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[DEFA14A] Cushman & Wakefield plc Additional Proxy Soliciting Materials

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Rhea-AI Filing Summary

Cushman & Wakefield plc (CWK) has released additional proxy materials backing its plan to redomicile from England & Wales to Bermuda. Management states that operating under both U.S. securities law and the U.K. Companies Act forces duplicate year-end closes, two sets of audited financials, and parallel executive-compensation, ESG and statutory reports, driving unnecessary professional-service costs.

The Board projects the move will cut administrative, accounting, tax and legal complexity by more than US$3 million per year. One-time redomiciliation expenses of US$3-4 million have mostly been incurred and are expected to be recovered within 18-24 months. An 18-month jurisdictional review weighed five alternatives; Bermuda was chosen for GAAP compatibility, minimal local filings and a favorable cost-benefit profile.

Governance enhancements tied to the transaction include (i) eliminating the classified board, (ii) removing super-majority voting thresholds, (iii) granting shareholders the right to act by written consent, and (iv) establishing appraisal rights. The Board recommends shareholders vote FOR the redomiciliation proposals, citing the quantified savings and streamlined oversight.

Cushman & Wakefield plc (CWK) ha pubblicato ulteriori materiali per la delega, a sostegno del suo piano di trasferire la sede legale dall'Inghilterra e Galles alle Bermuda. La direzione afferma che operare sia sotto la normativa sui titoli statunitense sia sotto il Companies Act del Regno Unito comporta chiusure di fine anno duplicate, due set di bilanci certificati e report paralleli su compensi esecutivi, ESG e obblighi statutari, generando costi professionali superflui.

Il Consiglio prevede che il trasferimento ridurrà la complessità amministrativa, contabile, fiscale e legale di oltre 3 milioni di dollari USA all'anno. Le spese una tantum per il trasferimento di sede, pari a 3-4 milioni di dollari USA, sono state per lo più sostenute e si prevede saranno recuperate entro 18-24 mesi. Una revisione giurisdizionale durata 18 mesi ha valutato cinque alternative; le Bermuda sono state scelte per la compatibilità con i principi contabili GAAP, la minima documentazione locale richiesta e un profilo costi-benefici favorevole.

Le migliorie di governance collegate alla transazione includono (i) l'eliminazione del consiglio classificato, (ii) la rimozione delle soglie di voto a maggioranza qualificata, (iii) il riconoscimento ai soci del diritto di agire tramite consenso scritto e (iv) l'istituzione di diritti di valutazione. Il Consiglio raccomanda agli azionisti di votare FAVOREVOLMENTE alle proposte di trasferimento, citando i risparmi quantificati e una supervisione più efficiente.

Cushman & Wakefield plc (CWK) ha publicado materiales adicionales para la delegación que respaldan su plan de trasladar su domicilio social de Inglaterra y Gales a Bermudas. La dirección afirma que operar bajo la legislación de valores de EE.UU. y la Ley de Sociedades del Reino Unido implica cierres de fin de año duplicados, dos juegos de estados financieros auditados e informes paralelos sobre compensación ejecutiva, ESG e informes estatutarios, lo que genera costos profesionales innecesarios.

La Junta proyecta que el traslado reducirá la complejidad administrativa, contable, fiscal y legal en más de 3 millones de dólares estadounidenses al año. Los gastos únicos de reubicación, entre 3 y 4 millones de dólares estadounidenses, en su mayoría ya se han incurrido y se espera que se recuperen en 18-24 meses. Una revisión jurisdiccional de 18 meses evaluó cinco alternativas; Bermudas fue elegida por su compatibilidad con GAAP, mínimos requisitos locales y un perfil favorable de costo-beneficio.

Las mejoras de gobernanza vinculadas a la transacción incluyen (i) eliminar la junta clasificada, (ii) eliminar los umbrales de votación de mayoría calificada, (iii) otorgar a los accionistas el derecho a actuar por consentimiento escrito y (iv) establecer derechos de tasación. La Junta recomienda a los accionistas votar A FAVOR de las propuestas de traslado, citando los ahorros cuantificados y una supervisión más eficiente.

