Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 222

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 222
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 the corporation.  The board expects that there will be regular opportunities for directors to meet with the chief executive officer, and other members of management in board and committee meetings and in other formal or informal settings. 

(e)    Compensation for independent directors will be determined by the board on the recommendation of the nominations and corporate governance committee and will be reviewed annually.  Non-employee director compensation will be set at a level that is consistent with market practice, taking into account the size and scope of the corporation’s business and the responsibilities of its directors.  A substantial portion of the compensation paid to independent directors for service on the board will be paid in restricted stock units of the corporation. 

8. Lead Director

The independent directors will annually select one independent director to serve as lead director. The appointment of a lead director is intended to ensure that the board functions with appropriate independence 

and to enhance the company’s corporate governance. It is normally expected that the same director will serve as lead director for a minimum of two years. 

The lead director’s duties and responsibilities will include:

(a)    act as liaison with the chairman, in consultation with the other directors, (provided however that     each director will also be afforded direct and complete access to the chairman at any time as such director deems necessary or appropriate);

(b)    calls, chairs and sets agendas for executive sessions of the independent directors;

(c)    provides feedback to the chairman;

(d)    chairs meetings of the board in the absence of the chairman;

(e)    reviews and approves the schedule and agenda for all board and committee meetings and reviews associated materials distributed to the directors;

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(f)    advises the chairman as to the quality, quantity and timeliness of information flows;

(g)    working together with the chairman, oversees the annual performance evaluation of the board; and

(h)    working together with the chair of the executive resources committee, oversees the annual performance review of the CEO.

Compensation for the lead director will be determined by the board on the recommendation of the nominations and corporate governance committee and will be reviewed annually. 

9.  Independent legal or other advice 

It is normally expected that information regarding the corporation’s business and affairs will be provided to the board by the corporation’s management and staff and by its independent auditors.  However, the board and, with the approval of the board, any director, may engage independent counsel and other advisors at the expense of the corporation. The fees