Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 165

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 165
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 Charter in Appendix A of this circular. The committee is satisfied that its activities over the year have fulfilled its mandate.

Committee members●   G.J. Goldberg (chair)●   J.N. Floren●   D.W. Cornhill (vice-chair)●   N.A. Hansen●   S.R. Driscoll●   M.C. HubbsNone of the members of the executive resources committee currently serves as a chief executive officer of another company.Number ofmeetingsSeven meetings of the executive resources committee were held in 2024.Committeehighlights in2024●   Evaluated performance and approved compensation for CEO and other executive officers.●   Approved overall compensation budget and incentive program for the company.●   Reviewed a number of workforce and organizational changes.●   Continued focus on succession planning for senior management positions.Committeemembersrelevant skillsand experienceAll committee members had extensive and lengthy experience in managing and implementing their respective companies’ compensation policies and practices in their past role as chief executive officers or members of senior management. D.W. Cornhill, S.R. Driscoll, J.N. Floren G.J. Goldberg and M.C. Hubbs serve or have served on compensation committees of one or more public companies. Accordingly, committee members are able to use this experience and knowledge derived from their roles with other companies in judging the suitability of the company’s compensation policies and practices.Role in riskoversightThe executive resources committee oversees the compensation programs and practices that are designed to encourage appropriate risk assessment and risk management.IndependenceThe members of the executive resources committee are independent, with the exception of N.A. Hansen, who is not considered to be independent under the rules of the U.S. Securities and Exchange Commission, Canadian securities rules and the rules of the NYSE American LLC due to his employment with Exxon Mobil Corporation. However, the Canadian Coalition for Good Governance’s policy, “Governance Differences of Equity Controlled Corporations”, views Mr. Hansen as a related director and independent of management and who may participate as a member of the company’s executive resources committee. Mr. Hansen’s participation helps to ensure an objective process for determining compensation of the company’s officers and directors and assists the deliberations of this committee by bringing the views and perspectives of the majority shareholder.

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