Good morning, ladies and gentlemen. It is now 10:30 A.M. and time to begin the annual and special meeting of shareholders of Brookfield Corporation. My name is Frank McKenna, and as chair of the board, it's my pleasure to chair today's meeting. On behalf of the board and management, I'd like to extend a warm welcome to everyone joining us to our live webcast. Similar to our meeting last year, voting during the 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 poll will be open for all resolutions at the same time and throughout the formal portion of the meeting. This will allow you to choose to vote on each resolution immediately or wait until conclusion of discussion on each resolution prior to casting your vote. If you voted in advance of the meeting and do not wish to revoke your previously submitted proxies, then no action is required. We will welcome questions from our shareholders. As described in our management information circular for this meeting, participants can submit questions by, firstly, clicking on the messaging icon on the top of the webcast and typing a question. Secondly, if preferred, ask your questions live by way of telephone. To do so, please include your telephone number with your question, and the operator will connect you to the meeting.
Please indicate whether your question is of a general nature or if it relates to a motion being considered as part of the meeting's formal business. Questions relating to a particular motion will be answered at the appropriate time in the meeting. Note, that we recommend that you submit questions relating to motions being tabled as soon as possible, as there is a 30-second delay in the webcast. Now, questions of a general nature will be answered during a question and answer period following the formal business of the meeting. 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 either 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're unable to receive questions from participants joining the meeting only by telephone. If you're connected to this meeting as a guest, you will not be able to submit a question. We will endeavor to answer all questions submitted during the allotted time. Moving on, we wish to thank everyone for their participation in today's meeting. I'd also like to acknowledge that we received a shareholder proposal for this meeting. We're grateful for the engagement that our shareholders demonstrate. We will address the matters raised in the shareholder proposal later in the meeting. I now call the meeting to order and would ask TSX Trust Company by its representatives, Helen Kim and Kay Harrison, to act as scrutineers.
I will also ask our corporate secretary, Swati Mandava, to act as secretary of today's meeting. In the unlikely event of technology issues disconnecting my audio, I've designated Swati to step in as chair of the meeting. It's now my pleasure to introduce the members of management with us today. Bruce Flatt, our Chief Executive Officer, and Nicholas Goodman, our President and Chief Financial Officer. Following the conclusion of the formal part of the meeting, there will be a presentation from management. As outlined in our management information circular, there are eight items of business to be considered today. First, to receive the consolidated financial statements of the corporation for the fiscal year ended December 31st, 2022, including the external auditor's report. Secondly, to consider a special resolution authorizing an amendment to the articles of incorporation to decrease the number of directors from 16 to 14.
Third, to elect directors who will serve until the next annual general meeting. Fourth, to appoint the external auditor and authorize the directors to set its remuneration. Fifth, to consider an advisory resolution on the corporation's approach to executive compensation. Sixth, to consider a resolution approving an amendment to the corporation's escrowed stock plan. Seventh, to consider a resolution authorizing Brookfield Reinsurance Ltd. to implement a restricted stock plan and to permit Brookfield Reinsurance Ltd. to award restricted stock grants thereunder to certain employees and service providers. Eighth, to consider the shareholder proposal described in our management information circular. As mentioned in connection with the 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 all resolutions.
Now, in order to expedite the formal part of today's meeting, I've asked certain shareholders to move and second various resolutions. Although this procedure will assist in the handling of the formal matters, it is not intended to discourage anyone from submitting questions in reference to any 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 proof of mailing with the minutes of this meeting. The minutes of last year's annual meeting of shareholders, held on June 10th, 2022, are also available upon request should any shareholder wish to review them. 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 the business for which it has been called. Turning to the first item of formal business, I will now table the corporation's 2022 annual report to shareholders, which includes the corporation's consolidated financial statements for the fiscal year ended December 31st, 2022, together with the external auditor's report. Our annual report has been mailed to shareholders who requested it and is available in the meeting materials for this live webcast, as well as on our website.
Mr. Chair, we have not received any questions or comments in connection with the financial statements?
