In a more widely-held company where the directors have only small shareholdings, they will be reluctant to assume legal liability for the affairs of the target given their modest financial involvement.

However, there have been moves recently to try to increase shareholder activism among both institutional investors and individuals with small shareholdings.

GM, Saab's former owner, still licences key technology to Saab and has a small shareholding.

The University, for its part, has a small shareholding in the company.

Some conglomerates consolidated their holdings equitably, while others, notably the oil giant Yukos, diluted small outside shareholdings.

British Airways has raised its stake in Iberia by purchasing American Airlines' remaining shares, reportedly paying £13m for the small shareholding.

Much smaller shareholdings were already split among other family members.

The Trevelyan family sold the business in 1997 to Steven Riley and Bill Cook, whilst retaining a small shareholding themselves.

His participation came to a complete end several weeks before the radio station went on air except he was allowed to keep a small shareholding in the venture.

Therefore, analysis excludes this financial data, along with small shareholdings in private equity portfolios.