The Issue is Ownership: Anderson in Dialogue With Myners - Listed (May 2015)

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  • 7/21/2019 The Issue is Ownership: Anderson in Dialogue With Myners - Listed (May 2015)

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    ?2Jdstfc|_prdhn 19;6

  • 7/21/2019 The Issue is Ownership: Anderson in Dialogue With Myners - Listed (May 2015)

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    ?>_prdhn 19;6|Jdstfc

    Sef Cdrfot`rs OekdrYkuj Myhfrs

    Sef dssuf ds `whfrsedpDh Sef Cdrfot`rs Oekdr wdte Ckvdc . Khcfrs`h7 Ks `hf `b tef VLs m`st dhfiufhtdkj jfkcfrs `h o`rp`rktf n`vfrhkhof,

    Ykuj Myhfrs eks k oekjjfhnf b`r eds pffrs7 wey ekvfht tefdr mkhy rfb`rms pfhftrktfc prkotdof0

    Ye`t`nrkpey ay W`f H`rb`jl

    Ykuj Myhfrs eks rsum fh`une b`r terff `r b`ur suoofssbuj okrffrs. @hf-tdmf puajdsefr `b Sef Nukrcdkhhfwspkpfr, b`rmfr Odty Mdhdstfr dh tefn`vfrhmfhts hkhof mdhdstry, ourrfht buhc o`mpkhy oekdr khc pkrthfr kswfjj ks oekdr b tef O`urt khc O`uhodj kt tef J`hc`h _oe``j b Fo`h`mdos,efs kh dhfiufhtdkj `utsdcfr we` eks terdvfc dh tef VL fstkajdsemfht wedjfo`htdhudhn t` oekjjfhnf tef stktus qu`, kcv`oktdhn b`r afttfr n`vfrhkhofkhc trkhspkrfhoy. Efrf, J`rc Myhfrs cdsoussfs tef dhfqudtdfs khc cfodfhodfstekt o`hofrh edm m`sttef p`wfr khc rfsp`hsdadjdtdfs `b dhstdtutd`hkj dhvfs-t`rs, khc tef n`vfrhkhof m`vfmfhts jkol `b rfkj suoofssdh o`hvfrsktd`h

    wdte n`vfrhkhof fxpfrt khc kcvdsfr Ckvdc Khcfrs`h.

    Ykuj MyhfrsYrdmkry r`jfs

    Oekdr `b tef O`urt khc O`uhodj, J`hc`h _oe``j `b Fo`h`mdos khc Y`jdtdokj _odfhof< Oekdr khc pkrthfr, Ofvdkh Okpdtkj JJY

    Kccdtd`hkj r`jfs

    Jdbf Yffr, E`usf b J`rcs, VL pkrjdkmfht< H`h-fxfoutdvf oekdr, Kut`h`m`us Qfsfkroe JJY, Fcfjmkh VL, H`mkc E`jcdhn

    Jtc< H`h-fxfoutdvf cdrfot`r, Fo`h ktfr & Y`wfr @pp`rtuhdtdfs pjo, MfnkB`h, QDS Okpdtkj Ykrthfrs pjoB`rmfr r`jfs

    N`vfrhmfht khc odvdj s`odfty7Bdhkhodkj _frvdofs _forftkry (Odty Mdhdstfr), EM Srfksury< Mfmafr, Yrdmf Mdhdstfrs

    Hktd`hkj Fo`h`mdo O`uhodj< Qfvdfwfr `b Dhstdtutd`hkj Dhvfstmfht b`r EM SrfksuryMyhfrs Yrdhodpjfs h Kssft Mkhknf-

    mfht< Dhcfpfhcfht rfvdfwfr khc _fhd`r Dhcfpfhcfht Cdrfot`r, Sef O``pfrktdvf Nr`up< Oekdr, J`w Yky O`mmdssd`h,

    Yfrs`hkj Koo`uhts Kute`rdty, Kjj Ykrty Ykrjdkmfhtkry Nr`up h O`rp`rktf N`vfrhkhof

