considered to be related to the Group or the Company if the Group or the Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group or the Company and the party are subject to common control or common significant influence. The related parties of the Group and of the Company are: (a) Subsidiary companies Details of the subsidiary companies are shown in Note 49. (b) Associate companies Associate companies are those entities in which the Group has significant influence but not control as disclosed in Note 51. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 300 43 SIGNIFICANT RELATED PARTY DISCLOSURES(CONTINUED) (c) Key Management Personnel (‘KMP’) KMP are defined as those persons having authority and responsibility for planning, directing and controlling the activities of the Group and of the Company either directly or indirectly. The KMP of the Group or of the Company includes Executive Directors and Non-Executive Directors of the Company and certain members of senior management of the Company. Whenever exist, related party transactions also include transactions with entities that are controlled, jointly controlled or significantly influenced directly or indirectly by any KMP or their close family members. (d) Government-related entities Government-linked corporations are related to the Group and the Company by virtue of the substantial shareholdings of Khazanah Nasional Berhad (‘KNB’), with 22.4% (2022: 25.3%) equity interest. KNB is a wholly owned entity of MOF Incorporated which is in turn owned by the Ministry of Finance. KNB and entities directly controlled by the Government are collectively referred to as government-related entities to the Group and the Company. The Government and bodies controlled or jointly controlled by the Government of Malaysia are related parties of the Group and of the Company. The Group and