It would list the individual with significant control at the very end of that.
Let's imagine that “Mark Schaan Inc.” was a conglomerate, and I was owned by 900 affiliate companies, but the ultimate controller of that organization was Mark Schaan. I would put “Mark Schaan”. If it was ultimately owned by a grouping of individuals, if there's a collection of natural persons actually at the back end of that, I would list the collection of natural persons. If my family dynasty owns this conglomerate, we would list the “Mark Schaan dynasty”, which does not exist, as the natural persons who own said dynasty.