    Yrdvktf sfot`r7Yuajdsefr, Sef Nukrcdkh, Sef @asfrvfr< OF@, Nkrtm`rf Dhvfstmfht Mkhknfmfht< Oekdr, Nkrtm`rf Nr`up,

    Nukrcdkh Mfcdk Nr`up, Mkrls & _pfhofr Nr`up pjo, Kspfh Dhsurkhof E`jcdhns Jtc.< H`h-fxfoutdvf oekdr, Frmdtknf,

    Jkhc _fourdtdfs Nr`up< Cfputy oekdr, Y`wfrNfh< H`h-fxfoutdvf cdrfot`r `r mfmafr, Akhl `b Fhnjkhc, Akhl `b Hfw T`rl, Jkhc

    _fourdtdfs Nr`up, Mkrls & _pfhofr Nr`up pjo, Hktd hkj fstmdhstfr Akhl pjo, Yjktb`rm Koqudsdtd h E jcdhns Jtc., Sfjfbhdok

    Fur`pf pjo, Sef O`-`pfrktdvf Nr`up Jtc., _yh`vdk Okpdtkj JJY< Fxfoutdvf cdrfot`r, NJN Ykrthfrs Dho., Efhcfrs`h Nj akj Srust pjo

    Oekrdtkajf sfrvdof7 Oekdr, Sktf< Srustff, KQL, Njyhcfa`urhf Krts Srust, _mdte Dhstdtutf, Sktf B`uhcktd`h

    Kokcfmdo kpp`dhtmfhts

    Fxfoutdvf Bfjj`w, J`hc`h Ausdhfss _oe``j< Rdsdtdhn Bfjj`w, Hubfjc O`jjfnf, @xb`rc Vhdvfrsdty

    Fcuoktd`h

    E`h`urs cfnrff dh Fcuoktd`h< Ofrtdoktf dh Fcuoktd`h, Vhdvfrsdty b J`hc`h

    E`h`urs

    lO`mmkhcfr `b tef Ardtdse Fmpdrf

    lE`h`rkry C`ot`rktf dh Jkw, Vhdvfrsdty b Fxftfr

    lE`h`rkry Bfjj`w, Kss`odktd`h `b O`rp`rktf Srfksurfrs

    Ourrfht knf

    2>

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    ?4_prdhn 19;6|Jdstfc

    Sef Cdrfot`rs OekdrYkuj Myhfrs

    Ckvdc Khcfrs`hT uvf koqudrfc tef tdtjfs, dhfiufhof khc wfkjte

    kss`odktfc wdte tef Ardtdse fstkajdsemfht, aut y`u wfrfht a`rh

    t` dt. C` y`u stdjj bffj jdlf kh utsdcfr0

    Ykuj Myhfrs@h tef bkof `b dt, D km k ojfkr mfmafr `b tef fstkajdse-

    mfht, afdhn k mfmafr b tef E`usf b J`rcs khc Oekdr b J`hc`h

    _oe``j `b Fo`h`mdos khc k b`rmfr oekdr `b Sktf, aut Dm h`t k hktu-

    rkj mfmafr b tef VLs nrfkt khc n``c. D spfht tef rst ;1 m`htes

    `b jdbf dh k e`mf afb`rf afdhn kc`ptfc dht` k ajuf-o`jjkr bkmdjy br`m

    kh ds`jktfc krfk. Fkrjy fxpfrdfhof o`hspdrfc t` mklf mf kh `ut-

    sdcfr. Dts ndvfh mf k brffr ekhc. D ksl t`` mkhy kwlwkrc qufstd`hs.

    _`mf sky D adtf tef ekhc tekt bfc mf, ks D c`ht ourry bkv`ur, aut D

    c` dt wdte k cffp tedrst b`r cfaktf khc cdsoussd`h. Dm rfm`rsfjfssjy

    j``ldhn b`r afttfr wkys t` c` tedhns. D c`ht c` wedtfwksefs.