The second item of business today is the approval of the special resolution authorizing an amendment to the corporation's articles to decrease the number of directors comprising the board from 16 to 14, as described in the corporation's management information circular. The asset management business now sits under a separate public company with its own board of directors. The corporation deems a decrease in its number of directors to 14 to be suitable, while maintaining good governance standards and preserving the desired diversity of skills and experience among the directors.
Mr. Chair, I move that the special resolution amending the articles to decrease the number of directors comprising the board from 16- 14, as described in the management information circular dated April 28, 2023, be approved.
Thank you, Jasmine.
Mr. Chair, I second the motion.
Thank you, Thomas. The special 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 in connection with the decrease in the number of directors comprising the board.
Adoption of this motion requires the favorable vote of 2/3 of the votes cast at the meeting by the holders of each of the Class A Limited Voting Shares and the Class B Limited Voting Shares, voting as separate classes. Management has received proxies representing approximately 67% of the Corporation's Class A Limited Voting Shares and 100% of the Class B Limited Voting Shares. These proxies direct me to vote over 99% of the Class A Limited Voting Shares and all of the Class B Limited Voting Shares in favor of the resolution. I will now call for shareholders and proxy holders to submit their vote if they have not already done so. The third item of business at our meeting today is to elect directors who will serve until our next annual general meeting of shareholders.
To assist you in identifying our directors, their photos will be shown on the slides of the webcast platform as I read their names. The seven proposed nominees for election by holders of the corporation's Class A Limited Voting Shares are: Elyse Allan, Angela Braly, Janice Fukakusa, Maureen Kempston Darkes, Hutham Olayan , Diana Taylor, and myself. The seven nominees for election by the holders of the corporation's Class B Limited Voting Shares are Jeffrey Blidner, Jack Cockwell, Bruce Flatt, Brian Lawson, Howard Marks, Rafael Miranda, and Lord O'Donnell. Each of the 14 proposed nominees were elected at our last annual meeting on June 20, 2022, and are standing for re-election today. Information on all 14 director nominees is set out in our management information circular, which was posted on our website for shareholder review and is available from the company upon request.
Mr. Chair, we have not received any questions or comments in respect to the nomination of directors.
The meeting is now open to receive nominations for the election of the proposed directors. We invite shareholders and proxy holders to submit their votes online if they've not already done so. As a reminder, if you've already voted or sent in your proxy, there's no need to do anything unless you wish to change your vote.
Mr. Chair, I nominate for election as directors, the seven nominees for the Class A Limited Voting shareholders and the seven nominees for the Class B Limited Voting shareholders named in the Management Information Circular dated April 28th, 2023.
Thank you, Thomas.
Mr. Chair, I second the motion.
Thank you, Jasmine. Are there any further nominations? If not, I declare the nominations closed. As there are 14 directors to be elected, and the same number of nominees, I now declare that those nominated have been duly elected as directors of the Corporation. Fourth item of business today is the appointment of the Corporation's external auditor and authorizing the directors to set their remuneration. As stated in the Management Information Circular, the Audit Committee of our Board of Directors has recommended to shareholders that Deloitte LLP be reappointed as the Corporation's external auditor.
Mr. Chair, I move that Deloitte LLP be appointed as the external auditor of the corporation until the next annual meeting and that the directors be authorized to set their remuneration.
Thank you, Jasmine.
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 in connection with the appointment of auditors.
Adoption of this motion requires the favorable vote of a majority of the votes cast in the meeting by the holders of each of the Class A Limited Voting Shares and the Class B Limited Voting Shares, voting as separate classes. Management has received proxies representing approximately 67% of the Corporation's Class A shares and 100% of the Class B Limited Voting Shares. These proxies direct me to vote over 90% of the Class A Limited Voting Shares and all of the Class B Limited Voting Shares in favor of the resolution. I will now call for shareholders and proxy holders to submit their vote if they have not already done so. The fifth item of business today is the approval of the advisory resolution on the Corporation's approach to executive compensation described in the Management Information Circular.
