Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 168

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 168
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 employment with Exxon Mobil Corporation. However, the Canadian Coalition for Good Governance’s policy, “Governance Differences of Equity Controlled Corporations”, views Mr. Hansen as a related director and independent of management and who may participate as a member of the company’s nominations and corporate governance committee. Mr. Hansen’s participation helps to ensure an objective nominations process and assists the deliberations of this committee by bringing the views and perspectives of the majority shareholder.

Finance committee 

The role of the finance committee is to provide oversight and guidance regarding the corporation’s capital structure/capital allocation, financial policies, practices and strategies. The formal mandate of the committee can be found within the Finance Committee Charter in Appendix A of this circular. The committee is satisfied that its activities over the year have fulfilled its mandate.

Committeemembers●   D.W. Cornhill (chair)●   G.J. Goldberg●   S.R. Driscoll (vice-chair)●   N.A. Hansen●   J.N. Floren●   M.C. HubbsNumber ofmeetingsSix meetings of the finance committee were held in 2024.Committeehighlights in2024●   Review and recommendation of the company’s corporate and finance plans.●   Review and recommendation of dividend declarations.●   Review and recommendation of share buyback program. ●   Review and recommendation of the company's pension plan asset allocation.Role in risk oversightThe finance committee oversees risk by implementing and overseeing effective policies, practices and procedures, and by carefully considering various risk and other factors in connection with specific proposals for capital expenditures, budget additions and strategic initiatives and plans.IndependenceThe members of the finance committee are independent, with the exception of N.A. Hansen.

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Director compensation

Director compensation discussion and analysis 

 The compensation offered to our nonemployee directors has both a cash and an equity component with long vesting periods to attract and retain qualified directors while aligning their interests with those of the shareholders.

Nonemployee director compensation levels are reviewed by the nominations and corporate governance committee each year, and resulting recommendations are presented to the full board for approval. The committee relied on an internally-led assessment to provide competitive compensation and market data for directors’ compensation, which assisted the committee in making a compensation recommendation for the company’s directors. The internally-led assessment included a review of data from benchmark companies, with this data being provided by an independent external consultant. The internal assessment maintained the compensation design philosophy,