Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 223

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 223
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 and expenses of any such advisor will be paid by the corporation.

10. Meetings of the independent directors in the absence of members of management 

(a)    Meetings of the independent directors ("executive sessions of the board") shall be held in conjunction with all board meetings including unscheduled virtual board meetings. Additional executive sessions may be convened by the lead director at his or her discretion and will be convened if requested by any other director. Any independent director may raise issues for discussion at an executive session. 

(b)    The lead director, or in the lead director's absence, an independent director chosen by the independent directors, shall preside at executive sessions of the board and ensure that meetings of the independent directors are held in accordance with this charter.

(c)    The purposes of the executive sessions of the board shall include the following:

(i)    to raise substantive issues that are more appropriately discussed in the absence of management; 

(ii)    to discuss the need to communicate to the chairman of the board any matter of concern raised by any committee or any director;

(iii)    to address issues raised but not resolved at meetings of the board and assess any follow-up needs with the chairman of the board;

(iv)    to discuss the quality, quantity, and timeliness of the flow of information from management that is necessary for the independent directors to effectively and responsibly perform their duties, and advise the chairman of the board of any changes required; and 

(v)    to seek feedback about board processes.

11. Selection and tenure of directors 

The nominations and corporate governance committee shall recommend to the board a slate of director candidates for election at each annual meeting of shareholders and shall recommend to the board directors to fill vacancies, including vacancies created as a result of any increase of the size of the board. 

The guidelines for selection and tenure of directors shall be as follows:

(a)  Selection

In considering the qualifications of potential nominees for election as directors, the nominations and corporate governance committee considers the work experience and other areas of expertise of the potential nominees with the objective of providing for diversity among non-employee directors.  The following key criteria are considered to be relevant to the work of the board of directors and its committees:

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Work Experience

•Experience in leadership of businesses or other large organizations (Leadership of large organizations)

•Operations/technical experience (Operations / technical)

•Project management experience (Project management)

•Experience in working in a global work environment (Global experience)

•Experience in development of business