Corporation has put forth an advisory resolution at this meeting as part of its ongoing efforts to both meet its corporate governance objectives and ensure a high level of shareholder engagement. Because this is an advisory vote, the results will not be binding on the board. However, the board and Management Resources and Compensation Committee will most certainly take into account the results of the vote, as appropriate, when considering future compensation, policies, and decisions. The board welcomes comments and questions on the Corporation's executive compensation practice.
Mr. Chair, I move that the advisory resolution accepting the approach to executive compensation described in the management information circular, dated April 28th, 2023, be approved.
Thank you, Thomas.
Mr. Chair, I second the motion.
Thank you, Jasmine. The resolution has been moved and seconded. The motion is now before the meeting for discussion.
Mr. Chair, we have not received any comments or questions in relation to the Corporation's approach to executive compensation.
The adoption of this motion requires the favorable vote of the majority of the Class A Limited Voting Shares. Management has received proxies representing approximately 67% of the corporation's Class A Limited Voting Shares. These proxies direct me to vote over 84% of the Class A Limited Voting Shares in favor of the resolution. I will now call for shareholders and proxy holders to submit their vote if they've not already done so. The sixth item of business today is the approval of the resolution authorizing an amendment to the corporation's Escrowed Stock Plan. As described in the corporation's management information circular, the proposed amendment will allow for participants in the Escrowed Stock Plan to contribute a portion of their existing escrowed shares received in previous grants as consideration for the receipt of a grant of new escrowed shares.
The non-dilutive nature of the Escrowed Stock Plan will not be impacted by the amendment. The Corporation will continue to be required to cancel a number of Class A shares, equivalent to the number of Class A shares that are issued to holders of Escrowed shares.
Mr. Chair, I move that the resolution authorizing an amendment to the Corporation's Escrowed Stock Plan, as described in the management information circular, dated April 28th, 2023, be approved.
Thank you, Jasmine.
Mr. Chair, I second the motion.
Thank you, Thomas. The resolution has been moved and seconded. The motion is now before the committee for discussion.
Mr. Chair, we have not received any questions or comments in connection with the amendment to the Escrowed Stock Plan.
Adoption of this motion requires a favorable vote of a majority of the votes cast at the meeting by the holders of each of the Class A Limited Voting Shares and the Class B Limited Voting Shares, voting as separate classes. Management has received proxies representing approximately 67% of the corporation's Class A Limited Voting Shares and 100% of the Class B Limited Voting Shares. These proxies direct me to vote over 96% of the Class A Limited Voting Shares and all of the Class B Limited Voting Shares in favor of the resolution. I will now call for shareholders and proxy holders to submit their vote if they've not already done so.
The seventh item of business today is the approval of the resolution authorizing the implementation by Brookfield Reinsurance Limited of a Restricted Stock Plan and permitting Brookfield Reinsurance Limited to award restricted stock grants thereunder to certain employees and service providers. The Restricted Stock Plan constitutes a security, a security-based compensation arrangement under the applicable TSX rules and requires security holder approval from both shareholders of the corporation and Brookfield Reinsurance Limited to implement. The exchangeable shares of Brookfield Reinsurance Limited are designed to be economically equivalent to the corporation's Class A shares and remain exchangeable on a 1-for-1 basis. As a result, the Restricted Stock Plan must be approved by the corporation's shareholders.
Restricted Stock Plan is intended to provide designated executives and key employees of Brookfield Reinsurance Limited and any other designated executives and key employees that provide services to Brookfield Reinsurance Limited or its affiliates, with compensation that will align their long-term interests with those of shareholders. As described in the management information circular, the maximum number of exchangeable Class A shares issuable under the Restricted Stock Plan is equal to 10% of the issued and outstanding exchangeable shares of Brookfield Reinsurance Limited from time to time.
Mr. Chair, I move that the resolution authorizing the implementation by Brookfield Reinsurance Ltd. of a Restricted Stock Plan, as described in the management information circular dated April 28th, 2023, be approved.
Thank you, Thomas.
Mr. Chair, I second the motion.
