The $22.3 billion Westfield Corporation will remain listed in Australia and chairman Frank Lowy has committed to remain at the helm of the global retailer following a detailed review of a potential dual listing.
In a colourful annual meeting in Sydney on Thursday where the shopping centre giant's resolutions, including remuneration and re-election of board members, were all overwhelmingly supported, Mr Lowy laid out the board's view of relisting in the United States where the majority of its properties are owned.
Flanked by his sons and Westfield joint chief executives Steven and Peter, Mr Lowy said a review into whether the company should restructure required a comprehensive analysis of issues relating to the new market including regulatory, governance and tax matters affecting both the company and security holders. Investment bank UBS expected the company to relist in the next two years. 
"Having regard to a range of factors, including the current trading performance which I have referred to, and taking into account the complexities and disruption associated with moving the listing, the board has formed the view that the benefits of such a move are marginal at the present time - and that Westfield Corporation should maintain its primary listing in Australia," Mr Lowy said.
After retiring from the board of Scentre last week (the company that took the Australian and New Zealand Westfield shopping centres in a 2010 restructure), Mr Lowy renewed his commitment to remain at the helm of Westfield Corporation.
"I certainly expect to fulfil my duties subject to higher authority," Mr Lowy said, "and maybe we revisit it in three years' time."
Mr Lowy was tested several times during the annual meeting by activist shareholder Stephen   Mayne with questions about whether Westfield would continue to make donations to political parties.
Mr Lowy said he was unsure as to whether Westfield would do away with political donations.
"I think contributing to political parties is not a bad thing provided it is done appropriately and you are not looking for any kind of favours," he said.
Westfield used the annual meeting to update investors on retail sales and developments. The group reported that its flagship centres, which make up 82 per cent of its portfolio, saw specialty sales growth in the 12 months to   March of 6.3 per cent and 1.8 per cent in the past three months. In the flagship centres food retailing showed the largest growth in the past three months at 3.6 per cent.
The group's specialty retail sales were up 4.4 per cent in the year to   March. Steven Lowy said this was evidence of healthy consumer demand in the United States.
"This is a solid result given the macro-economic conditions have tapered, driven by global economic uncertainty. This is, however, balanced with moderate GDP growth and solid employment data," he said.
He said Westfield would commence more than $1 billion of projects in 2016 including the expansion at Valley Fair in the Silicon Valley. It has looked at European countries to expand.
Peter Lowy said Westfield was in a strong capital position.
"During the last year we completed $2.2 billion worth of capital transactions." He said the proceeds would be used to reduce gearing and to invest in its development pipeline, which includes a new centre in Milan.
Key points
A review of a US listing found the benefits were marginal.
Specialty retail sales were up 4.4pc in the year to   March.