the backbone of corporate control: backbone layouts
TRANSCRIPT
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
The backbone of corporate control:Backbone layouts
4th of September 2008
James B. Glattfelder and Stefano [email protected]; [email protected]
Chair of Systems Design, ETH Zurich, Kreuzplatz 5, 8032 Zurich, Switzerland
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The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
1 Backbones
SOCIT NATIONALE DE CRDIT
ARCELOR SA
STATE OF LUXEMBOURG
BERTELSMANN TV
ACERGY S.A.
GE CFE LUXEMBOURG SARL
FIDELITY
BERTELSMANN
CEGEDEL SA
TENARIS S.A.
RTL GROUP SA
DEUTSCHE
SES S.A.
I.I.I. INDUSTRIAL INVESTMENTS INCORPORA
MITTAL STEEL COMP
COINTEL
PETROBRAS ENERGIA S.A.POLLEDO S.A.I.C. Y F.
YPF SOCIEDAD ANONIMA
DIMENSIONAL FUND ADVISORS
TELEFONICA SA
REPSOL YPF S.A.
NORTEL
PETROBRAS PARTICIPACIONES SL.
TELEFONICA DE
PETROBRAS ENERGIA PARTICIPACIONES S.A.MOLINOS RIO DE LA
ALTO PALERMO S.A.
BANCO BILBA
TELECOM
INVERSIONES Y REPRESENT
SIDERAR SOCIEDAD ANONIMA INDUSTRIAL
ECIPSA HOLDING S.A.
LEDESMA SOCIEDAD ANONIMA
EUROMAYOR S.A. DE INVERSIONES
BBVA BANCO FRANCESTERNIUM SA
Figure 1: Left: LU; right: AR.
IAT REINSURANCE SYNDICATE LIMITED
UNION-TRANSPORT
INVESCO PLC
OPENTV CORP.
RAB CAPITAL PLC
GOLDEN CHAMBER
NUTRIASIA PACIFIC LTD
NAM TAI ELETRONICS, INCORPORATED
AXA
MERRILL LYNCH & CO., INC.
LI & CHUI HOLDINGS (BVI) LTD
KOWN KOO, MING MR
QIAO XING UNIVERSAL TELEPHONE, INC.
UTI WORLDWIDE INC.
DEL MONTE PACIFIC
LEESHA
ALBIDON LIMITED
HSBC INTERNATIONAL TRUSTEE
DESWELL INDUSTRIES,
KUDELSKI SA
COMMONWEALTH BANK OF AUSTRALIA
RUI LIN WU
WELLINGTON MANAGEMENT
NUTRIASIA SAN
WU HOLDINGS LIMITED
PTR HOLDINGS
T. ROWE PRICE GROUP, INCFMR CORP
UNITED SERVICES TECHNOLOGIES
WESSELS MATTHYS
KJALAR INVEST B.V.
SAMSON EIGNARHALDSFLA
SAMSON GLOBAL
BAKKAVOR GROUP HFEXISTA B.V.
WILLIAM DEMANT INVEST A/S
EYRIR INVEST EHF
EURONEXT N.V.
EXISTA HF
FJRFESTINGARFLA
FRONTLINE
MILESTONE EHF
FL GROUP HF.DATTUR INTERNATIONAL EHF
FL GROUP HOLDING NETHERLANDS B.V.
LANDSBANKI LUXEMBOURGODDAFLUG B.V.
INQUAM (NORWAY) BV
MAREL FOOD SYSTEMS
OSSUR HF
GNUPUR FJARFESTINGAFELAG HF
TRYGGINGAMIDSTODIN HF
STRAUMUR - BURDARAS
LANDSBANKI ISLANDS
GLITNIR BANK
EIMSKIPAFELA
KAUPTHING BANK HF
Figure 2: Left: VG; right: IS.
IMMOFINANZ AG
RAIFFEISEN ZENTRALBANK OESTERREICH AG
CAPITAL GROUP
ANDRITZ AG
RAIFFEISENLANDESBANK
WIENER STDTISCHE WECHSELSEITIGE VERSICHERUNGSANST
VOEST-ALPINE - ARBEITNEHMER-PRIV
WIENER STADTISCHE VERSICHERUNG AG - VIENNA INSURANCE
OESTERREICHISCHE INDUSTRIEHOLDING
PALFINGER AG
TELEKOM AUSTRIA
BANK AUSTRIA CREDITANSTALT AG
IMMOEAST AG
MAYR-MELNHOF KARTON AG
RAIFFEISEN INTERNATIONAL BANK-HOLDING AGSTERREICHISCHE POST AKTIENGESELLSCHAFT
BHLER-UDDEHOLM AG
CA IMMOBILIEN ANLAGEN AG
EVN ENERGIE-VERSORGUNG NIEDEROSTERREICH AG
LENZING AG
AUSTRIAN AIRLINES STERREICHISCHE
PALFINGER FAMILY
STERREICHISCHE ELEKTRIZITTSWIRTSCHAFTS-AKTIENGESELLSCHAFT
DIE ERSTE
INTERNATIONAL
OMV AKTIENGESELLSCHAFT
ERSTE BANK
VOEST-ALPINE AG
RAIFFEISENLANDESBANK OBERSTERREICH
CERTUS BETEILIGUNGS-GMBH
AXAUNICREDITO ITALIANO SPA
N LANDES-BETEILIGUNGSHOLDING GMBH
B&C HOLDING
ENERGIE BADEN-WURTTEMBERG AG
FAMILY OWNERSHIP
STATE OF AUSTRIA
NATIONAL CORPORATION FOR TOURISM AND HOTELS
MASHREQBANK
ABU DHABI COMMERCIAL BANKABU DHABI NATIONAL ENERGY
THE RULING FAMILY OF DUBAIABU DHABI SHIP BUILDING PJSC
COMMERCIAL BANK OF DUBAI P.S.C.
GENERAL PUBLIC
ABU DHABI ISLAMIC BANK - PUBLIC JOINT
MUBADALA DEVELOPMENT COMPANY
ARAMEX PJSC
GOVERNMENT OF ABU DHABI
UNION PROPERTIES PUBLIC
UNION NATIONAL BANK
NATIONAL BANK OF DUBAI
PROMOTORS (UAE NATIONALS)
FIRST GULF BANK EMAAR PROPERTIESEMIRATES BANK INTERNA
EMIRATES DRIVING PUBLIC SHAREHOLDING CO - EDCAD
ABU DHABI GOVERNMENT
ABU DHABI NATIONAL INSURANCE COMPANY
AL NAHYAN FAMILY
NATIONAL BANK OF ABU DHABI
NATIONAL BANK OF RAS AL-KHAIMAH (P.S.C.) (THE)
EATON VANCE
DUBAI ISLAMIC BANK
ABU DHABI NATIONAL HOTELS
NATIONAL MARINE DREDGING PLC
GOVERNMENT OF RAS AL-KHAIMAH
ABU DHABI INVESTMENT AUTHORITY
UNION CEMENT PUBLIC SHAREHOLDING COMPANY
AL GHURAIR
AMLAK
ABU DHABI AVIATION SHAREHOLDING COMPANYGOVERNMENT
OASIS INTERNATIONAL LEASING COMP
ABU DHABI WATER AND
Figure 3: Left: AT; right: AE.
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The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
SAUDI BASIC INDUSTRIES CORPORASAUDI ARABIAN FERTILIZER
NATIONAL SHIPPING COMPANY
NATIONAL GAS & INDUSTRIALIZA
SAUDI REAL ESTATE COMP
AL SHARBATLY FAMILY
NATIONAL AGRICULTURE DEVELOPMENT COMPANY
TABUK CEMENT COMPANYGOVERNMENT
GOVERNMENT OF THE KINGDOM OF SA
STATE OF SAUDI ARABIA
SAUDI ARABIA REFINERIES COMPANY
ARAB BANK PLC
PUBLIC INVESTMENT FUND
EMIRATES
CALYON
ARB EMPLOYEE
BANQUE DU CAIRE SAE
SAUDI INDUSTRIAL INVESTMENT GROUP
COMPANY FOR COOPERATIVE INSURANCE (THE)
GENERAL ORGANISATION FOR SOCIAL INSURANCE
SAUDI TELECOM COMPANY (SAUDI JOINT
EASTERN PROVINCE CEMENT COMPANY
QASSIM CEMENT COMPANY (QCC) (THE)
SAUDI HOTELS & RESORT AREAS COMPANY
SAUDI FISHERIES COMPANY
YANBU CEMENT COMPANY
SAUDI PUBLIC TRANSPORT
SOUTHERN PROVINCE CEMENT COMP
AL RAJHI BANK
RIYAD BANK
ETIHAD ETISALA
SAUDI ELECTRICITY
ARAB NATIONAL BANK
SAMBA FINANCIAL
BANQUE SAUDI
TUNISIE TELECOM
SOCIETE FRIGORIFIQUE ET BRASSERIE
EXIS
CAISSE NATIONALE DE SECURITE SOCIALEUNION INTERNA
COMPANIE MDITERRANIENNE D ASSURANCE ET DE RASSURANCES
SOCIETE TUNISIENNE DES MARCHES DE GROS
AIR LIQUIDE DE TUNISIE
TUNISIE LEASINGAMEN BANK
SOCIETE
SOCIETE TUNISIENNE D’ENTREPRISES
BANQUE NATIONALE AGRICOLE
UNION BANCAIRE
SOCIETE MODERNE DE
BANQUE DE TUNISIE
ATTIJARI
BANQUE DE L’HABITATARAB TUNISIAN BANK
OFFICE DU COMMERCE DE LA TUNISIE
SOCIETE INDUSTRIELLE TUNISIE
SOCIETE MAGASIN GENERAL
GOVERNMENT OF TUNISIA
SOCIT TUNISIENNE DE BANQUE
AIR LIQUIDE INTERNATIONAL
SOCIETE DE PLACEMENT
SOCIETE TUNISIENNE DE L’AIR - TUNISAIR
STATE OF TUNISIA
ARAB BANK PLC
SICAF PARTICIPATIONS BNA
BRASSERIES ET GLACIRES INTERNATIONALES
ENTERPRISE TUNISIENNE D’ACTIVITES PETROLIERES
SOCIT GNRALE
GROUPE ABDENNADHER
MAGHREB INVESTISSEMENTS
CRDIT INDUSTRIEL ET COMMERCIAL - CIC
ATTIJARIWAFA
BNP PARIBAS
BNP PARIBAS BDDI PARTICIP
SOCIT DE PARTICIPATION DE GESTION ET D’INVESTISSEMENT
ANDALUMA
Figure 4: Left: SA; right: TN.
BANK DHOFAR SAOG
COMMERCIAL BANK OF QATAR (THE) QSC
A.P. MLLER - MAERSK A/S
AL MAHA PETROLEUM PRODUCTS MARKETING COMPANY
ISLAMIC DEVELOPMENT
ABS LUBRICANTS LLC
BANK MUSCAT SAOG
KUWAIT & MIDDLE EAST FINANCIAL INVESTMENT COMPANY
MINISTRY OF FINANCE
OMAN CABLES INDUSTRY (S.A.O.G.) J.S.C.DRAKA CABLETEQ
RENAISSANCE SERVICES SAOG (P.J.S.C.)
NATIONAL BANK OF OMAN (SAOG)
FINANCIAL SERVICES CO.
DHOFAR POULTRY
HSBC A/C THE BANK OF NEW YORK INT’L NOMI
SALALAH PORT SERVICES COMPANY
SOCIT GNRALE
OMAN FLOUR MILLS
PORT SERVICES CORPORA
OMAN INTERNATIONAL DEVELOPMENT AND INVESTMENT CO. S.A.O.G.NATIONAL
OMAN NATIONAL INVESTMENT CORPORATION
ALLIANCE HOUSING
SALALAH MILLS
NATIONAL FINANCE COMPANY SAOG (J.S.C.)
RAYSUT CEMENT COMPANY
OMAN INTERNATIONAL BANK
TAWOOS LLC
OMAN FISHERIES
SUHAIL BAHWAN GROUP (HOLDING) LLC
OMAN AVIA
MINISTRY OF COMMERCE AND INDUSTRY
OMAN CEMENT COMPANY SAOG
DRAKA HOLDING BVGOVERNMENT
ROYAL COURT AFFAIRSMINISTRY OF DEFENCE PENSION FUND
ABU DHABI FUND FOR DEVELOPMENT
DR OMAR ABDUL MUNIEM AL ZA
DHOFAR INTERNATIONAL
DUBAI FINANCIAL LLC
BLAKENEY MANAGEMENT
AL HILAL INVESTMENT COMPANY LLC
DHOFAR CATTLE
GIMV NV
GOVERNMENT OF FRANCE
STICHTING ADMINISTRATIEKANTOOR BEKAERT
FRANCE TELECOM
SOLVAY SA
BREDERODE
SOCIETE DE PARTICIPATIONS INDUSTRIELLES
STICHTING VSBFONDSBEKAERT SA/NV
UCB NV/SAMOBISTAR
FAMILLE JANSSEN
BELGACOM SA
COMPAGNIE NATIONALE A PORTEFEUILLE
WIREFREE
SOFINA SA
KAS BANK NV
HOLDICAM
UNION FINANCIERE BOEL
FRANKLIN RESOURCES, INC.FORTIS
AUXIMINES
KBC ANCORA
SOLVAC SA
FINGEN
FRERE-BOURGEOIS
PARTICIPATIEMAATSCHAPPIJ VLAANDEREN
BELGISCHE STAAT
ETHIAS ASSURANCE
GROUPE CAISSE
FINANCIERE DE TUBIZE
M.R.B.B. OF MAATSCHAPPIJ VOOR ROEREND BEZIT VAN DE BOERENBOND
BANQUE NATIONALE DE BELGIQUE
ARCOFIN
ACKERMANS EN VAN HAAREN NV/SA
AXA
STICHTING INBEV
DEXIA
GROUPE BRUXELLES LAMBERT
ETABLISSEMENTEN FRANZ COLRUYT N.V. - ETABLISSEMENTS
HOLDING COMMUNAL
CMB NV/SA
CERA
BEFIMMO S.C.A./C.V.A.
KBC GROEP NV/ KBC GROUPE SA
SOCIETE ANONYME DES GLACES DE MOUSTIER-SUR-SAMBRE
CAPITAL GROUP COMPANIES
HENEX SA
EUGNIE PATRI SBASTIEN
INBEV
ERBE
SCALDIS INVEST
SAVERCO
PARGESA HOLDING SA
DISTRIBUTIE INVESTERINGSMAATSCHAPPIJ
HALSE INVESTERINGSMAATSCHAPPIJ
Figure 5: Left: OM; right: BE.
BANCO BILBAO VIZCAYA ARGENTARIA SA
PRUDENTIAL PLC
POTASH CORPORATION OF SASKETCHEWAN
AES CORPORATION
INVERSIONES
AES GENER S.A.
BANCO BILBAO VIZCAYA ARGENTARIA CHILE
INVERSIONES
LAFARGE
HEINEKEN NVHEINEKEN HOLDING NV
ENDESA INTERNACIONAL S.A.
ADMINISTRADORA DE FONDOS DE PENSIONES PROVID
INVERSIONES ALTEL
LUKSIC GROUP
INVERSIONES SANTA CECILIA SA
FMR CORP
SOCIEDAD DE INVERSIONES PAMPA CALICHERA SA
EMPRESAS COPEC
TELEFONICA DE ESPANA
BARCLAYS PLC
AGUAS ANDINAS
COMPASS GROUP
SOCIEDAD GENERAL
CAP S.A.
QUINENCO S.A.
SOCIEDAD QUIMICA Y MINERA DE CHILE SADISTRIBUCION Y SERVICIO D&S S.A.
COMPANIA DE TELECOMUNICA
EMPRESA NACIONAL DE
LAN AIRLINES S.A.
COMPANIA CERVECERIAS UNIDAS SA
DIMENSIONAL FUND ADVISORS INC
EMBOTELLADORA ANDINA S.A.
MERRILL LYNCH & CO., INC.
ANTARCHILE
ADMINISTRADORA DE FONDOS DE PENSIONES CUPRUM S.A.
BANCO DE CREDITO E INVERSIONES
COMPANIA ELECTRO METALURGICA
ENERSIS SA
CRISTALERIAS DE CHILE SA
INVERSIONES Y RENTAS S.A.
ENDESA, S.A.
AFFILIATED MANAGERS GROUP
EMPRESA ELECTRICA DEL NORTE GRANDE S.A.
BICECORP S.A.
CAPITAL GROUP COMPANIES INC, THE
ADMINISTRADORA DE
EMPRESA NACIONAL DE ELECTRICIDAD S.A.
GENESIS CHILE FUND LTD
EMPRESAS JUAN YARUR S.A.C.
SOQUIMICH COMERCIAL S.A.INDUSTRIAS ALIMENTICIAS
VINA CONCHA Y TORO SA
CENCOSUD SA
WILLIAM BLAIR & COMPANY LLC
S.A.C.I. FALABELLA
BANMEDICA S.A.
EMPRESA
CIA SUD AMERICANA DE V
INVERSIONES MEJILLONES S.A.
EMPRESAS CMPC S.A. Y FILIALES
RIPLEY CORP S.A.
JORDAN PRESS AND PUBLISHING
SALFITI RAJAI
UNION LAND DEVELOPMENT CORPORATION P.L.C
MODERN FOOD INDUSTRIES & VEGETABLE OIL P.L.C.
KAMIL HOLDINGS LIMITED
JORDAN CEMENT
JORDANIAN REALESTATE COMPANY FOR DEVELOPMENT
UNITED GULF BANK (BSC) EC
ABU KHADEAJEH ABDULLAH
JORDAN PETROLEUM REFINERY CO. LTD.
ALBARAKA BANKING GROUP B.S.C.
ARAB BANK PLC
SIRT SECURITIES INTERNATIONAL CO. NV
JORDAN CERAMIC INDUSTRIES LTD (
UNITED ARAB INVESTORS P.L.C.
SHOMAN FAMIL
BINDAR TRADING & INVESTMENT CO P.L.CREAL ESTATE DEVELOPMENT P.L.C.
SHEIKH KHALID
JORDAN PHOSPHATE MINES COMPANY
LAFARGE
JORDAN INVESTMENT CORPORATION
IRBID DISTRICT ELECTRICITY P.L.C.
FINANCIERE
ARAB MINING COMPANY
GULF GENERAL INVESTMENT COMPANY
UNION BANK FOR SAVINGS & INVESTMENT
SAUDI OGER LIMITED
JORDAN STEEL
SOCIAL SECURITY CORPORATION
DAR AL DAWA DEVELOPMENT AND INVESTMENT
JORDAN ISLAMIC BANK FOR FINANCE AND
KUWAIT REAL
UNION INVESTMENT CORPORATION P.L.C.
ARAB INTERNATIONAL
JORDANIAN ELECTRIC POWER
INVESTORS AND EASTERN
JORDAN KUWAIT BANK
LIBYAN FOREIGN
GLOBAL INVESTMENT HOUSE
HOUSING BANK FOR
ARAB INTERNA
JORDAN TELECOMMUNICATIONS COMPANY
ARAB BANKING CORPORATION
QATAR NATIONAL
ARAB POTASH COMPANY
ARAB REAL ESTATE DEVELOPMENT P.L.C.
FAKHOURY TAWFIQ S. (CHAIRMAN)
KUWAIT PROJECTS COMPANY HOLDING K.S.C.
UNION TOBACCO & CIGARETTE INDUSTRIES
BANK OF JORDAN PLC
POTASH CORPORATION OF SASKETCHEWAN
ARAB ENGINEERING INDUSTRIES P.L.C. - AEICO
JORDAN TRADE FACILITIES P
ARAB ELECTRICAL INDUSTRIES
JORDAN PRESS FOUNDATION P.L.C.
GOVERNMENT OF THE HASHEMITE KINGDOM OF JORDANARAB BANKING CORPORATION (JORD
NOOR TELECOM
INDUSTRIAL DEVELOPMENT BANK
JORDANIAN DUTY FREE SHOPS
Figure 6: Left: CL; right: JO.
3/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
CHECK POINT SOFTWARE TECHNOLOGIES LIMITED
LIBERTY PROPERTIES LIMITED
LORD ABBETT & COAFFILIATED MANAGERS GROUP INC
INDUSTRIAL BUILDING CORPORA
STRAUSS GROUP LTD.SHWED GIL
MAKHTESHIM-AGAN INDUSTRIES LTD
BEZEQ THE ISRAEL TELECOMMUNICATION CORP LTD
NACHT MARIUS
ISRAEL CHEMICALS LTD - ICL
ISRAEL CORPORATION LTD
WELLINGTON MANA
BAILLIE GIFFORD
AMERICAN ISRAELI PAPER MILLS LIMITEDBLUE SQUARE ISRAEL
MERRILL LYNCH & CO., INC.
BARNEA INVESTMENTS B.V.
STATE OF ISRAEL HOUSING AND CONSTRUCTION HOLDING
DODGE & COX
AFRICA ISRAEL INVESTMENTS LTD
CLAL INDUSTRIES AND
GOVERNMENT OF ISRAEL
BANK LEUMI LE ISRAEL BM
OFER BROTHERS GROUP
AZORIM INVESTMENTHOT CABLE SYSTEMS
JP MORGAN CHASE & CO.
MENORAH
MIGDAL INSURANCE AND FINANCIAL HOLDINGS
ARISON HOLDINGS (1998) LTD
HAMBURGER FAMILYAXA
HAREL INSURANCE INVESTMENTS AND FINANCES LTD
CLAL INSURANCE ENTERPRISES HOLDINGS LIMITED
DISCOUNT
FRANKLIN RESOURCES, INC.
NESTLE S.A.
BANK HAPOALIM BM
DIMENSIONAL FUND
OSEM INVESTMENTS LTD
IDB DEVELOPMENT CORPORATION LTD.
CAPITAL GROUP COMPANIES INC, THE
FEDERMANN ENTERPRISES LTD.
ELCO HOLDINGS LIMITED
THORNBURG INVESTMENT MANA
CREDIT SUISSE GROUP
TEVA PHARMACEUTICAL INDUSTRIES
ELBIT SYSTEMS LTD.
ELECTRA LTD
PARTICIPATIE MAATSCHAPPIJ GRAAFSCHAP
UBS AG
VANGUARD GROUPFMR CORPBARCLAYS PLC
SHLOMO ELIAHU HOLDINGS
KOOR INDUSTRIES LIMITEDDANYA CEBUS
APAX/SABAN/ARKIN CONSORTIUM
GDH LIMITED
HENDERSON LAND DEVELOPMENT
ABERDEEN ASSET MANAGEMENT ASIA LIMITED
CNOOC (BVI) LIMITED
DENWAY MOTORS LIMITEDINDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED - ICBC (ASIA)
NG TENG FONG
YUNG CHI KIN
CHINA NETCOM GROUP CORPORATION (BVI) LIMITED
CHINA RESOURCES
HANG LUNG PROPERTIES LIMITED
CHINA OVERSEAS LAND & INVESTMENT LIMITED
CHINA LOUNGE INVESTMENTS LIMITED
LEE AND LEE TRUST
CHINA RESOURCES POWER
NEW WORLD DEVELOPMENT COMPANY LIMITED
HANG SENG BANK LTD.