    Ckvdc Khcfrs`hT`u krf k wfjj-krmfc kcv`oktf b`r bkdrfr, efkjte-

    dfr okpdtkjdsm. T`uvf okjjfc rfpfktfcjy b`r ednefr stkhckrcs

    dh o`rp`rktf n`vfrhkhof. ^ekts y`ur vfrcdot `h tef dmpkot

    y`uvf ekc0

    Ykuj MyhfrsDm h`t surf tefrfs muoe t` se`w b`r tef e`st `b fbb`rts

    `b wedoe mdhf ekvf affh aut k smkjj pkrt. Oekhnfs ekvf affh m`rf

    supfrodkj tekh suastkhtdvf. N`vfrhkhof o`cfs ekvf affh rfwrdt-

    tfh aut krf jkrnfjy m`tefre``c mdssdvfs tekt jkol rfkj fhb`rofkadjdty.

    ^fvf sffh kh fmfrnfhof `b kh dhfbbfotdvf n`vfrhkhof dhcustry, c`-

    n``cfrs rktefr tekh p`wfrbuj knfhts. H`t muoe eks oekhnfc dh tef

    fjc b jkw. Sef n`vfrhkhof o`mmuhdty must rffifot ordtdokjjy h wey

    rfb`rm eksht pfhftrktfc prkotdof. Kjj `b us must af oekjjfhnfc ks t`

    wekt wfvf koedfvfc.

    Ckvdc Khcfrs`h ekt fxpjkdhs teds jkol b pr`nrfss0

    Ykuj MyhfrsDt o`mfs c`wh t` tef struoturf `b o`rp`rktf `whfrsedp.

    Dh tef jkst 69 yfkrs wfvf sffh `whfrsedp brknmfht ks k o`hsfqufhof

    `b tef kooumujktd`h b pf`pjfs skvdhns dh jkrnf buhcs t` pr`vdcf b`r

    rftdrfmfht khc efkjte. @ur puajdo o`mpkhdfs, `whfc ay tefsf dhvfst-

    mfht-mdhcfc buhcs, krf h`w fbbfotdvfjy `whfrjfss o`rp`rktd`hs. ^f

    c`ht tkjl ka`ut k hffc b`r n`vfrhkhof dhtfrvfhtd hs dh bkmdjy ausd-

    hfssfs khc prdvktf o`mpkhdfs, afokusf tefrfs ojfkrfr kjdnhmfht

    aftwffh `whfrs khc n`vfrh`rs, kjafdt mfksurfc dh hkrr`w tfrms `b

    sekrfe`jcfr vkjuf. Aut dh puajdo o`mpkhdfs wfvf sffh teds brknmfh-

    tktd`h koo`mpkhdfc ay edne p`rtb`jd` cdvfrsdoktd`h, ks p`rtb`jd` mkh-

    knfrs sffl t` okpturf

    rktefr tekh

    . Sef rfsujt ds tekt tef cuodkry

    `whfrjkrnf dhstdtutd`hkj dhvfst`rseks dhtfrfsts dh s` mkhy o`mpk-

    hdfs dt okht p`ssdajy kot ks k pr`pfr cuodkry. Sefsf dhvfst`rs c`ht

    tedhl `b tefmsfjvfs ks `whfrs. O`hsfqufhtjy, tefy krf h`t fqudppfc

    `r rfwkrcfc b`r pfrb`rmdhn tef cutdfs b whfrsedp.

    Ckvdc Khcfrs`hKs teds sedbt dh whfrsedp struoturf eks fxp`sfc

    fikws dh puajdo o`mpkhy n`vfrhkhof, eks tef n`vfrhkhof cfaktf`b tef jkst ?9 yfkrs mdssfc tef mkrl0

    Ykuj MyhfrsTfs, tef cfaktf eks mdssfc tef rfjfvkhof `b brknmfhtfc

    `whfrsedp `h tef cfodsd`h-mkldhn afekvd`ur `b puajdo o`mpkhdfs.

