Company: BIPC
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014377
Chunk: 287

Company: Brookfield Infrastructure Corp
Filing Date: 2025-03-24
Form: 20-F
Item: Item 7
Chunk 287
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 the ability to elect a majority of its board of directors.

Brookfield Infrastructure Corporation 213

Conflicts of Interest

In order to effect the special distribution, our company acquired its business from Brookfield Infrastructure. In addition, as described above, a number of agreements and arrangements were entered into between our company and Brookfield Infrastructure to create our company, while keeping it as a part of our group. Given our ownership structure and the ownership structure of BIHC, the rationale for our formation and the formation of BIHC, and because each exchangeable share has been structured with the intention of providing an economic return equivalent to one unit, we expect that the interests of our company, BIHC and Brookfield Infrastructure will typically be aligned.

However, conflicts of interest might arise between our company, on the one hand, and Brookfield Infrastructure, on the other hand, including with respect to our shared voting control of BIHC. In order to assist our company in addressing such conflicts, our board includes a non-overlapping director. John Mullen is currently serving as the non-overlapping member of our board of directors. Mr. Mullen served on the board of directors of the general partner of the partnership since May 6, 2021 and resigned from such board of directors on August 2, 2022. As with conflicts between our group and Brookfield, potential conflicts will be approached in a manner that (i) is fair and balanced taking into account the facts and circumstances known at the time, (ii) complies with applicable law, including, for example, independent approvals and advice or validation, if required in the circumstances and (iii) supports and reinforces ours and BIHC’s ownership structure, the rationale for our formation and the formation of BIHC and the economic equivalence between the exchangeable shares and units. Our group will not generally consider it a conflict for our company, BIHC and Brookfield Infrastructure to form part of our group, including participating in acquisitions together, or to complete transactions contemplated by the agreements entered into prior to closing.

Our company and the partnership have been granted exemptive relief from the minority approval and formal valuation requirements in MI 61-101 for (i) related party transactions (as defined in MI 61-101) of the partnership with our company or our company’s subsidiary entities (as defined in MI 61-101) and (ii) related party transactions of our company with the partnership or the partnership’s subsidiary entities, in each case subject to certain conditions.

The partnership and our company have also been