Hayden Ltd is a 30 per cent shareholder of Ross Co. Pty Ltd. The other shareholders have smaller shareholdings (around 5 to 13 per cent) and are always too busy to attend annual general meetings. Hayden Ltd has two non-executive seats on the board of Ross Co. Pty Ltd and the remaining three are held by other shareholders—one chief executive officer who is a shareholder; and two non-executives—who do not attempt to attend board meetings.
Required:
Determine whether Hayden Ltd is a parent of Ross Co. Pty Ltd by referring to the primary criterion provided by AASB 10 Consolidated Financial Statements.
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