Cushman & Wakefield plc(CWK)ëŠ� 잉글랜드 ë°� 웨ì¼ì¦ˆì—ì„� 버뮤다로 본사ë¥� ì´ì „하는 계íšì� 지지하는 추가 위임ìž� ìžë£Œë¥� 발표했습니다. ê²½ì˜ì§„ì€ ë¯¸êµ­ ì¦ê¶Œë²•ê³¼ ì˜êµ­ 회사ë²� 모ë‘ë¥� 준수해ì•� 하므ë¡� ì—°ë§ ê²°ì‚°ì� 중복ë˜ê³ , ë‘� 세트ì� ê°ì‚¬ 재무제표와 병행ë˜ëŠ” ìž„ì› ë³´ìƒ, ESG ë°� 법정 보고서가 ë°œìƒí•˜ì—¬ 불필요한 전문 서비ìŠ� 비용ì� 초래ëœë‹¤ê³� ë°í˜”습니ë‹�.

ì´ì‚¬íšŒëŠ” ì´ë²ˆ ì´ì „으로 행정, 회계, 세무 ë°� 법률 ë³µìž¡ì„±ì´ ì—°ê°„ 미화 300ë§� 달러 ì´ìƒ ì ˆê°ë� 것으ë¡� 예ìƒí•©ë‹ˆë‹�. ì¼íšŒì„� ì´ì „ 비용 미화 300-400ë§� 달러ëŠ� 대부ë¶� ì´ë¯¸ ë°œìƒí–ˆìœ¼ë©� 18~24개월 ë‚´ì— íšŒìˆ˜ë� 것으ë¡� 예ìƒë©ë‹ˆë‹�. 18ê°œì›”ê°„ì˜ ê´€í• ê¶Œ 검토를 통해 다섯 가지 ëŒ€ì•ˆì´ í‰ê°€ë˜ì—ˆìœ¼ë©°, GAAP 호환ì„�, 최소 현지 ì‹ ê³  ë°� 유리í•� 비용-íŽ¸ìµ í”„ë¡œí•„ì„ ê³ ë ¤í•� 버뮤다가 ì„ íƒë˜ì—ˆìŠµë‹ˆë‹�.

ì´ë²ˆ 거래와 ê´€ë ¨ëœ ê±°ë²„ë„ŒìŠ¤ 개선 사항으로ëŠ� (i) 분류ë� ì´ì‚¬íš� íì§€, (ii) 초다수결 투표 기준 제거, (iii) 주주가 서면 ë™ì˜ë¡� í–‰ë™í•� 권리 ë¶€ì—�, (iv) í‰ê°€ê¶� 설정 ë“±ì´ í¬í•¨ë©ë‹ˆë‹�. ì´ì‚¬íšŒëŠ” ì ˆê° íš¨ê³¼ì™€ ê°„ì†Œí™”ëœ ê°ë…ì� ì´ìœ ë¡� 주주들ì—ê²� 본사 ì´ì „ 안건ì—� 대í•� 찬성 투표ë¥� 권고합니ë‹�.

Cushman & Wakefield plc (CWK) a publié des documents supplémentaires pour la procuration soutenant son projet de transférer son siège social d'Angleterre et du Pays de Galles vers les Bermudes. La direction indique que le fait d'opérer sous la législation américaine sur les valeurs mobilières et la loi britannique sur les sociétés entraîne des clôtures de fin d'année en double, deux ensembles d'états financiers audités, ainsi que des rapports parallèles sur la rémunération des dirigeants, l'ESG et les obligations statutaires, générant des coûts professionnels inutiles.

Le conseil d'administration prévoit que cette opération réduira la complexité administrative, comptable, fiscale et juridique de plus de 3 millions de dollars US par an. Les frais uniques de redomiciliation, de 3 à 4 millions de dollars US, ont majoritairement été engagés et devraient être récupérés dans un délai de 18 à 24 mois. Une revue de la juridiction sur 18 mois a évalué cinq alternatives ; les Bermudes ont été choisies pour leur compatibilité avec les normes GAAP, leurs exigences locales minimales et un profil coût-bénéfice favorable.

Les améliorations de gouvernance liées à la transaction comprennent (i) la suppression du conseil classé, (ii) la suppression des seuils de vote à la majorité qualifiée, (iii) l'octroi aux actionnaires du droit d'agir par consentement écrit, et (iv) l'établissement de droits d'évaluation. Le conseil recommande aux actionnaires de voter POUR les propositions de redomiciliation, en citant les économies quantifiées et une supervision simplifiée.

