Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 146

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 146
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24 U.S., which is converted to Canadian dollars at the daily rate of exchange of 1.4166 provided by the Bank of Canada for February 14, 2025.

(d)B.W. Corson is a current director and has chosen not to stand for re-election.

Majority voting policy

In 2022, amendments to the Canada Business Corporations Act came into force implementing majority voting requirements for uncontested director elections. These amendments provide for the election of a director only if the number of “for” votes represents a majority of the votes cast both “for” and “against” the director. Following the implementation of these amendments, the company’s existing majority voting policy was rendered redundant and was revoked by the board. 

116

Corporate governance disclosure

Table of contentsCorporate governance disclosure1172024 Corporate governance highlights117Corporate governance at a glance118Statement of corporate governance practice119Composition of our board nominees119Tenure of our board nominees120Skills and experience of our board members and nominees121Independence of our board members and nominees122Committee membership of our board123Number of meetings124Attendance of our board members in 2024125Other public company directorships of our board members and nominees126Interlocking directorships of our board nominees126Director qualification and selection process127Director orientation, education and development128Board performance assessment129Board and committee structure130Director compensation140Director compensation table145Outstanding share-based awards and option-based awards for directors146Incentive plan awards for directors - Value vested or earned during the year146Share ownership guidelines of independent directors and chairman, president and chief executive officer147Ethical business conduct148Restrictions on insider trading149Diversity149Shareholder engagement151Largest shareholder152Transactions with Exxon Mobil Corporation152

2024 Corporate governance highlights

•Five of seven of our directors, and five of seven of our director nominees are independent and meet the criteria for independence set by Canadian securities regulators, the SEC and the NYSE American LLC. 

•The company delivered an extensive orientation program to N.A. Hansen upon his election to the board for the first time in 2024.

•The directors are highly qualified with diversity of gender, background, experience and skill.

•The company’s independent directors have significant stock ownership requirements, all of which have been met (S.R. Driscoll, J.N. Floren and G.J. Goldberg were each elected to the board on May 2, 2023 and are expected to meet the share ownership guidelines within five years from the date