Some of those individuals are not residents but expressly included as nominees of their businesses, a form of franchise that exists nowhere else in the UK.

It's true that the vote is exercised by the company's nominee, not the company itself, but that's only because the company itself can't show up at the polling station. Business voters are expressly included to represent their organisations[0], and do.

[0]: https://www.cityoflondon.gov.uk/about-us/voting-elections/bu...