The term “controller” in this form defines an individual or a legal entity with “significant interest” or “significant control” over the company.
Controller defined based on Significant Interest
To be defined as a controller with significant interest in a company, the individual must have:
- for companies with share capital
- interest in more than 25% of the shares
- shares with more than 25% of total voting power in the company
- for companies without share capital
- right to share in more than 25% of the capital or profits of the company
Controller defined based on Significant Control
To be defined as a controller with significant control in a company, the individual must have:
- the authority to appoint or remove directors who hold a majority of the voting rights at directors’ meetings;
- more than 25% of the rights to vote on corporate matters that are to be decided by votes of members of the company; or
- the authority to exercise significant control or influence over the company.