Cushman & Wakefield plc (CWK) hat zusätzliche Unterlagen für die Vollmacht veröffentlicht, die seinen Plan unterstützen, den Sitz von England & Wales nach Bermuda zu verlegen. Das Management erklärt, dass die gleichzeitige Anwendung von US-Wertpapierrecht und dem britischen Companies Act doppelte Jahresabschlüsse, zwei Sätze geprüfter Finanzberichte sowie parallele Berichte zu Vorstandsvergütung, ESG und gesetzlichen Anforderungen erzwingt, was unnötige Kosten für professionelle Dienstleistungen verursacht.

Der Vorstand prognostiziert, dass der Umzug die administrative, buchhalterische, steuerliche und rechtliche Komplexität um mehr als 3 Millionen US-Dollar pro Jahr reduzieren wird. Einmalige Umzugskosten von 3-4 Millionen US-Dollar sind größtenteils bereits angefallen und sollen innerhalb von 18-24 Monaten wieder eingespielt werden. Eine 18-monatige Überprüfung der Rechtsordnung bewertete fünf Alternativen; Bermuda wurde aufgrund der GAAP-Kompatibilität, minimaler lokaler Meldungen und eines günstigen Kosten-Nutzen-Profils ausgewählt.

Mit der Transaktion verbundene Governance-Verbesserungen umfassen (i) die Abschaffung des gestaffelten Vorstands, (ii) die Entfernung von Supermehrheitsabstimmungsanforderungen, (iii) die Gewährung des Rechts der Aktionäre, durch schriftliche Zustimmung zu handeln, und (iv) die Einrichtung von Bewertungsrechten. Der Vorstand empfiehlt den Aktionären, den Vorschlägen zur Sitzverlegung ZUZUSTIMMEN, und verweist auf die quantifizierten Einsparungen und die vereinfachte Aufsicht.

Positive
  • Projected annual savings of over US$3 million from eliminating dual regulatory compliance.
  • Governance improvements—declassified board, removal of super-majority voting, written-consent rights, and appraisal rights.
Negative
  • One-time redomiciliation expenses of US$3-4 million must be absorbed before savings are realized.

Insights

TL;DR: Redomiciliation cuts $3M costs and upgrades governance; upfront spend $3-4M, payback in 2 yrs—overall shareholder-friendly.

The filing presents a clear economic rationale: annual savings exceed US$3 million versus one-time costs of US$3-4 million, yielding an 18-24-month breakeven. Eliminating dual audits and filings should free management time and lower complexity. Governance concessions—annual director elections, lower amendment thresholds, written-consent rights and appraisal rights—address common investor concerns and strengthen accountability. The Board’s 18-month, five-jurisdiction review demonstrates due diligence, and selecting Bermuda (GAAP, light statutory filings) aligns reporting with NYSE obligations without U.K. overhead. For most shareholders, the proposal looks value-accretive with limited execution risk, hence a positive impact.

Cushman & Wakefield plc (CWK) ha pubblicato ulteriori materiali per la delega, a sostegno del suo piano di trasferire la sede legale dall'Inghilterra e Galles alle Bermuda. La direzione afferma che operare sia sotto la normativa sui titoli statunitense sia sotto il Companies Act del Regno Unito comporta chiusure di fine anno duplicate, due set di bilanci certificati e report paralleli su compensi esecutivi, ESG e obblighi statutari, generando costi professionali superflui.

Il Consiglio prevede che il trasferimento ridurrà la complessità amministrativa, contabile, fiscale e legale di oltre 3 milioni di dollari USA all'anno. Le spese una tantum per il trasferimento di sede, pari a 3-4 milioni di dollari USA, sono state per lo più sostenute e si prevede saranno recuperate entro 18-24 mesi. Una revisione giurisdizionale durata 18 mesi ha valutato cinque alternative; le Bermuda sono state scelte per la compatibilità con i principi contabili GAAP, la minima documentazione locale richiesta e un profilo costi-benefici favorevole.

Le migliorie di governance collegate alla transazione includono (i) l'eliminazione del consiglio classificato, (ii) la rimozione delle soglie di voto a maggioranza qualificata, (iii) il riconoscimento ai soci del diritto di agire tramite consenso scritto e (iv) l'istituzione di diritti di valutazione. Il Consiglio raccomanda agli azionisti di votare FAVOREVOLMENTE alle proposte di trasferimento, citando i risparmi quantificati e una supervisione più efficiente.

