One of the recommendations I made in this report is that in any complex corporate structure where a company is a 100% shareholder of a subsidiary and 100% shareholder of another, or even more complex, the whole chain be included and all related companies be part of the disclosure.
The other thing is that when we're talking about beneficial owner, we're really talking about the ultimate beneficial owner. That cuts through all the chains to the ultimate owners. However, you're certainly right that in some cases, even for one simple corporation, it's not always clear and obvious who the beneficial owners are. There's a control definition, which would typically include directors; and then there's a benefit or ownership, which is who owns the shares, for example. Sometimes in a family-owned business there might be a patriarch who actually has the powers, pursuant to a unanimous shareholder agreement, to dismiss all the directors, to hire and fire everyone. That person would clearly be a beneficial owner in the control arm, even if they're not listed as a shareholder, for example, or a director.
It's a really complicated issue, which again requires a sophisticated, knowledgeable registrar. Some are basic, but others would require the registrar to go back and ask more questions, follow up, seek more documents, and go deeper.