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EQUITY (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [abstract]  
Schedule of equity Equity consists of the following:
AS AT DEC. 31
(MILLIONS)
Note20232022
Preferred equity (a)$4,103 $4,145 
Non-controlling interests(b)122,465 98,138 
Common equity (c)41,674 39,608 
$168,242 $141,891 
Preferred equity includes perpetual preferred shares and rate-reset preferred shares and consists of the following:
Average Rate
AS AT DEC. 31
(MILLIONS)
2023202220232022
Perpetual preferred shares
Floating rate5.29 %4.26 %$463 $505 
Fixed rate4.82 %4.82 %739 739 
5.00 %4.59 %1,202 1,244 
Fixed rate-reset preferred shares4.72 %4.31 %2,901 2,901 
4.80 %4.40 %$4,103 $4,145 
Further details on each series of preferred shares are as follows:
Issued and Outstanding
AS AT DEC. 31
(MILLIONS, EXCEPT PER SHARE INFORMATION)
Rate2023202220232022
Class A preferred shares
Perpetual preferred shares
Series 270% P10,220,175 10,220,175 $169 $169 
Series 4 70% P3,983,910 3,983,910 45 45 
Series 1370% P8,792,596 8,792,596 195 195 
Series 15
B.A. + 40 b.p.1
— 2,000,000 — 42 
Series 174.75 %7,840,204 7,840,204 171 171 
Series 18 4.75 %7,681,088 7,681,088 178 178 
Series 364.85 %7,842,909 7,842,909 197 197 
Series 374.90 %7,830,091 7,830,091 193 193 
Series 51Variable up to P3,320,486 3,320,486 54 54 
1,202 1,244 
Rate-reset preferred shares2
Series 243.24 %10,808,027 10,808,027 265 265 
Series 263
3.85 %9,770,928 9,770,928 240 240 
Series 284
4.61 %9,233,927 9,233,927 232 232 
Series 305
6.09 %9,787,090 9,787,090 241 241 
Series 326
6.74 %11,750,299 11,750,299 297 297 
Series 344.44 %9,876,735 9,876,735 253 253 
Series 383.57 %7,906,132 7,906,132 179 179 
Series 404.03 %11,841,025 11,841,025 271 271 
Series 423.25 %11,887,500 11,887,500 266 266 
Series 445.00 %9,831,929 9,831,929 187 187 
Series 467
5.39 %11,740,797 11,740,797 217 217 
Series 488
6.23 %11,885,972 11,885,972 244 244 
Series 522.75 %1,177,580 1,177,580 9 9 
2,901 2,901 
Total$4,103 $4,145 
1.Rated determined quarterly. All Series 15 shares were fully redeemed and cancelled as at March 31, 2023.
2.Dividend rates are fixed for 5 to 6 years from the quarter end dates after issuance, June 30, 2011, March 31, 2012, June 30, 2012, December 31, 2012, September 30, 2013, March 31, 2014, June 30, 2014, December 31, 2014, December 31, 2015, December 31, 2016 and December 31, 2017, respectively and reset after 5 to 6 years to the 5-year Government of Canada bond rate plus between 180 and 417 basis points.
3.Dividend rate reset commenced March 31, 2022.
4.Dividend rate reset commenced June 30, 2022.
5.Dividend rate reset commenced December 31, 2022.
6.Dividend rate reset commenced October 1, 2023.
7.Dividend rate reset commenced March 31, 2022.
8.Dividend rate reset commenced December 31, 2022.
P – Prime Rate, B.A. – Bankers’ Acceptance Rate, b.p. – Basis Points.
Non-controlling interests represent the common and preferred equity in consolidated entities that are owned by other shareholders.
