Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 234

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 234
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 vice-chair of the committee shall be designated by the board from among the members of the committee. The committee shall fix its own rules of procedure and shall meet where and as provided by such rules or by resolution of the committee. 

The chair, or in that person's absence, the vice-chair or in the vice-chair's absence, an alternate designated by the committee, shall: 

(a)    preside at committee meetings; 

(b)    ensure that meetings of the committee are held in accordance with this charter; and 

(c)    review, and modify if necessary the agenda of the meetings of this committee in advance to ensure that the committee may effectively carry out its duties. 

A majority of the members of the committee shall constitute a quorum thereof. Every question shall be decided by a majority of the votes cast on the question and in the case of an equality of votes, the chair of the meeting shall be entitled to a second or casting vote. 

The committee shall designate its secretary.

Meetings of the committee may be called by any member.

The committee shall act only on the affirmative vote of a majority of the members at a meeting or by unanimous written consent.

The committee may establish subcommittees consisting of one or more members to carry out such duties as the committee may delegate.

4. Committee Activities

The following shall be the common recurring activities of the committee in carrying out its purposes. These activities are set forth as a guide with the understanding that the committee may diverge from this guide as appropriate given the circumstances.

196

The committee shall:

(a)review and approve the corporate goals and objectives relevant to the compensation of the CEO.

(b)review data on competitive compensation practices and review and evaluate policies and programs through which the corporation compensates its employees.

(c)at least annually evaluate the CEO's performance as measured against the goals and objectives outlined above.

(d)approve salaries and other compensation (including supplemental compensation such as cash bonuses and incentive bonus units, long-term incentive compensation such as restricted stock units, and any other payments for service), for the CEO and other key senior executive management positions reporting directly to the CEO, including all officers of the corporation. 

(e)at least annually review succession planning and development strategies for the CEO and key senior executive management positions reporting directly to the CEO, including all officers of the corporation.

(f)review the executive development system to ensure that it foresees the corporation’s senior management requirements and provides for early identification and development of key resources.

(g)make recommendations to the board