What is a subsidiary? What do we mean by control? In Part 2 of this series on understanding corporate networks, I explored these questions and how they are answered by regulatory regimes around the world. It's one thing to define "control" in the regulations and accounting standards; however, without disclosure, we can't begin to map corporate … Continue reading Understanding corporate networks. Part 3: where’s the data?
In Part 1 of this series, I examined how companies can be controlled using the voting rights attached to shares. For example, this corporate network graph of Pearson New Zealand Limited is underpinned by a series of several underlying statements, most of which are about shares. You'll see that in addition to shareholdings, we list another type of … Continue reading Understanding corporate networks. Part 2: Control without voting
What is a corporate network? Is it the same as a corporate hierarchy, company tree, or a conglomerate? What do we really mean when we talk about 'Barclays', 'IBM' or 'BP'? As we've explained previously, a modern corporation (even a small one) is actually a complex network of related legal entities connected together in a … Continue reading Understanding corporate networks. Part 1: Control via equity