Canadian Pacific Kansas City Ltd 8-K, filed Apr 1, 2022
Canadian Pacific Kansas City Ltd (CP)
About this 8-K
Canadian Pacific Kansas City Ltd filed this 8-K on April 1, 2022, reporting on events of March 31, 2022.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
April 1, 2022 (
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
(
Registrant’s telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| Common Shares, without par value, of Canadian Pacific Railway Limited | CP | Toronto Stock Exchange | ||
| Perpetual 4% Consolidated Debenture Stock of Canadian Pacific Railway Company | BC87 | London Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, 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. ☐
| ITEM 8.01. | Other Events. |
On March 31, 2022, Canadian Pacific Railway Limited (the “Corporation”) issued a press release detailing the Corporation’s statement regarding the Transportation Safety Board investigation report into the February 4, 2019 derailment near Field, B.C.
| ITEM 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Exhibit Description | |
| Exhibit 99.1 | Press Release dated March 31, 2022. | |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: April 1, 2022 | ||||||
| CANADIAN PACIFIC RAILWAY LIMITED | ||||||
| By: | /s/ Nizam Hasham | |||||
| Name: | Nizam Hasham | |||||
| Title: | Assistant Corporate Secretary | |||||
Exhibit 99.1
Release: March 31, 2022
CP statement on the Transportation Safety Board investigation report into Feb. 4, 2019 derailment near Field, B.C.
Calgary – Canadian Pacific (TSX: CP) (NYSE: CP) today has issued the following statement regarding the Transportation Safety Board (TSB) investigation report (Report) into the Feb. 4, 2019 derailment that tragically took the lives of three CP railroaders.
CP continues to mourn the loss of Dylan Paradis, Andrew Dockrell and Daniel Waldenberger-Bulmer. This is a tragedy that will never be forgotten and one which has strengthened CP’s unwavering commitment to safety across its entire operation.
Given the gravity of this incident and the tragic loss of life, it was extremely disappointing that the TSB misrepresented the facts at today’s news conference and misunderstood key facts about the incident in its Report. Specifically:
| • | At the news conference, the TSB’s Manager, Head Office and Western Regional Operations – Rail, misrepresented what happened on the locomotive when the relief crew arrived to relieve the inbound crew. The relief crew did not immediately decide to apply handbrakes upon arriving at the locomotive. The Report itself contradicts his statement. Per the TSB report, the relief crew had been on board the locomotive for over 20 minutes and had performed another job briefing before the train started to move. No decision to apply handbrakes was made during this time. |
| • | The assessment of the situation and the decision to apply brake retainers were made using the collective knowledge and experience of everyone involved. Both the locomotive engineers of the inbound crew and the relief crew were fully-trained, qualified and certified, and were well-experienced in the handling of trains on mountain grades. The trainmaster was also a qualified locomotive engineer with experience on mountain grades. Both crews and trainmaster agreed on the appropriate steps to be taken in line with existing procedure. The Field Hill operating procedure itself was based on operating practices established in collaboration with the running trades employees, Transport Canada and company management in the wake of previous incidents more than two decades ago. This was not an issue of training and/or experience. |
| • | The TSB has erroneously concluded, based on inappropriate extrapolation of data and unsupported inferences, that the involved-train exhibited poor braking performance. As confirmed in the Report, the train involved in the incident was fully functional, met all industry standards and passed all regulatory brake test inspections. |
| • | CP demonstrated that its Safety Management System contains all of the necessary elements as required by regulations. CP’s safety hazard reporting procedure was effective, both in form and in execution. There were no systemic hazards that were not appropriately addressed, including Field Hill train braking performance, by CP’s Safety Management System. |
| • | CP has a robust training and certification program that meets or exceeds applicable regulatory standards, utilizing leading technology and focusing on practical application. Learning at CP is never complete, and CP’s training programs are continuously being updated and refined using the most current practices and learnings to confirm complete understanding. |
CP has a strong culture of safety and always works to improve. CP remains the industry leader in technology-driven train inspections with a decade-long track record of reduced train accidents and improved train performance.
Throughout this investigation, CP fully cooperated with the TSB. CP strongly believes that real and substantive safety improvements are only achieved when fact-based and objective analysis is undertaken to truly understand the causes and contributing factors of an incident like the Field derailment.
CP will be addressing the inaccuracies and misrepresentations made at today’s news conference and in the Report in greater detail directly with the TSB.
This matter remains the subject of a preliminary inquiry by the RCMP.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see the rail advantages of CP. CP-IR
Contacts:
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