What is meant by substantial control?

Last modified 7/11/2024 4:02:33 AM EST

A reporting company should identify all individuals who have substantial control over a reporting company. 
An individual exercises substantial control if they fit any of these categories:

• The senior officer: The person serves in the key positions of President, Chief Executive officer, Chief Financial Officer, General Counsel, and Chief Operating officer. 
• Authority to appoint or remove: The person with the authority to appoint or remove any officers or board members.
• Decision Maker: The person is responsible for making important decisions about the finance, business structure, and operations.
• Other significant Control: The individual exerts significant control over a reporting company in various ways, which is still substantial.