Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 149

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 149
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.HansenM.C.HubbsJ.R.Whelan(b)Leadership of large organizationsüüüüüüüOperations / technicalüüüüüProject managementüüüüüüüGlobal experienceüüüüüüüStrategy developmentüüüüüüüüEnvironment and sustainabilityüüüüüüüüAudit committee financial expertüüüFinancial expertiseüüüüüüüüGovernment relationsüüüüüInformation technology / cybersecurity oversightüüExecutive compensationüüüüüüüüRisk managementüüüüüüüü

(a)B.W. Corson is a current director and has chosen not to stand for re-election at the annual meeting of shareholders.

(b)J.R. Whelan is not currently a director and is being nominated for election as a director at the annual meeting of shareholders.

121

Independence of our board members and nominees

 Five out of seven of the director nominees are independent.

The board is currently composed of seven directors, six of whom will be standing for re-election at the annual meeting of shareholders on May 8, 2025. B.W. Corson is a current director and has chosen not to stand for re-election. J.R. Whelan is not currently a director and is being nominated for election as a director. The majority of the nominees (five out of seven) are independent. The independent directors and nominees are not employees of the company. 

The board determines independence on the basis of the standards specified by National Instrument 52-110 Audit Committees (NI 52-110), the U.S. Securities and Exchange Commission rules and the listing standards of the NYSE American LLC. The board has reviewed relevant relationships between the company and each nonemployee director and director nominee to determine compliance with these standards. 

Based on the directors’ responses to an annual questionnaire, the board determined that none of the independent directors has any interest, business or other relationship that could or could reasonably be perceived to constitute a material relationship with the company. B.W. Corson is a director and chairman, president and chief executive officer of the company and is not considered to be independent. In connection with his upcoming retirement from the company, Mr. Corson has chosen not to stand for re-election at the annual meeting of shareholders on May 8, 2025 and J.R. Whelan is being nominated for election as a director for the first time. Mr. Whelan has been appointed as president of the company effective