Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 227

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 227
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New non-employee directors will receive a comprehensive orientation from appropriate executives regarding the corporation’s business and affairs.

(b)   Continuing Education

Reviews of aspects of the corporation’s operations will be presented by appropriate employees from time to time as part of the agenda of regular board meetings.  The board will also normally conduct an on-site visit to a location other than the corporation’s headquarters in conjunction with one or more regular board meetings every year.

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14. Chairman and chief executive officer 

The board currently believes that it is appropriate and efficient for the corporation’s chief executive officer to also act as chairman of the board.  However, the board retains the authority to separate those functions if it deems such action appropriate in the future. 

(a)    Position description 

The chairman and chief executive officer shall: 

•plan and organize all activities of the board of directors; 

•ensure that the board receives sufficient, timely information on all material aspects of the corporation's operations and financial affairs; 

•chair annual and special meetings of the shareholders; 

•conduct the general management and direction of the business and affairs of the corporation; 

•recommend to the board of directors a strategic plan for the corporation's business and, when approved by the board of directors, implement this strategic plan and report to the board of directors on the implementation of this strategic plan; 

•develop and implement operational policies to guide the corporation within the limits prescribed by the corporation's by-laws and the directions adopted by the board of directors; 

•identify, for review with the board of directors, the principal risks of the corporation's business, where identifiable, and develop appropriate systems to manage such risks; 

•under the oversight of the board of directors, develop plans for succession planning for senior management, including the appointing, training and monitoring thereof, and implement those plans; 

•ensure compliance with the corporation's code of ethics and business conduct so as to foster a culture of integrity throughout the company; and 

•ensure effective internal controls and management information systems are in place. 

(b)    Minimum shareholding requirements 

The chairman and chief executive officer shall hold, or shall, within three years after his appointment as chairman and chief executive officer, acquire shares of the corporation, including common shares and restricted stock units, of a value no less than five times his base salary. 

190

Audit Committee Charter

1. Purpose of the Committee 

The primary purpose of the audit committee (the "committee") is oversight of financial reporting, compliance and controls.  The