HONORICH
MTR CORPORA
SUN HUNG KAI PROPERTIES LIMITED
CHINA OVERSEAS HOLDINGS LIMITED
CHINA TRAVEL SERVICE (HOLDINGS) HK
ALLIED PROPERTIES
CHEUNG KONG (HOLDINGS) LIMITED
CHINA NATIONAL OFFSHORE OIL CORP.
ELHAM LIMITED
CHINA NETCOM GROUP CORPORATION (HONG KONG) LIMITED
TSIM SHA TSUI PROPERTIES
CHINA RESOURCES NATIONAL CORP
CHINA RESOURCES HOLDINGS
GUANGDONG
HENDERSON DEVELOPMENT
CHINA TRAVEL INTERNATIONAL INVESTMENT HONG KONG
LI KA-SHING UNITY TRUSTEE COMPANY LIMITED AS TRUSTEE OF
CERBERUS GROUP LTD
CNOOC LIMITED
VANTAGE CAPTAIN LTD
CHOW TAI FOOK ENTERPRISES LIMITED
CHINA EVERBRIGHT
FINANCIAL
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (THE)
CHINA UNICOM (BVI) LIMITED
CTF GROUP
HANG LUNG GROUP LIMITED
SILCHESTER INTERNATIONAL INVESTORS LIMITED
CHINA MERCHANTS HOLDINGS (INTERNA
CITIC GROUP
CHINA MERCHANTS UNION (BVI)
ROSENIOR LIMITED
LINK REAL ESTATE INVESTMENT TRUST (THE)
INDUSTRIAL & COMMERCIAL BANK OF CHINA (THE) - ICBC
HONGKONG ELECTRIC HOLDINGS LIMITED
INTELLINSIGHTSWIRE PACIFIC LIMITED
JOHN SWIRE & SONS LIMITED
THE WHARF (HOLDINGS) LIMITED
BOC HONG KONG (HOLDINGS)
CHINA MOBILE HONG KONG (BVI)CHINA MOBILE COMMUNICA
KOWLOON DEVELOPMENT
WHEELOCK AND COMPANY LIMITED
THE LI KA-SHING UNITY TRUST
CATHAY PACIFIC AIRWAYS LIMITED
OVERSEAS OIL & GAS CORPORATION LIMITED
SHAW HOLDINGS INC
LEGEND HOLDINGS LIMITED
CAPITAL GROUP COMPANIES INC, THE
HSBC TRUSTEE (GUERNSEY)CITIC HONG KONG (HOLDINGS) LTD
CHINA MERCHANTS GROUP LIMITED
CITIC PACIFIC LIMITED
CHINA UNICOM LIMITED
PROSPERITY REAL ESTATE INVESTMENT TRUST
HSBC INTERNATIONAL TRUSTEE LIMITED
LENOVO GROUP LIMITED
SHAW BROTHERS (HONG KONG) LTD
FRANKLIN RESOURCES, INC.
MERSSION LIMITED
TCI FUND MANAGEMENT (UK) LLP
CHINA MOBILE LIMITED
BOC HONG KONG (BVI) LIMITEDBANK OF CHINA LIMITED
THE LI KA-SHING UNITY DISCRETIONARY TRUSTWF INVESTMENT PARTNERS LIMITED
CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED
Figure 7: Left: IL; right: HK.
SANAM REAL EST
INVESTMENT DAR CO (THE)
SULAN AL
SULAN AL
CONTRACTING & MARINE SERVICES CO. (S.A.K.CLOSED)AREF INVESTMENT GROUP
GLOBAL INVESTMENT HOUSETARIQ KHALID AL HOMAIZI & OTHRS
BURGAN BANK SAK
THE PUBLIC INSTITUTION FOR SOCIAL SECURITY
HOUSING FINANCE CO.
KUWAIT PIPES INDUSTRIES & OIL SERVICES CO. (K.S.C.)
SULTAN CENTER
UNITED REAL ESTATE COMPANY (S.A.K.)
AL-KHAIR NATIONAL FOR STOCKS AND REAL ESTATE COMP
KUWAIT INVESTMENT COMPANY (SAK)
UNITED INDUSTRIES COMPANY-KSC
AL-ENMA’A REAL ESTATE
NATIONAL REAL ESTA
LIVESTOCK TRANSPORT & TRADING COMPANY (K.S.C.)
WAFRA INTERNATIONAL
KUWAIT INSURANCE COMPANY SAKSULAN AL
KUWAIT FOUNDRY CO. (S.A.K.CLOSED)
AL-THEMAR INTERNATIONAL
SULAN AL ESSA
KUWAIT FOOD CO. (AMERICANA) (S.A.K.)
EFAD REAL ESTATE COMPANY AND SAWAF REAL ESTATE COMPANY
AGILITY CO.
SULTAN CENTER TRADING
MABANEE COMP
KUWAIT REAL ESTATE CO (KSC)
SECURITIES GROUP COMPANY K.S.C.
GULF CABLE AND ELECTRICAL INDUSTRIES CO. K.S.C.
COMMERCIAL BANK OF KUWAIT SAK (THE)
BANK OF KUWAIT & THE MIDDLE EAST (THE)
AL SHARQ HOLDING COMPANY
KUWAIT CEMENT COMPANY (KSC)COMMERCIAL FACILITIES COMPANY
AL GHANIM FAMILY
NATIONAL INDUSTRIES COMPANY FOR BUILDING MATERIALS K.S.C.C.
IRAQ HOLDING CO. (K.S.C.C) - IHC
AL-AHLEIA INSURANCE COMPANY SAK
MINISTRY OF AWKAF & ISLAMIC
KUWAIT PROJECTS COMPANY HOLDING
SECURITIES HOUSE K.S.C.C
MINISTRY OF JUSTICE
GULF INVESTMENT HOUSE K.S.C.
KUWAIT FINANCIAL CENTER SAK
GOVERNMENT OF KUWAIT
NATIONAL INVESTMENTS COMPANY
MOHAMMED ABDULMOHSIN AL-KHARAFI & SONS
KUWAIT INVESTMENT AUTHORITY
BOUBYAN
GULF BANK KSC (THE)
AL-SAFAT INVESTMENT CO. (K.S.C.C.)
NATIONAL INDUSTRIES GROUP (HOLDING)-SAK
AIFUTTOOH INVESTMENTS
GULF INSURANCE COMPANY
AHLI UNITED BANK BSC
KUWAIT PRIVATIZATION PROJECTS HOLDING COMPANY (K.S.C.C.)
MOHAMED ABDULMOHSIN AL KHORAFI & SONS COMPANY
COMMERCIAL REAL ESTATE CO. K.S.C.C (THE)
RED SEA COMMERCIAL
MOBILE TELECOMMUNICATIONS COMPANY K.S.C
PETROLEUM
UNITED GULF BANK (BSC) EC
NATIONAL MOBILE TELECOMMUNICATIONS
KUWAIT FINANCE HOUSE
AL GHANEM YOUSEF ALTINYILDIZ MENSUCAT VE KONFEKSIYON FABRIKALARI
HSBC TRINKA
TRKIYE PETROL RAFINERILERI A.S. - TPRAS
JULIUS BAER HOLDING LTD
HEKTAS TICARET T.A.S.
ECZACIBASI YATIRIM HOLDING ORTAKLIGI A.S.
YNSA YNL SANAYI VE TICARET A.S.
DOGUS GROUP (GARANTI BANKASI,
ALCATEL TELETAS TELEKOMNIKASYON
TURKIYE GARANTI BANKASI A.S.
IMSA IMENTO SANAYI VE TICARET A.S.
YAPI KREDI SIGORTA
CITIGROUP INC
ISBANK PERSONNEL SUPPLEMET
FRANKLIN RESOURCES, INC.
KOC-SHELL CONSORTIUM
KO FAMILY MEMBERS
SKAGEN ASALARKO HOLDING A.S.
ZORLU ENERJI ELEKTRIK RETIMI
TAT KONSERVE SANAWELLINGTON MANAGEMENT CO L.L.P.
LAZARD LIMITED
ARCELOR SA
KO HOLDING A.S.
FORTIS
FORD MOTOR
EDIP IPLIK SANAYI VE TICARET A.S.
AKBANK T.A.S.
DOGAN YAYIN HOLDING A.S.
GE ARASTIRMA VE MUSAVIRLIK
AKSU IPLIK DOKUMAKONYA IMENTO SANAYII A.S.
PETKIM PETROKIMYA HOLDING A.S.
EREGLI DEMIR VE ELIK
FORD OTOMOTIV
TURKCELL ILETISIM HIZMETLERI A.S.
HACI OMER SABANCI HOLDING AS
CAPITAL GROUP COMPANIES INC, THE
AYGAZ A.S.
BOSSA TICARET VE SANAYI ISLETMELERI T.A.S.
TURKIYE VAKIFLAR BANKASI TAO
YAPI VE KREDI BANKASI A.S.HAMLE ELEKTRONIK
TURKIYE IS BANKASI A.S. -
NORTEL NETWORKS NETAS TELEKOMNIKASYON
FINANSBANK A.S.
EIS ECZACIBASI ILA SANAYI VE TICARET A.S.
SABANCI FAMILY
IZOCAM TICARET
MERRILL LYNCH & CO., INC.
YAZICILAR HOLDING A.S.
FMR CORP
ADVANSA SASA POLYESTER SANAYI A.S.
DIMENSIONAL FUND ADVISORS INC
AKSIGORTA INSURANCE COMPANY LIMITED
FORTIS BANK AS
DOGAN GAZETECILIK A.S.
OTOKAR
NATIONAL BANK OF GREECE SA
MIGROS
REPUBLICAN PEOPLE’S
GENERAL DIRECTORATE OF FOUNDATIONS
KO FINANCIAL SERVICES
ARELIK A.S.
ENKA INSAAT VE SANAYI A.S.
Figure 8: Left: KW; right: TR.
4/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
QUINN SEAN
NATIXIS
APOLLO NOMINEES HC
IRISH LIFE & PERMANENT
ABBEY PUBLIC LIMITED COMPANY
ELAN CORPORATION PUBLIC LIMITED COMPANY
FBD HOLDINGS PLC
BANK OF IRELAND NOMINEES LIMITED
AXA
JP MORGAN CHASE & CO.
IAWS GROUP PUBLIC LIMITED COMPANY
BANK OF IRELAND
FMR CORP AND FIDELITY INTERNATIONAL LIMITED
KINGSPAN GROUP PUBLIC LIMITED COMPANY
UBS AG
FYFFES PUBLIC LIMITED COMPANY
INVESTOR SERVICES (IRELAND) LIMITED
MURTAGH E
RYANAIR HOLDINGS PUBLIC LIMITED
GILDER GAGNON HOWE & CO LLC
FARMER BUSINESS DEVELOPMENTS
GLANBIA CO-OPERATIVE SOCIETY LTD
THIRDFORCE PUBLIC
TRINITY BIOTECH PUBLIC LIMITED COMPANY
ALLIED IRISH BANKS PLC
SKILLSOFT PLC
NORDEA BANK AB (PUBL)
CAPITAL RESEARCH & MANA
OVOCA GOLD PLC
O’REILLY ANTHONY
DCC PUBLIC LIMITED COMPANY
INVESCO PLC
EUROPACIFIC GROWTH
JULIUS BAER HOLDING LTD
CRH PUBLIC LIMITED COMPANY
FIDELITY INTERNATIONAL LIMITED
CAPITAL GROUP COMPANIES INC, THE
BARCLAYS PLC
SCHRODERS PLC
FMR CORP
ANGLO IRISH BANK CORPORA
ALLIANZ SE
UNITED DRUG PUBLIC LIMITED COMPANY
O’LEARY MICHAEL
KERRY
IRISH LIFE INVESTMENT
BANK OF IRELAND ASSET MANAGEMENT
WELLINGTON MANAGEMENT CO L.L.P.
DRAGON OIL PLCJULIUS BAER INVESTMENT MANAGEMENT LLC
KERRY GROUP PUBLIC
INDEPENDENT NEWS & MEDIA PUBLIC LIMITED
GLANBIA PUBLIC LIMITED COMPANY
BEAR STEARNS INTERNATIONAL
HAFSLUND VENTURE
FRANKLIN TEMPLETON GROUP MUTUAL SHARES FUND
FRANKLIN RESOURCES, INC.
BONHEUR ASASPAREBANK 1 GRUPPEN AS
RENEWABLE ENERGY CORPORA
JP MORGAN CHASE BANK, NAYARA INTERNATIONAL
MINISTRY OF TRADE AND INDUSTRY
MELLON BANK AS AGENT FOR CLIENTS
FOLKETRYGDFONDET (GOVERNMENT)
JP MORGAN CHASE BANK
MELLON BANK NA
NRINGS- OG HANDELSDEPARTEMENTET
MARINE HARVEST ASA
NU3 B.V.
TELENOR ASA
ELKEM
SCHIBSTED ASA
FRANKLIN MUTUAL ADVISORS, LLC
FRANKLIN MUTUAL ADVISERS
FRED. OLSEN ENERGY ASA
GANGER ROLF ASA
Q-CELLS AG
AKER AMERICAN SHIPPING ASA
GEVERAN TRADING CO LTD.
B.O. INTRESSENTER AB
WORLD NORDIC A/S
AWILCO AS
OLAV THON EIENDOMSSELSKAP
NORWEGIAN GOVERNMENT(MINISTRY OF TRADE AND INDUSTRY)
LACO AS
FMR CORP
GOVERNMENT OF NORWAY
BANK OF NEW YORK
STATE STREET BANK
FRED.OLSEN FAMILY
BW GAS ASA
CAPITAL GROUP COMPANIES INC, THE
HAFSLUND
TRG HOLDING AS
KONGSBERG GRUPPEN ASA
RIEBER & SON ASA
DNB NOR ASA
CANICA AS
STATOIL ASA
AUSTEVOLL SEAF
AKER KVAERNER ASA
SAVINGS BANK FOUNDATION
THON GRUPPEN AS
AKER HOLDING AS
AWILCO OFFSHORE
ORKLA ASA
BLOMMENHOLM INDUSTRIER
AKER ASA
NORSK HYDRO ASA
OSLO KOMMUNE
Figure 9: Left: IE; right: NO.
CAIXA GERAL DE DEPOSITOS
ESTUFAS E ASSISTENCIA
RENTIPAR FINANCIERA
SODIM SGPS, S.A.
BESPAR-SOCIEDADE GESTORA DE PARTICIPAOES SOCIAIS,
TELFONOS DE MXICO,
MOTA GEST
SOCIEDAD IMOBILIARIAESTADO PORTUGUES
GRATAC-SOCIEDADE GESTORA DE PARTICIPAOES SOCIAIS, S.A.
TDG-SOCIEDADE GESTORA DE PARTICIPAOES SOCIAIS, S.A.
SONAE INVESTMENTS
ENI PORTUGAL INVESTMENTS SPA
ENI SPA
JOSE DE MELLO INVESTIMENTOS, S.A.
BABCOCK & BROWN (APOLLO) SARLJOS DE MELLO-SOCIEDADE GESTORA DE PARTICIPAOES
AMORIM ENERGIA B.V.
HORACIO DA SILVA ROQUE
SONAE.COM,
IMPREGER - SOCIEDADE GESTORA PARTICIPAOES SOCIAIS, S. A.
BANCO COMERCIAL PORTUGUS, SA
MANUEL FINO SGPS SASONAE INDUSTRIA
CREDIT SUISSE GROUP
BANCO ESPIRITO SANTO SA
MOTA-ENGIL
ESPIRITO SANTO FINANCIAL GROUP S.A.
FM-SOCIED
TELEFONICA SA
SOCIEDADE DE INVESTIMENTO E GESTAO, SGPS, SA
SEINPART - PARTICIPAOES, SGPS, S.A
DR FREDERICO JOSE APPLETON
PORTUGAL TELECOM SGPS SA
C + P.A.-CIMENTO E PRODUTOS ASSOCIADOS, S.A.
FORTISTEIXEIRA DUARTE - ENGENHARIA E CONSTRUCOES S.A.
BANIF SGPS SA
UBS AG
PT MULTIMEDIA - SERVICOS DE TELECOMUNICA
GALP ENERGIA, S.G.P.S., S.A.
MILLENIUMBCP FORTIS GRUPO SEGURADOR SGPS SA
BRISA - AUTO-ESTRADAS DE PORTUGAL SA
TEIXEIRA DUARTE-SOCIEDADE GESTORA DE P
FINIBANCO HOLDING SGPS SA
SGC - SOCIEDADE GESTORA
PENSOESGERE-SOCIEDADE GESTORA DE FUNDOS DE PENSOES, S.A.
BANCO DE SABADELL SA
FUNDO DE PENSOES DO BANCO COMERCIAL PORTUGUES SA
LADELIS-SGPS, LDA.
IBERDROLA PARTICIPACOES SGPS SA
INAPA - INVESTIMENTOS, PARTICIPACOES E GESTAO, S.A.
SOCIEDADE FRANCISCO MANUEL DOS SANTOS, SGPS, S.A.
SEMAPA INVESTMENTS B.V.
EFANOR INVESTIMENTOS,
ESPIRITO SANTO INTERNATIONAL HOLDING SA
ONGOING STRATEGY
VIC (SGPS), S.A.
BRANDES INVESTMENT
BRANDES INVESTMENT PARTNERS,
SONATRACH
ORLA-SGPS, S.A.
IBERDROLA ENERGIA S.A.
VERTIX-S.G.P.S., S.A.
PARPUBLICA-PARTICIPACOES PUBLICAS (SGPS) SA
CIMPOR-CIMENTOS DE PORTUGAL, SGPS, S. A.
CAJA DE AHORROS DE ASTURIAS - CAJASTUR
FUNDAAO JOSE BERARDO
GRUPO MEDIA CAPITAL
BPI - PENSOES, SOCIEDADE GESTORA DE FUNDOS DE PENSOES,
PAREURO B.V.
JERONIMO MARTINS SGPS SA
PORTUCEL EMPRESA PRODUTORA
SONAE - SGPS,
BANCO PRIVADO PORTUGUES SA
EUREKO B.V.
SAG GEST SOLUCOES AUTOMOVEL
CREDIT SUISSE INTERNATIONAL
IMPRESA - SOCIEDADE GESTORA DE PARTICIPACOES SOCIAIS, S.A.
EDP - ENERGIAS DE PORTUGAL, S.A.
PT JAKARTA INTERNA
ADHI KARYA (PERSERO) TBK
RAJAWALI CORP
ASTRA INTERNA
BANK RAKYAT INDONESIA
PURIMAS SASMITA PT
PT ULTRAJAYA MILK INDUSTRY & TRADING COMPANY TBK
SURYADUT
AGIS TBK
PT CHAROEN POKPHAND INDONESIA TBK
FMR CORP
MASSACHUSETTS MUTUAL
PT GUDANG
JP MORGAN CHASE & CO.
MULTIPOLAR CORPORATION TBK
BANK NEGARA INDONESIA (PERSERO) - BANK BNI
PT UNILEVER INDONESIA TBK
INTERNATIONAL NICKEL INDONESIA TBK
PT BUDI ACID JAYA
SORAK FINANCIAL HOLDINGS PTE LTD
DUNDEE CORPORATION
MODERN PHOTO TBK
FIRST PACIFIC COMP
KARWELL INDONESIA TBK
PHILIP MORRIS INTERNA
PT EVER SHINE TEX TBK
PT SINAR MAS AGRO RESOURCE AND TECHNOLOGY TBK HANJAYA MAND
HEIDELBERGER ZEMENT AG
PT INDOCEMENT TUNGGAL PRAKARSA TBKSTATE OF INDONESIA (MINISTRY OF FINANCE)
PT PANIN INSURANCE TBK
JARDINE
DIMENSIONAL FUND ADVISORS INC
MORGAN STANLEY
TAMBANG BATUBARA BUKIT ASAM (PERSERO)
BANK INTERNASIONAL INDONESIA TBK
LAUTAN LUAS TBK
FARALLON CAPITAL MANAGMENT LLC
PP LONDON SUMATRA INDONESIA
SCHRODERS PLC
UNILEVER NV
INDONESIA.COM LIMITED
BANK DANAMON INDONESIA
PT TRIAS SENTOSA TBK
ASHMORE INVESTMENT MANAGEMENT
PT ANEKA TAMBANG
PT UNITED
BARCLAYS PLC
PT CITRA MARGA NUSAPHALA PERSADA TBK
BANK MANDIRI
AFFILIATED MANAGERS GROUP INC
PT KALBE FARMA TBK
PT INDOSAT TBK
CAPITAL GROUP COMPANIES
BANK CENTRAL ASIA
BHAKTI INVESTAMA TBK (PT)
PT SEMEN GRESIK (PERSERO) TBK
MEDCO ENERGI INTERNASIONAL TBKPT MITRA ADIPERKASA
PT ASAHIMAS FLAT GLASS TBK
PERUSAHAAN GAS NEGARA
GOVERNMENT OF SINGAPORE
STATE OF INDONESIA
PT TELEKOMUNIKASI INDONESIAPEH WERTPAPIER AG
SUNSON TEXTILE MANUFACTURER TBK
OPPENHEIMERFUNDS,
DRIEHAUS CAPITAL MANAGEMENT, LLC
PT BUMI RESOURCES TBK
PT PANIN LIFE
FORTIS
INDOFOOD SUKSES MAKMUR
ASTRA AGRO LESTARI TBK
ASIA FINANCIAL INDONESIA (PTE)
TIMAH TBK
PT SUMALINDO LESTARI
SUPARMA TBK
PT GLOBAL MEDIACOM TBK
ENCORE ENERGY PTE LTD
POLYCHEM INDONESIA TBK
FARLINDO INVESTMENTS (MAURITIUS) LTD
PT ENERGI MEGA PERSADA TBK
METRODATA ELECTRONICS TBK
Figure 10: Left: PT; right: ID.
5/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED
BRANDES INVESTMENT PARTNERS,
NATIONWIDE NEWS PTY LIMITED
FREIGHTWAYS LIMITED
PERPETUAL LIMITED
BANK OF NEW YORK MELLON CORP.