    Dhstfkc `b kccrfssdhn buhc mkhknfmfht o`mpkhdfs, cfaktf eks b`-

    ousfc wdtedh tef puajdo o`mpkhy `h tef a`krc khc mkhknfmfht.

    Fvfh efrf, wefrf tef cfaktf eks trdfc t` kccrfss tef n`vfrhkhof

    wfklhfssfs `b `whfrjfss o`rp`rktd`hs, dt eks b`ousfc m`rf `h a`krc

    struoturf tekh `h mfkhdhnbuj kcvkhofmfht dh a`krc prkotdof. ^fvf

    sdmpjy h`t b`ousfc fh`une `h tef afekvd`ur `b cdrfot`rs. ^fvf orf-

    ktfc rujfs ka`ut a`krc struoturfs khc cfsdnhfc k o`mpjfx sft b dhtfr-

    j`oldhn o`mmdttffs, aut pr``b tekt wfvf mdssfc tef mkrl ds teds7 kucdt

    khc rfmuhfrktd`h o`mmdttffs ekvf n`ttfh tef kttfhtd`h. Sef h`md-

    hktd`h o`mmdttff ds tef m`st dmp`rtkht afokusf dt cftfrmdhfs a`krc

    khc o`mmdttff mfmafrsedp khc teus tef afekvd`ur tekt wdjj cfhf

    tef o`mpkhy khc dts whfrsedp mdhcsft. Dt eks affh kjm`st t`tkjjy dn-

    h`rfc ay n`vfrhkhof fxpfrts.

    Ckvdc Khcfrs`h^ekt eks affh tef stumajdhn aj`ol t` k wdcfjy

    sekrfc uhcfrstkhcdhn b teds brknmfhtktd`h0

    Ykuj MyhfrsSef pr`ajfm ds tefrf eks affh h` rfkj kpprfodktd`h `b

    tef hffc t` rfcfhf tef hkturf `b dhstdtutd`hkj dhvfst`r rfsp`hsdadj-

    dty. Sefrfs affh k rfjdkhof `h cuodkry prfofcfht, wedoe c`fsht o`pf

    kcfquktfjy wdte tef o`mpjfxdtdfs `b mujtdpjf jkyfrs `b knfhts. Fbb`rts

    kt rfb`rm dh n`vfrhkhof ekvf rfkjjy affh kh kttfmpt t` kccrfss tef j`ss

    `b cdrfot `whfrsedp pfrspfotdvf dh o`rp`rktf cfodsd`hs kt tef a`krc

    jfvfj, ay n`kcdhn a`krcs dht` cfvfj`pdhn fbokod`us prkotdofs dh jdfu

    `b wekt rfkjjy o`uhtskh whfr kt tef tkajf, r kt jfkst h tef h`mdhk-

    td`h o`mmdttff.

    Ckvdc Khcfrs`hDb oekhnfs dh `whfrsedp struoturf prfodpdtktfc

    `ur oekjjfhnfs, e`w se`ujc whfrsedp af rf-akjkhofc t` afttfr

    sudt t`ckys rfkjdtdfs0

    Ykuj MyhfrsBrknmfhtfc `whfrsedp jfkcs mf t` o`hojucf wf ekvf

    t`` mkhy puajdo o`mpkhdfs. Jkrnf buhcs dh tef VL ekvf afnuh dh-

    vfstdhn cdrfotjy dh prdvktf o`mpkhdfs. Dh Okhkck, tef jkrnfst dhstdtu-

    td`hkj dhvfst`rs ekvf kjrfkcy cds-dhtfrmfcdktfc tef buhc mkhknfrk

    o`mmfhckajf koedfvfmfht. ey se`ujc tefsf buhcs wkht t` dhvfst

    dh puajdo o`mpkhdfs wefh dmmfcdktf jdqudcdty ds h`t k rfqudrfmfht

    khc tefy bkof k cf bkot` j`wfr rfturh b`r tef kadjdty t` fxdt pr`mptjy0

    Sefrf se`ujc af bfwfr puajdo o`mpkhdfs fkoe wdte bkr bfwfr sekrf-

    e`jcfrs, tkldhn k j`hnfr-tfrm vdfw khc se`wdhn o`hvdotd`h dh tefdr

    p`rtb`jd` o`hstruotd`h.

