Subsidiary companies conduct ICI's business in many of the large number of countries in which the Group trades. Each has a board with full executive responsibility for its business and is guided strategically in the field of international business operations by the relevant EVP. In India and in Pakistan, business is conducted through partly-owned subsidiary companies that have a portion of equity share capital traded in the respective securities markets. For example ICI holds 51 per cent of the shareholding of ICI India and 76 per cent of the shareholding of ICI Pakistan.