Cushman & Wakefield plc (CWK) ha publicado materiales adicionales para la delegación que respaldan su plan de trasladar su domicilio social de Inglaterra y Gales a Bermudas. La dirección afirma que operar bajo la legislación de valores de EE.UU. y la Ley de Sociedades del Reino Unido implica cierres de fin de año duplicados, dos juegos de estados financieros auditados e informes paralelos sobre compensación ejecutiva, ESG e informes estatutarios, lo que genera costos profesionales innecesarios.

La Junta proyecta que el traslado reducirá la complejidad administrativa, contable, fiscal y legal en más de 3 millones de dólares estadounidenses al año. Los gastos únicos de reubicación, entre 3 y 4 millones de dólares estadounidenses, en su mayoría ya se han incurrido y se espera que se recuperen en 18-24 meses. Una revisión jurisdiccional de 18 meses evaluó cinco alternativas; Bermudas fue elegida por su compatibilidad con GAAP, mínimos requisitos locales y un perfil favorable de costo-beneficio.

Las mejoras de gobernanza vinculadas a la transacción incluyen (i) eliminar la junta clasificada, (ii) eliminar los umbrales de votación de mayoría calificada, (iii) otorgar a los accionistas el derecho a actuar por consentimiento escrito y (iv) establecer derechos de tasación. La Junta recomienda a los accionistas votar A FAVOR de las propuestas de traslado, citando los ahorros cuantificados y una supervisión más eficiente.

Cushman & Wakefield plc(CWK)ëŠ� 잉글랜드 ë°� 웨ì¼ì¦ˆì—ì„� 버뮤다로 본사ë¥� ì´ì „하는 계íšì� 지지하는 추가 위임ìž� ìžë£Œë¥� 발표했습니다. ê²½ì˜ì§„ì€ ë¯¸êµ­ ì¦ê¶Œë²•ê³¼ ì˜êµ­ 회사ë²� 모ë‘ë¥� 준수해ì•� 하므ë¡� ì—°ë§ ê²°ì‚°ì� 중복ë˜ê³ , ë‘� 세트ì� ê°ì‚¬ 재무제표와 병행ë˜ëŠ” ìž„ì› ë³´ìƒ, ESG ë°� 법정 보고서가 ë°œìƒí•˜ì—¬ 불필요한 전문 서비ìŠ� 비용ì� 초래ëœë‹¤ê³� ë°í˜”습니ë‹�.

ì´ì‚¬íšŒëŠ” ì´ë²ˆ ì´ì „으로 행정, 회계, 세무 ë°� 법률 ë³µìž¡ì„±ì´ ì—°ê°„ 미화 300ë§� 달러 ì´ìƒ ì ˆê°ë� 것으ë¡� 예ìƒí•©ë‹ˆë‹�. ì¼íšŒì„� ì´ì „ 비용 미화 300-400ë§� 달러ëŠ� 대부ë¶� ì´ë¯¸ ë°œìƒí–ˆìœ¼ë©� 18~24개월 ë‚´ì— íšŒìˆ˜ë� 것으ë¡� 예ìƒë©ë‹ˆë‹�. 18ê°œì›”ê°„ì˜ ê´€í• ê¶Œ 검토를 통해 다섯 가지 ëŒ€ì•ˆì´ í‰ê°€ë˜ì—ˆìœ¼ë©°, GAAP 호환ì„�, 최소 현지 ì‹ ê³  ë°� 유리í•� 비용-íŽ¸ìµ í”„ë¡œí•„ì„ ê³ ë ¤í•� 버뮤다가 ì„ íƒë˜ì—ˆìŠµë‹ˆë‹�.

ì´ë²ˆ 거래와 ê´€ë ¨ëœ ê±°ë²„ë„ŒìŠ¤ 개선 사항으로ëŠ� (i) 분류ë� ì´ì‚¬íš� íì§€, (ii) 초다수결 투표 기준 제거, (iii) 주주가 서면 ë™ì˜ë¡� í–‰ë™í•� 권리 ë¶€ì—�, (iv) í‰ê°€ê¶� 설정 ë“±ì´ í¬í•¨ë©ë‹ˆë‹�. ì´ì‚¬íšŒëŠ” ì ˆê° íš¨ê³¼ì™€ ê°„ì†Œí™”ëœ ê°ë…ì� ì´ìœ ë¡� 주주들ì—ê²� 본사 ì´ì „ 안건ì—� 대í•� 찬성 투표ë¥� 권고합니ë‹�.