AS AT DEC. 31
(MILLIONS)
20232022
Common equity$117,318 $92,991 
Preferred equity5,147 5,147 
Total$122,465 $98,138 
The company’s common equity is comprised of the following:
AS AT DEC. 31
(MILLIONS)
20232022
Common shares$10,879 $10,901 
Contributed surplus112 148 
Retained earnings18,006 18,006 
Ownership changes4,510 2,959 
Accumulated other comprehensive income8,167 7,594 
Common equity$41,674 $39,608 
The number of issued and outstanding Class A and Class B shares and unexercised options are as follows:
AS AT DEC. 31
20232022
Class A shares1,3
1,523,372,339 1,573,286,748 
Class B shares85,120 85,120 
Shares outstanding1
1,523,457,459 1,573,371,868 
Unexercised options, other share-based plans2 and exchangeable shares of affiliate3
91,632,045 55,500,881 
Total diluted shares1,615,089,504 1,628,872,749 
1.Net of 81,849,805 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2023 (December 31, 2022 – 62,910,220).
2.Includes management share option plan and escrowed stock plan.
3.During the year, 32,934,574 BN Class A shares (“BN shares”) were voluntarily exchanged for newly-issued BNRE class A-1 exchangeable non-voting shares on a one-for-one basis. BNRE Class A-1 shares are convertible in BN shares.
The authorized common share capital consists of an unlimited number of Class A shares and 85,120 Class B shares. Shares issued and outstanding changed as follows:
FOR THE YEARS ENDED DEC. 31
20232022
Outstanding, beginning of year1
1,573,371,868 1,568,828,941 
Issued (Repurchased)
Issuances
794,418 1,406,586 
Repurchases
(54,547,332)(17,247,660)
Long-term share ownership plans2
3,722,567 19,138,775 
Dividend reinvestment plan and other115,938 1,245,226 
Outstanding, end of year3
1,523,457,459 1,573,371,868 
1.Net of 62,910,220 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2022 (December 31, 2021 – 69,663,192).
2.Includes management share option plan and restricted stock plan.
3.Net of 81,849,805 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2023 (December 31, 2022 – 62,910,220).
The expense recognized for share-based compensation is summarized in the following table:
FOR THE YEARS ENDED DEC. 31
(MILLIONS)
20232022
Expense arising from equity-settled share-based payment transactions$104 $159 
Expense (recovery) arising from cash-settled share-based payment transactions290 (621)
Total expense (recovery) arising from share-based payment transactions394 (462)
Effect of hedging program(289)629 
Total expense included in consolidated income$105 $167 
The changes in the number of options during 2023 and 2022 were as follows:
NYSE
Number of Options (000’s)1
Weighted- Average Exercise Price
Outstanding as at January 1, 2023
44,093 US$25.16 
Granted 716 36.37 
Exercised(4,731)16.25 
Cancelled (333)39.57 
Outstanding as at December 31, 2023
39,745 US$26.30 
1.Options to acquire NYSE listed Class A shares.
NYSE
Number of Options (000’s)1
Weighted- Average Exercise Price
Outstanding as at January 1, 2022
43,794 US$22.59 
Granted 3,956 46.62 
Exercised(3,258)15.35 
Cancelled (399)35.70 
Outstanding as at December 31, 2022
44,093 US$25.16 
1.Options to acquire NYSE listed Class A shares.
The weighted-average fair value of options granted for the year ended December 31, 2023 was $9.61 (2022 – $8.82), and was determined using the Black-Scholes valuation model, with inputs to the model as follows:
FOR THE YEARS ENDED DEC. 31Unit20232022
Weighted-average share priceUS$36.37 46.62 
Average term to exerciseYears7.5 7.5 
Share price volatility1
%28.7 24.8 
Liquidity discount%25.0 25.0 
Weighted-average annual dividend yield%1.0 1.4 
Risk-free rate%4.0 1.9 
1.Share price volatility was determined based on historical share prices over a similar period to the average term to exercise.
