X has a 40% shareholding in each of the following three companies:

P: X has the right to appoint or remove a majority of the directors of P.

Q: X has significant influence over the affairs of Q.

R: X has the power to govern the financial and operating policies of R.

Which of these companies are subsidiaries of X for financial reporting purposes?

A Q and R only

B P and R only

C P and Q only

D P, Q and R