Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 225

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 225
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 of interest, such as:

•serving as an employee or principal of any organization presently providing a significant level of service to the corporation or which might so provide to the corporation, for example, institutions engaged in commercial banking, underwriting, law, management consulting, insurance, or trust companies; or of any substantial customer or supplier of the corporation;

•serving as an employee or director of a competitor of the corporation, such as petroleum or chemical businesses, or of a significant competitor of corporations represented by a director of this corporation;

•serving as the chief executive officer or a top administrator of an organization that has the chief executive officer or a top administrator of this corporation serving as director; 

•is expected to remain qualified to serve for a minimum of five years;

•will not, at the time that he or she stands for election or appointment, have attained the age of 72;

•if an independent director, is, or will become within a period of five years of becoming a director, the beneficial owner, directly or indirectly, of not less than 16,500 common shares, deferred share units or restricted stock units of the corporation.

(b)  Tenure

(i) Re-nomination

An incumbent director shall be supported for re-nomination as long as he or she:

•does not suffer from any disability that would prevent the effective discharge of his or her responsibilities as a director;

•makes a positive contribution to the effective performance of the directors;

•regularly attends directors’ and committee meetings;

•has not made a change with respect to principal position or thrust of involvement or regional association that would significantly detract from his or her value as a director of the corporation;

•is not otherwise, to a significant degree, incompatible with the criteria established for use in the selection process;

•in a situation where it is known that a director will become incompatible with the criteria established for use in the selection process within a three-month period of election, such as retirement from principal position at age 65, this information would be included in the management proxy circular, and where possible, information regarding the proposed replacement would also be included;

•will not, at the time that he or she stands for re-election, have attained the age of 72; however, under exceptional circumstances, at the request of the chairman, the nominations and corporate governance committee may continue to support the nomination.

(ii) Resignation

An incumbent director will resign in the event that he or she:

•experiences a change in circumstances such as a change in