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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
40-F
☐
REGISTRATION STATEMENT
PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
☒
ANNUAL
REPORT
PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
December 31, 2024
Commission File Number
000-54516
EMERA INCORPORATED
(Exact name of Registrant as specified in its charter)
Nova Scotia, Canada
(Province or other jurisdiction of incorporation or organization)
4911
(Primary Standard Industrial Classification Code Number (if applicable))
Not applicable
(I.R.S. Employer Identification Number (if applicable))
5151 Terminal Road
Halifax
,
Nova Scotia
,
Canada
B3J 1A1
Telephone: (
902
)
428-6096
(Address and telephone number of Registrant’s principal executive offices)
Emera US Finance LP
c/o Corporation Service Company
251 Little Falls Drive
Wilmington
,
Delaware
19808
Telephone: (
302
)
636-5401
(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:
Not applicable.
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:
☒
Annual information form
☒
Audited annual financial statements
Number of outstanding shares of each of the issuer’s classes of
capital or common stock as of December 31, 2024:
295,935,686
Common Shares
4,866,814
Series A First Preferred Shares
1,133,186
Series B First Preferred Shares
10,000,000
Series C First Preferred Shares
5,000,000
Series E First Preferred Shares
8,000,000
Series F First Preferred Shares
12,000,000
Series H First Preferred Shares
8,000,000
Series J First Preferred Shares
9,000,000
Series L First Preferred Shares
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 every Interactive
Data File required to be submitted
and
posted pursuant
to Rule
405 of
Regulation S-T
(§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
☐
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 is 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.
☐
†
The term “new
or revised financial accounting
standard” refers to
any update issued by
the Financial Accounting Standards
Board
to its Accounting Standards Codification after April 5, 2012.
Indicate
by
check
mark
whether
the
registrant
has
filed
a
report
on
and
attestation
to
its
management’s
assessment
of
the
effectiveness of its
internal control over financial
reporting under Section 404(b)
of the Sarbanes-Oxley Act
(15 U.S.C. 7262(b))
by the registered public accounting firm that prepared or issued its audit report.
☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the
registrant included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-
based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to
§ 240.10D-1(b).
☐
Certifications and Disclosure Regarding Controls
and Procedures.
(a)
Certifications regarding controls and procedures. See Exhibits 99.5
and 99.6.
(b)
Evaluation of disclosure controls and procedures. As of December 31, 2024,
an evaluation of the
effectiveness of the Registrant’s
“disclosure controls and procedures” (as such term is defined in Rules 13a-
15(e) and 15d-15(e) of the United States Securities Exchange Act of 1934,
as amended (the “Exchange
Act”)), was carried out by the Registrant’s
Chief Executive Officer (“CEO”) and Chief
Financial Officer
(“CFO”). Based on that evaluation, the CEO and CFO have concluded that
as of such date the Registrant’s
disclosure controls and procedures are effective to provide
a reasonable level of assurance that information
required to be disclosed by the Registrant in reports that it files or submits under
the Exchange Act is
recorded, processed, summarized and reported within the time periods
specified in the United States
Securities and Exchange Commission’s
(the “Commission”) rules and forms.
It should be noted that while the CEO and CFO believe that the Registrant’s
disclosure controls and
procedures provide a reasonable level of assurance that they are effective,
they do not expect the disclosure
controls and procedures or internal control over financial reporting to be capable
of preventing 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)
Management’s annual report
on internal control over financial reporting.
The Registrant's management is
responsible for establishing and maintaining adequate internal control
over financial reporting. The
Registrant's internal control framework is based on the criteria published
in the Internal Control –
Integrated Framework (2013), a report issued by the Committee of Sponsoring
Organizations (COSO) of
the Treadway Commission. The Registrant's management,
including the CEO and CFO, evaluated the
design and effectiveness of the Registrant's internal control over
financial reporting as at December 31,
2024 and concluded that the Registrant's internal control over financial
reporting is effective as at
December 31, 2024.
(d)
Attestation report of the registered public accounting firm.
This annual report does not include an
attestation report of the Registrant’s
registered public accounting firm regarding internal control over
financial reporting.
(e)
Changes in internal control over financial reporting. There were no changes
in the Registrant’s internal
control over financial reporting during the fiscal year ended December
31,
2024
, that have materially
affected, or are reasonably likely to materially affect,
the Registrant’s internal control
over financial
reporting.
Audit Committee Financial Expert.
The Registrant’s board of directors
(the “Board”) has determined that five
audit committee financial experts serve on its Audit Committee. The audit
committee financial experts are Paula Y.
Gold-Williams, Kent M. Harvey,
B. Lynn Loewen, Ian E. Robertson
and Carla M. Tully.
The Board has determined
that Paula Y.
Gold-Williams, Kent M. Harvey,
B. Lynn Loewen, Ian E. Robertson and
Carla M. Tully are
independent within the meaning of the listing standards of the New York
Stock Exchange. Information concerning
the relevant experience of Paula Y.