Thank you, Jasmine. 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 in relation to the Brookfield Reinsurance plan, in relation to Brookfield Reinsurance implementing the Restricted Stock Plan.
Adoption of this motion requires the favorable vote of a majority of the votes cast at the meeting by the holders of each of the Class A Limited Voting Shares and Class B Limited Voting Shares, voting as separate classes. Management has received proxies representing approximately 67% of the corporation's Class A Limited Voting Shares and 100% of the Class B Limited Voting Shares. These proxies direct me to vote over 91% of the Class A Limited Voting Shares and all of the Class B Limited Voting Shares in favor of the resolution. I'll now call for shareholders and proxy holders to submit their votes if they've not already done so. The eighth and final item of business today is the consideration of a shareholder proposal.
The proposal and the Corporation's response to the proposal are set forth in greater detail on pages 88- 90 of our management information circular. The shareholder proposal was submitted by BC General Employees' Union General Fund and the BC General Employees' Union Strike Fund. At this time, can I have a motion in respect of the shareholder proposal?
Mr. Chair, the shareholder proposal submitted by the BC General Employees' Union General Fund and the BC General Employees' Union Strike Fund, as described in detail on pages 88-90 of our management information circular, is hereby moved.
Thank you, Jasmine.
Mr. Chair, I second the motion.
Thank you, Thomas. The proposal has been moved and seconded. The motion is now before the meeting for discussion....As set out in our Management Information Circular, Brookfield is committed to providing relevant and proportionate disclosure about its tax payments in accordance with recognized reporting frameworks, and in a manner that is responsible, informative, and transparent. Shareholders can find our detailed response to this proposal on pages 89-90 of the circular. Brookfield and our perpetual affiliates are committed to providing tax disclosure that is relevant to our stakeholders, while balancing the objective of not disclosing confidential and proprietary competitive information that would put our business at a disadvantage. We make tax disclosures through existing frameworks in compliance with legally mandated reporting, as well as voluntary reporting, when we believe that reporting can be beneficial and informative for our shareholders.
It's our intention that this disclosure provides our stakeholders, including shareholders, tax authorities, and the public, with information on how Brookfield conducts its tax affairs that is both informative and transparent. We also publish our tax governance framework and tax risk management policy, which can be found on our website at www.brookfield.com. I direct your attention to pages 88- 90 of our Management Information Circular, which describes in detail the position of management and the board on this matter. You will now hear from the proponents of the shareholder proposals who are joining the meeting live.
Thank you, Mr. Chairman. Good morning, fellow shareholders. My name is Emma Pullman, and I am a shareholder represented by the British Columbia General Employees' Union. As Mr. Chairman said, you can find the proposal on page 88-90 of the Management Information Circular. This shareholder proposal asks Brookfield to issue a tax transparency report to shareholders, prepared in accordance with the Global Reporting Initiative's tax standard. There has been increased scrutiny about whether corporations are paying their fair share of tax and contributing to societies where profits are earned. A 2017 Toronto Star investigation found that Brookfield had the lowest effective tax rate among all Canadian public companies, a rate that was between one half and one third of the tax rates paid by Canadian banks.
A 2022 report from Canadians for Tax Fairness found that our company avoided $3.5 billion in taxes in 2021, placing it atop the report's list of top tax-avoiding companies. Tax avoidance deprives governments of revenue needed to fund essential public services. Brookfield is one of the most complicated and least transparent corporate organization structures in Canada. This structure relies heavily upon limited partnerships domiciled in Bermuda, and involves entities in the Cayman Islands, Gibraltar, Jersey, the Isle of Man, and other tax-exempt countries. Brookfield's limited tax disclosure challenges investors' ability to evaluate the risks to our company or to understand whether our company is engaged in responsible tax practices that ensure long-term value creation for the company and the communities in which we operate.
