UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
40-F
(Check One)
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Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934
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Or
☒
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Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934
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For fiscal year ended: December 31, 2016
Commission file number:
No. 001-14460
AGRIUM INC.
(Exact name
of registrant as specified in its charter)
Canada
(Province or other jurisdiction of incorporation or organization)
2870
(Primary standard
industrial classification code number)
98-0346248
(I.R.S. employer identification number)
13131 Lake Fraser Drive S.E.
Calgary, Alberta
T2J 7E8
Canada
(403)
225-7000
(Address and telephone number of registrants principal executive offices)
CT Corporation System
111 Eighth Avenue, 13th Floor
New York, New York 10011
U.S.A.
(212)
894-8940
(Name, address and telephone number of agent for service in the United States)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class:
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Name of each exchange on which
registered:
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Common Shares
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New York Stock Exchange
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Securities registered or to be
registered pursuant to Section 12(g) of the Act:
Not Applicable
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
Not Applicable
For
annual reports, indicate by check mark the information filed with this form:
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☒
Annual Information Form
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Audited Annual Financial Statements
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Indicate the number of outstanding shares of each of the issuers classes of capital or common stock as of the close of the period covered by the annual
report:
138,175,525 Common Shares outstanding as of December 31, 2016
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation
S-T
(s.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such
files).
Yes ☐ No ☐
The Annual Report on Form
40-F
shall be incorporated by reference into the registrants Registration Statements
on Form
S-8
(File Nos.
333-11254,
333-114276,
333-132207,
333-143334,
333-149666,
333-161620
and
333-195968)
and on Form
F-10
(File
No. 333-211158).
PRINCIPAL DOCUMENTS
The following documents have been filed as part of this Annual Report on Form
40-F:
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(1)
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Annual Information Form for the Year Ended December 31, 2016 (included as Exhibit 99.1 hereto);
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(2)
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Managements Discussion and Analysis from the 2016 Annual Report to Shareholders (included as Exhibit 99.2 hereto); and
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(3)
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Audited Annual Financial Statements for the Year Ended December 31, 2016 (included as Exhibit 99.3 hereto).
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DISCLOSURE CONTROLS AND PROCEDURES
The required disclosure is included in Exhibits 99.10 -
99.13 to this Annual Report on Form
40-F.
B.
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Evaluation of Disclosure Controls and Procedures
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Agrium Inc. (the
Registrant) maintains disclosure controls and procedures and internal control over financial reporting designed to ensure that information required to be disclosed in the Registrants filings under the Securities Exchange Act of
1934, as amended (the Exchange Act) is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (the SEC). The Registrants Chief
Executive Officer (CEO) and Chief Financial Officer (CFO), after having evaluated the effectiveness of the Registrants disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e)
and
15d-15(e))
as of the end of the period covered by this report have concluded that, as of such date, the Registrants disclosure controls and
procedures were effective to ensure that information required to be disclosed by the Registrant in reports that the Registrant files or submits under the Exchange Act is (i) recorded, processed, summarized and reported, within the time periods
specified in the SECs rules and forms, and (ii) accumulated and communicated to management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely
decisions regarding required disclosure. However, as recommended by the SEC in its adopting release, the Registrant will continue to periodically evaluate its disclosure controls and procedures and will make modifications from time to time as deemed
necessary to ensure that information is recorded, processed, summarized and reported within the time periods specified in the SECs rules and forms.
The Registrants disclosure controls and procedures are designed to provide reasonable assurance of achieving their
objectives and, as indicated in the preceding paragraph, the CEO and CFO believe that the Registrants disclosure controls and procedures are effective at that reasonable assurance level, although the CEO and CFO do not expect that the
disclosure controls and procedures or internal control over financial reporting will prevent all errors and fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives
of the control system are met.
C.
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Managements Annual Report on Internal Control Over Financial Reporting
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The required disclosure is included in the Managements Report that accompanies the Registrants
Consolidated Financial Statements for fiscal year ended December 31, 2016, filed as part of this Annual Report on Form
40-F.
D.
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Attestation Report of the Independent Registered Public Accounting Firm
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The required disclosure is included in the Report of Independent Registered Public Accounting Firm that accompanies
the Registrants Consolidated Financial Statements for the fiscal year ended December 31, 2016, filed as part of this Annual Report on Form
40-F.
See Controls & Procedures in
Managements Discussion and Analysis for the fiscal year ended December 31, 2016 filed as part of this Annual Report on Form
40-F.
E.