Gold-Williams, Kent M. Harvey,
B. Lynn Loewen, Ian E. Robertson and
Carla
M. Tully is included in their biographical information
contained in the Registrant’s Annual Information
Form for the
fiscal year ended December 31, 2024, filed as Exhibit 99.1 hereto (the “Annual
Information Form”). The
Commission has indicated that the designation of a person as an audit committee
financial expert does not make
such person an “expert” for any purpose, impose any duties, obligations
or liability on such person that are greater
than those imposed on members of the audit committee and board of directors
who do not carry this designation, or
affect the duties, obligations or liability of any other member of
the audit committee or board of directors.
Code of Ethics.
The Emera Code of Conduct was revised and became effective
on January 1, 2025 (the “Code”)
and applies to all directors, officers and employees of the Registrant, including
the CEO and CFO. Since the
adoption of the Code, there have not been any waivers, including implied waivers,
from any provision of the Code.
A copy of the Code can be found on Emera’s
internet website at the following address:
https://www.emera.com/about
-us/who-we-are/code-of-conduct.
The Code was furnished to the Commission on January 27, 2025 as Exhibit
99.1 to a report on Form 6-K and is
incorporated by reference herein as Exhibit 99.9.
Principal Accountant Fees and Services.
The information provided under the headings “Audit Committee—Audit
and Non-Audit Services Pre-Approval Process” and “Audit Committee—Auditors’
Fees” contained in the
Registrant’s Annual Information
Form. The Registrant’s Audit Committee approved
all of the Audit-Related and
Tax services provided
by Ernst & Young
LLP in
2024
and none were approved pursuant to the de minimis exception
provided by Section (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
In connection with the Commission’s adoption
of amendments to finalize the implementation of disclosure and
submission requirements on December 2, 2021, pursuant to Release No. 34-93701,
the Registrant hereby affirms
that
Ernst & Young
LLP (PCAOB ID:
1263
) delivered an audit opinion relating to the Registrant’s
Financial
Statements (as defined below) contained in the Annual Information Form,
and such audit opinion was issued in
Halifax, Nova Scotia, Canada.
Liquidity and Capital Resources
The information provided under the headings (a) “Off-Balance Sheet
Arrangements” and (b) “Contractual
Obligations” contained in the Registrant’s
Management’s Discussion and
Analysis dated February 21, 2025 for the
year ended December 31, 2024, filed as Exhibit 99.2 hereto (the “MD&A”) and with
respect to clause (a) the
information provided at note 28 (“D. Guarantees and Letters of Credit”) and
note 33 (“Variable
Interest Entities”),
and with respect to clause (b) note 28 (“A. Commitments”) and note
26 (“Long-Term Debt”),
to the Audited
Consolidated Financial Statements as at and for the years ended December 31, 2024
and December 31, 2023, filed
as Exhibit 99.3 hereto (the “Financial Statements”), are incorporated by reference
herein.
Identification of the Audit Committee.
The information provided under the heading “Audit Committee” contained
in the Annual Information Form is incorporated by reference herein.
Mine Safety Disclosure.
Neither the Registrant nor any of its subsidiaries is the “operator” of
any “coal or other
mine”, as those terms are defined in section 3 of the Federal Mine Safety and Health Act of 1977
(30 U.S.C. 802),
that is subject to the provisions of such Act (30 U.S.C. 801 et seq.). Therefore, the
provisions of 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 requiring disclosure concerning mine safety violations and other
regulatory matters do not apply to the Registrant
or any of its subsidiaries.
Disclosure Regarding Foreign Jurisdictions that
Prevent Inspections.
Not applicable.
Recovery of Erroneously Awarded
Compensation
. Not applicable.
EXHIBIT INDEX
Exhibit
Number
Description
99.1
2024 Annual Information Form dated February 21, 2025 for the fiscal year ended
December 31,
2024
99.2
Management’s Discussion and Analysis
dated February 21, 2025 for the year ended December
31, 2024
99.3
Audited Consolidated Financial Statements as at and for the years ended
December 31, 2024 and
December 31, 2023
99.4
Consent of Independent Registered Public Accounting Firm
99.5
Certification of Chief Executive Officer pursuant to Rule 13a-14(a)
or 15d-14(a) of the U.S.
Securities Exchange Act of 1934, as amended
99.6
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d
-14(a) of the U.S.
Securities Exchange Act of 1934, as amended
99.7
Certification of Chief Executive Officer pursuant to Section 906
of the Sarbanes-Oxley Act of
2002
99.8
Certification of Chief Financial Officer pursuant to Section 906
of the Sarbanes-Oxley Act of
2002
99.9
Emera Code of Conduct (as revised and effective on January
1, 2025) (incorporated by reference
to Emera Incorporated’s Form 6-K,
furnished to the Commission on January 27, 2025)
101
Interactive Data File (formatted as Inline XBRL)
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained
in Exhibit 101)
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 Commission staff, and to furnish promptly,
when requested to do so by the Commission 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.
The Registrant 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 a Registrant’s
agent for service shall be communicated promptly to the
Commission by amendment to 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.
DATED
this 21
th
day of February, 2025.
EMERA
INCORPORATED
By:
/s/ Scott C. Balfour
Name:
Scott C. Balfour
Title:
President & Chief
Executive Officer