KIWI INCOME PROPERTY TRUST
FORRESTERS NEW ZEALAND
INGOT CAPIT
ALLIANT ENERGY
TELECOM CORPORATION OF NEW ZEALAND
METLIFECARE LIMITED
HT MEDIA LIMITED
FISHER & PAYKEL APPLIANCE HOLDINGS
METHVEN LIMITED
UBS AG
CONTACT ENERGY LIMITED
DIMENSIONAL FUND ADVISORS INC
ING (NZ) LIMITED
AIR NEW ZEALAND LIMITED
ING AUSTRALIA LTD
NEW ZEALAND EXCHANGE LIMITED
FISHER FUNDS MANAGEMENT LTD.
TOLL GROUP
COMMONWEALTH BANK OF AUSTRALIA
MEDIAWORKS NZ LIMITED
HORIZON ENERGY DISTRIBUTION LIMITED
ANZ NOMINEES LIMITED
NEW ZEALAND
UTILICO INVESTMENT
INFRATIL ENERGY
VECTOR LIMITED
BARCLAYS PLC
TOLL NZ
NEW ZEALAND REFINING CO LTD
SKY NETWORK TELEVISION LIMITED HALLENSTEIN
HER MAJESTY THE
PUMPKIN PATCH LIMITED
ORIGIN ENERGY PACIFIC HOLDINGS
WESTPAC BANKING CORPORATION
CDL INVESTMENTS NEW ZEALAND LIMITEDSTEEL & TUBE HOLDINGS
MILLENNIUM & COPTHORNE HOTELS PLC
MACQUARIE GOODMAN MANAGEMENT LIMITED
RURAL PORTOFOLIO INVESTMENTS LTD
TECT HOLDINGS LIMITED
PORT OF TAURANGA LIMITED
NATIONAL NOMINEES LIMITED
QUAYSIDE SECURITIES LIMITED
NEW ZEALAND CENTRAL SECURITIES DEPOSITORY
FLETCHER BUILDING LIMITEDINFRATIL (INFRASTRUCTURE
PGG WRIGHTSON LIMITED
AXATUBEMAKERS OF NEW ZEALAND
GOODMAN PROPERTY TRUST
NUPLEX INDUSTRIES LIMITED
AUCKLAND CITY COUNCIL
JP MORGAN NOMINEES AUSTRALIA
GLASSON TIMOTHY
PYNE GOULD CORPORATION LIMITED
BRISCOE GROUP LIMITED
RBC DEXIA INVESTOR SERVICES
WAKEFIELD HEALTH LIMITED
TRUSTPOWER LIMITED
ACCIDENT COMPENSA
WESTPAC BANKING CORPORATION
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED
AMP LIMITEDAMP CAPITAL INVESTORS (NEW ZEALAND) LIMITED
AUCKLAND INTERNATIONAL AIRPORT LIMITED
KNUT AND
INVESCO PLC
SAMPO LIFE INSURANCERENAISSANCE TECHNOLOGIES CORP
FORTUM OYJ
UBS AG
K-RETAILERS’ ASSOCIATION
VARMA OY
ORION OYJ
CARGOTEC OYJ
KESKO PENSION FUND (KESKON ELKEKASSA)METSLIITTO OSUUSKUNTA
UPM-KYMMENE OYJ
FINNISH STATE
T. ROWE PRICE GROUP
BENEFON OYJ
NORDEA PANKKI SUOMI
WARTSILA OYJ
SVENSKA LITTERATURSLLSKAPET I FINLAND
OLD MUTUAL
FF EURO BLUE CHIP FUND
DODGE & COX
M-REAL OYJ
BARCLAYS PLC
STORA ENSO
KESKO OYJ
AXA
SIJOITUS-WIPUNEN OY
ORAS INVEST
CRDIT AGRICOLE S.A.
SALCOMP OYJ
D-SIJOITUS OY
GOVERNMENT OF NORW
NESTE OIL OYJ
KESKININEN ELKEVAKUUTUSYHTI
VALTIOVARAINMINISTERIO
ALLIANZ SE
FRANKLIN RESOURCES,
KONE OYJ
HOLDING MANUTAS OY
STATE OF FINLAND (SUOMEN VALTIO)
KEMIRA OYJ
ILMARINEN MUTUAL PENSION INSURANCE
FINNAIR OYJ
NOKIA OYJ
OKO BANK PLC
UNION ASSET MANAGEMENT HOLDING AG
RAUTARUUKKI OYJ
SPONDA OYJ
SVENSKA HANDELSBANKEN
SAMPO PLC
VARMA MUTUAL PENSION
FISKARS OYJ ABPTCHENGUIZ ROBERT
OUTOKUMPU OYJ
EXAFIN B.V.
JP MORGAN CHASE & CO.
WELLINGTON MANAGEMENT CO L.L.P.NORDSTJERNAN AB
OP BANK
LEGG MASON INC
FMR CORP
UNICREDITO ITALIANO SPACAPITAL GROUP COMPANIES INC,
OSUUSPANKKIKESKUS
Figure 11: Left: NZ; right: FI.
KAR-TESS
PIRAEUS PORT A
ATHENS WATER SUPPLY & SEWERAGE S.A.
HENDERSON GROUP PLC
PIRAEUS BANK SA
MARFIN POPULAR BANK PUBLIC CO LTD
GREEK ORGANIZATION OF FOOTBALL PROGNOSTICS
MARFIN EGNATIA BANK SA
ALEXANDRA CANELLOPOULOU
PANEUROPEAN OIL & INDUSTRIAL HOLDINGS S.A.
TANOSSIRIAN S.A.
HELLENIC PETROLEUM SA
CAPITAL GROUP COMPANIES INC, THE
EMPORIKI BANK OF
EFG BANK EUROPEAN FINANCIAL GROUP
THORNBURG INVESTMENT MANA
HALCOR SA
ING GROEP NV
ELVAL HELLENIC ALUMINIUM
CARMIGNAC GESTION
’THE ETHNIKI’ HELLENIC GENERAL
SIDENOR SA
WILLIAM BLAIR & COMPANY LLC
DELMAR INVESTMENT LTD
LAVRENTIOS LAVRENTIADIS
AGRICULTURAL BANK OF GREECE
BARCLAYS PLC
PUBLIC POWER CORPORATION S.A.
DEUTSCHE BANK AG
AGROTIKI INSURANCE SA
EYATH S.A.
STATE OF GREECE EFG EUROBANK ERGASIAS SA
COSTOPOULOS FAMILY
TERNA SA
ALPHA BANK AE
METAL CONSTRUCTIONS
ORIENTAL WEAVERS
GEK S.A.
COCA COLA HELLENIC
NATIONAL BANK OF GREECE SA
VIOHALCO S.A.
DEKA SA (PUBLIC COMPANY FOR
ALAPIS S.A.
IONIAN HOTEL ENTERPRISES SA
MORGAN STANLEY
COSMOTE MOBILE COMMUNICATIONS SA
CRDIT AGRICOLE S.A.
ASTIR PALACE VOULIAGMENIS SA
GREEK POSTAL SAVINGS BANK
COCA-COLA O
TITAN CEMENT COMPANY S.A.
HELLENIC EXCHANGES S.A.
ANEK LINES S.A.
DIONYSOS LEISURE S.A.
PETROVENTURE HOLDINGS LTD
UBS AG
JP MORGAN CHASE & CO.
MARFIN INVESTMENT GROUP
JUMBO S.A.
MYTILINEOS HOLDINGSSCHRODERS PLC
GOVERNMENT OF NORWAY
VIVARTIA S.A.
SWEDBANK AB
INTRACOM HOLDINGS S.A.
STASSINOPOULOS EVANGELOSALPHA ASTIKA AKINITA SA
BANK OF GREECE
FRIGOGLASS
AXA
FMR CORP
FOLLI FOLLIE SA
MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.
COCA-COLA COMPANY
REGENCY ENTERTAINMENT
ANDREAS CANELLOPOULOS
BOVAL S.A
HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. - OTE
GREEK GOVERNMENT
DIMITRIOS KOUTSOLIOUTSOS
SOKRATIS KOKKALIS
EVANGELOS
IOANNIS MYTILINEOS
GRUPO INDUSTRIAL SALTILLO, S.A.B. DE C.V.
ABERDEEN ASSET MANAGEMENT PLC
GRANTHAM, MAYO, VAN OTTERLOO & CO, LLC
GRUPO FINANCIERO INBURSAGRUMA, S.A.B. DE C.V.
AFFILIATED MANAGERS
GRUPO BIMBO, S.A.B. DE C.V.
BARCLAYS PLC
INTERSAL
T. ROWE PRICE GROUP, INCAT&T INC.
GRUPO CONTINENT
SKAGEN AS
ARNHOLD AND S. BLEICHROEDER
ALFA, S.A.B. DE C.V.
GRUPO TELEVISA S.A.B. DE C.V.
CONSORCIO HOGAR, S.A.B. DE C.V.
FRANKLIN RESOURCES, INC.
FAMILIA AZCARRAGA
THORNBURG INVESTMENT MANAGEMENT
CARSO GLOBAL
EMBOTELLADORAS
INDUSTRIAS BA
WAL-MART
GRUPO KUO, S.A.B.
MERRILL LYNCH & CO., INC.
GRUPO POSADAS, S.A. DE C.V.
VITRO, S.A.B. DE C.V.
KIMBERLY-CLARK
BANCO SANTANDER SA
DODGE & COX
INDUSTRIAS PEOLES, S. A.B.
SLIM HELU, CARLOSCAPITAL GROUP COMPANIES INC, THE
FMR CORP
CONTROLADORA COMERCIAL MEXICANA, S.A.B.
GRUPO MODELO, S.A.B. DE C.V.
JP MORGAN CHASE & CO.
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
BANK OF AMERICA CORPORATION
GRUPO FINANCIERO SANTANDER, S.A.B. DE C.V.
ORGANIZACION SORIANA S.A.B. DE C.V.
KIMBERLY - CLARK
GRUPO ELEKTRA, S.A. DE C.V.
DIMENSIONAL FUND ADVISORS INCGRUPO CARSO, S.A. DE C.V.
GRUPO FINANCIERO BANORTE
GRUPO MEXICO, S.A.B. DE C.V.
SARE HOLDING, S.A.B. DE C.V.
CONSORCIO ARA, S.A.B. DE C.V.
CORPORACION INTERAMERICANA DE ENTRETENIMIENTO, S.A.B. DE C.V.
FOMENTO ECONOMICO MEXICANO S.A.B. DE
TELFONOS DE MXICO,
INVESCO PLC
AMERICA MOVIL S.A.B. DE C.V.
CORPORACION GEO, S.A.B. DE C.V.
Figure 12: Left: GR; right: MX.
6/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
VESTAS WIND SYSTEMS A/S
NORDIC
ROCKWOOL FOUNDATION
A.P. MOELLER OG HUSTRU CHASTINE MC-KINNEY MOELLERS
SYDBANK A/S
WILLIAM DEMANTFLSMIDTH & CO. A/S
TOTALBANKEN A/S
AMAGERBANKEN, AKTIESELSKABNYKREDIT REALKREDIT A/S
LFI A/S
CARLSBERG A/S
TDC A/S
SKAELSKOR BANK
A.P. MLLER - MAERSK A/S
GIVESCO A/S
NORDJYSKE BANK A/S
ALK-ABELLO A/S
WILLIAM DEMANTS
LUNDBECKFONDEN
DANSKE BANK A/S
RINGKJOEBING BANKCARLSBERGFONDET
A.P. MOELLER & HUSTRU CHASTINE
H. LUNDBECK A/S
LOKALBANKEN I NORDSJAELLAND
ROSKILDE BANK
DANISCO A/S
SPARINVEST HOLDING A/S
SPAR NORD BANK
TOENDER BANK A/SFMR CORP
ROCKWOOL INTERNATIONAL A/S
FIDELITY INTERNA
PER AARSLEFF AS
ARBEJDSMARKEDETS TILLAEGSPENSION
PFA PENSION
REALDANIA
SCHOUW & CO A/S
FORMUEPLEJE PENTA A/S
NOVO NORDISK A/S
DAMPSKIBSSELSKABET TORM A/S
RINGKJOEBING LANDBOBANK
TRYG I DANMARK SMBA
FORSTAEDERNES BANK A/S
TRYG VESTA AS
FLS INDUSTRIES A/S
ALM. BRAND
CARLSBERG FOUNDATION
ALM BRAND
MACQUARIE AIRPORTS COPENHAGEN
BELTEST SHIPPING COMPANY LTD
MENFIELD NAVIGATION COMPANY LTD.
A/S MOTORTRAMP
ROBLON A/S
DJURSLANDS BANK A/S
SKAKO INDUSTRIES A/S
MAX BANK A/S
DSV DE SAMMENSLUTTEDE VOGNMAEND AF 13-7 1976 A/S
FIDELITY INVESTMENTSSALLING BANK A/S
NKT HOLDING A/S
FORMUEPLEJE EPIKUR A/S
SPAR NORD FOUNDATION
COPENHAGEN AIRPORTS A/S
DAMPSKIBSSELSKABET NORDEN A/S
GOVERNMENT OF DENMARK
CAPITAL GROUP
INSALVO APS
NOVO A/SCAPITAL GROUP
NOVOZYMES A/S
LOENMODTAGERNES DYRTIDSFOND (LD)
FRANKLIN RESOURCES, INC.
DEA CAPITAL S.P.A.
SAIPEM SPA
SCHEMATRENTAQUATTRO SRL
GOVERNMENT OF NORWAY
FRANKLIN RESOURCES, INC.
ACEA SPA
TRANSALPINA
ENI SPA
IFIL INVESTMENTS S.P.A.IFI - INSTITUTO FINANZIARIO INDUSTRIALE SPAFINANCIERE DU PERGUET
BARCLAYS PLC
GROUPAMA HOLDING
LIR S.R.L.
BANCO POPOLARE SOCIETA COOPERATIVA
PIRELLI & C. S.P.A.
COMPAGNIA DI SAN PAOLO
”FINANZIARIA D’INVESTIMENTO FININVEST S.P
SOCIETA PER LA BONIFICA
BENETTON
CAPITALIA PARTECIPAZIONI SP
ANGELO MORATTI S.A.P.A. DI
FINSOE S.P.A. - FINANZIARIA DELL’ECONOMIA
COMUNE DI MILANO
GENERALI ASSICURAZIONI SPA
GRUPPO EDITORIALEUNICREDITO ITALIANO SPA CARLO DE BENEDETTI & FIGLI
CREDITO EMILIANO
SOGEFI S.P.A.
BUZZI UNICEM S.P.A.
CARLO TASSARA S.P.A.
B&D HOLDING DI MARCO DRAGO E C. S.A.P
ITALCEMENTI S.P.A.
GBL FIDUCIARIA SRL
CAPITAL GROUP COMPANIES INC, THE
RIUNIONE ADRIATICA DI SICURTA S.P.A.
AVIVA PLC
FONDAZIONE CASSA DI RISPARMIO DI GENOVA E IMPERIA
ALICROS S.P.A.
MITTEL SPA
JULIUS BAER HOLDING LTD
MILANO ASSICURAZIONI
ATLANTIA S.P.A.
SARAS S.P.A. - RAFFINERIE
SAN QUIRICO SPA
PREMAFIN FINANZIARIA
BANCA D’ITALIA
FASTWEB S.P.A.
ASM BRESCIA S.P.A.
TELECOM ITALIA S.P.A.
TRASMISSIONE ELETTRICITA RETE NAZIONALE S.P.A - TERNA
IMMOBILIARE LOMBARD
DELFIN S.R.L.
EDIZIONE HOLDING
FONDAZIONE MONTE DEI PASCHI DI SIENA
MEDIOBANCA SPA
AMBER CAPITAL LP
COMPAGNIA ASSICURATRICE UNIPOL
INTESA SANPAOLO
BANCA MONTE DEI PASCHI DI SIENA SPA
COMUNE DI ROMA
AUTOGRILL S.P.A.
COMPAGNIE INDUSTRIALE
MEDIASET S.P.A.
MUNICH RE GROUP
COFIDE - COMPAGNIA
CREDITO EMILIANO HOLDING
FONDAZIONE CASSA DI RISPARMIO DI TORINO
ALLIANZ SE
CARIMONTE HOLDING SPA
ENTE CASSA DE RISPARMIO DI FIRENZE
EDISON S.P.A.
AEM SPA
FIAT S.P.A.
ALLEANZA ASSICURAZIONI SPA
FMR CORP
CASSA DEPOSITI E PRESTITI
CREDITO BERGAMASCO
JUVENTUS FOOTBALL CLUB SPA
BANCA POPOLARE DI SONDRIO SOCIETA COOPERATIV
CAMFIN SPA
GEOX S.PENEL SPA
BANCA CABOTO SPA
ITALMOBILIARE S.P.A.
COMUNE DI BRESCIA
CASSA DI RISPARMIO DI FIRENZE SPA
FINMECCANICA S.P.A.
ERG S.P.A.
MINISTERO DELL’ECONOMIA E DELLE FINANZE
SNAM RETE GAS SPA
FONDAZIONE CASSA RISPARMIO PADOVA E ROVIGO
ZALESKI, ROMAIN MR
FONDAZIONE CASSA DI RISPARMIO DELLE PROVINCE LOMBARDE
BANCA POPOLARE DELL’EMILIA ROMAGNALUXOTTICA GROUP SPA
ALITALIA LINEE AEREE ITALIANE S.P.A.
GRUPPO
FONDAZIONE CASSA DI RISPARMIO DI VERONA VICENZA BELLUNO
SWISSCOM AG
GIOVANNI AGNELLI & C.
OLIMPIA S.P.A.
FONDAZIONE CASSA DI RISPARMIO IN BOLOGNA
ARNOLDO MONDADORI EDITORE SPA
FONDIARIA - SAI SP
PRESA SPA
SCHEMAVENTOTTO S.P.A.
DAVIDE CAMPARI - MILANO S.P.A.
LOTTOMATICA S.P.A.
BANCA CARIGE SPA
Figure 13: Left: DK; right: IT.
BENPRES HOLDINGS CORPORATION
TANDUAY HOLDINGS, INC.
SMART COMMUNICATIONS INC
ALCORN
ABOITIZ EQUITY VENTURES INC
PHILIPPINE NATIONAL OIL CO
SY HENRY SR.
PETRON CORPORATION
MRC ALLIED INDUSTRIES INC
ACTIVE ALLIANCE
UNION CEMENT HOLDINGS CORPORATION
FIRST PHILIPPINE HOLDINGS CORPORATION
METROPOLITAN BANK & TRUST COMPANY
PCI LEASING AND FINANCE
TRANS-ASIA OIL AND ENERGY
MABUHAY VINYL
TANGENT HOLDINGS CORP
ATR KIM ENG
GRANTHAM, MAYO, VAN OTTERLOO & CO, LLC
JTH DAVIES HOLDINGS, INC.GLOBE TELECOM INC
UNIVERSAL ROBINA CORPORATION
MUSIC SEMICONDUCTORS
FIRST ABACUS FINANCIAL
GEOGRACE RESOURCES
PETROENERGY
MABUHAY HOLDINGS CORPORATIONMANILA WATER COMPANY INC.
OMICO CORPORA
HOLCIM PHILIPPINES, INC.
TY FAMILY
ARAMCO OVERSEAS COMPANY B.V.
BACNOTAN CONSOLIDATED INDUSTRIES, INC.LEISURE & RESORTS WORLD CORPORA
SM INVESTMENTS CORPORATION
ABS-CBN BROADCASTING CORPORATION
SY FELICIDAD T.
ABOITIZ AND COMPANY INC
INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
SY HANS T.
SY HERBERT T.PILIPINO TELEPHONE CORPORATION
DMCI HOLDINGS INC
AYALA CORPORATION
JG SUMMIT HOLDINGS INC
SINGAPORE TELECOM INTERNATIONAL PTE LTD
PCD NOMINEE CORP (NON-FILIPINO)
SY TERESITA T.
BANKARD
PRIME ORION PHILIPPINES INC
PHILIPPINE LONG DISTANCE TELEPHONE COMPANY
BANCO DE ORO UNIBANK, INCFILINVEST DEVELOPMENT CORPORATION
SY HENRY T. JR.
CAPITAL GROUP COMPANIES INC, THE
SHOEMART INC
ABS-CBN HOLDINGS CORPORATION
AJO.NET HOLDINGS, INC.
UNITED PARAGON
AYALA LAND INC
PREMIERE ENTERTAINMENT PRODUCTIONS,
CROWN
GOTESCO LAND, INC.
CITYSTATE SAVINGS BANK,
FIRST GEN CORPORATION
BANK OF THE PHILIPPINE ISLANDSVULCAN INDUSTRIAL & MINING CORPORA
THE ANDERSONS GROUP INC
FIRST PACIFIC COMPANY LIMITED
GMO EMERGING MARKETS FUND
PCD NOMINEE CORPORATION
CHINA BANKING CORPORATION - CHINABANK
BELLE CORPORATION
LOPEZ INC
SM DEVELOPMENTALG HOLDINGS CORPORATION
SY HARLEY T.
NTT DOCOMO INC
IVANTAGE CORPORA
LEPANTO CONSOLIDATED
DBS GROUP HOLDINGS LTD
SM PRIME HOLDINGS, INC.
MERMAC INC
DBS BANK
ROBINSON’S LAND CORPORATION
ALLIANCE GLOBAL GROUP, INC.
AYALA DBS HOLDINGS INC
MEGAWORLD CORPORATIONDIGITAL TELECOMMUNICATIONS PHILIPPINES INC.
MAPFRE SA
BANCO BILBAO
UNITED TECHNOLOGIES HOLDINGS SA
IBERDROLA SA
ALLIANZ AG HOLDING
ALBA PARTICIP
BANCO DE VASCONIA SA
PARTICIPACIONES MOBILIARIAS SL
CARTERA MOBILIARIA
SACYR VALLEHERMOSO, S.A.
ARALTEC S.L.
CRESA PATRIMONIAL S.L.
INDUSTRIA DE DISENO TEXTIL SA - INDITEX
ENEL SPA
BERLUSCONI SILVIO
ENEL ENERGY EUROPE SRL
FUNDACION PEDRO BARRI DE LA MAZA
RIOFISA SA
BANCO DE CRDITO BALEAR SA
CORPORACION FINANCIERA
GRUPO FERROVIAL S.A.
SACYR VALLEHERMOSO PARTICIPACIONES MOBILIARIASCORTINA, ALBERTO AND
SOCIEDAD GENERAL DE AGUAS DE BARCELONA,
BANCO ESPANOL DE CRDITO SA,
ABENGOA S.A.
FRERE-BOURGEOIS
MERRILL LYNCH CAPITAL MARKETS ESPANA S A SVB
CAJA DE AHORROS Y PENSIONES DE
COMPAIA DE CARTERA E INVERSIONES SA
COMPANIA ESP
TESTA INMUEBLES EN RENTA S.A.
