Canada Pension Plan Investment Board Regulations (SOR/99-190)

5 For the purposes of these Regulations, a person has a substantial investment in

• (a) an unincorporated entity if the person or an entity controlled by the person beneficially owns more than 25 per cent of the ownership interests in the unincorporated entity; and

• (b) a corporation if

  • (i) the voting rights attached to voting shares of the corporation that are beneficially owned by the person, or by an entity controlled by the person, exceed 10 per cent of the voting rights attached to all of the outstanding voting shares of the corporation, or

  • (ii) shares of the corporation that are beneficially owned by the person, or by an entity controlled by the person, represent ownership of more than 25 per cent of the shareholders’ equity of the corporation.