A shareholders’ proposal for Brookfield to adopt the Global Reporting Initiative early was turned down by shareholders nearly three to one at the annual meeting.

Brookfield has splashed out in Bermuda with the $1.1 billion purchase of Argo Insurance by its reinsurance division and plans for a very large city redevelopment project.

Shareholders accepted in an online vote the board’s unanimous recommendation that the proposal advanced by the BC General Employees’ Union be rejected.

The board, however, told shareholders: “Brookfield intends to comply with the EU public [country-by-country reporting] requirements that will become effective in 2024 or 2025.

“It would be premature, however, to adopt voluntary disclosures, which could result in disclosures that could put Brookfield at a competitive disadvantage.”

The International Tax Review, which tracks global tax and accounting practices, has reported that the GRI offers multinational companies a voluntary framework to publicly disclose tax in every country where the business operates.

Brookfield Asset Management is a global alternative asset manager with more than $825 billion under management in renewable power, infrastructure, private equity, real estate and credit.

The Brookfield Real Estate business is just getting started on the new state-of-the-art commercial building in Hamilton, a project stretching from Front Street to Reid Street, along the eastern side of Chancery Lane.

Parts of the development will house the global headquarters of Brookfield Reinsurance and the company’s Bermuda-domiciled listed affiliates: Brookfield Property Partners, Brookfield Infrastructure Partners, Brookfield Renewable Partners and Brookfield Business Partners.

The companies are part of the Brookfield Corporation, the Canadian multinational that is one of the world's largest alternative investment management companies.

The company has part ownership of Canary Wharf in London and Manhattan West in New York.

While Brookfield shareholders rejected the GRI, the groups promoting it among investors are heartened at its progress in their fight for tax transparency.

Jason Ward, principal analyst at the Centre for International Corporate Tax Responsibility in Sydney, told the ITR that although the vote fell short 73 per cent to 27 per cent, it was an “incredible” result for a first-time resolution on an issue that is new to many investors.

Mr Ward said: “The [27 per cent] vote in favour of the resolution at Brookfield is particularly remarkable, given it is the first time the resolution has been voted on at any Canadian-headquartered company.”