Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 159

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 159
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 sessions of the board include the following and are more fully described in paragraph 10 of the Board of Directors Charter attached as Appendix A: 

•raising substantive issues that are more appropriately discussed in the absence of management; 

•discussing the need to communicate to the chairman of the board any matter of concern raised by any committee or director; 

•addressing issues raised but not resolved at meetings of the board and assessing any follow-up needs with the chairman of the board; 

•discussing the quality, quantity, and timeliness of the flow of information from management that is necessary for the independent directors to effectively and responsibly perform their duties, and advising the chairman of the board of any changes required; and 

•seeking feedback about board processes. 

130

In camera sessions of the board committees 

Various committees also regularly hold in camera sessions without management present. The audit committee regularly holds private sessions of the committee members as well as private meetings of the committee with each of the external auditor, the internal auditor and senior management as part of every regularly scheduled committee meeting. 

Committee structure 

The board has created five standing committees to help carry out its duties. Each committee is chaired by a different independent director and all of the independent directors are members of each committee. N.A. Hansen is also a member of each committee, with the exception of the audit committee, which is composed entirely of independent directors. 

Board committees work on key issues in greater detail than would be possible at full board meetings, allowing directors to more effectively discharge their stewardship responsibilities. The independent chairs of the five committees are able to take a leadership role in executing the board’s responsibility with respect to a specific area of the company’s operations falling within the responsibility of the committee he or she chairs. The board and each committee have a written charter that can be found in Appendix A of this circular. The charters set out the purpose, structure, position description for the chair, and the responsibility and authority of that committee, and are reviewed and approved by the board annually. 

In addition to its standing committees, the board may establish ad hoc committees or special committees from time to time.

131

Risk oversight 

The board and its committees are responsible for overseeing the company’s risk managementframework, crucial for ensuring the organization’s stability and long-term success.

The company is governed by a comprehensive and well-established risk management system, and the company’s success in managing risk over time has been achieved through emphasis on execution of this disciplined management framework. 

The company’s risk management