Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 48

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 10
Chunk 48
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Item 10.   Directors, executive officers and corporate governance

Sections of the company’s management proxy circular are contained in the "Proxy information section", starting on page 111. The company’s management proxy circular is prepared in accordance with Canadian securities regulations. 

The company currently has seven directors. The articles of the company require that the board have between five and fifteen directors. Each director is elected to hold office until the close of the next annual meeting. Each of the seven individuals listed in the section entitled "Nominees for director" on pages 112 to 116 of this report have been nominated for election at the annual meeting of shareholders to be held May 8, 2025 (the "2025 Annual Meeting"). All of the nominees, with the exception of J.R. Whelan, are now directors and have been since the dates indicated.

B.W. Corson, current chairman, president and chief executive officer, is a current director and has chosen not to stand for re-election. On February 12, 2025, Mr. Corson announced his intention to retire at the conclusion of the 2025 Annual Meeting. Mr. Corson has resigned from his position as president effective April 1, 2025, and he has resigned from the chairman and chief executive officer positions effective at the conclusion of the 2025 Annual Meeting. On February 12, 2025, the board of directors appointed Mr. Whelan (i) as president of the company effective April 1, 2025, (ii) as chief executive officer of the company effective at the conclusion of the 2025 Annual Meeting, and (iii) provided that he is elected as a director at the 2025 Annual Meeting, as chairman of the board effective at the conclusion of such meeting.

Reference is made to the section under "Nominees for director": 

•"Director nominee tables", on pages 112 to 116 of this report. 

Reference is made to the sections under "Corporate governance disclosure": 

•"Skills and experience of our board members and nominees", on page 121 of this report; 

•"Other public company directorships of our board members and nominees", on page 126 of this report; 

•The table entitled "Audit committee" under "Board and committee structure", on page 136 of this report; 

•"Ethical business conduct", starting on page 148 of this report;

•"Restrictions on insider trading", starting on page 149 of this report;