UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 40-F
(Check One)
¨
Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934
or
x
Annual report
pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended
December 31, 2017
Commission file number
1-35563
PEMBINA
PIPELINE CORPORATION
(Exact name of registrant as specified in
its charter)
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4612
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None
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Alberta, Canada
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(Primary Standard Industrial
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(I.R.S. Employer
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(Province or other jurisdiction of incorporation or organization)
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Classification Code Number (if applicable))
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Identification Number (if Applicable))
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Suite 4000, 585 – 8
th
Avenue S.W., Calgary, Alberta, Canada T2P 1G1
(403) 231-7500
(Address and Telephone Number of Registrant’s Principal Executive Offices)
DL Services Inc., Columbia Center, 701
Fifth Avenue, Suite 6100, Seattle, Washington 98104-7043
(206) 903-8800
(Name, Address (Including Zip Code) and
Telephone Number
(Including Area Code) of Agent For Service
in the United States)
Securities registered or to be registered
pursuant to Section 12(b) of the Act.
Title of each class
Common Shares
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Name of each exchange on which registered
New York Stock Exchange
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Securities registered or to be registered
pursuant to Section 12(g) of the Act.
None
Securities for which there is a reporting
obligation pursuant to Section 15(d) of the Act.
None
For annual reports, indicate by check mark
the information filed with this Form:
x
Annual Information Form
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x
Audited Annual Financial Statements
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Indicate the number of outstanding shares of each of the issuer’s
classes of capital or common stock as of the close of the period covered by the annual report:
503,150,625
Indicate by check mark whether the registrant: (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (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
x
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
x
No
¨
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company
¨
If an emerging growth company that prepares
its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the
Exchange Act.
¨
FORM 40-F
Principal Documents
The following documents, filed as Exhibits 99.1, 99.2 and 99.3
to this Annual Report on Form 40-F of Pembina Pipeline Corporation (“Pembina”), are hereby incorporated by reference
into this Annual Report on Form 40-F:
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(a)
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Annual Information Form for the fiscal year ended December 31, 2017;
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(b)
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Management’s Discussion and Analysis for the fiscal year ended December 31, 2017; and
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(c)
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Audited Consolidated Financial Statements for the fiscal year ended December 31, 2017. Pembina’s Audited Consolidated
Financial Statements included in this Annual Report on Form 40-F have been prepared in accordance with International Financial
Reporting Standards, as issued by the International Accounting Standards Board. Therefore, they are not comparable in all respects
to financial statements of United States companies that are prepared in accordance with United States generally accepted accounting
principles.
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ADDITIONAL DISCLOSURE
Certifications and Disclosure Regarding Controls and Procedures.
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(a)
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Certifications
. See Exhibits 99.4, 99.5, 99.6 and 99.7 to this Annual Report on Form 40-F.
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(b)
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Disclosure Controls and Procedures
. As of the end of Pembina’s fiscal year ended December 31, 2017, an evaluation
of the effectiveness of Pembina’s “disclosure controls and procedures” (as such term is defined in Rules 13a-15(e)
and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) was carried out by Pembina’s
management, with the participation of its principal executive officer and principal financial officer. Based upon that evaluation,
Pembina’s principal executive officer and principal financial officer have concluded that as of the end of that fiscal year,
Pembina’s disclosure controls and procedures are effective to ensure that information required to be disclosed by Pembina
in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time
periods specified in Securities and Exchange Commission (the “Commission”) rules and forms and (ii) accumulated and
communicated to Pembina’s management, including its principal executive officer and principal financial officers, to allow
timely decisions regarding required disclosure.
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It should be noted that while Pembina’s principal
executive officer and principal financial officer believe that Pembina’s disclosure controls and procedures provide a reasonable
level of assurance that they are effective, they do not expect that Pembina’s disclosure controls and procedures or internal
control over financial reporting will prevent all errors or 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.
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(c)
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Management’s Annual Report on Internal Control Over Financial Reporting
. The required disclosure is included in
the “Management’s Report” that accompanies Pembina’s Consolidated Financial Statements for the fiscal year
ended December 31, 2017, filed as Exhibit 99.3 to this Annual Report on Form 40-F.
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(d)
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Attestation Report of the Registered Public Accounting Firm
. The required disclosure is included in the “Report
of Independent Registered Public Accounting Firm” that accompanies Pembina’s Consolidated Financial Statements for
the fiscal year ended December 31, 2017, filed as Exhibit 99.3 to this Annual Report on Form 40-F.
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(e)
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Changes in Internal Control Over Financial Reporting
. During the fiscal year ended December 31, 2017, no changes were
made in Pembina's internal control over financial reporting that have materially affected or are reasonably likely to materially
affect Pembina's internal control over financial reporting
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Notices Pursuant to Regulation
BTR.
None.
Audit Committee Financial Expert.
Pembina’s board of directors has determined that David
M.B. LeGresley, and Gordon J. Kerr, members of Pembina’s audit committee, each qualify as an “audit committee financial
expert” (as such term is defined in Form 40-F) and are “independent” as that term is defined in the rules of
the New York Stock Exchange.
Code of Ethics
.
Pembina has adopted a Code of Ethics that meets the definition
of a “code of ethics” set forth in Form 40-F, and that applies to Pembina’s principal executive officer, principal
financial officer, principal accounting officer or controller, and persons performing similar functions.
The Code of Ethics is available for viewing on Pembina’s
website at
www.pembina.com
, and is available in print to any shareholder who requests it. Requests for copies of the Code
of Ethics should be made by contacting: Investor Relations by phone at (855) 880-7404 or by e-mail at
investor-relations@pembina.com
.