ALTADIS SA
BANCO DE GALICIA SA
BILBAO BIZKAIA KUTXA, BBK
BOTIN EMILIO
SANAHUJA PONS ROMANO
FERROVIAL INFRAESTRUCTURAS SA
FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA
JOVE CAPELLAN
IAGA GESTION
UNITED TECHNOLOGIES CORPORATION
PR PISA SA
BANCO DE CASTILLA SA
BANCAJA INVERSIONES SA
FIDELITY INTERNATIONAL
TELEFONICA SA
MERCADO DE CONSTRUCCIONES
CAJA DE AHORROS DE VALENCIA CASTELLON Y ALICANTE BANCAJA
CAJA DE AHORROS Y MONTE DE PIEDAD DE ZARAGOZA, ARAGON Y RIOJA
RED ELECTRICA DE ESPANA S.A.
GRUPO ENTRECANALES SA
T. ROWE PRICE GROUP, INC
TECNICAS REUNIDAS, S.A.
FMR CORP
BARCLAYS PLC
METROVACESA SA
BANCO DE VALENCIA SA
EC NOMINEES LIMITED
ACS, ACTIVIDADES DE CONSTRUCCION
STATE STREET
ABERTIS INFRAESTRUCTURAS,
ODIVAL
COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA SA
TOTAL S.A.
GAS NATURAL SDG, S.A.
MORGAN STANLEY
FRANKLIN RESOURCES,
RESIDENCIAL MONTE CARMELO S.A.
REPSOL YPF S.A.
INVERSION CORPORATIVA IC SA
HISUSA HOLDING DE INFRAESTRUCTURAS Y SERVICIOS
CAPITAL GROUP COMP
BANCO POPULAR ESPANOL SA
ZARDOYA OTIS SA
BANCO PASTOR SA
FUNDACION MAPFRE
CARTERA MAPFRE S.L. GESTEVISION TELECINCO SA
ENDESA, S.A.
ORTEGA GAONA AMANCIO
GARTLER S.L.
B 1998 SL
FINANZAS DOS SA
CRITERIA CAIXACORP
SAYOA SIMCAVF SA
UNION FENOSA SA
PEREZ RODRIGUEZ
IMVERNELIN PA
CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID
SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
ACCIONA S.A.
BANCO SANTANDER SA
MEDIASET INVESTIMENTI S P A
STATE STREET BANK AND TRUST COMP
PORTMAN BAELA SL
INVERSIONES
CHASE NOMINEES LIMITED
FERREIRA DE AMORIN AMERICO
WALTER HERBERT
AMORIM, AMERICO MR
INMOBILIARIA COLONIAL, S.A.
CINTRA CONCESIONES DE INFRAESTRUCTURAS
Figure 14: Left: PH; right: ES.
7/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
SNS REAAL GROEP NV
L’ARCHE GREEN
AKZO NOBEL NV
ROBECO NV
STICHTING ADMINISTRATIEKANTOOR FUGRO
STICHTING
ABN AMRO HOLDING NV
MORGAN STANLEY & CO. INTERNA
ROYAL VOPAK
EUREKO B.V.
STICHTING PENSIOENFONDS ABP
SBM OFFSHORE
KONINKLIJKE AHOLD
WOLTERS KLUWER NV
CARVALHO - HEINEKEN C.L.
RODAMCO EUROPE N.V.
CAPITAL GROUP INTERNA
HEINEKEN HOLDING NV UNILEVER NV
EQUITABLE RESOURCES
KONINKLIJKE PHILIPS ELECTRONICS NV
L’ARCHE HOLDING SA
CORIO N.V.
EURONEXT N.V.
STICHTING EFFECTENGIRO ROBECO DIRECT
RANDSTAD BEHEER B.V.
STICHTING ADMINISTRA
FRANKLIN RESOURCES, INC.
DODGE & COX
ALLIANZ SE
NYSE EURONEXT
SOUTHEASTERN ASSET
STICHTING BEHEER SNS REAAL
FORTIS UTRECHT N.V.
ELSEVIER N.V.
AEGON NV
STICHTING ADMINISTRATIEKANTOOR UNILEVER
KONINKLIJKE KPN NV
FORTIS
HEINEKEN NV
UNIBAIL-RODAMCO
BARCLAYS PLC
ING GROEP NVKONINKLIJKE NUMICO NV
STMICROELECTRONICS HOLDING N.V.
CAPITAL RESEARCHSOGEADE
VEDIOR NV
ORDINA NV
FIAT NETHERLANDS
UNIVAR N.V.
GAMMA HOLDING NV
COOPERATIVE CENTRALE RAIFFEISEN BOERENLEENBANK
STMICROELECTRONICS N.V.
KONINKLIJKE BOSKALIS WESTMINSTER NV
FIAT S.P.A.
FUGRO NV
KONINKLIJKE DSM N.V.
HAL HOLDING N.V.
TOM TOM NV
INVESCO PLC
AXA
EUROPEAN
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA OOK TE NOEMEN RABOBANK
BRANDES INVESTMENT
PACIFICA GROUP LIMITED
DAIMLERCHRYSLER
ROLINCO N.V.
STICHTING CONTINUTEIT TOMTOM
GROUPE DANONE
FMR CORP
RANDSTAD HOLDING NV
JP MORGAN CHASE & CO.
SOCIT GNRALE
CNH GLOBAL N.V.
CAPITAL GROUP COMPANIES
VERENIGING AEGON
BUSINESS CONNEXION GROUP LIMITED
RMB HOLDINGS
AECI LIMITED
INSURANCE AND ASSURANCE COMPANIES
OCTODEC INVESTMENTS LTD
ANGLO SOUTH AFRICA CAPITAL (PTY) LTD
RESILIENT PROPERTY INCOME FUND LTD
SHOPRITE HOLDINGS LIMITED
JOHNNIC COMMUNICATIONS LIMITED
STEINHOFF INTERNATIONAL HOLDINGS
HOSKEN CONSOLIDATED INVESTMENTS LTD
NEDBANK GROUP LIMITED
LIBERTY HOLDINGS
ANGLO AMERICAN PLC
WILSON BAYLY HOLMES - OVCON LIMITED
INVICTA HOLDINGS LIMITED
TIGER BRANDS LTD
NU-WORLD HOLDINGS LIMITED
BIDVEST GROUP LIMITED (THE)
PUBLIC INVESTMENT COMMISSIONERS
MAIN STREET 333 (PTY) LTD
BARCLAYS BANK PLC
TRANS HEX GROUP LTD
MITTAL STEEL COMPANY N.V.
PICK ’N PA
BARLOWORLD LTD
TELKOM SA LIMITED
METAIR INVESTMENTS LIMITED
AVENG LIMITED
AVI LIMITED
IFOUR PROPERTIES LIMITED
SANLAM LIFE INSURANCE LIMITED
NAMPAK WIEGAND GLASS (PTY) LTD
DATATEC LIMITED
SANLAM LIMITED
BARCLAYS PLC
INVESTEC LIMITED
BARNARD JACOBS MELLET HOLDINGS LIMITED
ADCORP HOLDINGS LIMITED
AFGRI LIMITED
MTN GROUP
CLIENTELE LIFE ASSURANCE COMPANY LIMITED
THE SPAR GROUP LTD
TWO RIVERS PLATINUM (PTY)
GENCOR LTD
GLENRAND
MURRAY & ROBERTS HOLDINGS LIMITED
NETWORK HEALTHCARE HOLDINGS
SAPPI LTD
APEXHI PROPERTIES LIMITEDJD GROUP LTD
ANGLO PLATINUM LIMITED
TUTUWA PARTICIPANTS
PARACON HOLDINGS LIMITED
TONGAAT HULETT LIMITED
MUSTEK LIMITED INVESTEC ASSET MANA
RMB ASSET MANA
OLD MUTUAL GROUP
OLD MUTUAL LIFE ASSURANCE COMPANY OF SOUTH AFRICA LIMITED
MITTAL STEEL SOUTH AFRICA LIMITED
EXXARO RESOURCES LIMITED
ASTRAL FOODS LIMITED
PUBLIC INVESTMENT CORPORA
STANDARD BANK GROUP LIMITED
TRUWORTHS INTERNATIONAL LIMITED
MUTUAL & FEDERAL INSURANCE COMPANY
DISCOVERY HOLDINGS
SUN INTERNATIONAL LIMITED
DODGE & COX
FRATER ASSET MANAGEMENTCORONATION FUND MANAGERS LIMITED
COMBINED MOTOR HOLDINGS LIMITED
HOUSE OF BUSBY LIMITED (THE)
FIRSTRAND LIMITED
REMGRO LIMITED
MERAFE RESOURCES LIMITED
SASOL LIMITED
IMPALA PLATINUM HOLDINGS LIMITED
OLD MUTUAL PLCFRANKLIN RESOURCES, INC.
GOVERNMENT OF SOUTH AFRICA
GROWTHPOINT PROPERTIES LIMITED
FAMOUSNASPERS LIMITED
ANGLOGOLD ASHANTI LIMITED
LEWIS GROUP LTD
NETPARTNER
THE PUBLIC
ILIAD AFRICA LIMITED
ABSA GROUP LIMITED
FINANCIAL SECURITIES
REUNERT LIMITED
CAPITAL GROUP COMPANIES INC, THE
NAMPAK LIMITED
GOVERNMENT EMPLOYEE PENSION FUND (THE)
SANTAM LIMITED
ORBIS HOLDINGS LTD.
PICK ’N PAY STORES
PEREGRINE HOLDINGS LIMITED
PRETORIA PORTLAND CEMENT
SCHARRIG MINING LTD
NEW CLICKS HOLDING LIMITED
HYPROP INVESTMENTS LIMITED
Figure 15: Left: NL; right: ZA.
CKW CENTRALSCHWEIZERISCHE KRAFTWERKE
LO HOLDING LAUSANNE-OUCHY SA
PARJOINTCO N.V.
UBS AG
BRANDES INVESTMENT PARTNERS, L.P.
SWISS REINSURANCE COMPANY
JULIUS BAER HOLDING LTD
SWATCH GROUP SA
JP MORGAN CHASE BANK, NA
SUN LIFE FINANCIAL INC
WELLINGTON MANAGEMENT CO
CREDIT SUISSE GROUP
BERNER OBERLAND-BAHNEN
BANQUE CANTONALEMOTOR-COLUMBUS AG
AXA
EFG INTERNA
KUEHNE HOLDING AG
NEUE AARGAUER BANK
DODGE & COX
EDF INTERNATIONAL
FRANKLIN RESOURCES, INC.
FIDELITY INTERNATIONAL LIMITED
FMR CORP
BKW FMB ENERGIE A
UNICREDITO ITALIANO SPA
NOVARTIS AG
EMASAN AG
BARRY CALLEBA
GENERAL ELECTRIC COMPANY
ELEKTRIZITAETS-GESELLSCHAFT LAUFENBURG
PARGESA HOLDING SA
NOVARTIS FOUNDATION FOR EMPLOYEE PARTICIPATION
EFG BANK
ATEL AARE-TESSIN AKTIENGESELLSCHAFT FUR ELEKTRIZITAT
KUEHNE UND NAGEL INTERNA
CHASE NOMINEES LIMITED
STATE OF SWITZERLAND
CAPITAL GROUP COMPANIES INC, THE
RICHEMONT SECURITIES AG
HOLCIM LTD.
CHOCOLADEFABRIKEN LINDT UND SPRUNGLI AG
INVESTOR AB
NORTRUST NOMINEES LIMITED
ABB LTD
SWISSCANTO HOLDING AG
DR. H.C. THOMAS SCHMIDHEINYSWISS LIFE HOLDING
GOVERNMENT OF NORWAY
NATIXIS
DEUTSCHE BANK AG
JANUS CAPITAL GROUP
BARCLAYS PLC
ROCHE HOLDING AG
EOS HOLDING
THE DEPOSITORY TRUST
AXPO HOLDING
COMPAGNIE FINANCIERE RUPERT
MELLON BANK NA
JACOBS
FIDELITY MANANESTLE S.A.
COMPAGNIE FINANCIERE RICHEMONT AG
FONDS FUR PENSIONSERGANZUNGEN CHOLCOLADEFABRIKEN LINDT & SPRUNGLI
SWISSCOM AG
ANDRE HOFFMAN AND ANDREA OERI AND MEMBERS OF THE FOUNDER’S
CANTON OF BERNE
SYNGENTA AG
ZURICH FINANCIAL SERVICES GROUP
ABERDEEN ASSET MANAGEMENT
BUREAU OF THE CROWN PROPERTY AND
JASMINE INTERNATIONAL PCL
ELECTRICITY GENERATING PCL
KHON KAEN SUGAR INDUSTRY PCL
KASIKORNBANK PUBLIC COMPANY LIMITED
AFFILIATED MANAGERS GROUP INC
THAI WACO
BANK OF AYUDHYA PUBLIC COMPANY LTD.
MCOT PUBLIC COMPANY LIMITEDGLOW ENERGY PCL
THAI NVDR CO LTD
EASTERN WATER RESOURCES
ELECTRICITY GENERATING AUTHORITY OF THAILAND
PTT PCL
VAYUPAK MUTUAL FUND 1
GMM GRAMMY PUBLIC COMPANY LIMITED
ADVANCED INFORMATION TECHNOLOGY PCL
FRANKLIN RESOURCES, INC.
THE BANGCHAK PETROLEUM PCL
BANGKOK BANK PUBLIC COMPANY LIMITED
SAHA PATHANAPIBUL
SHIN CORPORATION PCL
BERLI JUCKER PCL
THANACHART BANK PUBLIC COMPANY LIMITED
VANACHAI GROUP PCL
LAND & HOUSE PCL
THAI AIRWAYS INTERNATIONAL PCL
HOLCIM LTD.
DEVES INSURANCE PUBLIC
BUREAU OF THE CROWN
DODGE & COX
TOTAL ACCESS COMMUNICATION PCL
ADKINSON SECURITIES
YARNAPUND PUBLIC COMPANY LIMITED
CHAROEN POKPHAND FOODS PCL
DYNASTY CERAMIC PCL
SAHAVIRIYA STEEL INDUSTRIES PCLTHE BANK OF NEW YORK (NOMINEES) LIMITEDSTATE STREET BANK AND TRUST COMPANY
SRI TRANG AGRO-INDUSTRY PCL
SUPALAI PCL
SHV HOLDINGS
ASPEN HOLDINGS LIMITED
MINOR CORPORATION PCL
BANKTHAI PUBLIC COMPANY LIMITED
CAPITAL GROUP COMPANIES INC, THE
FINANCIAL INSTITUTIONS DEVELOPMENT FUND
THE UNION MOSAIC INDUSTRY
PROFESSIONAL WASTE TECHNOLOGY
SINGTEL STRATEGIC INVESTMENTS PTE LTD
HSBC (SINGAPORE) NOMINEES PTE LTD
THE AROMATICS (THAILAND) PCL
BANGKOK DUSIT MEDICAL SERVICES PCL
GOVERNMENT OF THAILAND
PTT CHEMICAL PCL
VAYUPAK FUND 1
ASHMORE INVESTMENT MANAGEMENT LIMITED
VIBHAVADI MEDICAL
NAKORNTHAI STRIP
DELTA ELECTRONICS (THAILAND) PCLMIDA ASSETS
JP MORGAN CHASE & CO.LLOYD GEORGE MANAGEMENT (HONG KONG)TICON INDUSTRIAL CONNECTION PCL
HSBC BANK PLC - CLIENTS GENERAL A/C
THE SIAM CEMENT PCL
REGIONAL CONTAINER LINES
SIAM CITY CEMENT PCL
BANGKOK CHAIN HOSPITAL PCL
A.J. PLAST PCL
CEDAR HOLDINGS LIMITEDAIRPORTS OF THAILAND PCL
THE STOCK EXCHANGE OF THAILAND
PTT EXPLORATION & PRODUCTION PCL
SAMMAKORN PUBLIC
CLP POWER PROJECTS (THAILAND) LIMITED
THAI BRITISH SECURITY
FMR CORP
TMB BANK PUBLIC COMPANY LIMITED
SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
IRPC PUBLIC COMPANY LIMITED
QUALITY HOUSES PCL
KRUNG THAI BANK PUBLIC COMPANY LIMITED
RATCHABURI ELECTRICITY GENERATING
PREUKSA REAL ESTATE PUBLIC COMPANY LIMITED
MINISTRY OF FINANCE
GE CAPITAL INTERNATIONAL HOLDINGS CORP
CAL-COMP ELECTRONICS (THAILAND) PCL
THAI CANE PAPER
SAHA-UNION
ADVANCED INFO SERVICE PCL
SKAGEN AS
DIMENSIONAL FUND ADVISORS
WORKPOINT ENTERTAINMENT
BANK OF NOVA SCOTIA ASIA LTD (THE)
THAI OIL PUBLIC COMPANY LIMITED
BANGKOK LAND PCL
AMARIN PRINTING AND PUBLISHING
AMATA CORPORATION PUBLIC COMPANY LIMITED
TPI POLENE CO LTD
STOCK EXCHANGE OF THAILAND
THAI PLASTIC & CHEMICAL
OISHI GROUP PUBLIC COMPANY LIMITED
THAIVIVAT INSURANCE PUBLIC COMPANY LIMITED
GRANTHAM, MAYO, VAN OTTERLOO & CO, LLC
SIAM CITY BANK PUBLIC COMPANY LIMITED
MAJOR CINEPLEX GROUP PCL
SAHA PATHANA INTER-HOLDING PLC
THAILAND SECURITIES DEPOSITORY COMPANY LIMITED FOR DEPOSITORS
GOVERNMENT OF SINGAPORE
GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION PTE LTD
MINOR INTERNATIONAL PUBLIC COMPANY LIMITED
SIAM MAKRO
M-LINK ASIA CORPORA
Figure 16: Left: CH; right: TH.
8/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
JOHANNA QUANDT GMBH & CO. KG FR AUTOMOBILWERTE
ATTICUS CAPITAL LP
REGINA VERWALTUNGSGSELLSCHAFT MBH
EUROHYPO AG
JP MORGAN CHASE & CO.COMMERZBANK AG
ACS, ACTIVIDADES DE CONSTRUCCION Y SERVICIOS, S.A.
METRO VERMGENSVERWALTUNG GMBH &FRANZ HANIEL & CIE GMBH
AUDI AG
BAYER AG
DAIMLERCHRYSLER AG
DR. ALEXANDER WACKER FAMILIENGESELLSCHAFT MIT BESCHRNKTER HAFTUNG
KLATTEN, SUSANNE
CREDIT SUISSE GROUP
DR. ING .H.C.F. PORSCHE AG
SAP AG
CELESIO AG
ALFRIED KRUPP VON BOHLEN UND HALBACH KRANKENHAUS GEMEINNTZIGE GMBH
FL GROUP HF.
VOLKSFRSORGE
SAL OPPENHEIM
RHEINLAND HOLDING
FIDELITY MANAGEMENT & RESEARCH COMPANY
DEUTSCHE TELEKOM AG
DEUTSCHE LUFTHANSA AG
OLDENBURGISCHE LANDESBANK
AXA
COMDIRECT BANK AG
TCHIBO HOLDING AG
FREISTAAT BAYERN BAYERISCHES STAA
FMR CORP
DRESDNER BANK AG
AMB GENERALI HOLDING AG
ACTIVA RESOURCES
UBS AG
ALLIANZ LEBENSVERSICHERUNGS
STEFAN QUANDT GMBH & CO.KG FR AUTOMOBILWERTE
UNICREDITO ITALIANO SP
DEUTSCHE BANK AGDEUTSCHE BRSE AG
SOCIT GNRALE
QUANDT, JOHANNA
UNION ASSET MANAGEMENT HOLDING
QUANDT, STEFAN
DEKABANK DEUTSCHE
VATTENFALL EUROPE AG
HENKEL KGAA
BUNDESANSTALT FR POST UND TELEKOMMUNIKATION DEUTSCHE BUNDESPOST (BANST PT)SIEMENS AG
PAUL HARTMANN
RWE AG
SPOHN CEMENT GMBH
CONTINENTAL AG
TAKKT AG
SCHWARZ PHARMA AG
ARCANDOR AG
IKB DEUTSCHE INDUSTRIEBANK AG
ALLIANZ SE
FORST EBNATH AG
UNICREDIT BANCA MOBILIARE SPA
STATE OF GERMANY
HOCHTIEF AG
GILDEMEISTER
THYSSENKRUPP AG
DEUTSCHER SPARKASSENUND GIROVERBAND E.V. (DSGV)
HASSO PLATTNER GMBH & CO. BETEILIGUNGS-KG
VOLKSWAGEN AG
KUWAIT INVESTMENT AUTHORITY
DEUTSCHE POSTBANK AG
GOVERNMENT OF KUWAIT
WACKER-CHEMIE GMBH
BEIERSDORF AG
E.ON AG
ERGO VERSICHERUNGSGRUPPE AG
SALZGITTER AG
ALTANA AG
BARCLAYS PLC
METRO AG
KFW BANKENGRUPPE
WWMW E-COMMERCE INTERNATIONAL GMBH
KLAUS TSCHIRA STIFTUNG, GEMEINNTZIGE GMBH
COMMERZBANK INLANDSBANKEN HOLDING AG
MAN AG
FLUXX AG
FAMILIEN PORSCHE/PIECH
E. MERCK OHG
BASF AG
UCB NV/SA
BHS TABLETOP AG
HI-VERMOEGENSVERWALTUNGSGESELLSCHAFT
DEUTSCHE POST AG
MUNICH RE GROUPSIXT AG
LAND NIEDERSACHSEN
CAPITAL GROUP COMPANIES INC, THE
HEIDELBERGER ZEMENT AG
VATTENFALL AB
RWE ENERGY BETEILIGUNGSGESELLSCHAFT MBHHENKEL FAMILY
GENERALI BETEILIGUNGS-GMBH
LANDESBANK BERLIN HOLDING AG
STATE OF LOWER SAXONY
ALFRIED KRUPP VON BOHLEN UND HALBACH-STIFTUNG
BAYER SCHERING PHARMA AG
BAYERISCHE HYPO-UND VEREINSBANK
MERCK KGAA
MADELEINE SCHICKEDANZ VERMGENSVERWALTUNG GMBH & CO. KG
MERRILL
DIETMAR HOPP UND DIETMAR HOPP STIFTUNG GMBH
VON SIEMENS-VERMGENSVERW
FRANKLIN RESOURCES, INC.
BAYERISCHE MOTOREN WERKE AG - BMW
THE CHILDREN’S INVESTMENT FUND MANAGEMENT (UK) LLP
TCI FUND MANAGEMENT (UK) LLPAMADEUS FIRE AG
Figure 17: DE.
