Annual Report (foreign Private Issuer) (40-f)
30 June 2018 - 6:44AM
Edgar (US Regulatory)
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
þ
Annual report pursuant to Section 13(a) or
15(d) of the Securities Exchange Act of 1934
For fiscal year ended: March
31, 2018 Commission File number: 1-31402
CAE INC.
(Exact name of
Registrant as specified in its charter)
Canada
(Province or Other Jurisdiction of
Incorporation or Organization)
|
3699
(Primary Standard Industrial
Classification Code Number, if applicable)
|
Not Applicable
(I.R.S. Employer Identification Number,
if applicable)
|
8585
Côte-de-Liesse, Saint-Laurent, Québec, H4T 1G6
514-341-6780
(
Address and
Telephone Number of Registrant’s principal executive office)
CT Corporation System, 111 Eighth Avenue,
13
th
Floor, New York, NY 10011 (212) 894-8700
(
Name, Address
and Telephone Number 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
Name
of Each Exchange
On
Which Registered
Common Shares, New
York Stock Exchange
including associated Common Share
purchase rights pursuant to the Registrant’s
Shareholder Rights Plan, which purchase
rights
will trade together with the Common Shares
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:
þ
Annual Information Form
þ
Audited Annual Financial Statements
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:
267,738,530
common 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
þ
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
(§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 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.
¨
† 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.
DISCLOSURE CONTROLS AND PROCEDURES
A. Evaluation of disclosure controls
and procedures.
Disclosure controls and procedures
are designed to ensure that information required to be disclosed by CAE Inc.
(“CAE” or the “Company”) in reports filed with securities regulatory agencies
is recorded, processed, summarized and reported on a timely basis and is
accumulated and communicated to CAE’s management, including our President and
Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding disclosure.
Under the
supervision of the President and Chief Executive Officer and Chief Financial
Officer, management evaluated the effectiveness of CAE’s disclosure controls
and procedures, as defined in Rule 13a-15(e) and 15d-15(e) under the U.S.
Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of March
31, 2018, the end of the period covered by this Annual Report on Form 40-F.
The President and Chief Executive Officer and the Chief Financial Officer
concluded from the evaluation that the design and operation of CAE’s disclosure
controls and procedures were effective as at March 31, 2018.
B.
Management’s report on internal control over financial reporting.
CAE’s management is responsible for establishing and maintaining
adequate internal control over financial reporting, as such term is defined in
Rules 13a-15(f) and 15d-15(f) under the Exchange Act.
CAE’s
internal control over financial reporting includes those policies and
procedures that: (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and
dispositions of CAE’s assets; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and
that CAE’s receipts and expenditures are being made only in accordance with
authorizations of its management and directors; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of CAE’s assets that could have a material effect on the
financial statements.
Management evaluated the effectiveness of CAE’s internal controls
over financial reporting as of March 31, 2018, based on the framework and
criteria set forth in
Internal Control – Integrated Framework (2013)
issued
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO),
and has concluded that CAE’s internal control over financial reporting is
effective as of the end of the period covered by this Annual Report on Form
40-F.
C.
Attestation report of the Independent Auditors.
PricewaterhouseCoopers LLP, independent auditors who audited and reported on
CAE’s financial statements included in this annual report, has issued an
attestation report on the effectiveness of CAE’s internal control over
financial reporting as of the end of the period covered by this Annual Report
on Form 40-F. This attestation report is included in Exhibit 99.2 to this
Annual Report on Form 40-F.
D. Changes
in internal control over financial reporting.
There
were no changes to CAE’s internal control over financial reporting during the
year ended March 31, 2018 that have materially affected, or are reasonably
likely to materially affect, CAE’s internal control over financial reporting.
E.
Limitations on the effectiveness of controls.
A
control system, no matter how well designed and operated, can provide only
reasonable, not absolute, assurance with respect to the reliability of
financial reporting and financial statement preparation. Accordingly, CAE’s
management, including our President and Chief Executive Officer and our Chief
Financial Officer, does not expect that CAE’s internal control over financial
reporting will prevent or detect all errors and all fraud.
CAE will
continue to periodically review its disclosure controls and procedures and
internal control over financial reporting and may make modifications from time
to time as considered necessary or desirable.
AUDIT COMMITTEE FINANCIAL EXPERT
CAE’s board
of directors has determined that it has two audit committee financial experts
serving on its audit committee. The board of directors has determined that Mr. Alan
N. MacGibbon and Ms. Katharine B. Stevenson are audit committee financial
experts within the meaning of General Instruction B(8)(b) of Form 40-F and are independent
as that term is defined by the New York Stock Exchange’s corporate governance
standards applicable to CAE.