Since the date on which Pembina became subject to the reporting
requirements of Section 13(a) or 15(d) of the Exchange Act, there have not been any amendments to, or waivers, including implicit
waivers, granted from, any provision of the Code of Ethics.
If any amendment to the Code of Ethics is made, or if any waiver
from the provisions thereof is granted, Pembina may elect to disclose the information about such amendment or waiver required by
Form 40-F to be disclosed, by posting such disclosure on Pembina’s website, which may be accessed at www.pembina.com.
Principal Accountant Fees
and Services.
The required disclosure is included under the heading “Audit
Committee Information−External Auditor Service Fees” in Pembina’s Annual Information Form for the fiscal year
ended December 31, 2017, filed as Exhibit 99.1 to this Annual Report on Form 40-F.
Pre-Approval Policies and
Procedures.
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(a)
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Pembina’s full audit committee pre-approves all audit and non-services provided to Pembina by its external auditor, KPMG
LLP. Also see “Audit Committee Information−Pre-Approval Policies and Procedures for Audit and Non-Audit Services”
in Pembina’s Annual Information Form for the fiscal year ended December 31, 2017, filed as Exhibit 99.1 to this Annual Report
on Form 40-F.
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(b)
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Of the fees reported in Exhibit 99.1 to this Annual Report on Form 40-F under the heading “Audit Committee Information−External
Auditor Compensation”, none of the fees billed by KPMG LLP were approved by Pembina’s audit committee pursuant to the
de minimis
exception provided by Section (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
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Off-Balance Sheet Arrangements.
Pembina does not have any off-balance sheet arrangements that
have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues
or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
Tabular Disclosure of Contractual Obligations.
The required disclosure is included under the heading “Contractual
Obligations at December 31, 2017” in Pembina’s Management’s Discussion and Analysis for the fiscal year ended
December 31, 2017, filed as Exhibit 99.2 to this Annual Report on Form 40-F.
Identification of the Audit
Committee.
Pembina 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: Anne-Marie Ainsworth,
Maureen E. Howe, Gordon J. Kerr, David M.B. LeGresley and Bruce D. Rubin.
Mine Safety Disclosure.
Not applicable.
New York Stock Exchange Disclosure
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Presiding Director at Meetings of Non-Management Directors
Pembina schedules regular executive sessions in which Pembina’s
“non-management directors” (as that term is defined in the rules of the New York Stock Exchange) meet without management
participation. Mr. Randall J. Findlay serves as the presiding director (the “Presiding Director”) at such sessions.
Each of Pembina’s non-management directors is “independent” within the meaning of the rules of the New York Stock
Exchange.
Pembina also holds executive sessions at least once per year
in which Pembina’s independent directors meet without participation from management or non-independent directors.
Communication with Non-Management Directors
Shareholders may send communications to
Pembina’s non-management directors by writing to Jeffrey T. Smith, Chair of the governance and nominating committee of
the board of directors, c/o Investor Relations, Pembina Pipeline Corporation, 4000, 585 – 8
th
Avenue SW,
Calgary, Alberta T2P 1G1. Communications will be referred to the Presiding Director for appropriate action. The status of all
outstanding concerns addressed to the Presiding Director will be reported to the board of directors as appropriate.
Corporate Governance Guidelines
In accordance with Section 303A.09 of the NYSE Listed Company
Manual, Pembina has adopted a set of corporate governance guidelines with respect to certain specified matters. Such guidelines
are available for viewing on Pembina’s website at
www.pembina.com
.
Board Committee Mandates
The Charters of Pembina’s audit committee,
human resources and compensation committee, health, safety and environment committee and governance and nominating committee
are each available for viewing on Pembina’s website at
www.pembina.com
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NYSE Statement of Governance Differences
As a Canadian corporation listed on the NYSE, Pembina is not
required to comply with most of the NYSE corporate governance standards, so long as it complies with Canadian corporate governance
practices. In order to claim such an exemption, however, Pembina must disclose the significant difference between its corporate
governance practices and those required to be followed by U.S. domestic companies under the NYSE’s corporate governance
standards. Pembina has included a description of such significant differences in corporate governance practices on its website,
which may be accessed at
www.pembina.com
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UNDERTAKING AND CONSENT TO SERVICE OF
PROCESS
Pembina undertakes to make available, in
person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested
to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation
to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.
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B.
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Consent to Service of Process.
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Pembina has previously filed a Form F-X
in connection with the class of securities in relation to which the obligation to file this report arises.
Any change to the name or address of the
agent for service of process of Pembina shall be communicated promptly to the Commission by an amendment to the Form F-X referencing
the file number of Pembina.
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, thereunto duly authorized, on February 22, 2018.
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Pembina Pipeline Corporation
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By:
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/s/ “
M.H. Dilger”
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Name:
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M.H. Dilger
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Title:
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President & Chief Executive Officer
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EXHIBIT INDEX
Exhibit
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Description
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99.1
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Annual Information Form for the fiscal year ended December 31, 2017
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99.2
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Management’s Discussion and Analysis for the fiscal year ended December 31, 2017
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99.3
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Audited Consolidated Financial Statements for the fiscal year ended December 31, 2017, prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board
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99.4
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Certification of Chief Executive Officer pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange Act of 1934
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99.5
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Certification of Chief Financial Officer pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange Act of 1934
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99.6
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Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350
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99.7
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Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350
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99.8
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Consent of KPMG LLP
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101
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Interactive Data Files
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