NEW YORK, October 3, 2025 – Cushman & Wakefield plc (NYSE: CWK) (the “Company”) today announced that independent proxy advisory firm Glass, Lewis & Co. (“Glass Lewis”) has recommended that the Company’s shareholders vote “FOR” all of the Company’s proposals in connection with the Company’s intention to change its place of incorporation from England and Wales to Bermuda (the “Redomiciliation”). Glass Lewis’s voting recommendations follow similar voting recommendations from independent proxy advisory firm Institutional Shareholder Services (“ISS”).
The Company’s board of directors (the “Board”) is recommending that shareholders vote in favor of all its proposals to redomicile to Bermuda to facilitate shareholder value creation. The Redomiciliation would change the jurisdiction of incorporation and governing documents of its parent company, but is not expected to have any material impact on the Company’s operations or subsidiaries:
- After an approximately 18-month extensive review process of six potential jurisdictions, the Board determined that Bermuda offered the Company and shareholders the best balance in terms of economic savings, efficiencies from reduced administrative burden, reliability, tax neutrality, risk, feasibility, and facilitation and creation of long-term shareholder value.
- The proposals would facilitate shareholder value creation, including cost savings (estimated annual savings of $3 million annually) by reducing administrative, accounting, tax and legal complexity while increasing corporate efficiencies.
- The Redomiciliation is part of a larger effort to enhance the Company’s corporate governance, including a separate proposal to declassify the Board gradually over a three-year period.
- The Redomiciliation provides an opportunity to better align the Company’s corporate governance with the expectations of the Company’s largely U.S. shareholder base under the more adaptable and business-friendly corporate law of Bermuda.
- The Redomiciliation is not tax driven as the relocation to Bermuda would be generally tax neutral and the Company’s subsidiaries’ tax residences will not change.
- As a Bermuda company, the Company will continue trading on the NYSE (under the same symbol “CWK”) and will continue to be governed by the Securities and Exchange Commission’s (the “SEC”) rules and regulations.
- The Redomiciliation is not expected to result in any material change in the Company’s offices, management team, Board or employee base, nor will it result in material changes to the Company’s operating companies’ client offerings or services.
- The Company remains committed to its U.K. and European customers, employees and businesses.
- There will be no material change to the Company’s U.S. GAAP financial statements and no changes in its financial documents, financings or credit agreements.
The special meetings associated with the Redomiciliation will be held on October 16, 2025.
For more information about the proposed Redomiciliation, see the Company’s Definitive Proxy Statement for the special meetings filed on September 4, 2025.