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Changes in Internal Control Over Financial Reporting
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Except as
disclosed in Managements Discussion and Analysis for the fiscal year ended December 31, 2016, there was no change in the Registrants internal control over financial reporting that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.
AUDIT
COMMITTEE FINANCIAL EXPERT
The Registrants Board of Directors has determined that it has at least one audit committee
financial expert (as such term is defined in paragraph 8(b) of General Instruction B to Form
40-F)
serving on its Audit Committee. Ms. Maura J. Clark has been determined to be such audit
committee financial expert and is independent (as such term is defined in the New York Stock Exchanges corporate governance standards).
Paragraph 8(d) of General Instruction B to Form
40-F
indicates that the designation of an individual
as an audit committee financial expert does not make her an expert for any purpose, impose on her any duties, obligations or liability that are greater than the duties, obligations or liability imposed on her as a member of the Audit
Committee and the Board of Directors in absence of such designation, or affect the duties, obligations or liability of any other member of the Audit Committee or Board of Directors.
COMPLIANCE WITH NYSE LISTING STANDARDS ON CORPORATE GOVERNANCE
Our common shares are listed on the New York Stock Exchange (the NYSE), but as a listed foreign private issuer, the NYSE does not require us to
comply with all of its listing standards regarding corporate governance. Notwithstanding this exemption, we are in compliance in all material respects with the NYSE listing standards and we intend to continue to comply with such standards so as to
ensure that there are no significant differences between our corporate governance practices and those practices required by the NYSE of other publicly listed companies.
CODE OF ETHICS
The
Registrant has adopted a code of ethics (as that term is defined in Form
40-F),
entitled Code of Business Conduct and Ethics that applies to all directors, officers and employees of the Registrant.
The Code of Business Conduct and Ethics has been posted on the Registrants website and may be viewed by visiting
www.agrium.com
and selecting the Governance Documents tab within the section entitled Governance.
The Code of Ethics is available in print to any shareholder who requests it. Requests for copies of the Code of Ethics should be made by
contacting the Registrant in writing at 13131 Lake Fraser Drive S.E., Calgary, AB T2J 7E8, by telephone at (403)
225-7000,
or on the Registrants website at
www.agrium.com
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In the past fiscal year, there have not been any amendments to the Code of Ethics or waivers,
including implicit waivers, from any provision of the Code of Ethics.
NOTICES PURSUANT TO REGULATION BTR
Not applicable.
PRINCIPAL
ACCOUNTANT FEES AND SERVICES
The following table sets out the fees billed to the Registrant by KPMG LLP and its affiliates for
professional services in each of the years ended December 31, 2016 and 2015. During these years, KPMG LLP was the Registrants only external auditor.
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Year Ended December 31,
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2016
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2015
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Category
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CDN $
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CDN $
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Audit Fees
(1)
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4,855,700
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4,590,700
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Audit-Related Fees
(2)
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9,000
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14,000
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Tax Fees
(3)
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215,800
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198,500
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All Other Fees
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NIL
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NIL
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Total
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5,080,500
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4,803,200
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(1)
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For professional services rendered by KPMG LLP for the audit and review of the Companys financial statements or services that are normally provided by KPMG LLP in connection with statutory and regulatory filings
or engagements.
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(2)
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For professional services rendered by KPMG LLP for specified audit procedures regarding financial assurances issued to certain government agencies, and services which are reasonably related to the performance of the
audit of the Companys financial statements, and are not included in Audit Fees.
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(3)
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For professional services rendered by KPMG LLP for tax compliance, tax advice and tax planning with respect to Canadian, U.S. and key international jurisdictions; review of tax filings; assistance with the preparation
of tax filings; tax advice relating to potential asset and business acquisitions/combinations; and other tax planning, compliance, and transaction services. These amounts include fees paid to KPMG LLP specifically for tax compliance and preparation
services rendered in 2016 and 2015 in the amounts of $93,000 and $88,000, respectively.
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AUDIT COMMITTEES
PRE-APPROVAL
POLICIES AND PROCEDURES
The Registrant has adopted a written policy pursuant to which
the Registrants Audit Committee
pre-approves
all audit services and permitted
non-audit
services provided to the Registrant by the Registrants independent
auditors. The
pre-approved
services specified in such policy are reviewed annually, and the audit and
non-audit
services to be provided by the Registrants
independent auditors, as well as the budgeted amounts for such services, are also
pre-approved
annually. The Audit Committee has also delegated to the Chair of the Audit Committee, who is independent, the
authority to act on behalf of the Audit Committee with respect to the
pre-approval
of all audit and permitted
non-audit
services provided by its external auditors from
time to time. Any approvals by the Chair are reported to the full Audit Committee at its next meeting. None of the services described in footnotes 2 and 3 under Principal Accountant Fees and Services above were approved by the Audit
Committee pursuant to paragraph (c)(7)(i)(C) of Rule
2-01
of Regulation
S-X.