RENAULT
AXLON GROUP AB
MODERN TIMES GROUP AB
UNIFLEX AB
VALKYRIES PETROLEUM CORPORATION
STATE OF SWEDEN
SAVINGS BANK FOUNDATIONS
INVESTMENT AB LATOUR
WALLANDER & HEDELIUS FUND
SKANSKA AB
LENNART WALLENSTAM BYGGNADS
ALECTA PENSIONSFORSAKRING OMSESIDIGTNORDEA BANK AB (PUBL)
PEAB AB
CARL BENNET
HANDELSBANKEN
LINDAB INTERNATIONAL AB
TRYGG-FOUND
INDUTRADE AB
HUSQVARNA AB
HENNES & MAURITZ AB
BIOTAGE AB
TELEFONAKTIEBOLAGET LM ERICSSON
SAVINGS BANKS
GETINGE AB
MICRO SYSTEMATION AB
STATE OF FINLAND (SUOMEN VALTIO)
SKANDINAVISKA ENSKILDA BANKEN AB
SWEDBANK ROBUR AB
SKI AB
ATLAS COPCO AB
ASSA ABLOY AB
LIVSFORSAKRINGS AB
SHB PENSIONSSTIFTELSE
INVESTOR AB
ALECTA AB
BEIJER ELECTRONICS
TELIASONERA AB
MEXAB FRV
THE STEFAN PERSSON FAMILY
SVENSKA CELLULOSA AB SCA
GUSTAF DOUGLAS FAMILJ OCH BOLA
BOLIDEN AB
STEFAN PERSSON PLACERING AB
HEXAGON AB
MICRONIC LASER SYSTEMS AB
AB ELECTROLUX
STENBECK JAN H
AB INDUSTRIVARDEN
SVENSKA HANDELSBANKEN
MEDA AB
TETRA LAVAL B.V.
ALFA LAVAL AB
BARCLAYS PLC
TELE2 AB
HANDELSBANKEN PENSION FOUNDATION
FAGERHULT AB
CARDO AB
EMESCO AB
CAPITAL GROUP COMPANIES INC, THE
KNUT OCH ALICE W
VOLVO AB
LUNDIN PETROLEUM AB
SKF AB
SAMPO PLC
SANDVIK AB
SCANIA AB
CLAS OHLSON AB
BJORN BORG AB
TRADEDOUBLER AB
HANDELSBANKEN PENSION FUND
OLD MUTUAL PLC
INVESTMENT AB KINNEVIK
TETRA PAK HOLDINGS AB
AMF PENSIONS AKTIFONDS SVERIGE
AFA FRSKRING AB
MELKER SCHRLING
Q-MED AB
STENA SESSAN REDERI
FMR CORP
OKTOGONEN
VOLKSWAGEN A
PERSSON, STEFAN MR
KNUT AND ALICE WALLENBERG FOUNDA
HOLMEN AB
L E LUNDBERGFRETAGEN AB
SWEDBANK AB
SWEDBANK ROBUR FONDER AB
AMF PENSIONSFRSKRING AB
GOVERNMENT OF SWEDEN
Figure 18: SE.
9/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
KEYBANK NATIONAL ASSOCIATION
CHINA RESOURCES LAND LIMITED
VERTEX GROUP LIMITED
THE9 LIMITED
PHOENIX SATELLITE TELEVISION HOLDINGS LIMITED
THE FORTUNE STAR 1992 TRUST
XINYU HENGDELI HOLDINGS LIMITED
LI ROBINCHINA TING GROUP HOLDINGS LIMITED
XINAO GROUP INTERNATIONAL
SCHRODERS PLC
COMMONWEALTH BANK OF AUSTRALIA
CHINA SKY CHEMICAL FIBRE CO., LTD.
TRANSOCEAN INC
AAC ACOUSTIC TECHNOLOGIES HOLDINGS INC
EFFICIENT MARKET LTD
CHINA STATE CONSTRUCTION INTERNATIONAL HOLDINGS LTD
GARMIN LTD.
HSU FENG
NORTHERN TRUST CORPORATION
KUWAIT PETROLEUM CORPORATION LTD.
KAILEY INVESTMENTS LTD
CAPITAL GUARDIAN TRUST COMPANY
CAPITAL GROUP INTERNA
SUNRISE HEIGHT INCORPORATED
TONIC INDUSTRIES HOLDINGS LIMITED
HENGAN INTERNATIONAL GROUP COMPANY LIMITED
T. ROWE PRICE GROUP, INC
EMPLOYEES OF CHI MEI COMMUNICA
CHINA TECHFAITH WIRELESS COMMUNICATION TECHNOLOGY
JF ASSET MANAGEMENT LIMITED
CAPITAL GROUP COMPANIES INC, THE
NOBLE CORPORATION
MR MICHAEL JG GLEISSNER
CAPITAL RESEARCH &
CHEN FAMILY TRUST
BARCLAYS PLC
WELLINGTON MANAGEMENT CO L.L.P.
USI HOLDINGS LIMITED
IAT GROUP INC
AXA
HALLGAIN MANAGEMENT LIMITED
WANG HUNG
HALBIS CAPITAL MANAGEMENT
NEW WORLD DEVELOPMENT COMP
LI SAN YIM & NGAI NGAN YING
LEVEL GLOBAL INVESTORS,
FARALLON CAPITAL
MARBLE KING
HUTCHISON TELECOMMUNICATIONS INTERNATIONAL LIMITED
SUBSEA 7 INC.
SHANDA INTERACTIVE ENTERTAINMENT
HOPEWELL HIGHWAY INFRASTRUCTURE LIMITED
SEMICONDUCTOR
FU JI FOOD & CATERING SERVICES HOLDINGS LIMITED
NEW WORLD MOBILE HOLDINGS
SOCIT GNRALE
CHINA SUN BIO-CHEM TECHNOLOGY GROUP COMPANY LTD
CCM TRUST
AFFILIATED MANAGERS GROUP INC
AMVIG HOLDINGS
LIANJIE, XU MR
TRULY INTERNATIONAL HOLDINGS LIMITED
GOLDEN EAGLE INTERNA
ASM PACIFIC TECHNOLOGY LIMITED
CENTENNIAL SUCCESS LIMITED
CHINA LONGGONG GROUP HOLDINGS LIMITED
NETEASE.COM, INC.
DEUTSCHE BANK AG
ALLIANCEBERNSTEIN L.P.
ENRIC ENERGY EQUIPMENT HOLDINGS
FMR CORP
KAO RUEY-JENG
LI NING COMPANY LIMITED
DAVIS SELECTED ADVISERS
TENCENT HOLDINGS
SA SA INTERNATIONAL HOLDINGS LIMITED
CALAMOS ASSET MANAGEMENT, INC
INVESCO PLC
OPPENHEIMERFUNDS, INC.
FISHER INVESTMENTS, INC.
CHINA MEDICAL TECHNOLOGIES, INC.
GIC SPECIAL INVESTMENTS PTE LTD
XINAO GAS HOLDINGS LIMITED
JF ASSET MANAGEMENT (SINGAPORE) LIMITED
CHIA HSIN CEMENT CORPORATION
PARKSON RETAIL GROUP LIMITED
LVMH MOET HENNESSY LOUIS VUITON SA
LAIRD NORTON FINANCIAL GROUP, INC.
HUI LIN CHIT
CITIGROUP INC
VALUE PARTNERS LTD.
CREDIT SUISSE GROUP
LEE & MAN PAPER MANUFACTURING LIMITED
GLOBALSANTAFE CORPORATION
DIMENSIONAL FUND ADVISORS INC
GLOBAL BIO-CHEM TECHNOLOGY GROUP COMPANY LIMITED
AGILE PROPERTY HOLDINGS LIMITED
YAN, RICK MR
SINA CORPORATION
GOVERNMENT OF SINGAPORE
FOXCONN INTERNATIONAL HOLDINGS LIMITEDTINGYI (CAYMAN ISLANDS) HOLDING CORPORATION
BAIDU.COM, INC.
LONGERVIEW INVESTMENTS LIMITED
MORGAN STANLEY
SUN LIFE FINANCIAL INC
XIE TRUST
CK LIFE SCIENCES INTERNATIONAL (HOLDINGS) INC
SZE MAN BOK
CHINA SHINEWAY PHARMACEUTICAL GROUP LIMITED
CHINA MOBILE LIMITED
INCSIGHT LIMITED
CHAODA MODERN AGRICULTURE (HOLDINGS) LIMITED
XING KONG CHUAN MEI GROUP CO LTD
FINETEX INTERNATIONAL LIMITED
VANGUARD GROUP, INC.THE
GAIN AHEAD GROUP LIMITEDNATURAL BEAUTY BIO-TECHNOLOGY LIMITED
SINCERE WATCH (HONG KONG) LIMITED
TOMSON GROUP
BARCLAYS GLOBAL INVESTORS, NATIONAL ASSOCIATION
CHINA OVERSEAS HOLDINGS LIMITED
BURRELL GARY L. FAMILY
STATE STREET CORPORATION
JP MORGAN INVESTMENT MANAGEMENT INC
TOM GROUP LIMITED
KAO MIN H. FAMILY
LI KA-SHING UNITY TRUSTEE COMPANY LIMITED AS TRUSTEE OF THE LI KA-SHING UNITY TRUST
51JOB, INC.
MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC
WILLIAM BLAIR & COMPANY LLC
HURRAY! HOLDING CO., LTD.
SHANGHAI
ANBER INVESTMENTS LIMITED
CHINA INFRASTRUCTURE MACHINERY HOLDINGS LTD
LI NING
GOLDEN EAGLE RETAIL
CHIA HSIN CEMENT GREATER CHINA HOLDING CORPORATION
WINSOR PROPERTIES HOLDINGS LIMITED
STATE OF TEXAS
ZHANG ZHIDONG
TCC INTERNATIONAL HOLDINGS LIMITED
BEST UPD
PERRY CORPORATION
ABSA BANK
ADVANCE
HSBC HOLDINGS PLC
SKYLINE MEDIA LIMITED
CHIN SAMUEL WAI LEUNGDRAGON CITY MANAGEMENT LIMITED
POLYTEC ASSET HOLDINGS
JP MORGAN CHASE & CO.
S.I. TECHNOLOGY
CHEUNG KONG (HOLDINGS) LIMITED
SIEM OFFSHORE INC
SHINING GLOBE INTERNATIONAL LIMITED
NEW WORLD CHINA LAND LIMITED
FRESH DEL MONTE PRODUCE INC.
CHARM WISE LIMITED
KINGBOARD CHEMICAL HOLDINGS LIMITEDCHINA MENGNIU DAIRY CO. LTD.
ASM INTERNATIONAL NV
AMCOR FIBRE
UBS AG
ADVANCED SEMICONDUCTOR MATERIALS (NETHERLANDS ANTILLES) N.V.
MERRILL LYNCH & CO., INC.
LAM WAI WAH & CHUNG KING YEE CECILIA
GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION PTE LTD
SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD
HKR INTERNATIONAL LIMITED
HUTCHISON WHAMPOA LIMITED
MILLION DECADE LIMITED
Figure 19: KY.
10/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
CAPITAL GROUP COMPANIES INC, THE
TRI-M TECHNOLOGIES (S) LTD
DBS GROUP HOLDINGS LTD
HONG LEONG CORPORATION HOLDINGS PTE LTD
GREAT EASTERN HOLDINGS LIMITED
YANLORD HOLDINGS PTE LTD
COUGAR LOGISTICS CORPORATION LTD
SINGAPORE PETROLEUM CO LTD
SINGAPORE LAND LTD
OVERSEAS UNION ENTERPRISE LIMITED
JARDINE STRA
UNITED TEST AND ASSEMBLY CENTER LTD
PARALLAX VENTURE PARTNERS
UOB KAY HIAN HOLDINGS LIMITED
STARHUB LIMITED
ASE INC
CSE GLOBAL LIMITED
WEE EE CHEONG
SINGAPORE PRESS HOLDINGS LTD
DATAPULSE TECHNOLOGY LTD
SINGAPORE AIRLINES LTD
HL BANK NOMINEES (S) PTE LTD
BEST METHOD
CITY DEVELOPMENTS LTD
SEMBCORP PARKS
JARDINE STRATEGIC
UNITED OVERSEAS BANK NOMINEES
CHARTERED SEMICONDUCTOR MANUFACTURING LTD
UNITED OVERSEAS BANK LIMITED UOB
JARDINE MATHESON
TUAN SING HOLDINGS LTD
SEMBCORP INDUSTRIES LIMITED
HSBC HOLDINGS PLC
JP MORGAN CHASE & CO.
WHEELOCK PROPERTIES (SINGAPORE) LIMITED
KEWALRAM SINGAPORE LIMITED
SINGAPORE FOOD INDUSTRIES LTD
THE ASCOTT GROUP LIMITED
DBSN SERVICES PTE LTD
SINGAPORE AIRPORT TERMINAL
NEPTUNE ORIENT LINES LTD
RICHARD C. BLUM
ASIA PACIFIC
INTERNET TECHNOLOGY
ASIA MOBILE HOLDINGS PTE LTD
WEE INVESTMENTS PRIVATE LTD
CHINA AUTO CORPORATION LTD
NASSIM DEVELOPMENTS PTE LTD
YHI INTERNATIONAL LIMITED
WILMAR HOLDINGS PTE LTD
CITIBANK NOMINEES SINGAPORE PTE LTD
COSCO CORPORATION (SINGAPORE) LIMITED
TAN BOY TEE
OOI LIN, LUM
TAT HONG HOLDINGS LTD
OCEAN SKY INTERNATIONAL LTD
FLEXTRONICS INTERNATIONAL LTD.
FRASER & NEAVE LTD
ISETAN (SINGAPORE) LTD
BUKIT SEMBAWANG ESTATES
STATS CHIPPAC LTD.
SIA ENGINEERING COMPANY LTD
GOLDTRON LTD
HONG LEONG ASIA LIMITED
DELONG HOLDINGS LIMITED
MAJU HOLDINGS PTE LTD
HUP SOON GLOBAL CORPORATION LIMITED
SINGAPORE SHIPPING
HONG LEONG FINANCE LIMITED
COMFORTDELGRO CORPORATION LTD
EASTERN ASIA TECHNOLOGY
UNITED INDUSTRIAL CORPORATION LTD
FHTK HOLDINGS LTD
HSBC (SINGAPORE) NOMINEES PTE LTD
GIGAMEDIA
EASTGATE TECHNOLOGY LTD
OLAM INTERNATIONAL LIMITED
ASE TEST LIMITEDGALLANT VENTURE L
HO BEE INVESTMENT LTD
INTRACO LIMITED
OVERSEAS UNION ENTERPRISE REALTY PTE LTD
SINGAPORE TECHNOLOGIES ENGINEERING LTD
JARDINE CYCLE & CARRIA
PAN UNITED CORPORATION LIMITED
OVERSEA-CHINESE BANK NOMINEES PRIVATE LIMITED
OVERSEA-CHINESE BANKING CORPORATION LIMITED OCBC
YANLORD LAND GROUP LIMITED
GUOCOLAND ASSETS PTE. LTD.
SUNTORY LIMITED
HONG LEONG HOLDINGS LIMITED
SMRT CORPORATION LTD
WEE FAMILY
SUNNINGDALE TECH LTD.
SINGAPORE INVESTMENTS (PTE) LIMITED
WHEELOCK AND COMPANY LIMITED
UOB NOMINEES (2006) PRIVATE LIMITED
DBS VICKERS SECURITIES (SINGAPORE) PTE LTD
TRANSMARCO LTD
STRAITS ASIA RESOURCES LIMITED
SEMBCORP MARINE LIMITED
UIC ENTERPRISE PTE LTD
KEPPEL CORPORATION LTD
GOVERNMENT OF SINGAPORE
DBS NOMINEES PTE LTD
WELLINGTON MANA
ASIA FOOD & PROPERTIES LTD
TEMASEK HOLDINGS (PRIVATE) LIMITED
QIAN HU CORPORA
LION ASIAPAC LIMITED
UOL GROUP LIMITED
KEPPEL TELECOMMUNICATIONS & TRANSPORT
DIMENSIONAL FUND AD
HYFLUX L
GOKONGWEI JOHN JR
GUOCOLAND LIMITED
JURONG TECHNOLOGIES INDUSTRIAL CORPN LTD
CEREBOS
VENTURE CORPORATION LIMITED
KEPPEL OIL AND GAS
ABERDEEN ASSET MANAGEMENT PLC
TRANSPAC INDUSTRIAL HOLDINGS LTD
SINGAPORE TECHNOLOGIES SEMICONDUCTORS PTE LTD
SINGAPORE TELECOMMUNICATIONS LTD
SOMERSET CAPITAL PTE LTD
CAPITALAND LIMITED
HAW PAR CORPORATION LIMITED
UNITED OVERSEAS BANK NOMINEES (PRIVATE) LIMITED
KEPPEL LAND LIMITED
RAFFLES NOMINEES (PTE) LTD
CHWEE CHENG & SONS PTE LTD
TELEGRAPH DEVELOPMENTS LIMITED
ORCHARD PARADE
HONG LEONG INVESTMENT HOLDINGS PTE. LTD.
CHINA OCEAN SHIPPING (GROUP) C
WILMAR INTERNATIONAL LIMITED
HOTEL PROPERTIES LTD
THOMSON MEDICAL CENTRE LIMITED
DBS TRUSTEE LTD
ASIA PACIFIC
PARKWAY HOLDINGS LTD
SINGAPORE POST LTD
TELECHOICE INTERNATIONAL LTD
BEST DECADE HOLDINGS LIMITED
SHANGHAI ASIA HOLDINGS LTD.
SELAT (PTE) LTD
MAVERIC LIMITED
SELETAR INVESTMENTS PTE. LTD.
BARCLAYS PLC
FRANKLIN RESOURCES, INC.
FMR CORPLABROY MARINE LTD
AXA
Figure 20: SG.
11/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
STATE OF FRANCE
AXA FRANCE VIE
SAGA SA
FAMILLE BETTENCOURT
MORGAN STANLEY & CO. INTERNATIONAL
BLUE CAPITAL
L’AIR LIQUIDE SA
CRDIT AGRICOLE S.A.SODEXHO ALLIANCE
CAISSE RGIONALE DE CRDIT AGRICOLE MUTUEL
SOCIETE LORRAINE DE PARTICIPATION SIDERURGIQUES
CAISSE RGIONALE DE CRDIT AGRICOLE MUTUEL LOIRE
JP MORGAN CHASE INVESTOR
CAISSE RGIONALE DE CREDIT AGRICOLE MUTUEL DE LA
AGF HOLDING
ERAP
EIFFARIE
GECINA SA
NESTLE S.A.
GROUPE GO SPORT
SA PAUL RICARD
FONCIERE EURIS SA
COMET B.V.
AIR FRANCE - KLM
RENAULT
COLAS SA
STICHTING PENSIOENF
BOUYGUES SA
NEUF CEGETEL
ELF AQUITAINE
COMMISSARIAT A L’ENERGIE ATOMIQUE
L’OREAL SA
DODGE & COX
TELEVISION
ALLIANZ SE
GROUPE FAMILIAL HALLEY
LAGARDERE SCA
FONDS DU PLAN D’EPARGNE
SEMYRHAMISCAISSE RGIONALE DE CRDIT AGRICOLE
SOCIETE GENERALE FONDS E
LEGRAND
FMR CORP
EIFFAGE
PLANTATIONS DES TERRES ROUGES SA
GROUPE DANONECOMPAGNIE GENERALE DES ET
ETS PEUGEOT FRERES
THALES SA
SOCIETE FONCIERE FINANCIERE ET DE PARTICIPATIONS-FFP
FAMILLE PEUGEOT
MORGAN STANLEY
CREDIT AGRICOLE ASSET MANAGEMENT
JC DECAUX HOLDING
CARPINIENNE DE PARTICIPATION SA
LEGUIDE.COM
FAMILLE DECOSTER
TOTAL S.A.
VEOLIA ENVIRONNEMENT
SAS RUE LA BOETIE
LVMH MOET HENNESSY LOUIS VUITON SA
SOCIT GNRALE ASSET MANAGEMENT
ILIAD
WENDEL
WELLINGTON MANAGEMENT CO
FMR CORP
CREDIT AGRICOLE ASSET MANAGEME NT GROUP CAAM GROUP
GROUPE ERAMET
FINANCIERE DE L’ODET SA
SOPASSURE
SOFIBOL
BARCLAYS PLC
EURAZEO
SUEZ
DASSAULT SYSTEMES SA
PAGESJAUNES GROUPE
FCP BOUYGUES
STE FRANCAISE
SOCIETE DES PARTICIPATIONS DU COMMISSARIAT A L’ENERGIE ATOMIQUE - AREVACAPITAL RESEARCH
LEGENDRE HOLDING 11
UNIBAIL-RODAMCO
NISSAN FINANCE CO LTD
PERNOD RICARD SA
CARREFOUR SA
GAZ DE FRANCE SA - GDF
JEAN-CHARLES NAOURI
SA BELLON
GOVERNMENT OF FRANCE
METROVACESA SA
CHRISTIAN DIOR SA
INITIATIVE & FINANCE INVESTISSEMENT SACOMPAGNIE DU CAMBODGE
COMPAGNIE EUROPEENNE D’INVESTISSEMENT
NISSAN MOTOR CO LTD
GROUPE INDUSTRIEL MARCEL DASSAULT
SANOFI-AVENTIS
SOCIT GNRALE
SCDM
FCPE COLAS
CAISSE RGIONALE DE CREDIT AGRICOLE MUTUEL SUD RHNE -ALPES
AXA
CAPITAL GROUP COMPANIES INC, THE
GBL VERWALTUNG
FINGESTVAL
GROUPAMA
GROUPAMA HOLDING
ICADE SA
CAISSE NATIONALE
FRANCE TELECOM SA
AUTOROUTES PARIS-RHIN-RHONE
SOCIETE NATIONALE DES CHEMINS DE FER FRANCAIS (SNCF)
EULER HERMESBANQUE FDRALE DES
CAISSE RGIONALE DE CRDIT AGRICOLE MUTUEL
JCDECAUX SA
SOCIETE IMMOBILIERE
BOLLORE
LAFARGE SA
SORAME
AXA ASSURANCES VIE MUTUELLE
VINCI SA
ALSTOM S.A.
CAISSE RGIONALE DE CREDIT AGRICOLE MUTUEL D’ALPES-PROVENCE
KKR
SACYR VALLEHERMOSO,
VALLOUREC
ELECTRICITE DE FRANCE SA - EDF
PPR
GROUPE BRUXELLES LAMBERT
GROUPE CAISSE DES DPTS
M NIEL XAVIER THOMSON
MEDIANNUAIRE
ARTEMIS
SNCF PARTICIPATION SA
AEROPORTS DE PARIS
WENDEL INVEST
TSA
FRANKLIN RESOURCES, INC.
