Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 236

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 236
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 Committee Charter

1. Purpose of the Committee

The primary purpose of the nominations and corporate governance committee (the 'committee') is to monitor compliance with good corporate governance standards; to identify individuals qualified to become board members; to recommend to the board director nominees for election at the annual meeting of shareholders or for election by the board to fill open seats between annual meetings; to recommend to the board committee appointments for directors, including appointments as chair and vice-chair of such committees; to review and make recommendations to the board regarding non-employee director compensation; and to develop and recommend to the board corporate governance guidelines applicable to the corporation.  Long term value creation requires strong corporate governance to ensure appropriate transparency and accountability.  The committee aims to build and maintain an engaged and diverse board whose composition is appropriate in light of the corporation’s needs and strategy.

2. Committee Membership

The committee shall consist of no fewer than three members, to be appointed by the board of directors from among (a) the independent directors; and (b) the non-independent directors who are not members of the corporation's management, who shall serve at the pleasure of the board, but only so long as he or she continues to be a director of the corporation. The actual number of members shall be determined from time to time by resolution of the board.  Members of the committee should be suitably knowledgeable in matters pertaining to corporate governance. 

3. Committee Structure and Operation

The chair and 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.

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Meetings of the committee may be called by any member.

The committee