Which of the following best describes joint control in a joint arrangement?

Joint control in a joint arrangement refers to the situation where two or more parties have agreed to share control over an economic activity or decision-making process. This arrangement is usually codified in contractual agreements that outline how decisions are to be made, ensuring that all parties have a say in the governance of the joint arrangement.

The correct answer emphasizes that decisions in a joint arrangement require unanimous consent of all parties involved. This reflects the principle that joint control is characterized by the necessity for all parties to work together in making critical decisions related to the arrangement. This structure helps prevent any one party from unilaterally making decisions that could affect the joint venture, thus fostering a collaborative environment where each party's interests and perspectives are taken into account.

In contrast, other options describe scenarios that do not accurately capture the essence of joint control. For instance, simple majority voting does not ensure that all parties have significant control, and decisions made through a simple majority may lead to conflicts of interest. Ownership percentage may indicate financial stake but does not alone determine control in joint arrangements where equal decision-making power is essential. Moreover, vesting control solely in a lead investor contradicts the very nature of joint arrangements, which necessitate shared control rather than concentration in one party.