CNP ASSURANCES
CAISSE RGIONALE DE CRDIT AGRICOLE MUTUEL
PEUGEOT S.A.
CAISSE RGIONALE DE CRDIT AGRICOLE MUTUEL DU
SOCIETE LORRAINE DE PARTICIPAT IONS SIDER
BNP PARIBAS
CAISSE REGIONALE DE CRDIT AGRICOLE
AXA ASSURANCES IARD MUTUELLE
CAISSE RGIONALE DE CRDIT AGRICOLE MUTUEL D’AQUIT
LAGARDERE CAPITAL & MANAGEMENT
CAISSE RGIONALE DE CRDIT A
FINANCIERE JEAN GOUJON
COMPAGNIE DE SAINT GOBAIN SA
DIAGEO PLC
NEXITY
CRDIT LYONNAIS
GBL VERWALTUNG SARL
NATIXIS
RALLYE SA
COMPAGNIE NATIONALE A PORTEFEUILLE
SCHNEIDER ELECTRIC SA
STATE STREET BANK
CASINO, GUICHARD-PERRACHON
Figure 21: FR.
12/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
CIMB GROUP NOMINEES (TEMPATAN) SDN BHD-PLEDGED SECURITIES ACCOUNT FOR AMCORPGROUP BERHAD (49234 JTRK-RC2)
GOVERNMENT OF MALAYSIA
BURSA MALAYSIA BHD
MALAYAN SUGAR MANUFACTURING COMP
SAPURACREST
MAJAHARTA SDN BHD
EKOVEST BERHAD
DIMENSIONAL FUND
ORNAPAPER BERHAD
SIME DARBY BHD
DRB-HICOM BERHAD
PUAN SRI DATIN HOONG
GOLDIS BERHAD
BERJAYA SPORTS TOTO BERHAD
DAIMAN DEVELOPMENT BHD
EXCEL STEP INVESTMENTS LTD
HIGHLANDS & LOWLANDS BHD
HONG LEONG INDUSTRIES BHD
INGENUITY SOLUTIONS BERHAD
AKN MESSAGING TECHNOLOGIES BERHAD
BOUSTEAD PROPERTIES BERHAD
SUNWAY HOLDINGS INCORPORATED BERHAD
MALAYSIA BUILDING SOCIETY BERHAD
MTD CAPITAL BHD
PENERBANGAN
BIMB HOLDINGS BERHAD
KUOK BROTHERS SDN BERHAD
LKT INDUSTRIAL BHD
MULTI-PURPOSE
KUALA LUMPUR KEPONG BHD
THE STORE CORPORA
CAPITAL GROUP COMPANIES INC, THE
NYLEX (MALAYSIA)
INDUSTRIAL CONCRETE
TALIWORKS CORPORATION BERHAD
TENAGA NASIONAL BHD
CENTURY BOND BERHAD
PETRONAS DAGANGAN BHD
LION DIVERSIFIED HOLDINGS
CHEMICAL COMPANY OF MALAYSIA BERHAD
LION FOREST INDUSTRIES
CASI MANA
SEKURITI PEJAL SDN. BHD.
TRADEWINDS (M) BHD
PANASONIC MANUFACTURING MALAYSIA BERHAD
NARRA INDUSTRIES BERHAD
ASAS DUNIA BHD
TA ENTERPRISE BERHAD
PLUS EXPRESSWAYS BERHAD
TAN SRI DATO’ SERI VINCENT TAN CHEE YIOUN
TAN CHONG MOTOR HOLDINGS BHD
YTL CEMENT BHD
IGB CORPORATION BERHAD
TITAN CHEMICAL CORP. BERHAD
IJM PLANTATIONS BERHAD
ZELAN BERHAD
GUTHRIE ROPEL BHD
YTL POWER INTERNATIONAL BERHAD
KIEN HUAT REALTY SDN BHD
IOI PROPERTIES BHD
HONG LEONG BANK BERHAD
TAN SRI QUEK LENG CHAN
PARKSON HOLDINGS BERHAD
HICOM HOLDINGS BHD
ORIENTAL HOLDINGS BHD
BOUSTEAD HOLDINGS BHD
PPB GROUP BERHAD
MAGNUM CORPORA
NEWTON INVESTMENT MANAGEMENT LIMITED
GAMUDA BHD
REDTONE INTERNATIONAL BERHAD
BANK PEMBANGUNAN
HOCK SIN LEONG GROUP BHD
BERJAYA GROUP BHD
GEK POH (HOLDINGS) SDN BHD
SOUTHERN ACIDS (M) BHD
WORLDWIDE HOLDINGS BHD
HO HUP CONSTRUCTION COMPANY BHD
BURSA MALAYSIA DEPOSITORY SDN BHD
UEM BUILDERS BERHAD
AMANAH RAYA NOMINEES (TEMPATAN) SDN BHD - SKIM AMANAH SAHAM
BERJAYA LAND BHD
CAHYA MATA SARAWAK BERHAD
ANCOM BHD
KLCC PROPERTY HOLDINGS BERHAD
PARKVIEW MANAGEMENT SDN BHD
NESTLE S.A.
IOI CORPORATION BHD
UAC BERHAD
INTER MERGER SDN BHD
PBA HOLDINGS BHD
UNISEM (M) BERHAD
PAN MALAYSIA CORPORATION BERHAD
BOX-PAK (MALAYSIA) BERHAD
KWEK LENG BENG
HL HOLDINGS SDN BHD
AKN TECHNOLOGY BERHAD
RHB CAPITAL BERHAD
SIME UEP PROPERTIES BHD
MALAYSIAN AIRLINE SYSTEM BHD
SARAWAK ENERGY BERHAD
SIME ENGINEERING SERVICES BHD
HUME INDUSTRIES (MALAYSIA) BHD
LION INDUSTRIES CORPORATION BHD
AMANAH MILLENIA FUND BERHAD
WCT CAPITAL SDN BHD
HONG LEONG INVESTMENT HOLDINGS PTE. LTD.
Y.S.P. SOUTHEAST ASIA HOLDING BERHAD
ARUSHA ENTERPRISE SDN BHD
MWE HOLDINGSAFFIN HOLDINGS BERHAD
KONINKLIJKE/SHELL GROEP
SEAPORT TERMINAL (JOHORE)
PUBLIC BANK BERHAD
AMWAY (MALAYSIA) HOLDINGS BERHAD
UEM WORLD BERHAD
INVESCO PLC
AEON CO. (M) BERHAD
NCB HOLDINGS BERHAD
EMPLOYEES PROVIDENT FUND (THE)
MALAYSIAN RESOURCES CORPORATION BHD
ABERDEEN ASSET MANAGEMENT PLC
LEMBAGA TABUNG HAJI
PENTAMASTER CORPORATION BERHAD
TELEKOM MALAYSIA BERHAD
BINA DARULAMAN
LEMBAGA TABUNG ANGKATAN TENTERA
XIAN LENG HOLDINGS BERHAD
MALAYAN BANKING BERHAD - MAYBANK
MBM RESOURCES BHD
KUMPULAN GUTHRIE BHD
EON CAPITAL BERHAD
HO WAH GENTING
HAP SENG CONSOLIDATED BHD
GOLDEN HOPE PLANTATIONS BHD
DIGI.COM BERHAD
ASIATIC DEVELOPMENT BHD
DELLOYD VENTURES BERHAD
NESTLE (MALAYSIA) BERHAD
RANHILL BERHAD
PROGRESSIVE HOLDINGS
PROTON HOLDINGS BERHAD
PETROLIAM NASIONAL BERHAD
ANZ FUNDS PTY LTD
CAMERLIN GROUP BERHAD
GOLDEN
GENTING BHD
IJM CORPORATION BHD
AXA INVESTMENT MANAGERS LIMITED
MIECO CHIPBOARD BERHAD
METROD (MALAYSIA)
BRITISH AMERICAN TOBA
YTL CORPORATION BHD
MESINIAGA BERHAD
MALAYSIA AIRPORTS HOLDINGS BERHAD
MMC CORPORATION BERHAD
TRADEWINDS PLANTATION BERHAD
SAPURA RESOURCES
SHELL REFINING CO (FOM) BHD
FOCAL AIMS
GOLDMAN SACHS INTERNATIONAL
UMW HOLDINGS BERHAD
ENG TEKNOLOGI HOLDINGS BHD
ORNASTEEL HOLDINGS BERHAD
WCT ENGINEERING BERHAD
FABER GROUP BERHAD
MNRB HOLDINGS BERHAD
WILLIAM BLAIR & COMPANY LLC
FMR CORP AND FIDELITY INTERNA
UNITED MALACCA BERHAD
TUNE AIR SDN
KAI PENG BHD
AMINVESTMENT BANK GROUP BERHAD
UNITED ENGINEERS (M) BHD
MINISTER OF FINANCE
RESORTS WORLD BHD
KHAZANAH NASIONAL BERHAD
CHOO BEE METAL INDUSTRIES BERHAD
KNM GROUP BERHAD
FMR CORP
KWANTAS CORPORATION BERHAD
KUMPULAN PERANGSANG SELANGOR BERHAD
LION CORPORATION BHD
MALAYSIAN BULK CARRIERS
SAPURA TECHNOLOGY
KOBAY TECHNOLOGY BERHAD
MISC BERHAD
GUOCO GROUP LIMITED
AMMB HOLDINGS BERHAD
BANDAR RAYA DEVELOPMENTS
BANK OF NEW YORK MELLON CORP.
LINGUI DEVELOPMENTS BHD
SUNGEI WAY CORPORATION SDN BHD
BRITISH AMERICAN TOBACCO (MALAYSIA)
APOLLO FOOD HOLDINGS BHD
INSAS BHD
SCOMI GROUP BERHAD
TRC SYNERGY BERHAD
RB LAND HOLDINGS BERHAD
HONG LEONG CO. MALAYSIA BHD.
AMANAH RAYA NOMINEES (TEMPATAN) SDN BHD
STAR PUBLICATIONS (MALAYSIA) BHD
KUMPULAN HARTANAH SELANGOR BERHAD
TERAS MEWAH SDN BHDGATEWAY BENEFIT SDN BHD
P.I.E. INDUSTRIAL BERHAD
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD.
SELANGOR PROPERTIES BERHAD
APM AUTOMOTIVE HOLDINGS BERHAD
MALAYSIAN MOSAICS BHD
BATU KAWAN BHD
BUMIPUTRA-COMMERCE HOLDINGS BERHAD
MTD ACPI ENGINEERING BERHAD
HONG REALTY (PRIVATE) LIMITED
BOUSTEAD HEAVY INDUSTRIES CORPORATION BERHAD
EASTERN PACIFIC INDUSTRIAL CORPORATION BERHAD
YAYASAN PELABURAN BUMIPUTRA
MALAYSIAN PACIFIC INDUSTRIES BHD
CEMENT INDUSTRIES OF MALAYSIA
PETRONAS GAS BHD
TASEC NOMINEES (TEMPATAN) SDN BHD - TIAH THEE KIAN
PASDEC CORPORATION SDN BHD
PELIKAN INTERNATIONAL CORPORATION BERHAD
PERMODALAN NASIONAL BERHAD
HONG LEONG FINANCIAL GROUP BHD
INDRA CITA SDN BHD
KIM HINKULIM (MALAYSIA) BHD
LINGKARAN TRANS KOTA HOLDINGS BERHAD
TAN SRI CHENG HENG JEM
EMPLOYEES PROVIDENT FUND BOARD
AIRASIA BERHAD
Figure 22: MY.
13/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
COSCO PACIFIC INVESTMENT HOLDINGS LIMITED
K. WAH INTERNATIONAL HOLDINGS LIMITED
JRGEN ALFRED RUDOLF FRIEDRICH
ALLIANCEBERNSTEIN L.P.
ALLIED WORLD ASSURANCE HOLDINGS LTD
SHUI ON COMPANY LIMITED
CHUN, WANG KOO YIK MRS
ROMERO DIONISIO FAMILY
JOYCE BOUTIQUE
SOUNDA PROPERTIES LIMITED
AXA FINANCIAL, INC.
AQUARIUS PLATINUM LIMITED
VTECH HOLDINGS LIMITED
FORTRESS
SHANGRI-LA ASIA LIMITED
LI & FUNG LTD
KATANGA MINING LIMITED
ASA LIMITED
ACCENTURE LTD
HAIER ELECTRONICS GROUP CO., LTD.
TUNNELL DAVID
XL CAPITAL LIMITED
NEO-CHINA
KERRY HOLDINGS
PARTNERRE LTD
PRUDENTIAL FINANCIAL INC
TPV TECHNOLOGY LIMITED
ULTRARICH INTERNATIONAL LIMITED
CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED
FOSTER WHEELER LTDLEHMAN BROTHERS HOLDINGS INC.
XIWANG SUGAR HOLDINGS COMPANY LIMITED
GOLDEN HOPE LIMITED
MERRILL LYNCH & CO., INC.
MICHAEL YING LEE YUEN
NATIXIS
CHINA YURUN FOOD GROUP LIMITED
MARSH & MCLENNAN COMPANIES INC
PCS (BARBADOS) INVESTMENT COMPANY LIMITED
STICHTING NARITAWEG II
LI & FUNG (DISTRIBUTION) LIMITED
AMERICAN CENTURY INVESTMENT MANA
HSBC INTERNATIONAL TRUSTEE LIMITED
SUN HING VISION GROUP HOLDINGS
A-ONE INVESTMENTS LIMITEDSINOLINK WORLDWIDE HOLDINGS LIMITED
FUNG CHOI MEDIA GROUP LIMITED
BERKSHIRE HATHAWAY INC
ONEBEACON INSURANCE GROUP LIMITED
SILVER ACT OVERSEAS LIMITED
WILLIS GROUP HOLDINGS LIMITED
CHINA ORIENTAL
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
COSCO INTERNA
DBSN SERVICES PTE LTD
YUE YUEN INDUSTRIAL (HOLDINGS) LIMITED
JARDINE STRATEGIC HOLDINGS LIMITED
LO YING SUI, ARCHIE
FMR CORP AND FIDELITY INTERNATIONAL LIMITED
MAX CAPITAL GROUP LTD
PACIFIC ANDES (HOLDINGS) LIMITED
JINHUI SHIPPING AND TRANSPORT
T. ROWE PRICE GROUP, INC
STATE STREET CORPORATION
MCL LIVING TRUST
MELCHERS H D
PZENA INVESTMENT MANAGEMENT, LLC
JEFFREY L GENDELL
GUOLINE OVERSEAS LIMITED
ELEGANCE INTERNATIONAL HOLDING LIMITED
SHENZHEN INTERNATIONAL HOLDINGS LIMITED
AMERICAN CENTURY COMPANIES, INC
ATLANTIS INVESTMENT MANAGEMENT
INGERSOLL-RAND COMPANY LIMITED
SUTARDJA PANTAS
KERRY PROPERTIES
STAR CRUISES LIMITED
MERRILL LYNCH ASSET MANAGEMENT
TRANSPORT INTERNA
PEACE MARK (HOLDINGS) LIMITED
FIRST PACIFIC
BLACKSTONE MANAGEMENT
COSCO PACIFIC LIMITED
AMERIPRISE FINANCIAL, INC.
ZIFF BROTHERS INVESTMENTS,
ARTISAN PARTNERS LIMITED PARTNERSHIP
FRANKLIN RESOURCES, INC.
CHEAH CHENG HYE
DAVIS SELECTED ADVISERS LP
COFCO
HOPSON DEVELOPMENT
CREDICORP LTD.
CHUBB CORPORATION
JOHNSON ELECTRIC HOLDINGS LIMITED
SHUI ON CONSTRUCTION AND MATERIALS LIMITEDWEALTHPLUS HOLDINGS LIMITED
NOBLE GROUP LIMITED
GIANT WIZARD CORPORATION
LORITO HOLDINGS
AIRCASTLE LIMITED
SHINNING CROWN HOLDINGS INC
LI & FUNG (1937) LIMITED
BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED
THRIVE TRADE LIMITED
OLD MUTUAL PLC
PRIMA AFP SA
NG LEUNG HO
CARNEY
BOWENVALE LTD
NINE DRAGONS PAPER (HOLDINGS) LIMITED
LEE KEWSONG
INTEGRATED DISTRIBUTION SERVICES GROUP LTD.
HAL TRUST N.V.
MANDARIN ORIENTAL INTERNATIONAL LIMITED
BIO-TREAT TECHNOLOGY LIMITED
CREDIT SUISSE GROUP
GRADIENT CAPITAL PARTNERS LLP
SOUTHEASTERN ASSET MANAGEMENT, INC
LAU LUEN HUNG THOMAS
CITIGROUP INC
CAPITAL GROUP COMPANIES INC, THE
NUVEEN INVESTMENTS, INC
ORIENT-EXPRESS HOLDINGS 1 LTD
KKR 1996 OVERSEAS LIMITED
JARDINE MATHESON HOLDINGS LIMITED
ATLANTIC SECURITY HOLDING CORP
JP MORGAN CHASE & CO.
CAPITAL RESEARCH & MANAGEMENT COMPANY
FIBRECHEM TECHNOLOGIES LIMITED
STARLITE HOLDINGS LIMITED
GOLDMAN SACHS GROUP, INC
HEMEN HOLDING LIMITED
MARVELL TECHNOLOGY GROUP LTD
SUN WORLD LDT
CAPITAL MATE LIMITED
WARBURG PINCUS
CHU LAM YIU
TEXWINCA HOLDINGS LIMITED
JMH INVESTMENTS LTD
CHINA GRAND FORESTRY RESOURCES
NEW WORLD DEVELOPMENT COMPANY LIMITED
ASIA DEKOR HOLDINGS LIMITED
CHINA FOODS LIMITED
GOME ELECTRICAL APPLIANCES HOLDINGS LIMITED
PUTNAM INVESTMENT MANAGEMENT LLC
VOSTOK GAS LTD.
GREAT VIEW INTERNATIONAL LIMITED
FIRST PACIFIC COMPANY LIMITED
STICHTING NARITAWEG I
RESORTS WORLD LIMITED
AXIS CAPITAL HOLDINGS LIMITED
LEHMAN BROTHERS INC
SUN HUNG
GOLDEN OCEAN GROUP LIMITED
CHU MANG YEE
TYCO INTERNATIONAL LIMITED
NEUBERGER BERMAN LLC
LONGCHEER HOLDINGS LIMITED
CANINCO INVESTMENTS
GUOCO GROUP LIMITED
BRANDES INVESTMENT PARTNERS, L.P.
BANK OF NEW YORK MELLON CORP.
CREDIT SUISSE HOLDINGS (USA), INC.
NEWOCEAN ENERGY HOLDINGS LIMITED
JARDINE STRATEGIC (BVI) LTD
BARCLAYS PLC
LUNG KEE (BERMUDA) HOLDINGS LIMITED
CAPITAL GUARDIAN TRUST COMPANY
PUBLIC BANK BERHAD
BYRNE JACK
FRONTLINE LIMITED
BUNGE LIMITED
PEOPLE’S FOOD HOLDINGS LIMITED
LO KA SHUI
LAZARD LIMITED
BARROW, HANLEY, MEWHINNEY & STRAUSS INC
FERROCHINA LIMITED
BEST RESULT HOLDINGS LIMITEDASIA SATELLITE TELECOMMUNICATIONS HOLDINGS LIMITED
CHINA FLEXIBLE PACKAGING HOLDINGS LIMITED
COMMONWEALTH BANK OF AUSTRALIA
ORIENT-EXPRESS HOTELS LIMITED
WORLD SHIPHOLDING LTD
JARDINE MATHESON LIMITED
CHINESE ESTATES HOLDINGS LIMITED
C C LAND HOLDINGS LIMITED
AXA
VANGUARD GROUP, INC.THE
SINOCHEM HONG KONG (GROUP) CO., LTD
APAX PARTNERS LTD
ALCO HOLDINGS LIMITED
YUEN MICHAEL YING LEE
YET HOLDINGS LIMITED
TAN CHONG INTERNATIONAL LIMITED
LAZARD ASSET MANAGEMENT LLC
LEGG MASON INC
WIDE SMART HOLDINGS LIMITED
VALUE PARTNERS LTD.
FMR CORP
TEMPLETON ASSET MANAGEMENT LTD
MORGAN STANLEY & CO INCORPORATED
ASPEN INSURANCE HOLDINGS LIMITED
OCEAN GRAND HOLDINGS LIMITED
AMERICAN INTERNATIONAL GROUP INC - AIG
FIRST PACIFIC
SEADRILL LIMITED
HONGKONG LAND HOLDINGS LIMITED
IPC HOLDINGS LTD
CHINA LIFESTYLE FOOD & BEVERAGES GRP LTD
NWS HOLDINGS LIMITED
THE LI KA-SHING UNITY DISCRETIONARY TRUST
KONINKLIJKE PHILIPS ELECTRONICS NV
GOLDEN PRINCE GROUP L
SMARTONE TELECOMMUNICA
MORGAN STANLEY
CHINA GREEN (HOLDINGS) LIMITED
ARCH CAPITAL GROUP LIMITED
BARCLAYS GLOBAL INVESTORS, NATIONAL ASSOCIA
SUTARDJA SEHAT AND
HUABAO INTERNATIONAL HOLDINGS LIMITED
INVEST GAIN
CNPC (HONG KONG) LIMITED
WARNER CHILCOTT LIMITED
CENTRAL AFRICAN MINING & EXPLORATION COMP
SHINE GROUP LIMITED
JANUS CAPITAL GROUP, INC.
RENAISSANCERE HOLDINGS LTD
ACE LIMITED
INVESCO PLC
WELLBEING HOLDINGS
PINE AGRITECH LIMITED
COOPER INDUSTRIES, LTD.
DARMEX HOLDINGS LIMITED
DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
GLOBAL KING LTD
GOLAR LNG LTD.
SEA CONTAINERS LIMITED
NWQ INVESTMENT MANAGEMENT COMP
DEUTSCHE BANK AG
BUNCE JOHN
HFCP IV (BERMUD
ASIA PACIFIC PROMOTION LIMITED
WILLIE HOLDINGS LIMITED
ESPRIT HOLDINGS LIMITED
SINOFERT HOLDINGS LIMITED
CENTRAL EUROPEAN MEDIA ENTERPRISES
A I M MANAGEMENT GROUP INC
CLAMFORD HOLDING LIMITED
CHEUNG CHUNG KIU
JINHUI HOLDINGS COMPANY LIMITED
AFP INTEGRA S.A.
