the degree of ownership where a company owns less than a majority of the voting stock/shares of another company, or when two or more companies are subsidiaries of a third company (a subsidiary which is a company of which more than 50 % of the voting stock/shares are owned by another corporation (the parent company), would not be described as (just) an affiliate, any undertaking the annual accounts of which are consolidated with those of the contracting entity in accordance with the requirements of the seventh Council Directive 83/349/EEC of 13 June 1983, based on Article 54(3)(g)of the EEC Treaty on consolidated accounts or, in the case of entities not subject to that Directive, any undertaking over which the contracting entity may exercise, directly or indirectly, a dominant influence within the meaning of paragraph 2, or which may exercise a dominant influence, associated undertaking - an undertaking in which a group (e.g. of companies or other legal entities) has a participating interest and exercises a significant influence over its operating and financial policies. An associated undertaking may be incorporated or unincorporated. Some associated undertakings can be described as joint ventures meaning the joint prosecution of a particular transaction/business for mutual benefit (normally profit) or an association of persons jointly undertaking some commercial enterprise.
