Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 147

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 147
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 of their appointment). The independent directors collectively have nearly $11.5 million in shareholdings in the company.

•The independent directors regularly meet in executive sessions without management present.

•Shares of the company are listed on the TSX and trade on the NYSE American LLC, and our corporate governance practices comply with applicable policies and practices of each exchange.

•98% average vote in favour for the election of our directors at the 2024 annual meeting.

•Two of seven or 29% of the director nominees, and 10 of 23 or 43% of the executive officers of the company and its major subsidiaries, are women.

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Corporate governance at a glanceControlled companyYesSize of board7Number of independent directors 5Women on board (board and nominees)2Average attendance of directors at board and committee meetings100%Lead directorYesIn camera sessions of independent directors at every board meetingYesIndependent status of audit committee100%Audit committee members financially literateAllIndependent status of executive resources committee83%Independent status of nominations and corporate governance committee83%Majority of independent directors on all committeesYesIndividual director electionsYesAverage tenure of director nominees (approximate)3 years Average age of director nominees (approximate)62 years Mandatory retirement age72 years Separate board chair and CEONoNumber of board interlocksNoneNo director serves on more than two boards of another reporting issuerYesShare ownership requirements for independent directorsYesShare ownership requirements for chairman and chief executive officerYesBoard orientation and education programYesCode of business conduct and ethicsYesBoard and committee chartersYesPosition descriptions for the chairman and chief executive officer, lead director and the chair of each committeeYesSkills matrix for directorsYesAnnual board evaluation processYesAnnual advisory vote on executive compensationNoDual-class sharesNoChange of control agreementsNo

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Statement of corporate governance practice

The company continually reviews its governance practices and monitors regulatory changes.

This section provides information pertaining to our board, the committees of the board, ethics, diversity and shareholder engagement. The company is committed to high corporate governance standards and best practices. The company’s corporate governance policies and practices comply with and in most cases exceed the requirements of National Instrument 52-110 Audit Committees (NI 52-110), National Policy 58-201 Corporate Governance Guidelines (NP 58-201) and National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101). The company’s common shares trade on the Toronto Stock Exchange and the NYSE American LLC, and our corporate governance practices reflect