HONGGUO INTERNATIONAL HOLDINGS LIMITED
MOORE HOLDINGS LLC
EVEREST RE GROUP LIMITED
TRUE SMART
PUBLIC FINANCIAL HOLDINGS LIMITED
GREAT EAGLE HOLDINGS LIMITED
POU CHEN CORPORATION
WHITE MOUNTAINS INSURANCE GROUP LTD
FUNG KWOK KING VICTOR
HBK INVESTMENTS LP
PROFIT SHARING (OVERSEAS) LP
WELLINGTON MANAGEMENT CO L.L.P.KERRY GROUP
TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA
Figure 23: BM.
14/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
PENTAMICRO INC.
AXA
KT CORPORATION
FIRST FIRE & MARINE INSURANCE CO LTD
JEONG,SANG YEONG
SK NETWORKS CO.,LTD.
GU,BON NEUNG
SIN,GYEOK HO
KUMHO INDUSTRIAL CO.,L
JEONG,YONG JIN
LG DACOM CORPORATION
SAMSUNG ENGINEERING CO.,LTD.
DAELIM COPORATION
HYUNDAI H&S CO.,LTD.
CITIGROUP INC
WON HYUK-HEE AND 6 OTHERSGWANGJU SHINSEGAE CO.,LTD.
DIMENSIONAL FUND ADVISORS INC
SEMPIO FOODS COMPANY
CHOE,PYEONG GYU
CAPITAL GROUP COMPANIES INC, THE
HYUNDAI SAMHO HEAVY INDUSTRIES CO.,LTD.
DAEWOO SECURITIES CO, LTD
SHINHAN ENGINEERING & CONSTRNCTION CO.,LTD.
SSANGYONG ENGINEERING & CONSTRUCTION CO.,LTD.
SEOL,YUN SEOK
HANJIN TRANSPORTATION CO.,LTD.
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
ORICOM INC.
SSB-SMALL CAPITAL
HYUNDAI MIPO DOCKYARD CO.,LTD.
GS ENGINEERING & CONSTRUCTION CORP.
LG ELECTRONICS INC.
LEE,SU YEONG
PARK,CHUNG WON
NHN CORPORATION
YUHWA SECURITIES CO
PARK YONG-MAN
KT CORPORATION
SAMSUNG CORPORATION
STX CORPORATION
KIM,YEONG DAE
GU,BON JUN
TAEWOONG CO., LTD.
KOREA INVESTMENT TRUST MANAGEMENT CO.,LTD.
TRIUMPH
KOREA EXCHANGE BANK
LEE,JUN HO
POSCO REFRACTORIES & ENVIRONMENT CO.,LTD.
ASIANA AIRLINES INC.
LG PETROCHEMICAL CO.,LTD.
DAEKYUNG MACHINERY & ENGINEERING
NIPPON STEEL CORPORATION
KT HITEL CO.,LTD.
BANK OF NEW YORK
SAMSUNG FIRE & MARINE INSURANCE COMPANY LIMITED
HEE MYUNG LEE
LG CARD
SHINHAN BANK
BARCLAYS PLCLOTTE MOOLSAN CO.,LTD.
SAMSUNG TECHWIN CO.,LTD.
SAMSUNG SECURITIES CO LTD
LG.PHILIPS LCD CO.,L
CHEJU BANK, LTD.
CJ CORP.
FIDELITY FUNDS
KUMGANG KOREA CHEMICAL
SEO,GYEONG BAE
NARA MOLD & DIE CO.,L
JEONG,UI SEON
HANJIN ENERGEY CO.,LTD.
PARK,CHEOL W
MIRAE ASSET CAPITAL CO.,LTD.
LOTTE CHILSUNG BEVERAGE CO.,LTD.
KIA MOTORS CORPORATION
MIRAE ASSET INVESTMENT MANAGEMENT CO.,LTD.
SJ WINTECH CO.,LTD.
SAMSUNG ELECTRONICS
TAIHAN ELECTRIC WIRE CO.,L
LG MICRON LTD.
KOREA ASSET MANAGEMENT CORPORATION
KANGWON LAND INC.
M PLAY
KOREA FUJI FILM CO.,LTD.
KOREA DEVELOPMENT BANK
LG TELECOM CO.,LTD.
ORBIS HOLDINGS LTD.
HOTEL LOTTE CO.,LTD.
SAMSUNG LIFE INSURANCE COMPANY LIMITED
DC CHEMICAL CO.,LTD.
DONGWON INDUSTRIES CO.,LTD.
HYNIX SEMICONDUCTOR INC.
PACIFIC CORPORATION
HEO,JIN SU
GANG,DEOK SU
WOORI INVESTMENT & SECURITIES CO LTD
NATIONAL AGRICULTURAL COOPERA
DODGE & COXDONGBU SECURITIES CO
KT FREETEL CO.,L
SAMSUNG ELECTRO-MECHANICS CO.,LTD.
NUVEEN INVESTMENTS, INC
JEONG,MONG GYU
CAPITAL WORLD GROWTH
KUMHO ASIANA GROUP
NH INVESTMENT & SECURITIES CO., L
ARAMCO OVERSEAS CO.,B.V(AOC)
DAELIM INDUSTRIAL CO.,LTD.
SK CORPORATION
CJ FOOD
PUSAN BANK
SAMHWA CROWN & CLOSURE CO.,LTD.
LSF-KEB HOLDINGS
SAMSUNG NETWORKS CO.,LTD.
HYUNDAI MERCHANT MARINE CO.,LTD.
CJ CGV CO.,LTD.
SECOM(JAPAN)
AIRMEDIA CORPORA
COMGEST
AFFILIATED MANAGERS GROUP INC
S&T CORPORATION
CITIBANK ADR
HOTEL SHILLA CO.,LTD.
KOREAN REINSURANCE COMPANY
HSBC HOLDINGS PLC
KOREA INVESTMENT
SAMHO
FRANKLIN MUTUAL ADVISORS, LLC
YUN,SEOK GEUM
FRANKLIN RESOURCES, INC.
GENESIS FUND MANAGERS LLP
KONINKLIJKE
FMR CORPFRANKLIN MUTUAL ADVISERS LLC
MIRAE ASSET SECURITIES CO., LTD
SIN,DONG BIN
GLOVIS CO.,LTD.
THE KOREA
KOREA EXCHANGE BANK CO.,LTD.
DOOSAN HEAVY INDUSTRIES & CONSTRUCTION
KCC ENGINEERING & CONSTRUCTION CO.,LTD.
BNP PARIBAS
DAEWOO INTERNATIONAL CORPORATION
YOUNGJIN PHARM. IND. CO.,LTD.
KIM,SEUNG YEON
EUROPACIFIC GROWTH FUND
TEMASEK HOLDINGS (PRIVATE) LIMITED
SHINSEGAE CO.,LTD.
KOO, CHA-WON AND 19 OTHER RELAPOSCO
EMERGING MARKETS INVESTORS CORPORATION
STX ENGINE CO.,LTD.
DAESUNG INDUSTRIAL CO.,LTD.
LG CHEM CO.,LTD.
YBM SISA.COM INC.
MIRAE ASSET INVESTMENT MANAGEMENT CO.,LTD.
CREST SECURITIES LTD
JP MORGAN CHASE & CO.
HONAM PETROCHEMICAL CORP.
KOCREF CR-REIT 3
NONGSHIM HOLDINGS CO.,LTD.INFRA WARE INC.
LS CABLE LTD.
DAEWOO SHIPBUILDING & MARINE ENGINEERING CO.,LTD.
S1 CORPORATION
JO,YANG HO
KCC CORPORATION
KOREA ZINC COMPANY
HYUNDAI CORPORATION
HYUNDAI ELEVATOR CO.,LTD.
SAMSUNG ELECTRONICS CO.,LTD.
UNION STEEL CO.,LTD.
LOTTE SHOPPING CO.,LTD.
POSCO
CHEIL INDUSTRIES INC.
HANYANG SECURITIES CO
YOULCHON CHEMICAL CO.,LTD.
JEONG,MONG IK
CJ HOME SHOPPING CO.,LTD.
S-OIL CORPORATION
CHEIL COMMUNICATIONS INC.
JF ASSET MANAGEMENT LIMITED
SK SECURITIES CO
SK TELECOM CO.,LTD.
DONGBU INSURANCE CO LTD
PACIFIC PHARMACEUTICAL
BERKSHIRE HATHAWAY INC
NATIONAL PENSION CORPORATION
NAMHAE CHEMICAL CORP.
KOREA INVESTMENT HOLDINGS CO. LTD
KIA MOTORS CORPORATION
LOTTE ALUMINIUM
SOVEREIGN ASSET MANAGEMENT
CHINA MILLENNIUM CORPORATION
JEONG,MONG JIN
JEONG,MONG GU
KOREA ELECTRIC POWER CORPORA
LEE,HOE RIMLEE,JEONG HUN
DOOSAN CONSTRUCTION & ENGINEERING CO.,LTD.
KOREA MUTUAL SAVINGS BANK
DAEWOO ENGINEERING & CONSTRUCTION
CHO JUNG-HO
HYUNDAI DEVELOPMENT COMPANY - ENGINEERING & CONSTRUCTION
PARK,YONG GON
LOTTE SAMKANG CO.,LTD.
OLD MUTUAL PLC
DANAL CO.,LTD.
HYUNDAI STEEL COMPANY
PACIFIC CORPORATION
JEONG,MONG JUN
SK CORPORATION
WOONGJIN
HANJIN ENERGY
ALLIANCEBERNSTEIN L.P.
NIPPON STEEL CORPORATION
LIG INSURANCE COMPANY LTD
HYUNDAI MERCHANT MARINE CO.,LTD.
LEE,MYEONG HUI
CAPITAL GROUP INTERNATIONAL
KUMHO TIRE CO.,INC.
KOREA GAS CORP.
NONGSHIM CO.,LTD.
LG CHEM CO.,LTD.
LG FASHION CORP.
DONGWON SYSTEMS CORPORATION
CAPITAL RESEARCH & MANAGEMENT COMPANY
KOO,BOHN MOO
LG CABLE
LEE,HAE JIN
THE GOVERNMENT
DOOSAN INFRACORE CO.,LTD.
SHINHAN FINANCIAL GROUP
HYOSUNG
KT&G CORPORATION
KOREA ENVIRONMENT TECHNOLOGY CO.,LTD.
DOOSAN ENGINE CO., LTD
KT SUBMARINE
HANA FINANCIAL GROUP
EUGENE CORPORATION
HANWHA CORP.
SAMSUNG ELECTRONICS CO.,LTD.
HYUNDAI SECURITIES CO. LTD.
SHINHEUNG SECURITIES CO
ORBIS INVESTMENT MANAGEMENT LIMITED
GEVERAN TRADING CO., LTD
WIDER THAN CO.,LTD.
LONE STAR FUND
GEVERAN TRADING CO. LTD
KOREA KUMHO PETROCHEMICAL
HYUNDAI MOTOR COMPANY CO.,LTD.
ACE DIGITECH CO.,LTD.
CITIBANK N.A. (ADR DEPT)
SKC CO., LTD.
HYUNDAI MOBIS CORP.
SAMSUNG HEAVY INDUSTRIES CO.,LTD.
TEMPLETON ASSET MANAGEMENT LTD
MERITZ FIRE & MARINE INSURANCE CO LTD
SAMSUNG FINE CHEMICALS CO.,LTD.
KOREA DEPOSIT INSURANCE CORPORATION
SEOUL SEMICONDUCTOR CO.,LTD.
LG CORP.
STATE OF KOREA (THROUGH THE MINISTRY OF FINANCE AND ECONOMY)
KYUNGDONG NAVIEN CO.,LTD.
HANWHA CHEMICAL CORPORATION
INDUSTRIAL BANK OF KOREA
BRANDES INVESTMENT PARTNERS, L.P.
LOTTE CONFECTIONERY CO.,LTD.
SLOANE ROBINSONDAEGU BANK LTD.
HUH,CHANG SOO
SIN,DONG JU
STX SHIPBUILDING CO.,LTD.
CITIBANK.N.A
HYUNDAI ENGINEERING & CONSTRUCTION CO.,LTD.
CRYSTAL GENOMICS INC.
POSDATA CO.,LTD.
KOREAN AIR LINES CO.,LTD.
MORGAN STANLEY
DAEHAN FIRE & MARINE INSURANCE
WOONGJIN HOLLDINGS
KYOBO SECURITIES CO. LTD
SCHRODERS PLC
LG HOUSEHOLD & HEALTHCARE CO.,LTD.
PARK,YONG MAN
LG INTERNATIONAL CORP.
WOORI FINANCE HOLDINGS CO. LTD
OR CHEM CO.,L
PARK HYEON-JOO
LG CORP.
LS INDUSTRY SYSTEM CO.,LTD.
HSD ENGINE
HEO,YONG DO
WOORI BANK
SAMSUNG SDI CO.,LTD.
SEOUL SECURITIES CO
HYUNDAI HYSCO CO.,LTD.
MERRILL LYNCH & CO., INC.
CJ INTERNET CORP.
NATIONAL PENSION FUND
SAMSUNG SDI CO.,LTD.
GOVERNMENT OF SINGAPORE
DOOSAN CORP.
HYUNDAI MOTOR COMPANY CO.,LTD.
COAL INDUSTRY PROMOTION BOARD
NAMHAN PAPER CO.,LTD.
KOOKMIN BANK
SK CHEMICALS CO.,LTD.
LG LIFE SCIENCES, LTD.
SK C & C CO.,LTD.
LG ELECTRONICS INC.
ISC CAYMAN .LTD
AMOREPACIFIC CORP.
LEE,JAE HYEON
HYUNDAI HEAVY INDUSTRIES CO.,LTD.
SFA ENGINEERING CORPORATION
JEONG,GYO SEON
Figure 24: KR.
15/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
HOU PO MING
KUO T’AI MING
CHINATRUST COMMERCIAL BANK LTD
FUBON FINANCIAL HOLDING CO LTD
SECOM CO.,LTD.
CHUNGHWA ELECTRONICS INVESTMENT CO.
QUANTA STORAGE
JING GUAN
SHIH CH’UNG-T’ANG-A
T’UNG TZU-HSIEN
TO-NENG INVESTMENT
SILICON INTEGRATED SYSTEMS CORP.
CHINA LIFE INSURANCE COMPANY LIMITED
MICRO ELECTRONICS INT’L
CH’IEN-YU INVESTMENT
ORIENTAL UNION CHEMICAL CORPORATION
SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION
HUANG HSIEN HSIUNG
CITI & SPI GDR
CHUNG HUNG STEEL CO., LTD.
COMPAL COMMUNICATIONS INC
LITE-ON IT CORP.
MEGA & CREDIT SUISSE (HK)
CHINA STEEL CORPORATION
TAIWAN SHINKONGFIRST INSURANCE COMPANY LTD (THE)
PUBLIC SERVANT RETIREMMENT FUND
INVESCO PLC
KONINKLIJKE PHILIPS ELECTRONICS NV
YU-YANG INVESTMENT
T. ROWE PRICE GROUP, INC
CHANG KUO
RUENTEX DEVELOPMENT CO., LTD.
TECH NANOTECH CO., LTD.
CHANG GUNG UNIVERSITYCHIN INTL. INV. CO., LTD
PROMOS TECHNOLOGIES INC.
STANDARD GMO DEVELOPMENT MARKET FUND
COUNTRY STABLE FUND COMMITTEE
CHUNGHWA TELECOM CO., LTD.
KAO CHUAN INVESTMENT CO., LTD.
SHUN JAY INVESTMENT
YIH-FENG INVESTMENT
JP MORGAN & EMERGING MARKET GROWTH FUND
WAN BO DEVELOPMENT
FAR EASTERN TEXTILE LIMITED
SHEN YUAN INVESTMENT
PAN-INTERNATIONAL INDUSTRIAL CORP.
NAN YA PLASTICS CORPORATION
CHU SHUN I
TAIWAN FIXED NETWORK CO., LTD.
TAIPEI CITY GOVERNMENT
ASSOCIATED CONSOLIDATION & TERMINAL CORP
CHI MEI CORP
HON HAI PRECISION INDUSTRY CO., LTD.
TON YI INDUSTRIAL CORPORATION
CHUNGHWA PICTURE TUBES, LTD.
FOXCONN TECHNOLOGY CO., LTD.
WALSIN LIHWA CORPORATION
WANG YUNG CH’ING
CHINATRUST FINANCIAL HOLDING COMPANY
YUANTA CORE PACIFIC SECURITIES CO., LTD
LIEN HWA INDUSTRIAL
TAI FONG INVESTMENT
WANG YUNG TSAI
LUO MING HUO
AOPEN INC
GRANTHAM, MAYO, VAN OTTERLOO & CO, LLC
JP MORGAN CHASE & CO. & CAPITAL INCOME B
NOVATEK MICROELECTRONICS CORPORATION
RADIANT OPTO-ELECTRONICS CORP.
HUEI HONG INVESTMENT CO., LTD.
FORMOSA PLASTICS CORPORATION
YUE YUAN INVESTMENT CORP.
UBS AG
EVA AIRWAYS CORPORA
HSIN HUNG INT’L INVESTMENT
SHIN KONG FINANCIAL HOLDING CO.,LTD
WINBOND ELECTRONICS CORPORATION
DIMENSIONAL FUND ADVISORS INC
HUNG-MAO INVESTMENT
BUREAU OF LABOR INSURANCE FOR TW
TAIWAN SECOM CO., LTD.
TS’AI MING CHIEH
U-MING MARINE TRANSPORT CORPORATION
LAI YIH JEN
COUNCIL OF AGRICULTURE, EXECUTIVE
YIN TA HOLDINGS (JERSEY)
MEGA FINANCIAL HOLDING COMPANY
HSIANG TA INT’L (HK)
EVEREST TEXTILE COMPANY LTD
INTERNATIONAL SEMICONDUCTOR TECHNOLOGY L
DATUM & EUROPE PACIFIC GORW FUND-DAVID
AFFILIATED MANAGERS GROUP INC
JP MORGAN CHASE & CO.
ARIMA OPTOELECTRONICS CORPORATION
CHINATRUST & YI JI PROPERTY TRUST ACCOUN
MOSPEC SEMICONDUCTOR CORPORATION
YUAN ZE UNIVERSITY
SILICONWARE PRECISION INDUSTRIES COMPANY LIMITED
ADVANCED SEMICONDUCTOR ENGINEERING INC
UPC TECHNOLOGY CORPORA
QUANTA COMPUTER INC.
CHENG SHIN RUBBER INDUSTRY CO.,L
HUALON MICROELECTRONIC
TAIWAN GLASS INDUSTRY CORPORATION
CATHAY LIFE INSUR.RETIRE.
MALAYSIA TAISHINCO-INVESTO COMPANY
HNCB & HSU SHR CHANG ACCOUNT
MALAYSIA TPG NEWBRIDGE TAISHIN II
HUA NAN FINANCIAL HOLDINGS
LABOR PENSION FUND COMMITTEE
TAI PO INVESTMENT
CHENG UEI PRECISION INDUSTRY CO., LTD.
TAIWAN CEMENT CORPORATION
HSIN SHEN
WEI-CHIH INVESTMENTPHILIPS ELECTRONICS IND. NETH. LTD.
DATUM BANK & PRINCIPAL INCOME FUND
YAGEO CORPORATION
INVENTEC CORPORATION
NANYA TECHNOLOGY CORPORA
NEWYORK BANK & GDR
TAIWAN MOBILE CO., LTD.
ZYXEL COMMUNICATIONS CORPORATION
ORIENTAL INSTITUTE OF TECHNOLOGY
TUNG HO STEEL ENTERPRISE CORPORATION
CATHAY FINANCIAL HOLDINGS CO LTD
GOVERNMENT OF TAIWAN
FAR EASTERN MEDICAL FOUNDATION
D-LINK CORPORATION
WANG SHEN FU-A
UNITED MICROELECTRONICS CORPORATION
DAI-ICHI MUTUAL
EXECUTIVE YUAN DEVEL. FUNDS
FRANKLIN RESOURCES, INC.
HSIN-SHENG INVESTMENT
KGI SECURITIES
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
ACER INC.
TA CHEN INVESTMENT CO., LTD.
TATUNG COMPANY LIMITED
DATUM BANK & OU-PEN HAN-MA
MITAC TECHNOLOGY CORPORA
PAO-HSIN INT’L. INVESTMENT
TAIWAN
FMR CORP
TAI YUEN TEXTILE CO., LTD.
CHINESE MARITIME TRANSPORT LIMITED
CHI MEI OPTOELECTRONICS CORPORATION
CAPITAL GROUP COMPANIES INC, THE
ELITEGROUP COMPUTER SYSTEMS CO., LTD.
LONG BON
B. C. BROTHERS (PANAMA)
STANDAR & KG FINANCE ASIA FUND
NAN LU INVESTMENT
ADR-TSMC
FAR EASTONE TELECOMMUNICATIONS COMPANY LIMITED
LITE-ON TECHNOLOGY CORPORATION
FARADAY TECHNOLOGY CORPORATION
VANGUARD INTERNATIONAL SEMICONDUCTOR CORPORATION
BRANDES INVESTMENT PARTNERS, L.P.
TAIWAN COOPERATIVE BANK
MITAC INTERNATIONAL CORP.
SCHRODERS PLC
CHIA-WEI INVESTMENT
DATUM & EUROPE ASIA PACIFIC GORW FUND
LIN PAI LI
ASIA OPTICAL COMPANY INC
CHINA AVIATION DEVELOPMENT FOUNDATION
MEDIATEK INC.
GERMANY
PHOENIX PRECISION TECHNOLOGY CORPORATION
HSIEH WEI CH’I-A
FIRST COMMERCIAL BANK CO., LTD
SHIN KONG LIFE INSURANCE COMPANY L
HSIN WEN
BVI HSI-LIN K’O-SZU HOLDING
CHANG JUNG
FORMOSA PETROCHEMICAL CORPORATION
EVERGREEN
WANG-SHUNG INT’L. INVESTMENT
DELTA ELECTRONICS (TAIWAN) INC
MINISTRY OF FINANCE OF ROC
TAIWAN FERTILIZER CO., LTD.
NAN SHAN LIFE INSURANCE CO LTD
CITI & AU-OPTRONIC INSURANCE
YUNG DING INVESTMENT CO.
HUANG CHOU CHIEH
CHUNG HWA PULP CORP.
NIEN CHI DEVELOPMENT CO., LTD
TAIWAN POST CO., LTD.
TAISHIN FINANCIAL HOLDING CO., LTD
TSUN-CHUEH INVESTMENT
FORMOSA TAFFETA CO.,LTD
NAN YA PRINTED CIRCUIT BOARD CORPORATION
CHANG GUNG MEMORIAL HOSPITAL
LIU HSIU LIEN
CHANG CHUN PETROCHEMICAL CO., LTD.
LIN YUAN INVESTMENT
TAI KU INVESTMENT CORP.
UNIVERSAL SCIENTIFIC INDUSTRIAL CO., LTD.
