TC Energy Corporation

Shareholders of TC Energy Corporation

TC Energy Corporation is a widely held, dual-listed public company with no controlling shareholder. The share-register data reviewed for this profile lists five recorded holders as at 2 August 2026, covering the top 5 of 20 recorded positions: Royal Bank of Canada, Bank of Montreal, CIBC World Markets, Inc., Canada Pension Plan Investment Board and Dodge & Cox Funds – Dodge & Cox International Stock Fund. With the possible exception of Canada Pension Plan Investment Board, these read as custodian or nominee positions of the kind commonly recorded in Canadian share registers – shares registered in a bank’s or broker’s name on behalf of underlying beneficial holders – rather than disclosures of the ultimate economic owner.

The percentage-of-class figures in this dataset do not reconcile with TC Energy Corporation’s shares outstanding. Cross-checking the five recorded holdings against their own quantities shows an internally consistent implied share count of roughly 510 million shares, whereas an independent U.S. Schedule 13G/A filing by BlackRock, Inc. (51,561,933 shares reported as 4.96% of the class) implies total shares outstanding of approximately 1.04 billion – close to the 1,018 million shares TC Energy Corporation reported as outstanding at year-end 2022. Recalculated against that larger, independently sourced share count, the dataset’s largest recorded position – Royal Bank of Canada, shown at 24.99% (127,375,528 shares) – would represent approximately 12.3% of shares outstanding rather than the recorded 24.99%, and each of the other four recorded percentages appears roughly double what the underlying share count supports. These recalculated figures are an approximation only and are not a substitute for the company’s own beneficial-ownership disclosures.

Independently, U.S. Schedule 13G filings identify BlackRock, Inc. (51,561,933 shares, 4.96%) and The Vanguard Group, Inc. (approximately 44.4 million shares, approximately 4.27%) as passive institutional holders, each below any level indicating control, consistent with TC Energy Corporation’s status as a widely held company in which institutional investors are commonly cited as holding roughly two-thirds of outstanding shares in aggregate.

Data availability

Because TC Energy Corporation is a widely held public company with dispersed institutional and retail ownership, no natural person or entity is disclosed as an Ultimate Beneficial Owner, and this write-up does not identify one. Shareholder disclosure for this company is best treated as major-shareholders-only: it captures large institutional and custodian positions of the kind separately reported to securities regulators, but does not include the complete shareholder base, and the percentage figures in the reviewed register dataset should be treated with caution given the reconciliation issue noted above.

Sources

• BlackRock, Inc., Schedule 13G/A for TC Energy Corporation, U.S. Securities and Exchange Commission (SEC EDGAR) – retrieved 11 September 2026.
• The Vanguard Group, Inc., Schedule 13G filing for TC Energy Corporation, SEC EDGAR – retrieved 11 September 2026.
• TC Energy Corporation, Form 6-K, year-end 2022 financial results (common shares issued and outstanding), SEC EDGAR.
• TC Energy Corporation share-register dataset, verified 2 August 2026.

Directors and officers of TC Energy Corporation

TC Energy Corporation’s current board comprises 13 directors: 12 independent, non-executive directors and one non-independent director, President and Chief Executive Officer Francois L. Poirier, who has held that combined role since January 2021. Per TC Energy Corporation’s own governance disclosure, the independent directors and the year each joined the board are: John E. Lowe (Board Chair, since 2015), Mary Pat Salomone (since 2013), Siim A. Vanaselja (since 2014), Thierry Vandal (since 2017), Una Power (since 2019), Michael R. Culbert (since 2020), Susan C. Jones (since 2020), William D. (Bill) Johnson (since 2021), Cheryl F. Campbell (since 2022), Dheeraj “D” Verma (since 2022), Scott Bonham (since 2024) and Dawn Madahbee Leach (since 2024). This same list of 13 names is confirmed as the current directors of record on Corporations Canada’s federal corporate registry for the company.

The separate officer/governing-person dataset reviewed for this profile lists five records, of which two – William D. Johnson and Dheeraj Verma – match current directors named above. The other three records – David Macnaughton, Joel E. Hunter and Tina Veronica Faraca – do not appear among the 13 current directors on the federal registry consulted for this review. Joel E. Hunter is recorded in that dataset as Executive Vice-President and Chief Financial Officer; TC Energy Corporation’s own current disclosures instead identify Sean O’Donnell as Executive Vice-President, Strategy and Corporate Development and Chief Financial Officer since 2025, indicating that dataset record is outdated.

