“A company is a “publicly-owned company” for the purposes of section 5(1)(b) if one or more public authorities own, whether directly or indirectly, shares or other interests in the company together aggregating more than half of the votes exercisable in general or other meeting of the company on any matter.

The UK could learn from the Isle of Man rather than insisting on every single share without exception being held by a public body.

Isle of Man, draft bill (from consultation document)

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