ZENO-Indices S.A. offers a mathematically sound, robust and encompassing approach to the notion of ‘Governance’ on two fronts:
  • Enhancing transparency: it instantaneously identifies the most influential direct or indirect shareholders (or the main Ultimate Controlling Owners – UCOs) for any firm whose shareholders’ participation (direct or indirect) are known (e.g. from any major data supplier), and conveniently displays the channels through which that control can be exercised; and
  • Measuring control: for any individual target, the software calculates the level of control exercised by the UCOs and compiles a governance score Gz.

What is our product ?

  • Zeno-Indices develops indicators and tools to help disentangle the web of corporate structures.
  • It proposes a user-friendly software package to automatically process complex shareholding structures and to analyze them in a graphical and interactive way.
  • The program identifies the most influential shareholders (the Ultimate Controlling Owners), whether direct or indirect, and calculates an intuitive and scientifically robust measure of their potential level of control.
  • It can process large data sets.
  • It facilitates « What-if » analysis.

Our Approach

The program identifies UCOs by measuring the potential control by the various shareholders of a company (the target). Control is not a simple, linear or even continuous function of the percentage of shares held. Shareholders may directly own shares in the company (direct shareholders) or have a cascading influence through one or several layers of other companies (indirect shareholders) and compete with each other for control. There may also be loops.


By virtue of providing a superior measure of control, Zeno indices, combined with recent graph theory and simulation techniques, allow the user to discriminate between the financial links that are only associated with portfolio investments and those that can potentially translate into significant control. This has major applications.