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Table 4 Direct shareholders and subsidiaries of the “holding and conduit” companies

From: Identification of key companies for international profit shifting in the Global Ownership Network

the United States the United Kingdom the Netherlands
Subsidiary Shareholder Subsidiary Shareholder Subsidiary Shareholder
CA 20% GB 15% ZA 31% US 29% UA 17% US 19%
CN 13% FR 15% AU 9% n.a. 27% BE 9% GB 14%
LU 9% CH 11% LU 7% ZA 12% GB 6% PL 8%
GB 9% DE 11% BR 5% FR 5% NG 5% FR 7%
HK 5% CA 7% VG 5% BM 4% n.a. 4% DE 7%
  1. CA is Canada; CN is mainland China; LU is Luxembourg; GB is the UK; HK is Hong Kong; FR is France; CH is Switzerland; DE is Germany; ZA is South Africa; AU is Austria; BR is Brazil; VG is the British Virgin Islands; BM is the Bermuda Islands; UA is the United Arab Emirates; BE is Belgium; NG is Nigeria; PL is Poland; and n.a. is no information