Cushman & Wakefield receives ISS support for Bermuda redomiciliation

NEW YORK - Cushman & Wakefield plc (NYSE:CWK) announced Tuesday that proxy advisory firm Institutional Shareholder Services (ISS) has recommended shareholders vote in favor of the company’s proposed redomiciliation from England and Wales to Bermuda.

The real estate services firm’s board is recommending the change following an 18-month review of six potential jurisdictions. The company stated that Bermuda offered "the best balance" of economic savings, reduced administrative burden, reliability, and tax neutrality. With a healthy current ratio of 1.13, InvestingPro data shows the company maintains strong liquidity with assets exceeding short-term obligations.

According to the press release, the move is expected to generate estimated annual savings of $3 million by reducing administrative, accounting, tax and legal complexity. The redomiciliation is part of a broader corporate governance enhancement effort, which includes a separate proposal to declassify the board gradually over three years.

"We are pleased that ISS is recommending in favor of redomiciling our parent company from England and Wales to Bermuda, an important step forward in our efforts to reduce administrative burdens and costs," said Michelle MacKay, Chief Executive Officer of Cushman & Wakefield.

The company emphasized that the change would be generally tax neutral and would not affect the tax residences of its subsidiaries. Cushman & Wakefield will continue trading on the NYSE under the same symbol (CWK) and remain subject to SEC regulations.

The redomiciliation is not expected to result in material changes to the company’s offices, management team, board, employee base, or client services. The firm also stated it remains committed to its UK and European customers, employees, and businesses.

Special meetings regarding the redomiciliation will be held on October 16, 2025. The company filed its definitive proxy statement for these meetings on September 4, 2025.

Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across nearly 400 offices in 60 countries, reporting revenue of $9.4 billion in 2024.

In other recent news, Cushman & Wakefield reported impressive financial results for the second quarter of 2025, surpassing Wall Street expectations. The company achieved earnings per share of $0.30, which was significantly higher than the forecasted $0.22, marking a surprise of 36.36%. Revenue also exceeded expectations, reaching $2.48 billion compared to the anticipated $2.38 billion, reflecting a 4.2% increase. Following these results, Goldman Sachs upgraded Cushman & Wakefield’s stock rating from Sell to Buy, citing improved performance in several key areas. Additionally, Citizens JMP raised its price target for the company from $15.00 to $16.00, maintaining a Market Outperform rating, while Raymond James increased its price target to $17.00, continuing with an Outperform rating. The company’s strong performance was attributed to 7% organic revenue growth and improved operating efficiencies. Furthermore, Cushman & Wakefield has shown progress in enhancing its free cash flow generation and reducing leverage, according to Raymond James. These developments highlight the company’s solid financial standing and positive momentum in the market.

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