Recent officer changes

• Sean O’Donnell was appointed Executive Vice-President, Strategy and Corporate Development and Chief Financial Officer in 2025, succeeding Joel E. Hunter in the Chief Financial Officer role (source: TC Energy Corporation official disclosures).
• Scott Bonham and Dawn Madahbee Leach joined the board of directors in 2024 (source: TC Energy Corporation governance disclosure).
• The 1 October 2024 spinoff of South Bow Corporation separated that business’s own leadership team from TC Energy Corporation’s board and executive officers (source: TC Energy Corporation announcement, 1 October 2024).

Data availability

Corporations Canada’s federal corporate registry for TC Energy Corporation (a CBCA distributing corporation) publishes the names and a registered-office correspondence address for current directors but does not disclose nationality, country of residence, or individual appointment dates; those fields are therefore recorded as “Not disclosed” in this profile and have not been inferred from any director’s name, address or residence. The correspondence address held for directors in the reviewed data – 450 1st Street S.W., Calgary, Alberta – is the company’s registered office, used for official correspondence only; it does not indicate any director’s residence or nationality. One officer record in the dataset reviewed for this company (a director’s correspondence address) contains a corrupted character-escape artifact in place of an en dash, where the escape code appears as literal plain text instead of rendering as the intended punctuation mark; this is flagged here as a data-quality issue in the source rather than silently corrected.

Sources

• Corporations Canada (Innovation, Science and Economic Development Canada), Federal corporation information for TC Energy Corporation, corporation number 414844-4 – retrieved 11 September 2026.
• TC Energy Corporation, Board of Directors and governance disclosure, tcenergy.com/about/governance/ – retrieved 11 September 2026.
• TC Energy Corporation, investor and leadership disclosures, tcenergy.com – retrieved 11 September 2026.

Group structure of TC Energy Corporation

TC Energy Corporation is an independent, publicly listed company with no parent company; it sits at the top of its own group. According to its 2025 Annual Information Form, TC Energy Corporation’s principal subsidiaries include TransCanada PipeLines Limited (Canada, 100% owned), TransCanada PipeLine USA Ltd. (Nevada, United States, 100% owned) and TransCanada American Investments Ltd. (Delaware, United States, 100% owned), together with the Columbia Pipeline Group entities (Delaware, United States), in which TC Energy Corporation holds approximately 60% of the voting shares. The separate corporate-linkage dataset reviewed for this profile lists a much larger number of related entities, reflecting historical TransCanada- and Columbia-branded operating subsidiaries across Canada, the United States and Mexico, most without ownership percentages disclosed; this write-up relies on the AIF’s own designation of principal subsidiaries rather than repeating that full list.

Following the 1 October 2024 completion of a CBCA plan-of-arrangement spinoff, South Bow Corporation – the former holder of TC Energy Corporation’s Liquids Pipelines business, including the Keystone Pipeline System – is a separate, independently and publicly listed company on the Toronto Stock Exchange and New York Stock Exchange (ticker SOBO). South Bow Corporation is not a subsidiary, parent or otherwise controlled affiliate of TC Energy Corporation. The corporate-linkage dataset reviewed for this profile still lists several “South Bow”-named entities (for example, South Bow (USA) LP, South Bow Marketing Canada Ltd. and South Bow Infrastructure Operations Ltd.) beneath TC Energy Corporation; this appears to reflect residual pre-spinoff data rather than TC Energy Corporation’s current, post-spinoff structure, and is flagged here rather than presented as a current relationship.

Verified corporate relationships

Recent structural changes

TC Energy Corporation completed the spinoff of its Liquids Pipelines business into South Bow Corporation on 1 October 2024, under a plan of arrangement approved by TC Energy Corporation shareholders and by the Court of King’s Bench of Alberta on 4 June 2024. TC Energy Corporation shareholders received 0.2 of a South Bow Corporation common share for each TC Energy Corporation common share held as of 25 September 2024.

Data availability

Group-structure information for TC Energy Corporation is partial: its 2025 Annual Information Form identifies principal subsidiaries meeting a materiality threshold (assets or revenue exceeding 10% of TC Energy Corporation’s consolidated totals) but does not itemise every operating subsidiary, and the separate corporate-linkage dataset reviewed for this profile lists many additional entities without ownership percentages or confirmation of whether they reflect the company’s current, post-spinoff structure.

Sources

• TC Energy Corporation, 2025 Annual Information Form, dated 12 February 2026, filed as an exhibit to Form 40-F, SEC EDGAR – retrieved 11 September 2026.
• TC Energy Corporation, “TC Energy completes spinoff of its Liquids Pipelines business, South Bow Corporation”, official announcement, 1 October 2024, tcenergy.com – retrieved 11 September 2026.
• TC Energy Corporation corporate-linkage dataset, snapshot reviewed 11 September 2026.