controlling shareholder (5) In this section, "controlling shareholder" means a person who:- (a) is entitled to exercise, or control the exercise of, not less than fifteen per centum of the votes attached to the voting shares in a company; (b) has the power to appoint or cause to be appointed a majority of the directors of a company; or (c) has the power to make or cause to be made, decisions in respect of the business or administration of a company, and to give effect to such decisions or cause them to be given effect to. ACT 498 - SECURITIES COMMISSION ACT 1993 31C. Establishment of Audit Oversight Board.