Cushman & Wakefield plc (CWK) a publié des documents supplémentaires pour la procuration soutenant son projet de transférer son siège social d'Angleterre et du Pays de Galles vers les Bermudes. La direction indique que le fait d'opérer sous la législation américaine sur les valeurs mobilières et la loi britannique sur les sociétés entraîne des clôtures de fin d'année en double, deux ensembles d'états financiers audités, ainsi que des rapports parallèles sur la rémunération des dirigeants, l'ESG et les obligations statutaires, générant des coûts professionnels inutiles.

Le conseil d'administration prévoit que cette opération réduira la complexité administrative, comptable, fiscale et juridique de plus de 3 millions de dollars US par an. Les frais uniques de redomiciliation, de 3 à 4 millions de dollars US, ont majoritairement été engagés et devraient être récupérés dans un délai de 18 à 24 mois. Une revue de la juridiction sur 18 mois a évalué cinq alternatives ; les Bermudes ont été choisies pour leur compatibilité avec les normes GAAP, leurs exigences locales minimales et un profil coût-bénéfice favorable.

Les améliorations de gouvernance liées à la transaction comprennent (i) la suppression du conseil classé, (ii) la suppression des seuils de vote à la majorité qualifiée, (iii) l'octroi aux actionnaires du droit d'agir par consentement écrit, et (iv) l'établissement de droits d'évaluation. Le conseil recommande aux actionnaires de voter POUR les propositions de redomiciliation, en citant les économies quantifiées et une supervision simplifiée.

Cushman & Wakefield plc (CWK) hat zusätzliche Unterlagen für die Vollmacht veröffentlicht, die seinen Plan unterstützen, den Sitz von England & Wales nach Bermuda zu verlegen. Das Management erklärt, dass die gleichzeitige Anwendung von US-Wertpapierrecht und dem britischen Companies Act doppelte Jahresabschlüsse, zwei Sätze geprüfter Finanzberichte sowie parallele Berichte zu Vorstandsvergütung, ESG und gesetzlichen Anforderungen erzwingt, was unnötige Kosten für professionelle Dienstleistungen verursacht.

Der Vorstand prognostiziert, dass der Umzug die administrative, buchhalterische, steuerliche und rechtliche Komplexität um mehr als 3 Millionen US-Dollar pro Jahr reduzieren wird. Einmalige Umzugskosten von 3-4 Millionen US-Dollar sind größtenteils bereits angefallen und sollen innerhalb von 18-24 Monaten wieder eingespielt werden. Eine 18-monatige Überprüfung der Rechtsordnung bewertete fünf Alternativen; Bermuda wurde aufgrund der GAAP-Kompatibilität, minimaler lokaler Meldungen und eines günstigen Kosten-Nutzen-Profils ausgewählt.

Mit der Transaktion verbundene Governance-Verbesserungen umfassen (i) die Abschaffung des gestaffelten Vorstands, (ii) die Entfernung von Supermehrheitsabstimmungsanforderungen, (iii) die Gewährung des Rechts der Aktionäre, durch schriftliche Zustimmung zu handeln, und (iv) die Einrichtung von Bewertungsrechten. Der Vorstand empfiehlt den Aktionären, den Vorschlägen zur Sitzverlegung ZUZUSTIMMEN, und verweist auf die quantifizierten Einsparungen und die vereinfachte Aufsicht.

 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No. )

 

 

Filed by the Registrant: ☒

Filed by a Party other than the Registrant: ☐

Check the appropriate box:

 

Preliminary Proxy Statement

 

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

 

Definitive Proxy Statement

 

Definitive Additional Materials

 

Soliciting Material Pursuant to § 240.14A-12

Cushman & Wakefield plc

(Name of Registrant as specified in its charter)

(Name of person(s) filing proxy statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

 

No fee required.

 

Fee paid previously with preliminary materials.

 

Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

 

 
 


In response to questions raised in shareholder engagement, Cushman & Wakefield plc is providing additional summary and background information for the proposed redomiciliation of its parent holding company from England and Wales to Bermuda, including information related to the reasons for the transaction as set forth in its definitive proxy statement.

Rationale for the Proposals

 

   

Currently, the Company is subject to the requirements of two separate, and mismatched, regulatory frameworks: the securities laws of the United States (including applicable NYSE listing requirements), and the U.K. Companies Act (including the Financial Reporting Council).

