Right of Shareholders to Call Special Meetings | Interfaith Center on Corporate Responsibility

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<h4>Resolution Details</h4>
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<strong>Company:</strong>
<p>CBRE Group, Inc. </p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Corporate Governance </p>
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<strong>Focus Area:</strong>
<p>Shareholder Rights </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p><strong>RESOLVED</strong>: Shareholders ask our Board of Directors to take the steps necessary to amend the appropriate company governing documents to give the owners of a combined 10% of our outstanding common stock the power to call a special shareholder meeting or the owners of the lowest percentage of shareholders, as governed by state law, the power to call a special shareholder meeting. Such a special shareholder meeting can be an easy to convene online shareholder meeting.</p>
<p><strong>SUPPORTING STATEMENT</strong>:</p>
<p dir=”ltr”>There shall be no unnecessary poison pill discriminatory rule to require ownership of shares for a specific period of time in order for shares to participate in calling for a special shareholder meeting and no unnecessary requirement that most such shareholders be record holders. This proposal includes that CBRE incorporates this right in its bylaws and that such bylaws be published on the CBRE website for easy access.<br> <br>It is reasonable that 10% of shares have this right because there may be no shareholders of any company anywhere who have ever used this right at the challenging 25% stock ownership mark. </p>
<p dir=”ltr”>There has never been a company response to a proposal such as this that gave one example of a special shareholder meeting actually being held at a company that required 25% of shares outstanding to initiate. Thus the challenging 25% requirement seems too high and seems to make this current so-called right useless.</p>
<p dir=”ltr”>A reasonable shareholder right to call for a special shareholder meeting could incentivize CBRE directors to be more vigilant and more alert to face future headwinds like those that emerged in 2025:</p>
<p dir=”ltr”>Some financial analyses suggested that CBRE stock might be overvalued, scoring 0 out of 6 on certain valuation checks.</p>
<p dir=”ltr”>The primary headwind for CBRE has been the persistent macroeconomic uncertainty, including high interest rates, volatile credit conditions, and geopolitical unrest. These factors have caused investors to adopt a cautious approach, leading to a delay in the closing timeline for real estate transactions.</p>
<p dir=”ltr”>The Real Estate Investments (REI) segment has consistently been a weak point. In Q3 2025, revenues in this segment decreased 30% year-over-year. The investment management division’s operating profit also fell, reflecting the absence of significant carried interest fees compared to 2024.</p>
<p dir=”ltr”>Data suggests that office conversions and demolitions will exceed new construction for the first time in 25 years, effectively shrinking the office footprint. This reflects an ongoing shift in demand and the need to manage substantial negative absorption of older office space.</p>
<p dir=”ltr”>CBRE Investment Management’s Q4 2025 outlook acknowledges a downside risk scenario referencing the 1978-1984 period of high inflation with weak growth, which could negatively impact real estate as cap rates expand and income growth lags inflation.</p>

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<h3>Lead Filer</h3>
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<div class=”views-field views-field-nothing”><span class=”field-content”> John Chevedden</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Chevedden Corporate Governance</span></div>
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