YULON MOTOR CO., LTD.ABERDEEN ASSET MANAGEMENT PLC
CHANG HWA COMMERCIAL BANK LTD.
TAIWAN BUSINESS BANK
BANK OF NEW YORK MELLON CORP.
HIGH TECH COMPUTER CORP.
PRINCE HOUSING & DEVELOPMENT CORP.
CITI & SINGAPORE GOV. FUND
INVENTEC APPLIANCES CORP.
CITI & HONG KONG FINANCIAL MANAGER
POWERCHIP SEMICONDUCTOR CORPORATION
FORMOSA CHEMICALS & FIBER COMPANY LIMITED
CDIB KNOLEDGE-BASED ECONOMY CAPITAL CO LTD
YIH YUAN INVESTMENT
LUO HUANG YEH
LAND BANK OF TAIWAN
CATHAY REAL ESTATE DEVELOPMENT COMP
YANG MING MARINE TRANSPORT CORPORATION
ARIMA COMPUTER CORPORATION
HER HER INVESTMENT CO., LTD.
ELAN MICROELECTRONICS
COMPAL ELECTRONICS INC
HANNSTAR DISPLAY CORPORATION
WINTEK CORPORATION
CATCHER TECHNOLOGY COMPANY LIMITED
CHINA STEEL CHEMICAL CORPORATION
CHINA DEVELOPMENT INDUSTRIAL BANK
GOVERNMENT OF NORWAY
CHINA DEVELOPMENT FINANCIAL HOLDING
CH’EN WEN CH’I–B
CHUO CHIH CHO
INOTERA MEMORIES,
UNIMICRON TECHNOLOGY CORPORATION
LI TS’UI HSING
FUBON GROUP
WANG HSUEH HUNG
CHINA AIRLINES LIMITED
AXA
PRESIDENT CHAIN STORE CORPORATION
AU OPTRONICS CORPORATION
CHENG CH’UNG HUA
MOSEL VITELIC INC
EVERGREEN
MALAYSIA QE INTERNATIONAL (L) LTD.
VANGUARD GROUP, INC.THE
RUENTEX INDUSTRIES LIMITED
KUO HUA LIFE INSURANCE CO LTD
TAIWAN LIFE INSURANCE
ABILITY ENTERPRISE COMPANY LIMITED
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED
BARCLAYS PLC
KIAN SHEN CORPORATION
HSBC, GOLDMAN SACHS INTERNATIONAL
HSIEN-CHIN INTERNATIONAL INVESTMENT
LI SEN T’IEH
POU CHEN CORPORATION
MINISTRY OF ECONOMIC AFFAIRSMITAC INC.
CATHAY LIFE INSURANCE CO LTD
ASIA CEMENT CORPORATION
BENQ CORPORATION
TAIYEN BIOTECH COMPANY
THE DAI-ICHI MUTUAL
WISTRON CORPORATION
WISTRON NEWEB CORPORATION
SHIN-KONG MITSUK
WU TS’ENG CHAO MEI
HUANG CH’UNG JEN-AASUSTEK COMPUTER INCORPORATION
WEI LIAN TECHNOLOGY CO., LTD.
TA CHENG CONSTRUCTION & ENGINEERING CORP
MINISTRY OF TRAN. & COMMUNICA.
UNI-PRESIDENT ENTERPRISES CORP.
FAR EASTERN DEPARTMENT STORES LTD.
ARIMA COMMUNICATIONS CORP
MALAYSIAN TPG NEWBRIDGE TAISHIN HOLDINGS
K’AI-YIH INVESTMENT
KOO JEFFREY L S
HSU SHIH-CH’ANG
YUANTA FINANCIAL HOLDING CO LTD
FIRST BANK & SHIH CHUNG TANG ACCOUNT
CITI & BENQ ADR
CHINA LIFE INSURANCE
SUNPLUS TECHNOLOGY CO., LTD.
YUEN FOONG YU PAPER MFG.CO., LTD.
BANK OF TAIWAN
HUNG YANG VENTURE INVESTMENT CO., LTD.
KING YUAN ELECTRONICS COMPANY LIMITED
HSU TUAN-CHI FOUNDATION
CHINA MOTOR CORPORATION
SIGURD MICROELECTRONICS CORP.
JP MORGAN & EUROPEAN PACIFIC FUND ACC.
ALI CORPORATION
USA CITI BANK & HK. FINANCE COMPANY
Figure 25: TW.
16/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
PRESIDENT OF INDIA
BHARAT FORGE LIMITED
KAJARIA CERAMICS LIMITED
HEG LTD
JAIPRAKASH HYDRO-POWER LTD.
JAIPRAKASH ASSOCIATES LIMITED
GOVERNMENT OF INDIA
NEYVELI LIGNITE CORPORATION LIMITED
NAVNEET PUBLICATIONS
HINDUSTAN PETROLEUM CORPORATION LIMITED
HIMATSINGKA SEIDE LIMITED
THE SHIPPING CORPORATION OF INDIA LIMITED
LIC HOUSING FINANCE LTDTATA MOTORS LIMITED
ABAN OFFSHORE LIMITED
ORIENT PAPER & INDUSTRIES LTD
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED
UNITECH LIMITED
RELIANCE ENERGY LIMITED
HCL CORPORATION LTD
HT MEDIA LIMITED
JET AIRWAYS (INDIA) LIMITED
HCL TECHNOLOGIES LIMITED
BOMBAY DYEING & MANUFACTURING CO LTD
MONSANTO INDIA LIMITED
TUBE INVESTMENTS OF INDIA LIMITED
HSBC HOLDINGS PLC
ORIENTAL BANK OF COMMERCE LTD.
AMERICAN DEPOSIT
DCM SHRIRAM CONSOLIDATED LIMITED
MARKSANS PHARMA LIMITEDRELIANCE CAPITAL LIMITED
MARUTI SUZUKI INDIA LIMITED
HINDUSTAN ZINC LIMITED
SIEMENS AG
SECURITIES TRADING CORPORATION OF INDIAINDRAPRASTHA MEDICAL CORPORATION LIMITED
GAMMON INDIA LIMITED
KANSAI NEROLAC PAINTS LIMITED
INDIAN OIL CORPORATION LIMITED
GUJARAT STATE FERTILIZERS &
SUZLON ENERGY LTD
TULIP IT SERVICES
MERRILL LYNCH & CO., INC.
AMBUJA CEMENTS LIMITED
ITI LIMITED
VEDANTA RESOURCES PLC
SYNDICATE BANK
TATA METALIKS LTD
RICO AUTO INDUSTRIES LIMITED
CHENNAI PETROLEUM CORPORATION LIMITED
AFFILIATED MANAGERS GROUP INC
THERMAX LIMITED
BANK OF BARODA
TATA SONS LTD.
ENGINEERS INDIA LIMITED
MR. UDAY KOTAK
AAA ENTERPRISES PVT LTD.
CIPLA LTD
TATA ELXSI LTD
TATA CHEMICALS LIMITED
RAYMOND LIMITED
BANNARI AMMAN SUGARS LIMITED
HCL INFOSYSTEMS LTD
ICICI BANK LIMITED
PANTALOON RETAIL (INDIA) LIMITED
DR REDDY’S LABORATORIES LIMITED
FMR CORP
SASKEN COMMUNICATION TECHNOLOGIES LTD.
RELIANCE NATURAL
MORGAN STANLEY
LAKSHMI MACHINE WORKS LIMITED
ABB LTD
BIRLA VXL LTDEASTERN SILK INDUSTRIES LIMITED
BANK OF INDIA
BAJAJ AUTO HOLDINGS LTD
PIDILITE INDUSTRIES LTDCELEBRITY FASHIONS LIMITED
PUNJ LLOYD LIMITED
FDC LIMITED
RESERVE BANK OF INDIA
NTPC LIMITED
WYETH LIMITED
FRANKLIN RESOURCES, INC.
RALLIS INDIA LIMITED
NESTLE S.A.
HINDUSTAN CONSTRUCTION COMPANY LIMITED
GARWARE POLYESTER LTD
BLUE STAR LIMITED
NATIONAL ALUMINIUM COMPANY LTD
YES BANK LIMITED
HERO HONDA MOTORS LIMITED
VIJAYA BANK
ESCORTS LIMITED
KEC INFRASTRUCTURES LIMITED
KOTAK MAHINDRA BANK LIMITED
GULF OIL CORPORATION LIMITEDMAHANAGAR TELEPHONE NIGAM LTD.
KESORAM INDUSTRIES LTD
SHOPPER’S STOP LIMITED
LARSEN & TOUBRO LIMITED
SIEMENS LIMITED
IPCA LABORATORIES LIMITED
KEWAL KIRAN CLOTHING LIMITED
BRITISH AMERICAN
INFOMEDIA INDIA LIMITED MTZ POLYFILMS LIMITED
JP MORGAN CHASE & CO.
TATA CONSULTANCY SERVICES LIMITED
INDUSTRIAL DEVELOPMENT BANK OF INDIA LTD
MANGALORE REFINERY & PETROCHEMICALS LIMITED
PLETHICO
STATE OF INDIA
ELGI EQUIPMENTS LIMITED
TEXMACO LIMITED
BHUMIKA TRADING PVT LTD
CASTROL INDIA LIMITED
UNILEVER PLC
STATE BANK OF INDIA
FORCE MOTORS
BHARTI ENTERPRISES LTD
HINDUSTAN
TATA STEEL LIMITED
WOCKHARDT LIMITED
NESTLE INDIA LTD
CENTURY TEXTILES & INDUSTRIES LIMITED
MARICO LIMITED
SADBHAV ENGINEERING LTD.
BAJAJ AUTO LIMITED
ASAHI INDIA GLASS LTD.
BHARAT PETROLEUM CORPORATION LIMITED
NAHAR SPINNING
TATA TEA LIMITED
MACMILLAN INDIA LIMITED
AZIM H PREMJI
RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED
MADRAS CEMENTS LIMITED
ANDHRA BANK
FINOLEX CABLES LIMITED
AURIONPRO
CAPITAL GROUP COMPANIES INC, THE
BHARATI SHIPYARD LTD
UNION BANK OF INDIA
ITC LIMITED
ABERDEEN ASSET MANAGEMENT PLC
ZUARI INDUSTRIES LIMITED
UNIT TRUST OF
MUNJAL
AIA ENGINEERING LTD.
UNITED BREWERIES (HOLDINGS) LIMITED
HINDALCO INDUSTRIES LIMITED
NICHOLAS PIRAMAL INDIA LIMITED
ABB LIMITED
TIMKEN INDIA
GRASIM INDUSTRIES LIMITED
TWIN STAR HOLDINGS LTDSONATA SOFTW
SUN PHARMACEUTICAL INDUSTRIES LIMITED
GUJARAT FLUOROCHEMICALS LIMITED
JINDAL STEEL & POWER LIMITED
UCO BANK
L&T EMPLOYEES TRUST
GINNI FILAMENTS LIMITED
MRF LIMITED
OIL & NATURAL GAS CORPORATION LIMITED
RELIANCE INDUSTRIES LIMITED
POLARIS SOFTWARE LAB LIMITED
INDO COUNT
ALLAHABAD BANK
DEEPAK FERTILISERS & PETROCHEMICALS CORPORATION LIMITED - DFPCL
INDIAN PETROCHEMICALS CORPORATION LIMITEDDENA BANK
FORBES GOKAK LIMITED
TRF LTD
CESC LIMITED
VST INDUSTRIES LIMITED
BIRLA CORPORATION LIMITED
BHARAT HEAVY ELECTRICALS LIMITED
BIOCON LIMITED
HINDUSTAN
MOREPEN LABORATORIES LIMITED
AXIS BANK LIMITED
VENKY’S (INDIA)
REPRO INDIA LTD.
AUTOMOTIVE AXLES
GARDEN SILK
INDIAN OVERSEAS BANK
ABB ASEA BROWN BOVERI LTD (ABB)
GUJARAT ALKALIES AND CHEMICALS LIMITED
MAHINDRA & MAHINDRA LIMITED
DREDGING CORPORATION OF INDIA LIMITED
SURYALAKSHMI COTTON MILLS LTD.
BHARAT ELECTRONICS LIMITED
HIKAL LIMITED
UNITED SPIRITS LIMITED
INDRAPRASTHA GAS LIMITED
BHARTI AIRTEL LIMITED
GREAT EASTERN SHIPPING COMPANY LTD. (THE)
TATA GROUP COMPANY
PRAKAUSALI INVESTMENT INDIA
HDFC ASSET MANAGEMENT CO LTD
VIDESH SANCHAR NIGAM LTD
RELIANCE ENERGY VENTURES LTD
HINDUSTAN UNILEVER LIMITED
AREVA T&D INDIA LIMITED
WIPRO LIMITED
GAIL (INDIA) LIMITED
THE TATA POWER COMPANY LIMITED
ABRAHAM REJI
GUJARAT NARMADA VALLEY
TRENT LIMITED
SUZUKI MOTOR CORPORATION
AAA ENTERPRISES PRIVATE LIMITED
THOMAS COOK (INDIA) L
CANARA BANK
KSB PUMPS LIMITED
STERLITE OPPORTUNITIES AND VENTURES
STEEL AUTHORITY OF INDIA LIMITED
PUNJAB NATIONAL BANK
TATA SPONGE IRON
ULTRATECH CEMENT LIMITED
KIRLOSKAR BROTHERS
GWALIOR CHEMICAL
JAGRAN PRAKASHAN LTD.
EIH LIMITED
JK LAKSHMI CEMENT LTD.
CORPORATION BANK LTD.
REGAL INVESTMENT TRADING COMPANY PVT LTD
VESUVIUS INDIA LIMITED
HOLDERIND INVESTMENTS LTD
CEAT LTD
GODREJ CONSUMER PRODUCTS LTD
STERLITE INDUSTRIES (INDIA) LIMITED
NAHAR INDUSTRIAL ENTERPRISES
BARTRONICS INDIA LTD.
CITICORP INTERNATIONAL FINANCE CORPORATION
LIFE INSURANCE CORPORATION OF INDIA
CONTAINER CORPORATION OF INDIA
Figure 26: IN.
17/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
Figure 27: CN.
18/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
COMMONWEALTH BANK OF AUSTRALIA
MIRVAC GROUP (THE)
DEXION LIMITED
WASHINGTON H
MACMAHON HOLDINGS LIMITED
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
MOUNT BURGESS MINING NL
SP AUSNET
AWB LIMITED
MINCOR RESOURCES NL
GREENVALE MINING N.L.
COCHLEAR LIMITED
ING REAL ESTATE COMMUNITY LIVING FUND GROUP
HOCHTIEF AUSTRALIA LTD
ARB CORPORATION LIMITED
BARCLAYS PLC
AMP LIMITED
NEWCREST MINING LIMITED
COCA-COLA COMPANY (THE)
MERRILL LYNCH & CO., INC.
BORAL LIMITED (NEW)
CSR LIMITED
PERSEVERANCE CORPORATION LIMITED
PALADIN RESOURCES LTD
WEST AUSTRALIAN NEWSPAPERS HOLDINGS LIMITED
SONIC HEALTHCARE LIMITED
FONE ZONE GROUP LIMITED
PRANA BIOTECHNOLOGY LIMITED
BLUESCOPE STEEL LIMITED
UBS NOMINEES PTY LTD
NEW HOPE
PCH GROUP LIMITED
SUNCORP-METWAY LTD
GREAT SOUTHERN LIMITED
AMCOR LIMITED
ARGO INVESTMENTS
ENCOUNTER RESOURCES LIMITED
PERILYA LIMITED
OXIANA LIMITED
ADULTSHOP.COM LIMITED
KAGARA ZINC LIMITED
HFA HOLDINGS LIMITED
TABCORP HOLDINGS LIMITED
RIO TINTO LIMITED
ING AUSTRALIA LTD
MACQUARIE COUNTRYWIDE TRUST CITICORP NOMINEES PTY LIMITEDJP MORGAN NOMINEES AUSTRALIA LIMITED
INDEPENDENCE GROUP NL
WESTFARMERS LIMITED
BILLABONG INTERNATIONAL LIMITED
OAKTON LIMITED
CSL LIMITED
KH FOODS
GUD HOLDINGS LIMITED
FKP LIMITED
DB RREEF TRUST
WESTFIELD GROUP
COCA-COLA AMATIL LIMITED
G HARVEY & G HARVEY
BEACH PETROLEUM LIMITED
MACMIN SILVER LIMITED
SHELL ENERGY HOLDINGS AUSTRALIA LIMITED
SALLY MALAY MINING LIMITED
COMMONWEALTH OF AUSTRALIA
ARISTOCRAT LEISURE LIMITEDHARBINGER
BENDIGO BANK LTD
INSURANCE AUSTRALIA GROUP LTD
COMPUTERSHARE LIMITED
ION LIMITED
AUSTRALIAN PHARMACEUTICAL
CAPITAL GROUP COMPANIES INC, THE
GPT GROUP
BRAMBLES LIMITED
MACQUARIE INVESTMENT MANAGEMENT LIMITED
RIO TINTO PLC
COMMONWEALTH PROPERTY OFFICE FUND
QBE INSURANCE GROUP LIMITED
COLES GROUP LIMITED
ERG LIMITED
BIOTA HOLDINGS LTD
FORTESCUE MET
CHOISEUL INVESTMENTS
RBC GLOBAL SERVICES AUSTRALIA NOMINEES
HARVEY NORMAN HOLDINGS LIMITED
REJECT SHOP LIMITED (THE)
FMR CORP
ING GROEP NV
ZINIFEX LIMITED
OROTONGROUP LIMITED
ORBITAL CORPORATION LIMITED
ORIGIN ENERGY LTD
AUSTRALIA AND NEW ZEALAND BANKING GROUP
MACQUARIE AIRPORTS
MCGUIGAN SIMEON WINES LIMITED
CHEMEQ LIMITED
RBC DEXIA INVESTOR SERVICES AUSTRALIA NOMINEES
COFFEY INTERNATIONAL
MEDEC LIMITED
NATIONAL AUSTRALIA BANK
ONTARIO TEACHERS’ PENSION PLAN BOARD
AXA ASIA PACIFIC HOLDINGS LIMITED
CABCHARGE AUSTRALIA LIMITED
COLONIAL FIRST STATE RETAIL PROPERTY TRUST
MACQUARIE BANK LTD
SOUTHERN CROSS BROADCASTING (AUSTRALIA) LIMITED
INCITEC PIVOT LIMITED
PERPETUAL TRUSTEES
ENERGY RESOURCES OF AUSTRALIA
HOCHTIEF
TELSTRA CORPORATION LIMITED
BARCLAYS GLOBAL INVESTORS AUSTRALIA LIMITED
CANDLE AUSTRALIA LIMITED
WOODSIDE PETROLEUM LIMITED
HARBERT MANAGEMENT
ASHBURTON MINERALS LIMITED
HASTIE GROUP LIMITED
MACQUARIE COMMUNICATIONS INFRASTRUCTURE GROUP
PAPERLINX LIMITED
CHASE MANHATTAN NOMINEES LIMITED
REVERSE CORP LIMITED
VALAD PROPERTY GROUP
WESFARMERS LIMITED
TOLL HOLDINGS LIMITED
SMS MANAGEMENT & TECHNOLOGY LIMITED
MILTON CORPORA
ANZ NOMINEES LIMITED
STATE OF QUEENSLAND
WESTPAC BANKING CORPORATION
COLONIAL FIRST STATE INVESTMENTS
BABCOCK & BROWN COMMUNITIES GROUP
ALESCO CORPORATION LIMITED
DAVID JONES LIMITED
ING AUSTRALIA HOLDINGS LIMITED
GOODMAN GROUP
WESTPAC CUSTODIAN NOMINEES LIMITED
JB HI-FI LIMITED
CENTRO PROPERTIES GROUP
NATIONAL NOMINEES LIMITED
FOSTERS GROUP LIMITED
JUST GROUP LIMITED
CFS RETAIL PROPERTY TRUST
WOOLWORTHS LIMITED
STOCKLAND
METEX RESOURCES LIMITED
BAREAGE PTY LIMITED
METCASH LIMITED
MACQUARIE INFRASTRUCTURE GROUP
SIGMA PHARMACEUTICALS LIMITED
AIRLINE PARTNERS AUSTRALIA
SP TELEMEDIA
ORICA LIMITED
PROGRAMMED MAINTENANCE SERVICES
AMBRI LIMITED
AXA
ASX LIMITED
ST. GEORGE BANK LIMITED
ING INDUSTRIAL FUND
CENTRO RETAIL GROUP
MELBOURNE IT LIMITED
RBC DEXIA INVESTOR SERVICES AUSTRALIA PTY LTD
HEEMSKIRK CONSOLIDATED LIMITED
ROC OIL COMPANY LIMITED
ADELAIDE BANK LTD.
PACIFIC BRANDS LIMITED
INVOCARE LIMITED
ARC ENERGY LIMITED
PERPETUAL LIMITED
MACQUARIE OFFICE TRUST
COMMANDER COMMUNICATIONS LIMITED
PEOPLEBANK AUSTRALIA LIMITED
CITICORP NOMINEES LIMITED
ESPLANADE PROPERTY FUND
LEIGHTON HOLDINGS LIMITED
LEND LEASE CORPORATION LIMITED
COGENT NOMINEES PTY LIMITED
BOOM LOGISTICS LIMITED
CLOVER
MAXITRANS INDUSTRIES LIMITED
IRESS MARKET TECHNOLOGY LIMITED
ONESTEEL LIMITED
CROESUS MINING N.L.
MAPLE-BROWN ABBOTT LTD.
CITIGROUP GLOBAL MARKETS AUSTRALIA
QUEENSLAND INVESTMENT CORPORATION
AMMTEC LIMITED
GOODMAN FIELDER LIMITED
DOWNER EDI LIMITED
QANTAS AIRWAYS LIMITED
COATES HIRE LIMITED
ANSELL LIMITED
WHK GROUP LIMITED
BRICKWORKS LIMITED
NATIONAL NOMINEES PTY LTD
CRANE GROUP LIMITED
BHP BILLITON LIMITED
FUTURIS CORPORATION LIMITED
FMR CORP AND FIDELITY INTERNATIONAL LIMITED
IOOF HOLDINGS LIMITED
EIFFEL TECHNOLOGIES
TINTO HOLDINGS AUSTRALIA PTY LTD
RIDLEY CORPORATION LIMITED
CENTRO SHOPPING AMERICA TRUST
APN NEWS & MEDIA LIMITED
PUBLISHING AND BRO
SANTOS LTD
TRANSURBAN GROUP
Figure 28: AU.
19/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
Figure 29: CA.
20/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
Figure 30: GB.
21/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
Figure 31: JP.
22/23
The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston
Chair for Systems Design
Figure 32: US.
23/23