    Ckvdc Khcfrs`hNdvfh y`ur fxpfrdfhof ks oekdr b Ofvdkh, k buhc

    mkhknfr, e`w c` y`u kssfss tef okpkodty `b dhstdtutd`hkj dhvfs-

    t`rs t` ardhn whfrsedp cdsodpjdhf t` tefdr p`rtb`jd` o`mpkhdfs0

    Ykuj MyhfrsD ekvf k sdmpjf terff-pkrt tfst b`r buhc mkhknfmfht `r-

    nkhdzktd`hs. Bdrst, e`w wfjj-rfs`urofc ds tef n`vfrhkhof buhotd`h `b

    tef buhc, ndvfh tef humafr `b sfourdtdfs efjc0 D rfofhtjy spfht tdmf

    wdte k buhc mkhknfmfht nr`up tekt eks dhvfstmfhts dh `vfr 3,999

    o`mpkhdfs w`rjcwdcf yft fmpj`ys hjy terff pf`pjf dh dts n`vfrhkhof

    nr`up. _fo`hc, krf tef n`vfrhkhof pf`pjf tklfh sfrd`usjy ay tefdr o`j-

    jfknufs0 @btfh, n`vfrhkhof pf`pjf krf h`t o`hsujtfc ka`ut dmp`rtkht

    dhvfstmfht cfodsd`hs h`r krf tefy prfsfht kt dmp`rtkht cfodsd`h-mkl-

    dhn mfftdhns. Sedrc, c` tef n`vfrhkhof pf`pjf ekvf dmmfcdktf khc

    cdrfot koofss t` tefdr `wh OD@ `r OF@0 Sypdokjjy tefy c`ht. Knkdhst

    tefsf tfsts m`st n`vfrhkhof uhdts dh buhc mkhknfmfht `rnkhdzktd`hsbkjj se`rt. M`st rnkhdzktd`hs krf dhcdbbfrfht t` tef n`vfrhkhof dh tefdr

    p`rtb`jd` o`mpkhdfs. Sefrf ds jdttjf `r dhfbbfotdvf prfssurf `h tef pkrt

    `b dhstdtutd`hkj dhvfst`rs t` ardhn kh `whfrs cdsodpjdhf t` o`mpkhdfs

    vdk tef t``js b n`vfrhkhof.

    Ckvdc Khcfrs`hT`u o`htdhuf t` af k ordtdo `b tef buhc mkhknf-

    mfht dhcustry. E`w akc okh dt af0

    Ykuj MyhfrsSef buhc mkhknfmfht dhcustry tklfs k trdjjd`h c`jjkrs

    dh bffs khc rfhts `ut `b tef w`rjc fo`h`my khc dh knnrfnktf cfjdv-

    frs jdttjf tekt ds s`odkjjy vkjukajf. Dh s` c`dhn, dt ds kjj`wfc t` fxfr-

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    Sef Cdrfot`rs OekdrYkuj Myhfrs