The
Securities and Exchange Commission (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, does not impose on such person any
duties, obligations or liability that are greater than those imposed on such
person as a member of the audit committee and the board of directors in the
absence of such designation and does not affect the duties, obligations or
liability of any other member of the audit committee or board of directors.
CODE OF ETHICS
CAE has a
code of ethics entitled “Code of Business Conduct”. The current Code of
Business Conduct is included in Exhibit 99.10 to this Annual Report on Form
40-F. It applies to all directors, officers, and employees of CAE, including
CAE’s principal executive officer, principal financial officer, principal
accounting officer, agents, representatives, contractors, suppliers and
consultants. The Code of Business Conduct is available at CAE’s website
http://www.cae.com/investors/governance/.
Amendments to the Code of Business Conduct and waivers, if any, for executive
officers will be disclosed on CAE’s website. Unless specifically referred to
herein, the information on CAE’s website shall not be deemed to be incorporated
by reference in this annual report.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
The
disclosure provided under section
11 “Approval
Of Services” on page 54 of Exhibit 99.1, Annual Information Form, providing
details on the fees billed by PricewaterhouseCoopers LLP, the Company’s
principal accountant, to CAE in each of the years ended March 31, 2018 and
March 31, 2017 for professional services rendered to CAE, is incorporated by
reference herein.
AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES
The
disclosure provided under section
11
“Approval of Services” on page 54 of Exhibit 99.1, Annual Information
Form, is incorporated by reference herein.
None of the
services described above under the captions “Audit-Related Fees” or “Tax Fees”
were approved by the Audit Committee pursuant to the de minimis exemption to
the pre-approval requirements provided by paragraph (c)(7)(i)(C) of
Rule 2-01 of Regulation S-X.
OFF-BALANCE SHEET ARRANGEMENTS
The
disclosure provided under section 7.2 “Off balance sheet arrangements” on page 32
of Exhibit 99.3, Management’s Discussion and Analysis, is incorporated by
reference herein.
CONTRACTUAL OBLIGATIONS
The
disclosure provided under section 6.4 “Contractual Obligations” on page 29 of
Exhibit 99.3, Management’s Discussion and Analysis, is incorporated by
reference herein.
IDENTIFICATION OF THE AUDIT COMMITTEE
CAE has a separately-designated standing
Audit Committee established in accordance with Section 3(a)(58)(A) of the
Exchange Act. CAE’s Audit Committee is, as of the date hereof, comprised of
the following directors: Margaret S. Billson, Alan N. MacGibbon, François
Olivier, Michael E. Roach and Katharine B. Stevenson, .
SIGNIFICANT DIFFERENCES
There are significant
ways in CAE’s corporate governance practices differ from those required of
domestic companies under NYSE listing standards. Disclosure concerning these
differences is
available at CAE’s website http://www.cae.com/investors/governance/.
UNDERTAKING AND CONSENT TO
SERVICE OF PROCESS
A. Undertaking
CAE Inc. (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.
B. Consent to Service of Process
The Registrant has previously filed with the Commission a Form F-X
in connection with the Common Shares, including the associated Common Share
purchase rights pursuant to the Registrant’s Shareholder Rights Plan, which
purchase rights trade together with the Common Shares.
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.
Date: June 29,
2018
CAE INC.
By:
/s/ Mark Hounsell
Name: Mark Hounsell
Title: General Counsel, Chief Compliance Officer and Corporate Secretary
EXHIBIT INDEX
99.1
|
Annual Information Form for the fiscal year ended
March 31, 2018, dated June 13, 2018
|
99.2
|
Audited annual financial statements for the fiscal
year ended March 31, 2018
|
99.3
|
Management’s Discussion and Analysis for the fiscal
year ended March 31, 2018
|
99.4
|
Consent of PricewaterhouseCoopers LLP
|
99.5
|
Certification of Marc Parent required by Rule
13a-14(a) or Rule 15d-14(a)
|
99.6
|
Certification of Sonya Branco required by Rule
13a-14(a) or Rule 15d-14(a)
|
99.7
|
Certification of Marc Parent pursuant to 18 U.S.C.
Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
99.8
|
Certification of Sonya Branco pursuant to 18 U.S.C.
Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
99.9
|
Notice and Management Proxy Circular dated June 15,
2018 (incorporated by reference to CAE’s Form 6-K (commission file no.
1-31402) furnished to the Commission on June 29, 2018
|
99.10
|
Code of Business Conduct
|
101
|
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