Influence is determined, as we noted earlier, on a case-by-case basis. It only presents an issue where there is indirect or direct control.
In a case where a state-owned enterprise has direct or indirect control influence it becomes a tertiary concept because you already have damage-rated control in the first two points.
They review the process. Investors are expected to address in their plans and undertakings the inherent characteristics of SOEs, specifically whether they are susceptible to state influence. Investors also have to demonstrate their strong commitment to transparent and commercial operations. In terms of some of the types of factors that we talked about that could be influenced but don't get caught by direct or indirect control, I would note the following examples.
There's the ownership of special shares of a corporation, often called golden shares. If a foreign state has 5% golden share, that carries with it certain negative covenants, which they often do. That would be considered in an evaluation of influence.
There's the track record of the company, for example, the evidence of other SOEs from the same state and how they've operated and how they've conducted themselves in other jurisdictions. That would be considered.
There's the state's ability to nominate or replace board members, appoint senior management.
There's any authority under foreign law or corporations governing documents permitting the foreign state to direct the affairs of a business.
Those are some examples, and we talked earlier about some of the de facto control ones as well.