    odsf nrfkt p`wfr khc dhfiufhof. Buhc mkhknfrs dhfiufhof cfodsd`hs

    `h tef j`oktd`h b dmp`rtkht Q&C bkodjdtdfs khc kttdtucfs t`wkrc dh-

    h`vktd`h `r p`jdodfs `h tkx kv`dckhof. Dh s` c`dhn tefy okh cfstr`y

    jdvfs khc o`mmuhdtdfs. Buhc mkhknfrs fxfrodsf eunf s`bt p`wfr ay

    rfbfrfhof t` k sdmpjf mftrdosekrf prdofwdte`ut khy oekjjfhnf

    t` tef wky tefy fxfrodsf tekt p`wfr khc dhfiufhof. Jkrry Bdhl kt

    Ajkolr`ol khc sdmdjkr pf`pjf ekvf fxtrk`rcdhkry p`wfrs t` sft tef

    t`hf b`r tef wky dh wedoe wf tedhl ka`ut okpdtkj struoturfs khc tef

    dssuf `b uhfqukj rfwkrc, aut krf h`t rfqudrfc t` cfbfhc tefdr p`sd-

    td`hs `r af koo`uhtkajf. Bdhl eks rdsfh t` teds oekjjfhnf.

    Ckvdc Khcfrs`h ekts y`ur agfotd`h t` uhfqukj rfwkrc0

    Ykuj MyhfrsSef dhorfksdhnjy dhfqudtkajf cdstrdautd`h `b fmpj`y-

    mfht dho`mf ds audjt h k sft b afjdfbs kr`uhc rfwkrcs khc afekvd`urs

    wedoe sdmpjy c`ht stkhc up t` fxkmdhktd`h. Sruf t` b`rm, fxfoutdvf

    rfmuhfrktd`h btfh dhv`jvfs tef usf b k ourrfhoytef o`mpkhys fq-

    udtywedoe ds btfh dhkppr`prdktf, uhcfrvkjufc khc dhfbodfht. Sefrf

    ds jdttjf fvdcfhof t` supp`rt tef vdfw tekt, afy`hc k qudtf j`w jfvfj, -

    hkhodkj dhofhtdvfs pr`cuotdvfjy dhfiufhof pfrb`rmkhof. Fvdcfhof sun-

    nfsts nr`ss dhfqukjdty dh rnkhdzktd`hs ds kjdfh t` tef o`jjfotdvf pursudt

    `b o`rp`rktf purp`sf.

    Ckvdc Khcfrs`hE`w unet a`krcs t` struoturf fxfoutdvf pky0

    Ykuj MyhfrsD ekvf k aksdo rujf tekt db pf`pjf krf pkdc m`rf tekh ;69%

    `b te`sf we` rfp`rt t` tefm, k afjj se`ujc rdhn. Kt tef ednefst jfvfjs

    `b o`rp`rktd`hs, rfmuhfrktd`h `btfh fxoffcs teds rktd`. Dts k jdtmus

    tfst afokusf dts `btfh h`t efkjtey b`r tef `rnkhdzktd`h. ^ey ekvf wf

    kjj`wfc teds cdstkhodhn0 Krf wf bkdjdhn t` rforudt n``c pf`pjf j`wfr

    c`wh0 Ekvf wf ndvfh t`` muoe p`wfr t` tef oedfb fxfoutdvf0 D tedhl

    dts kh knfhoy bkdjurf. Fxfoutdvfs rfkjdzfc tekt tef c``r wks pfh khc db

    tefy pusefc tefrf w`ujc af h` rfsdstkhof. Efrf, t``, whfrsedp mkt-

    tfrs. Dhstdtutd`hkj dhvfst`rs jdlf t` sff rfwkrc struoturfs rfpjdoktdhn

    n`kjs sft b`r buhc mkhknfrs.

