Title page 1

Contents 1

1. Introduction 2

2. Theoretical framework 6

3. Data 8

4. Methodolog 12

5. Illustrative cases 16

6/5. Results 22

6.1/5.1. Ownership 22

6.2/5.2. Board composition 26

6.3/5.3. State Influence Index (SII) 28

6.4/5.4. State restraint index (SRI) 31

7/6. Cross-border governance 33

8/7. Discussion 40

9/8. Conclusion 43

References 45

Appendix 48

Table 1. Sample descriptive statistics by region 11

Table 2. Controlling shareholder type by region 23

Table 3. Board composition by region 28

Table 4. Ownership s,tate influence and state restraint by region 29

Figure 1. Boardg overnance of Safran S.A. 18

Figure 2. Ownership structure of Airbus S.E. 21

Figure 3. Distribution odf irect state-ownershipb locks in defencec ompanies byr egion 25

Figure 4. Asset segmentation at BAE Systems 34

Figure 5. Federated segmentation at KNDS 36

Figure 6. Federated segmentation at MBDA 39