRWEHSURMHFWEDVHGDQGGRQRWQHFHVVDULO\DGGUHVVSRLQWVRXUFHVRIHPLVVLRQVRUUHVXOWLQWKHLVVXDQFHRIFDUERQFUHGLWVWREHERXJKWDQGVROGLQWKHFDUERQPDUNHW$1$0$LVVLPSO\DQ\DFWLRQWKDWXOWLPDWHO\FRQWULEXWHVWRJUHHQKRXVHJDVHPLVVLRQUHGXFWLRQVZKLOHDGGUHVVLQJWKHGHYHORSPHQW
$// /('6 1$0$ 059 ,1'&
6HSWHPEHU
,QWHUQDWLRQDO3DUWQHUVKLSRQ0LWLJDWLRQDQG0593URFHVVJXLGDQFHIRU,QWHQGHG1DWLRQDOO\'HWHUPLQHG&RQWULEXWLRQV,1'&V
81'3:5,'HVLJQLQJDQG3UHSDULQJ,QWHQGHG1DWLRQDOO\'HWHUPLQHG&RQWULEXWLRQV
81(35LVRH&HQWUH8QGHUVWDQGLQJWKH&RQFHSWRI1DWLRQDOO\$SSURSULDWH0LWLJDWLRQ$FWLRQ
&&$3059RI1$0$V*XLGDQFHIRUVHOHFWLQJVXVWDLQDEOHGHYHORSPHQWLQGLFDWRUV
&'.1$*XLGHWR,1'&V,QWHQGHG1DWLRQDOO\'HWHUPLQHG&RQWULEXWLRQV
81(35,62(0HDVXULQJ5HSRUWLQJ9HULI\LQJ$3ULPHURQ059IRU1DWLRQDOO\$SSURSULDWH0LWLJDWLRQ$FWLRQV
:5,(QKDQFLQJ7RGD\V059)UDPHZRUNWR0HHW7RPRUURZV1HHGV7KH5ROHRI1DWLRQDO&RPPXQLFDWLRQVDQG,QYHQWRULHV
0 7 : 7 ) 6 6
,QWHUQDWLRQDO6FLHQWLILF&RQIHUHQFHRQ(QHUJ\DQG
8SFRPLQJ(YHQWV
$ERXW 5HJLRQDO*URXSV 7RSLFV *RRG3UDFWLFH 1HZV (YHQWV 3URMHFWV,QLWLDWLYHV 5HVRXUFHV /LQNV
-
7RSLFV_,QWHUQDWLRQDO3DUWQHUVKLSRQ0LWLJDWLRQDQG059
KWWSPLWLJDWLRQSDUWQHUVKLSQHWPDMRUWRSLFV
,PSULQW'LVFODLPHU&RQWDFW
QHHGVRIDFRXQWU\:KLOHD1$0$PD\HQFRPSDVVDVSHFLILFSURMHFWRUPHDVXUHWRUHGXFHHPLVVLRQVLQWKHVKRUWWHUPLWPD\DOVRHQFRPSDVVSROLFLHVVWUDWHJLHVDQGUHVHDUFKSURJUDPVWKDWOHDGWRHPLVVLRQVUHGXFWLRQVLQWKHORQJWHUP
1$0$7\SRORJ\7KHRSHQDQGIOH[LEOHQDWXUHRIWKH1$0$KDVJLYHQULVHWRWKUHHILQDQFHVRXUFLQJW\SRORJLHVZKLFKDUHRXWOLQHGEHORZLQFOXGLQJWKHH[SHFWDWLRQVIRUPRQLWRULQJUHSRUWLQJDQGYHULI\LQJ059WKHUHVXOWVRIWKH1$0$
8QLODWHUDO1$0$VWREHILQDQFHGGRPHVWLFDOO\GRPHVWLF059LQDFFRUGDQFHZLWKJXLGHOLQHVGHYHORSHGXQGHUWKHFOLPDWHFRQYHQWLRQ
6XSSRUWHG1$0$VWRUHFLHYHLQWHUQDWLRQDOVXSSRUW059DFFRUGLQJWRLQWHUQDWLRQDOJXLGHOLHQVGHYHORSHGXQGHUWKHFOLPDWHFRQYHQWLRQ
&UHGLWHG1$0$VWRUHFLHYHSULYDWHVHFWRUIXQGLQJWKDWUHVXOWVLQFDUERQFUHGLWV
!1$0$7RRO6WHSVIRU0RYLQJD1$0$IURP,GHDWRZDUGV,PSOHPHQWDWLRQ!5HDGPRUHDERXW1$0$V
059
0IRU0HDVXUHPHQWRU0RQLWRULQJ'HSHQGLQJRQZKR\RXDVNWKH0VWDQGVIRU0HDVXUDEOHRUIRU0RQLWRULQJ:KLOHWKHZRUGPHDVXUDEOHZDVRULJLQDOO\XVHGLQWKH%DOL$FWLRQ3ODQLWKDVVLQFHEHHQUHSODFHGLQVRPHFLUFOHVE\WKHWHUPPRQLWRULQJVLQFHLQDVWULFWVHQVHWKHDLPLVWRPRQLWRUUDWKHUWKDQWRPHDVXUH(LWKHUZD\WKHLQWHQWRIWKH0LVWRNHHSWUDFNRIWZRWKLQJV
JUHHQKRXVHJDVHVERWKWKRVHHPLWWHGDQGWKRVHUHGXFHGRUDYRLGHGWKURXJKPLWLJDWLRQDFWLRQVDQGWKHVXSSRUWSURYLGHGLQWKHIRUPRIILQDQFLQJFDSDFLW\EXLOGLQJDQGWHFKQRORJLHVIRUFDUU\LQJRXWWKHPLWLJDWLRQDFWLRQV
7KHERWWRPOLQHLVWKDWWKH0VKRXOGFROOHFWLQIRUPDWLRQDERXWZKHWKHUWKHZRUOGLVRQWUDFNWRVWD\EHORZWKHGHJUHHZDUPLQJWDUJHWDQGWKDWDGHTXDWHVXSSRUWLVEHLQJSURYLGHG
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
9IRU9HULILFDWLRQ7KHSXUSRVHRIYHULILFDWLRQLVWRHQVXUHWKDWUHSRUWHGLQIRUPDWLRQLVFRUUHFWDQGWKDWFRQILUPHGPHWKRGRORJLHVIRUPRQLWRULQJPLWLJDWLRQSURJUHVVKDYHEHHQDSSOLHG7KHYHULILFDWLRQSURFHVVPLJKWHQWDLOLQGHSHQGHQWH[SHUWVDQDO\]LQJELHQQLDOXSGDWHUHSRUWVRUVHFWRUDOVSHFLDOLVWVYHULI\LQJWKHUHVXOWVRIPLWLJDWLRQDFWLRQV9HULILFDWLRQFRXOGDOVRUHVXOWLQLPSURYHPHQWVLQWKHTXDOLW\RIUHSRUWHGLQIRUPDWLRQE\JHQHUDWLQJUHFRPPHQGDWLRQVDQGIDFLOLWDWLQJFROOHJLDOH[FKDQJH
!0597RRO+RZ7R6HWXS1DWLRQDO0596\VWHPV!5HDGPRUHDERXW059
&OLPDWH&KDQJH,9/('6/$&5HJLRQDO:RUNVKRS