As a long-term investor, we push for tax transparency at Brookfield because we believe it protects and creates long-term shareholder value. Glass Lewis recommends a vote in favor of this resolution, stating: "We believe that the scrutiny paid to corporate taxes on a global basis could lead to regulatory and reputational risk. Although the company has provided some level of disclosure, we believe that additional reporting would provide shareholders with understandable information on which they are able to base assessments of the company's tax-related risks." Glass Lewis also disagrees with management that this would be a significant burden to the company, and agrees that the information requested is not competitively sensitive. Accordingly, I encourage all investors to vote for this proposal. Thank you.
Mr. Chair, we have not received any questions or comments from other shareholders in connection with the shareholder proposal.
Thank you, Anna. Adoption of this motion requires the favorable vote of a majority of the votes cast at the meeting by the holders of each of the Class A Limited Voting Shares and the Class B Limited Voting Shares voting as separate classes. Management has received proxies representing approximately 67% of the corporation's Class A Limited Voting Shares and 100% of the Class B Limited Voting Shares. These proxies direct me to vote over 73% of the Class A Limited Voting Shares and all of the Class B Limited Voting Shares against the proposal. I now call for the vote on the motion by submitting your votes. Voting is now closed on all resolutions. I'm advised that our corporate secretary has the results of the vote based on the final tabulations of proxy votes received.
Thank you, Mr. Chair. On the approval of the special resolution authorizing an amendment to the articles of the corporation to decrease the number of directors from 16- 14, I declare the motion carried. I'm pleased to report, as there are 14 directors to be elected and the same number of nominees, I now declare that those nominated have been duly elected as directors of the corporation. On the appointment of the corporation's external auditor and authorization of directors to set their remuneration, I declare the motion carried. On the approval of the advisory resolution on the corporation's approach to executive compensation, I declare the motion carried. On the approval of the resolution authorizing an amendment to the corporation's Escrowed Stock Plan, I declare the motion carried. On the approval of the resolution authorizing Brookfield Reinsurance Ltd.
to implement a Restricted Stock Plan and to award restricted stock grants thereunder, I declare the motion carried. On the approval of the shareholder resolution, I declare the motion is not carried and the shareholder proposal has not passed. The final voting results will be available after the meeting and posted to SEDAR at www.sedar.com.
Ladies and gentlemen, that completes the formal business of today's meeting. There being no other business, I declare the meeting terminated. Now that the meeting has concluded, Nick Goodman will be leading a presentation on behalf of our management team. At the end of the presentation, we will be available to respond to any questions or comments you may have submitted. Please note that in responding to questions and in talking about our new initiatives and our financial and operating performance, we may make forward-looking statements.
These statements are subject to known and unknown risks, and future results may differ materially. For further information on known risk factors, you're encouraged to review the business environment and risk section of management's discussion and analysis in our annual report. Finally, we would like to ensure that all shareholders who are interested in asking a question have the opportunity to do so. We will make every effort on our part to address questions during the allotted question and answer period. With that, I invite Nick Goodman to commence the management's presentation.
Thank you, Mr. Chair. Good morning, everyone. I plan to start the presentation today by reinforcing the key highlights of our business. I'll move on to review the performance of the business over the last 12 months, profiling the significant progress we've made towards achieving our long-term goals. I'll finish up by reviewing our outlook for the business, which, due to the size of our perpetual capital base, our strong balance sheet and liquidity, our areas of investment focus, and our deep investing and operating expertise, is as strong as it's ever been. Our objective at Brookfield Corporation remains unchanged: to deliver 15% plus compound annual returns to shareholders over the long term. We own high-quality businesses that generate stable, predictable, and growing cash flows.
Each of them is a market leader in their respective field, and we, as an owner, will participate in the growth of their earnings and the increase in their valuations over time. In addition, we plan to reinvest a large proportion of the free cash flow we generate back into the business, further enhancing the cash flow growth profile and the total return outlook for the corporation. All of this will continue to be underpinned by a conservative balance sheet, strong access to capital, and significant liquidity. Looking back over the past year, our business continued to grow and further differentiated its resilience in a more challenging economic backdrop. To focus on some highlights, during the year, fundraising went extremely well for our asset management business, raising approximately $100 billion of capital.