As at December 31, 2023, the following options to purchase Class A shares were outstanding:
Options Outstanding (000’s)
Exercise PriceWeighted-Average Remaining LifeVestedUnvestedTotal
US$13.77 – US$16.70
1.8 years4,845 — 4,845 
US$18.43 – US$22.05
3.0 years16,604 — 16,604 
US$24.15 – US$31.64
5.2 years5,539 1,390 6,929 
US$35.56 – US$46.62
7.3 years4,175 7,192 11,367 
31,163 8,582 39,745 
As at December 31, 2022, the following options to purchase Class A shares were outstanding:
Options Outstanding (000’s)
Exercise PriceWeighted-Average Remaining LifeVestedUnvestedTotal
US$13.77 – US$16.70
2.1 years8,376 — 8,376 
US$18.43 – US$22.05
4.0 years16,569 1,094 17,663 
US$24.15 – US$31.64
6.2 years4,381 2,700 7,081 
US$35.56 – US$46.62
8.2 years2,099 8,874 10,973 
31,425 12,668 44,093 
The weighted-average fair value of escrowed shares granted for the year ended December 31, 2023 was $9.61 (2022 – $7.66), and was determined using the Black-Scholes model of valuation with inputs to the model as follows:
FOR THE YEARS ENDED DEC. 31Unit20232022
Weighted-average share priceUS$36.37 36.25 
Average term to exerciseYears7.5 7.2 
Share price volatility1
%28.7 26.7 
Liquidity discount%25.0 25.0 
Weighted-average annual dividend yield%1.0 1.0 
Risk-free rate%4.0 3.7 
1.Share price volatility was determined based on historical share prices over a similar period to the average term to exercise.
The change in the number of ES shares during 2023 and 2022 was as follows:
Number of
Units (000’s)		Weighted- Average Exercise Price
Outstanding as at January 1, 2023
39,425 $35.00 
Granted2,155 36.37 
Exercised(228)34.84 
Cancelled(15)43.51 
Outstanding as at December 31, 2023
41,337 $35.03 
Number of
Units (000’s)		Weighted- Average Exercise Price
Outstanding as at January 1, 2022
50,378 $25.14 
Granted43,650 36.25 
Exercised(54,600)26.94 
Cancelled(3)41.06 
Outstanding as at December 31, 2022
39,425 $35.00 
The change in the number of DSUs and RSUs during 2023 and 2022 was as follows:
DSUsRSUs
Number
of Units
(000’s)		Number
of Units
(000’s)		Weighted- Average Exercise Price
Outstanding as at January 1, 2023
21,648 13,679 C$6.10 
Granted and reinvested 271 — — 
Exercised and cancelled (968)— — 
Outstanding as at December 31, 2023
20,951 13,679 C$6.10 
DSUsRSUs
Number
of Units
(000’s)		Number
of Units
(000’s)		Weighted- Average Exercise Price
Outstanding as at January 1, 2022
18,286 13,679 C$6.10 
Granted and reinvested 3,415 — — 
Exercised and cancelled (53)— — 
Outstanding as at December 31, 2022
21,648 13,679 C$6.10 
The fair value of each DSU is equal to the traded price of the company’s common shares.
UnitDec. 31, 2023Dec. 31, 2022
Share price on date of measurementC$53.15 42.58 
Share price on date of measurementUS$40.12 31.46 
The fair value of RSUs was determined primarily using the following inputs:
UnitDec. 31, 2023Dec. 31, 2022
Share price on date of measurementC$53.15 42.58 
Weighted-average fair value of a unitC$47.05 36.48 
Schedule of basic and diluted earnings per share
The components of basic and diluted earnings per share are summarized in the following table:
FOR THE YEARS ENDED DEC. 31
(MILLIONS)
20232022
Net income attributable to shareholders$1,130 $2,056 
Preferred share dividends(166)(150)
Net income available to shareholders964 1,906 
Dilutive impact of exchangeable shares5 5 
Net income available to shareholders including dilutive impact of exchangeable shares$969 $1,911 
FOR THE YEARS ENDED DEC. 31
(MILLIONS)
20232022
Weighted average – Class A and Class B shares1,558.5 1,567.5 
Dilutive effect of conversion of options and escrowed shares using treasury stock method and exchangeable shares of affiliate29.7 40.7 
Class A and Class B shares and share equivalents1,588.2 1,608.2