The level of Control denotes the power to direct the management and policies of a business enterprise. In business valuation analysis, the level of control represented through shareholding and voting rights, may warrant the application of a premium or discounts on a block of shares or percentage of shareholding which is being valued. When estimating the fair market value of the business entity and associated block of share, business valuators make appropriate adjustments by applying premiums and discounts to reflect the size of shares being valued and the associated level of control.