Our clients continue to have a strong appetite for our highly differentiated strategies, which are uniquely positioned around the leading global secular trends of capital across renewable power and transition, infrastructure, real estate, and credit. Our insurance business grew its assets to approximately $45 billion from a standing start just two years ago, and it continues to build scale with earnings benefiting from an attractive investment backdrop, resulting in annualized earnings nearly doubling from a year ago. Earnings from our operating businesses were very resilient, with same-store net operating income from our real estate business growing by 5% and the rest of our business growing their earnings in the aggregate by 25%.
These results underline the strong recurring cash flows from our high-quality businesses with organic levers, supported by the inflation linkage in our revenues, our focus on operational improvements in discretionary CapEx, and disciplined recycling of underlying assets. In total, we generated approximately $5 billion distributable earnings, or DE. With the recent spin-off of 25% of our asset management business, we returned a record amount of capital to our shareholders over the past year at approximately $15 billion. Turning briefly to each of our businesses. Our asset management business continues to perform very well. As mentioned, we had a record fundraising year last year, with significant capital being raised across our private fund investment strategies. Most notably, we raised $15 billion for our first-time transition fund, and we expect that the recently launched second vintage fund will be even larger than the predecessor.
We are also nearing the final close for our fifth flagship infrastructure fund, which currently stands at $24 billion and is our largest fund ever. As a result, fee-bearing capital increased by $53 billion, or 14%, over the course of the last 12 months, and it now stands at over $430 billion. This contributed to an 11% growth in fee-related earnings, and distributable earnings increased by 15% to $3 billion. All our flagship funds are currently in the market fundraising, and we expect 2023 to be another strong year for fundraising. We also continued to scale our insurance solutions business. As mentioned, assets now stand at $45 billion, and the business remains focused on a few key things. First, growing its asset base via writing new flow business from our platforms in the U.S. and Canada and growth via acquisitions.
Second, managing the liabilities with a focus on operating the business with a low-risk profile. Third, leveraging our investment capabilities to invest new assets and repositioning legacy portfolios to significantly enhance investment returns. Over the last 12 months, we've redeployed more than $7 billion of liquid, short-duration investment portfolio into higher-yielding investments, with the portfolio now earning an average yield of 5%. The acquisition of American National, combined with the portfolio repositioning, has grown annualized distributable earnings to $700 million, compared to $360 million 12 months ago. During the year, we also agreed to acquire the Argo Group, a well-established specialty P&C business in the U.S., further diversifying the business and adding approximately $4 billion of assets to the franchise. Our operating businesses continue to be resilient, generating very stable and growing cash flows.
We own one of the largest portfolios of cash-generating, inflation-protected assets in the world across renewable power and transition, infrastructure, private equity, and real estate. They are backed by stable, largely contracted and growing revenues, with inflation escalation on our long-term power purchase agreements at our renewable power and transition business, inflation-linked revenues at our infrastructure business, essential products and services provided by our private equity business, and strong demand and high rents for our trophy assets in our real estate business. In total, we generated one and a half billion dollars of distributable earnings over the last 12 months, supported by the strong underlying earnings growth, with all of our businesses continuing to benefit from the high cash margins that they earn.
Overall, each of our businesses offer strong and stable cash flows, as well as capital appreciation that will further compound our returns over the long term. As you can see, the strong performance has enabled our cash flows to scale over time. distributable earnings over the last 12 months were $5 billion, up 2.5x compared to $2 billion five years ago. In December of last year, we completed the special distribution of 25% of our asset management business. As previously mentioned, some of the rationale was to have a dedicated management team exclusively accountable for our asset management business and to provide investors with direct exposure to this business and lastly, to further enhance our access to capital.
We returned a record amount of capital to our shareholders over the past year, approximately $15 billion between our regular dividend, share repurchases, and the special distribution. Today, our liquidity is very strong, with $34 billion of core liquidity, which includes $5.3 billion of liquidity at the corporation, plus $79 billion of uncalled fund commitments, giving us total liquidity or deployable capital of $113 billion. In an environment like the one we are in today, this firepower should prove to be a significant differentiator for our business and allow us to continue to execute on great opportunities to strengthen our franchise and further enhance value. Now that we've summarized the past, let's look ahead.
