Brookfield (BN) ASM 2024 summary

Opening remarks and agenda

• Meeting commenced at 10:30 A.M. with a welcome to shareholders and an overview of the webcast voting process.

• Chair Frank McKenna opened the meeting and outlined the agenda, including receiving financial statements, electing directors, appointing auditors, voting on executive compensation, and the Brookfield Reinsurance Ltd Escrowed Stock Plan.

• Five items of business were outlined: financial statements, director elections, auditor appointment, executive compensation advisory vote, and approval of an Escrowed Stock Plan.

• Quorum was confirmed, and the meeting was declared properly constituted.

Financial performance review

• Distributable Earnings reached approximately $5 billion, with a plan to grow EPS by over 20% annually for the next five years.

• Projected free cash flow of $45 billion is expected to be reinvested, used for strategic transactions, or returned to shareholders.

• Asset management AUM increased to nearly $1 trillion, with $2.6 billion in annualized distributable earnings.

• Wealth Solutions assets grew to over $100 billion, generating $1.4 billion in annualized distributable earnings and doubling annualized earnings.

• Over $1 billion was returned to shareholders via dividends and share repurchases in the past year.

Board and executive committee updates

• Fourteen directors were nominated and re-elected, with details available in the Management Information Circular.

• Nominees for Class A shareholders: Elyse Allan, Angela Braly, Janice Fukakusa, Maureen Kempston Darkes, Hutham Olayan, Frank McKenna, Diana Taylor.

• Nominees for Class B shareholders: Jeffrey Blidner, Jack Cockwell, Bruce Flatt, Brian Lawson, Howard Marks, Rafael Miranda, Lord O'Donnell.

• CEO Bruce Flatt and President/CFO Nicholas Goodman were introduced as key management present.