Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 177

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 177
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,500 sharesWithin 5 years of initial appointment

The chart below shows the shareholdings of the independent directors and the chairman, president and chief executive officer of the company as of February 14, 2025, the record date of the management proxy circular.

DirectorDirectorsinceAmountacquiredsince lastreport(February 16,2024 toFebruary 14, 2025) (#) Totalholdings(includescommon shares,deferred shareunits andrestricted stockunits) (#) Marketvalue oftotalholdings(a) ($)MinimumshareholdingrequirementMinimum requirement met D.W. CornhillNovember 29, 20173,80950,2264,934,70516,500Yes B.W. CorsonSeptember 17, 201962,100472,50046,423,125Five times base salaryYes S.R. DriscollMay 2, 20234,5298,951879,43616,500Yes (b) J.N. FlorenMay 2, 20234,5298,951879,43616,500Yes (b) G.J. GoldbergMay 2, 20234,5298,951879,43616,500Yes (b)  M.C. HubbsJuly 26, 20183,49039,6263,893,25516,500YesTotal accumulated holdings (#) and value of directors’ holdings ($)589,20557,889,393

(a)The amount shown in the column “Market value of total holdings” is equal to the “Total holdings” multiplied by the closing price of the company’s shares on the proxy circular record date February 14, 2025 ($98.25). 

(b)S.R. Driscoll, J.N. Floren and G.J. Goldberg were elected to the board on May 2, 2023 and are expected to meet the share ownership guidelines for independent directors of 16,500 shares within the required five years from such date. 

For information relating to compensation of the company’s named executive officers, see the Compensation discussion and analysis section starting on page 155. 

147

Ethical business conduct

 The company is committed to high ethical standards through its policies and practices.

The company’s directors, officers and employees are responsible for developing, approving and implementing plans and actions designed to achieve corporate objectives. In doing so, they are expected to observe the highest standards of integrity in the