Today, we have a perpetual capital base of over $135 billion across a diversified portfolio of high-quality businesses, which are each market leaders in their respective industries. This capital is comprised of mostly liquid assets, against which we borrow only a modest amount of corporate debt of $12 billion. Each of these businesses are set up to sustain strong organic growth. Looking ahead, if we achieve our plans, we are targeting to grow the earnings of our existing businesses by approximately 20% per year over the next five years. Our existing businesses chart a path to annual DE growth of 20% through 2027, supported by their stable and growing cash flows. This should take our distributable earnings from $3.7 billion to over $9 billion by 2027.
Since we presented this plan at Investor Day in September of last year, we have grown the run rate DE by 27% and retain conviction in the plans we laid out for you in September. If we achieve our plan, we expect to generate approximately $30 billion-$35 billion of free cash flow from our existing businesses over the next five years. We also plan to recycle more than $10 billion of capital over the next 10 years from our real estate business into the broader franchise. Of the capital invested in real estate, $15 billion is invested directly into our top 35 trophy office and retail complexes globally, which we expect to hold over the longer term. These assets are amongst the best in the world and get better over time.
$3 billion is invested in our residential, land, and housing business in the U.S. and Canada. These assets all turn into cash eventually as we build our developments, unless we choose to reinvest. Lastly, $7 billion is invested in other real estate assets, which we plan to liquidate over time, with the proceeds being reinvested to drive further growth across our various businesses. Given the nature and quality of the real estate that we own, we have deep conviction that the underlying portfolio will continue to deliver very strong returns for us for a long time. As for the current economic environment, while it's challenging for many, opportunities are going to come for the strong. The scale and liquidity quality of our franchise and our access to large and flexible capital should allow us to thrive in periods of market volatility.
Now more than ever, our funding model is a great differentiator. We maintain vast capital resources, we have strong access to additional capital, our financings are recourse only to assets, not the Corporation, providing us with a very strong foundation. We take a disciplined approach to financing each of our assets and businesses, setting them up to be resilient through market cycles. The strength of our franchise is, and always will be, underpinned by a significant capital base that's conservatively capitalized with high levels of liquidity and access to various sources of capital. That has always been a key differentiator of our business, in the current market, this advantage should be even more pronounced. As a result, our funding model allows us to pursue strategic investment opportunities that few others can execute, should enable us to emerge from this period in a better position than we entered.
Management at each of our businesses are focused on delivering the growth we just laid out, while at the Corporation, our day-to-day focus as a management team is on allocating the free cash flows we receive and executing on capital recycling initiatives to drive further returns over the long term. We achieve this through a few things: investing into and alongside our asset management business, which includes commitments to our private funds that have a strong track record of earning excellent returns, further scaling our insurance business to be the next global champion, investing alongside our operating businesses in large transactions to increase returns and strategically position us for the future.
We retain significant liquidity to defend against downside risk, and we buy back stock, especially given the current trading levels of our shares, which we believe represent a significant discount to the intrinsic value of our business. To that end, capital allocation should add meaningfully to our growth in distributable earnings, adding almost $3.5 billion over the next five years, increasing the DE compound annual growth rate to 28%. In summary, we are focused on delivering greater than 15% total returns and earnings growth over the long term, maintaining strong liquidity across all parts of our business, remaining disciplined when assessing investment opportunities, deploying capital for value, and delivering excellent long-term returns to our investors. Lastly, setting ourselves up to sustain long-term earnings growth. With that, I'd like to thank you for your time.
That concludes our presentation, and we'd now be pleased to answer any questions.
Mr. Chair, we have not received any further questions or comments to be addressed.
Ladies and gentlemen, if there are no further questions or comments, I'd like to thank you for taking the time to join us today. I hope you have found the meeting and management presentation informative. We appreciate your participation. The meeting is now adjourned.