When an investor is deemed to have "control" over an investee, GAAP requires presentation of consolidated financial statements. Which of the following would not be considered an indicator of control?

Select one:

A$.$ The investor has majority interest in the investee.

B$.$ Instead of owning stock, a company licenses technology to another company in an agreement allowing the licensor to appoint a majority of the licensee's board of directors.

C$.$ The investor owns $40\%$ of the investee's stock and the rest is owned by the investee's founder.

D$.$ The investor owns $40\%$ of the investee's stock and the rest is owned by a large number of small investors.