10-KPeriod: FY2005

ENBRIDGE INC Annual Report, Year Ended Dec 31, 2005

Filed March 7, 2006For Securities:ENBENBMFEBBGFEBRGFEBRZFENBGFENBRFENFFFEBGEFENBFFENBHFENBNFENBOFENBSFEBBNFENNPF

Summary

This Form 40-F filing from Enbridge Inc. (ENB) for the fiscal year ended December 31, 2005, provides an overview of the company's corporate governance, financial reporting, and auditor information. A key takeaway for investors is the confirmation of effective disclosure controls and procedures, overseen by senior management and compliant with SEC regulations. The company also affirmed its adherence to the Sarbanes-Oxley Act by filing CEO and CFO certifications for Sections 302 and 906. Furthermore, the filing details the company's audit committee composition, including the presence of designated financial experts, and outlines the fees paid to its long-term auditor, PricewaterhouseCoopers LLP. Importantly, Enbridge Inc. stated it has no off-balance sheet arrangements, a point that typically reassures investors regarding financial transparency and risk. The tabular disclosure of contractual obligations provides insight into the company's long-term financial commitments, primarily long-term debt and non-recourse long-term debt.

Key Highlights

  • 1Enbridge Inc. reported effective disclosure controls and procedures as of December 31, 2005, indicating robust financial reporting mechanisms.
  • 2The company confirmed compliance with Sarbanes-Oxley Act requirements through CEO and CFO certifications under Sections 302 and 906.
  • 3PricewaterhouseCoopers LLP has served as Enbridge's auditor since 1992, with all audit and non-audit services pre-approved by the Audit, Finance & Risk Committee.
  • 4The filing explicitly states Enbridge Inc. has no off-balance sheet arrangements, a positive indicator for financial transparency.
  • 5Significant contractual obligations are primarily related to long-term debt (CAD $6.7 billion) and non-recourse long-term debt (CAD $1.6 billion), with substantial amounts due after 5 years.
  • 6The Audit Committee includes members identified as audit committee financial experts, ensuring a high level of financial oversight.

Frequently Asked Questions

This Form 40-F filing serves as Enbridge Inc.'s annual report for the fiscal year ended December 31, 2005, and includes information required by Canadian securities laws, which is then furnished to the SEC. It provides details on corporate governance, financial reporting controls, auditor information, and contractual obligations.

No, the filing explicitly states that Enbridge Inc. has no off-balance sheet arrangements as defined by Form 40-F. This is generally viewed positively by investors as it indicates that the company's financial position is fully represented on its balance sheet.

PricewaterhouseCoopers LLP has been Enbridge Inc.'s auditor since 1992. For the year ended December 31, 2005, total fees paid to PwC were approximately $2.07 million. The majority of this amount was for audit fees ($1.66 million), with smaller amounts for audit-related fees, tax fees, and other services.

The tabular disclosure of contractual obligations shows significant long-term financial commitments. As of December 31, 2005, Enbridge Inc. had approximately CAD $6.7 billion in long-term debt and CAD $1.6 billion in non-recourse long-term debt. A substantial portion of these amounts, particularly the long-term debt, is due after five years.