Which of the following factors is not an indication of an investor having significant influence over an investee?

A$)$ Ownership of $25\%$ of the voting shares of ABC Corporation, where the remaining voting shares are widely distributed

B$)$ The ability to elect $4$ of a $7-$member board of directors

C$)$ Significant intercompany transactions between the investor and investee

D$)$ The ability to participate in the shaping of the policies of an investee