 

   

Although there is conceptual overlap between the two frameworks, compliance with each has separate and unique requirements, with significant administrative burden and associated costs.

 

   

For example, the Company must go through the year-end close process twice, in two different jurisdictions, with two different statutory filing requirements. Because of this, the Company must maintain, among other things:

 

   

two sets of financial statements, each of which must be independently audited in accordance with two different accounting standards;

 

   

two separate audits, each by an entirely different audit team (one in the U.S. and one in the U.K.);

 

   

two separate annual reports, encompassing two separate executive compensation reports, two ESG reporting frameworks, and two Board approvals;

 

   

prepared with the support of two sets of law firms, tax consultants, and executive compensation consultants.

By moving to Bermuda, the Company estimates that it will save more than USD $3M annually from reduced administrative, accounting, tax, and legal complexity. That total includes quantitative and qualitative savings from alleviating the cumbersome dual compliance mandate placed on our corporate staff and does not reflect additional legal, administrative and compliance costs that we expect to be saved in the future relating to certain ordinary course potential transactions including share repurchases. While the costs of the redomiciliation process are expected to be approximately $3-4M (a majority of which have already been incurred), the Company expects to recoup these costs within 18-24 months, based solely on estimated annual savings.

Alternatives Considered by the Board of Directors

 

   

The Board’s decision to pursue the proposed redomiciliation followed an extensive review process that took approximately 18 months.

 

   

During this process, the Board considered five different jurisdictions (United States (including Delaware), Cayman Islands, Jersey (Channel Islands), Ireland, and Luxembourg), assessing each one on eight different factors.

 

   

Following rigorous analysis, the Board selected Bermuda as the jurisdiction offering the Company and its shareholders the best balance in terms of economic savings, efficiencies from reduced administrative burden, reliability, risk, feasibility, and facilitation and creation of long-term shareholder value.


   

Notably, Bermuda utilizes GAAP accounting and its statutory filing obligations are de minimis relative to what is required by the SEC.

 

   

After analyzing the implications of moving to the U.S. (Delaware), that option was eliminated as cost prohibitive.

Key Governance Changes

We have included changes to the Company’s corporate governance profile with our redomiciliation proposal that align with shareholder expectations. These changes include:

 

   

Elimination of the company’s classified board, which would allow shareholders to hold all directors accountable on an annual basis;

 

   

Elimination of supermajority voting requirements to amend the Company’s governing documents;

 

   

A new shareholder right to act by written consent; and

 

   

Establishment of appraisal rights for shareholders.

Voting Recommendations

We believe the threshold question is whether shareholders agree with the CWK Board of Directors that the quantitative and qualitative savings from moving from the U.K. to Bermuda, as described in the proxy statement, are a compelling justification for the change.

Only after addressing the threshold question should the Company’s governance practices be considered. While the governance proposals are advisory votes, the Board will take seriously the shareholder input received and adjust its governance practices accordingly.

Because of the significant quantitative and qualitative economic savings and efficiencies that the Company will realize from the redomiciliation, we respectfully request shareholders vote FOR the redomiciliation proposals.

FAQ

Why is Cushman & Wakefield (CWK) proposing to redomicile to Bermuda?

To eliminate duplicative U.S. and U.K. compliance, reducing administrative, audit and legal costs by US$3 million annually.

What are the expected cost savings and payback period for CWK?

Annual savings exceed US$3 million; one-time costs of US$3-4 million are expected to be recovered within 18-24 months.

Which jurisdictions did CWK consider before selecting Bermuda?

The Board evaluated the United States (Delaware), Cayman Islands, Jersey, Ireland and Luxembourg over an 18-month review.

What governance changes accompany the redomiciliation of CWK?

CWK proposes declassifying the board, eliminating super-majority requirements, adding written-consent rights and granting shareholder appraisal rights.

Does Bermuda use GAAP accounting standards for CWK's reporting?

Yes, Bermuda utilizes GAAP accounting and has minimal statutory filing obligations relative to the SEC.

How does the CWK Board recommend shareholders vote on the proposal?

The Board recommends a vote FOR the redomiciliation because of the anticipated quantitative and qualitative benefits.
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2.56B
228.67M
1.38%
102.15%
5.77%
AGÕæÈ˹ٷ½ Estate Services
AGÕæÈ˹ٷ½ Estate
United States
LONDON