    Ckvdc Khcfrs`hEks tef mkhhfr dh wedoe buhc mkhknfrs krf

    pkdc dhfiufhofc a`te fxfoutdvf pky khc se`rt tfrmdsm dh o`rp`-

    rktf cfodsd`h-mkldhn0

    Ykuj MyhfrsTfs, k buhc mkhknfr dh tef fhvdr`hmfht b ednejy cdvfrsd-

    fc p`rtb`jd`s eks jdmdtfc dhtfrfsts dh tef j`hn-tfrm efkjte `b tef uh-

    cfrjydhn o`mpkhy. Sefy krf aut `whfrs `b k tfmp`rkry ojkdm `h tef

    o`mpkhy. Sef fiudcdty b tefdr whfrsedp fjfvktfs tef se`rt tfrm vfr

    j`hn tfrm. Qfsfkroe se`ws OB@s rfnujkrjy ldjj pr`gfots wdte j`hn-

    tfrm p`tfhtdkj tekt w`ujc af cdsruptdvf t` tef se`rt-tfrm fxpfotktd`hs

    `b tef mkrlft khc efhof cftrdmfhtkj t` tefdr o`mpfhsktd`h. Sef usf b

    sekrfs ks o`mpfhsktd`h b`r fxfoutdvfs eks affh pusefc ay buhc mkh-

    knfrs. Sef prfssurf t` fhekhof tef se`rt tfrm kt tef fxpfhsf `b tef

    j`hn tfrm ds str`hn.

    Ckvdc Khcfrs`hE`w okh `whfrs, a`krcs khc mkhknfmfht t`-

    nftefr cfbfkt se`rt tfrmdsm0

    Ykuj Myhfrs^f hffc t` rfkssfss khc krtdoujktf k afttfr sfhsf `b o`r-

    p`rktf purp`sf. ^f ourrfhtjy cfhf o`rp`rktf purp`sf jkrnfjy dh

    tfrms b sekrfe`jcfr vkjuf, ks mfksurfc ay sekrf prdofs. _ekrfe`jcfr

    vkjuf ds tef afcr`ol `b e`w wf fxpjkdh `ur pfrb`rmkhof khc rfwkrc

    pf`pjf, yft dt eks h`tedhn t` c` wdte purp`sf. fvf fjfvktfc tef hkh-

    odkj `whfrs dhtfrfsts t` tef fxojusd`h `b `tefrs. Dr`hdokjjy, teds ds brf-

    qufhtjy h`t fvfh dh tefdr dhtfrfsts, ks sekrf prdof ds brfqufhtjy wr`hn

    ks kh dhcdokt`r `b vkjuf. Okpdtkj mkrlfts ekvf koedfvfc k rfvfrsf kj-

    oefmy, turhdhn j`hn-tfrm okpdtkj dht` se`rt-tfrm< n`jc dht` jfkc.

    Ckvdc Khcfrs`h^ey ekvf dhfiufhtdkj dhvfst`r a`cdfs suoe ks

    tef Dhtfrhktd`hkj O`rp`rktf N`vfrhkhof Hftw`rl (DONH) h`t

    c`hf m`rf t` kccrfss n`vfrhkhof pr`ajfms krdsdhn br`m `wh-

    frsedp struoturf0

    Ykuj MyhfrsDm a`uhc t` o`hojucf tef DONH ds afsft ay o`hfidot b

    dhtfrfst ks khy `tefr trkcf a`cy, khc jdlf mkhy trkcf a`cdfs, tfhcs t`

    fhc up spfkldhn t` tef o`hvfrtfc.

    Ckvdc Khcfrs`h^efrf se`ujc dhvfst`rs afndh t` ekvf m`rf dh-

    fiufhof0

    Ykuj MyhfrsDhvfst`rs se`ujc afo`mf dhtfhsfjy dhv`jvfc dh sfjfotdhn

    a`krc oekdrs. Sef kpp`dhtmfht `b o`mpkhy oekdrs ds k ednejy p`jdtd-

    okj khc strfssbuj fxfrodsf. Dts `btfh c`hf ay tef sfjb-kpp`dhtfc h`md-

    hktd`hs o`mmdttff khc bkv`urs dhtfrhkj okhcdcktfs, sfvfrkj `b we`m

    g`dhfc tef a`krc dh tef afjdfb tekt tefy ekc affh pr`mdsfc tef oekdr! Dh

    my vdfw, dhvfst`rs se`ujc sdt h tef kpp`dhtdhn o`mmdttff. Sekt o`m-

    mdttff se`ujc ksl dtsfjb e`w muoe vkjuf dt pjkofs `h dhoumafhoy. D

    stkrt br`m teds p`sdtd`h7 pfrsukcf mf wey dt w`ujc h`t af n``c t` ekvf

    brfse fyfs khc hfw pfrspfotdvfs, rktefr tekh stkrtdhn wdte tef `tefr

    pfrspfotdvf wedoe ds fksdjy krrdvfc kt.