OFF-BALANCE
SHEET ARRANGEMENTS
The required disclosure is included on page 52 of Managements Discussion and Analysis for the fiscal year ended December 31, 2016,
filed as part of this Annual Report on Form
40-F
and in note 11 to the Registrants audited annual financial statements included as Exhibit 99.3 of this Annual Report on Form
40-F.
TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS
The required disclosure is included on page 49 of Managements Discussion and Analysis for the fiscal year ended December 31, 2016,
filed as part of this Annual Report on Form
40-F.
IDENTIFICATION OF THE AUDIT COMMITTEE
The Registrant has a separately-designated standing audit committee established in accordance with section 3(a)(58)(A) of the
Exchange Act. The members of the Audit Committee are Maura J. Clark, (Chair), David C. Everitt, Russell K. Girling and Russell Horner.
RESERVE AND RESOURCE ESTIMATES
The Registrants mineral reserves have been estimated in accordance with National Instrument
43-101
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Standards of Disclosure for Mineral Projects
(NI
43-101),
as required by Canadian securities regulatory authorities. For United States
reporting purposes, Industry Guide 7 under the Securities Act of 1933, as amended, as interpreted by the Staff of the SEC, applies different standards in order to classify mineralization as a reserve. In addition, while the terms
measured, indicated and inferred mineral resource are required pursuant to NI
43-101,
the SEC does not recognize such terms. Canadian standards differ significantly from the
requirements of the SEC, and mineral resource information contained in the documents incorporated into this Annual Report on Form
40-F
by reference is not comparable to similar information regarding mineral
reserves disclosed in accordance with the requirements of the SEC. Investors should understand that inferred mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal
feasibility. In addition, investors are cautioned not to assume that any part or all of our mineral resources constitute or will be converted into reserves.
MINE SAFETY DISCLOSURE
The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform
and Consumer Protection Act and Item 16 of General Instruction B to Form
40-F
is included in Exhibit 99.9 to this Annual Report on Form
40-F.
UNDERTAKING AND CONSENT TO SERVICE OF PROCESS
The Registrant undertakes to make available, in person or
by telephone, representatives to respond to inquiries made by the staff of the SEC, and to furnish promptly, when requested to do so by the SEC staff, information relating to the securities in relation to which the obligation to file an annual
report on Form
40-F
arises or transactions in said securities.
B.
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Consent to Service of Process
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The Registrant has previously filed with
the SEC a Form
F-X
in connection with the Common Shares.
Any change to the name or
address of the Registrants agent for service shall be communicated promptly to the SEC by amendment to the Form
F-X
referencing the file number of the Registrant.
SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant certifies that it meets all of the requirements for filing on Form
40-F
and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.
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AGRIUM INC.
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Date: March 2, 2017
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By:
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/s/ Charles V. Magro
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Name:
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Charles V. Magro
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Title:
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President & Chief Executive Officer
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EXHIBIT INDEX
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Exhibits
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Description
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99.1
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Annual Information Form for the Year Ended December 31, 2016
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99.2
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Managements Discussion and Analysis from the 2016 Annual Report to Shareholders
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99.3
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Audited Annual Financial Statements for the Year Ended December 31, 2016
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99.4
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Consent of Independent Registered Public Accounting Firm
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99.5
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Consent of A. Dave Mackintosh, B.Sc., P.Geo
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99.6
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Consent of ADM Consulting Limited
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99.7
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Consent of Michael Ryan Bartsch, P. Eng.
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99.8
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Consent of Dennis William Aldo Grimm, P. Eng.
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99.9
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Mine Safety Disclosure
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99.10
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Chief Executive Officers Certification Required by Rule
13a-14(a)
or Rule
15d-14(a)
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99.11
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Chief Financial Officers Certification Required by Rule
13a-14(a)
or Rule
15d-14(a)
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99.12
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Chief Executive Officers Certification Required by Rule
13a-14(b)
or Rule
15d-14(b)
and Section 1350 of Chapter 63 of Title 18 of the United
States Code
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99.13
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Chief Financial Officers Certification Required by Rule
13a-14(b)
or Rule
15d-14(b)
and Section 1350 of Chapter 63 of Title 18 of the United
States Code
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