Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 162

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 162
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 photo from left to right)●   M.C. Hubbs●   N.A. Hansen●   G.J. Goldberg●   B.W. Corson (chair)●   S.R. Driscoll●   J.N. Floren●   D.W. CornhillNumber ofmeetingsEight meetings of the board of directors were held in 2024, which included one special meeting of the board. The independent directors hold executive sessions of the board in conjunction with every board meeting. These meetings are held in the absence of management. The independent directors held eight executive sessions in 2024.Boardhighlights in2024●   Regularly discussed industry activity, market updates and company initiatives.●   Regularly discussed operational and project updates, including active oversight of the company’s response to the Kearl environmental protection order.●   Regularly discussed risk management and business controls environment.●   Regularly reviewed information technology, systems and cybersecurity strategies (including trends, risks, preparedness, mitigation, response, system improvements and business continuity strategies) to assess the security and integrity of the company’s information, systems and assets.●   Discussed comprehensive company strategy for all business lines, including a focus on capital allocation and discipline.●   Implemented various mechanisms for enhancing shareholder returns, such as increasing the dividend, and renewing and accelerating the company’s normal course issuer bid program.●   Provided oversight in support of safety, environmental performance and sustainability.●   Regularly discussed climate change policies, risks, opportunities and the company’s climate strategy, including the company’s continued membership in the Pathways Alliance.●   Carried out a site visit to the company’s Cold Lake facilities.●   Reviewed various stages of company projects such as Strathcona renewable diesel, Cold Lake Grand Rapids, Leming SAGD redevelopment, and Enhanced Bitumen Recovery Technology (EBRT) pilot.Role in riskoversightThe company’s financial, execution and operational risk rests with management and the company is governed by well-established risk management systems. The board of directors are responsible for reviewing the company’s principal risks and overseeing the implementation of the appropriate systems