Substantive participating rights are those noncontrolling rights that would allow the noncontrolling shareholder or limited partner to effectively participate in either of the following corporate or partnership actions. These rights would overcome the presumption that the investor with a majority voting interest or limited partner with most kick-out rights through voting interests shall consolidate its investee (FASB ASC Topic 810, Consolidation 810-10-25-11.) The following list is illustrative of substantive participating rights, but is not necessarily all-inclusive: a. Selecting, terminating, and setting the compensation of management responsible for implementing the investee's policies and procedures b. Establishing operating and capital decisions