Good day, ladies and gentlemen. It is now 10:00 A.M. My name is Bruce Flatt, and as Chair of the Board, it is my pleasure to chair today's special meeting of shareholders of Brookfield Asset Management Limited. This meeting is being held in connection with an arrangement to enhance the corporate structure and broaden the shareholder ownership of Brookfield Asset Management, or known as BAM. As part of the arrangement, BAM will issue Class A shares to Brookfield Corporation, or BN, in exchange for all of the common shares of our asset management company currently owned by BN on a one-for-one basis. The arrangement simplifies the corporate structure of our asset management business, making it easier for investors to understand and value BAM's Class A shares.
It will also enable BAM's market capitalization to accurately reflect the total value of the asset management business today, which is approximately $95 billion based on the current stock price of the BAM Class A shares, compared to BAM's current market capitalization, which shows at approximately $26 billion, which reflects only 27% of the asset management business. We also expect the arrangement to position BAM for broader equity index inclusion, particularly in the United States, which is expected to drive increased ownership of BAM Class A shares. Further information is detailed in the Management Information Circular that was issued in connection with this special meeting. All of these materials can also be found on our website. On behalf of the Board and Management, I would like to extend a warm welcome to everyone joining us through our live webcast.
Similar to our annual meeting held last June, voting during this meeting will take place on our webcast platform. I will now explain this process. We will conduct the votes on the matters before us by a poll. On a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder. The whole poll will be open for the resolution approving the arrangement, which I will refer to as the arrangement resolution, throughout the formal portion of this meeting. If you voted in advance of the meeting and do not wish to revoke your previously submitted proxies, then no action is required. We welcome questions from our shareholders relating to the arrangement resolution.
As described in our Management Information Circular for this meeting, participants can submit questions by clicking on the messaging icon on the top of the webcast and typing in a question. Questions relating to the meeting's formal business will be answered at the appropriate time in the meeting. Note that we recommend that you submit questions as soon as possible, as there is a 30-second delay in the webcast. Please click the submit button once you have finished typing your question. Our corporate secretary, who is serving as moderator of this meeting, will read out the question, and a member of management or I will respond. If we receive similar questions, we will read one of them and note it to be one of a number of similar questions. We are unable to receive questions from participants joining the meeting only by telephone.
Further, if you connected to the meeting as a guest, you will not be able to submit questions. We will endeavor to answer all questions submitted during the allotted time. Moving on, we wish to thank you for your participation in today's meeting. I now call the meeting to order and would ask TSX Trust Company by its representatives, Helen Kim and Karishma Aliar, to act as scrutineers. I will also ask our Managing Director, Legal and Regulatory, Kathy Sarpash, to act as secretary of today's meeting. In the event of the unlikely event of technology issues disconnecting my audio, I have designated Kathy to step in as chair of the meeting. Our Management Information Circular sets out two items of business for the meeting.
First, the consideration of a special resolution approving a plan of arrangement whereby BAM will issue Class A shares to BN in exchange for all the common shares of our asset management company currently owned by BN on a one-for-one basis. The full text of the arrangement resolution is set out in the Management Information Circular . Second, a special resolution increasing the number of directors of BAM from 12 to 14. I would note, though, that although the director increase resolution has received widespread support among shareholders, we had determined not to proceed with the increase at this time, and we are withdrawing that resolution.
Further consideration will be given to the board's composition in the ordinary course ahead of our next annual meeting as we seek to focus on increasing the number of our U.S.-based directors, ensuring the board's size is appropriate to fulfill its oversight and stewardship responsibilities, and enhancing the mix of skills and experience among the directors. As mentioned, in connection with business to be dealt with today, all voting will be conducted by online ballot through the live audio webcast platform. Voting is now open on the Arrangement Resolution. In order to expedite the formal part of today's meeting, I have asked certain shareholders to move and second the Arrangement Resolution. Although this procedure will assist in the handling of formal matters, it is not intended to discourage anyone from submitting questions in reference to the Arrangement Resolution after it has been proposed and seconded.
I'm advised that the notice calling this meeting and the Management Information Circular were disseminated to voting shareholders in accordance with all applicable laws. I've asked the corporate secretary to keep a copy of the notice and the proof of mailing with the minutes of this meeting. Based upon the scrutineer's preliminary report on attendance, the secretary has confirmed that there is a quorum. I therefore declare the meeting properly constituted for the transaction of business for which it has been called. As I mentioned, the only item of business today is the approval of the special resolution on the plan of arrangement described in the management information circular. This meeting is being held pursuant to an order of the Supreme Court of British Columbia. A copy of the order is available for inspection.
If the Arrangement Resolution is approved, the final hearing of the court to approve the arrangement is scheduled to take place on January 30th, 2025 at 9:45 A.M. As stated in the Management Information Circular, the board of directors has unanimously recommended the shareholders vote in favor of the Arrangement Resolution.
Mr. Chair, I move that the Arrangement Resolution as set forth in Appendix A of the Management Information Circular be approved.
Thank you, Gayle.
Mr. Chair, I second the motion.
Thank you, Thomas. The resolution has been moved and seconded, and the motion is now before the meeting for discussion.
Mr. Chair, we have not received any questions or comments submitted in connection with the Arrangement Resolution .
Adoption of this motion requires the favorable vote of at least 66 and two-thirds of those votes cast at the meeting or by proxy by the holders of each of the BAM Class A Limited Voting Shares and the BAM Class B Limited Voting Shares, voting separately as a class. As described in greater detail in the Management Information Circular, the Arrangement Resolution must also be approved by at least the majority of the votes cast by minority shareholders. Management has received proxies representing approximately 77.25% of BAM's Class A Limited Voting Shares. Additionally, management has received a proxy representing 100% of the Class B Limited Voting Shares. These proxies direct me to vote 79.7% of the BAM Class A Limited Voting Shares and all of the BAM Class B Limited Voting Shares in favor of the Arrangement Resolution.
I will now call for shareholders and proxy holders to submit their vote if they have not already done so. Voting is now closed on the Arrangement Resolution. I'm advised that our Corporate Secretary has the final results of the vote based on the final tabulation of proxy votes received.
Thank you, Mr. Chair. I'm pleased to report that on the approval of the Arrangement Resolution, I declare the motion carried. The final voting results will be available after the meeting and posted to SEDAR+ at www.sedarplus.ca.
Ladies and gentlemen, that completes the formal business of today's meeting. There being no other business, I declare the meeting terminated.