    Ckvdc Khcfrs`hOkpkajf cdrfot`rs c`ht kjwkys afekvf wfjj o`jjfo-

    tdvfjy. ey c` a`krcs ekvf cdboujty jdvdhn up t` tefdr p`tfhtdkj0

    Ykuj Myhfrs f strunnjf t` nft o`hstruotdvf oekjjfhnf h a`krcs. f

    wkht mfmafrs `b tef a`krc t` jdstfh khc rfsp`hc rfspfotbujjy, aut

    tekts `btfh kh fxousf b`r h`t nfttdhn t` tef efkrt `b tef dssufs. D skt

    `h k a`krc wdte k ojfkr pr`t`o`j t` jdmdt y`ur qufstd`hs. T u sdmpjy

    wfrf h`t mfkht t` ksl k tedrc qufstd`h h tef skmf suagfot, h pkdh b

    ojfkrjy drrdtktdhn tef oekdr. Db tef tedrc qufstd`h se`ujc hfvfr af kslfc,

    y`u c`ht nft afhfkte tef vfhffr. Oekdrs must sft tef t`hf b`r tef typf

    `b oujturf khc afekvd`ur wf wkht t` sff.

    Ckvdc Khcfrs`hC` y`u sff khy ardnet sp`ts dh ourrfht n`vfr-

    hkhof prkotdof0

    Ykuj Myhfrs@hf `b tef bfw kcvkhofs eks affh tef a`krc fbbfotdvf-

    hfss rfvdfw. efh c`hf wfjj, dt okh pr`vdcf k hfofsskry rffifotd`h h k

    a`krcs o`mp`sdtd`h, pfrb`rmkhof khc prd`rdtdfs. Dts k ednejy spfodkj-

    dzfc fjc tekt se`ujcht af c`hf ks k c``r pfhfr ay efkceuhtfrs, jkw

    rms `r koo`uhtdhn rms. Vhjdlf dh tef VL, dh tef H`rcdo m`cfj dh-

    vfst`rs mklf up tef h`mdhktd`h o`mmdttff, kpp`dht tef a`krc fvkju-

    kt`r khc sff tef rfsujts. Ks suoe, tefsf dhvfst`rs uhcfrstkhc tef hffcs

    khc oujturf b tef a`krc khc h`mdhktf cdrfot`rs koo`rcdhnjy. Dh tef

    VL, wf krf t`jc we` okrrdfc `ut tef a`krc rfvdfw aut c` h`t lh`w db

    tef rfvdfw wks pfrb`rmfc wfjj, tef rfsujts wfrf n``c r akc, r wektmfkhdhnbuj kotd`h eks affh tklfh. _ekrdhn rfvdfw ednejdnets w`ujc

    afndh t` rfo`hhfot whfrs wdte tefdr o`mpkhdfs.

    Ckvdc . Khcfrs h, MAK, YeC, DOC.C ds prfsdcfht b Sef

    Khcfrs`h N`vfrhkhof Nr up dh S r ht , kh dhcfpfhcfht

    kcvds`ry rm cfcdoktfc t kssdstdhn a`krcs khc mkhknf-

    mfht tfkms fhekhof jfkcfrsedp pfrb`rmkhof. Ef kcvdsfs

    cdrfot`rs, fxfoutdvfs, dhvfst`rs khc rfnujkt`rs aksfc

    `h eds dhtfrhktd`hkj rfsfkroe khc prkotdof. F-mkdj7

    ckvdc.khcfrs`hItknnrk.o`m. ^fa7 www.tknnrk.o`m