Every one of Brookfield’s major public companies has one or more factors that point to it being a U.S., not Canadian, concern
A pedestrian walking past an entrance to Brookfield Place in Toronto’s Financial District on Sept. 5. Brookfield Asset Management could easily classify all its operations as U.S. if it moved its headquarters there.The Brookfield family of companies are Canadian colossi, cream of the country’s corporate crop. But they also have a distinctly New York flavour to them, what with many of their executives and clients working in Gotham.
If you’re going to produce indexes of countries’ top stocks, you need to decide every stock’s one and only home country. But maybe not. As spokesperson Kerrie McHugh told me, “Ultimately it’s up to the S&P index committee if they decide to keep or remove us” from Canadian indexes. So, what’s pointing south for Brookfield? “Primary exchange” is actually a mushier concept than you’d think. You’ll see definitions that say the primary exchange is the first exchange on which a company ever listed its shares. But many argue that it’s the exchange where there’s the most trading volume.
The S&P Dow Jones indexes that are branded “Dow Jones” say a U.S. company must make filings with the Securities and Exchange Commission as a domestic company, not a “foreign private issuer,” as all nine Brookfield entities are currently. But Ms. McHugh says that Brookfield Asset Management is considering switching to domestic SEC filings, in addition to the headquarters change.
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