Entity X has 3 shareholders: Entity A holds 45% shares, Entity B holds 45% shares and Entity C holds 10% shares. A contractual arrangement between the shareholders that is incorporated into the articles of association of Entity X states that 100% of the votes are needed to direct relevant activities of Entity X. In this case, Entity X is jointly controlled by Entities A, B and C as decisions about the relevant activities require their unanimous consent according to a contractual arrangement between them.