the backbone of corporate control: backbone layouts

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The backbone of corporate control: Backbone layouts James B. Glattfelder and Stefano Battiston Chair for Systems Design The backbone of corporate control: Backbone layouts 4 th of September 2008 James B. Glattfelder and Stefano Battiston [email protected]; [email protected] Chair of Systems Design, ETH Zurich, Kreuzplatz 5, 8032 Zurich, Switzerland 1/23

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Page 1: The backbone of corporate control: Backbone layouts

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

1/23

Page 2: The backbone of corporate control: Backbone layouts

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.

2/23

Page 3: The backbone of corporate control: Backbone layouts

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

Page 4: The backbone of corporate control: Backbone layouts

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

Page 5: The backbone of corporate control: Backbone layouts

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

Page 6: The backbone of corporate control: Backbone layouts

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

Page 7: The backbone of corporate control: Backbone layouts

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

Page 8: The backbone of corporate control: Backbone layouts

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

Page 9: The backbone of corporate control: Backbone layouts

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

Page 10: The backbone of corporate control: Backbone layouts

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

Page 11: The backbone of corporate control: Backbone layouts

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

Page 12: The backbone of corporate control: Backbone layouts

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

Page 13: The backbone of corporate control: Backbone layouts

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

Page 14: The backbone of corporate control: Backbone layouts

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

Page 15: The backbone of corporate control: Backbone layouts

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

Page 16: The backbone of corporate control: Backbone layouts

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

Page 17: The backbone of corporate control: Backbone layouts

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

Page 18: The backbone of corporate control: Backbone layouts

The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston

Chair for Systems Design

Figure 27: CN.

18/23

Page 19: The backbone of corporate control: Backbone layouts

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

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The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston

Chair for Systems Design

Figure 29: CA.

20/23

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The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston

Chair for Systems Design

Figure 30: GB.

21/23

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The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston

Chair for Systems Design

Figure 31: JP.

22/23

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The backbone of corporate control: Backbone layoutsJames B. Glattfelder and Stefano Battiston

Chair for Systems Design

Figure 32: US.

23/23