Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 136

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 136
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 based on estimated future royalty rates as of the date the estimate is made incorporating the applicable governments’ oil and gas royalty regimes. For bitumen, net proved reserves are based on the company’s best estimate of average royalty rates over the remaining life of each of the Cold Lake and Kearl fields, and they incorporate the Alberta government’s oil sands royalty regime. For synthetic crude oil, net proved reserves are based on the company’s best estimate of average royalty rates over the remaining life of the project, and they incorporate the Alberta government’s oil sands royalty regime. In all cases, actual future royalty rates may vary with production, price and costs. 

Net proved developed reserves are those volumes that are expected to be recovered through existing wells, facilities, or mining activities with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well or facility. Net proved undeveloped reserves are those volumes that are expected to be recovered as a result of future investments to drill new wells, to recomplete existing wells and/or to install facilities to collect and deliver the production from existing and future wells, facilities, or mining activities. 

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Proxy information sectionTable of contentsPageNominees for director112Director nominee tables112Majority voting policy116Corporate governance disclosure117Corporate governance at a glance118Statement of corporate governance practice119Composition of our board nominees119Tenure of our board nominees120Skills and experience of our board members and nominees121Independence of our board members and nominees122Committee membership of our board123Number of meetings124Attendance of our board members in 2024125Other public company directorships of our board members and nominees126Interlocking directorships of our board nominees126Director qualification and selection process127Director orientation, education and development128Board performance assessment129Board and committee structure130Director compensation140Share ownership guidelines of independent directors and chairman, president and chief executive officer147Ethical business conduct148Restrictions on insider trading149Diversity149Shareholder engagement151Largest shareholder152Transactions with Exxon Mobil Corporation152Company executives and executive compensation153Named executive officers of the company153Other executive officers of the company154Compensation discussion and analysis155Executive summary156Compensation design157Determining compensation164Other compensation elements168Risk and governance170Executive compensation tables173Appendix182Appendix A – Board of director and committee charters182

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Nominees for director

The director nominee tables on the following pages provide information on the seven nominees proposed for election to the board of directors