Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 235

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 235
---
 regarding the appointment of officers.

(h)review and approve an annual report on compensation for inclusion in the corporation’s management proxy circular in accordance with applicable legal requirements.

(h)make recommendations to the board with respect to incentive compensation plans and equity-based plans.

(i)review proposed terms of any new incentive program and any major amendment of an existing program, and make such recommendations to the board with respect thereto as it may deem advisable.

(j)provide oversight regarding risks arising from the corporation's compensation policies and practices for employees as required by Canadian securities regulators and stock exchanges on which the corporation’s stock trades.

(k)consider factors that could affect the independence or represent a conflict of interest on the part of any compensation consultant, independent legal counsel, or other adviser the committee may retain and report thereon as required by Canadian securities regulators and stock exchanges on which the corporation’s stock trades.

(l)administer the company’s Policy for the Recovery of Erroneously Awarded Compensation.

(m)require attendances at its meetings by members of management, as the committee may direct.

(n)undertake such additional activities within the scope of its responsibilities as it may deem appropriate. 

5. Committee Evaluation

The committee will annually complete a self-evaluation of the committee's own performance and effectiveness and will consider whether any changes to the committee’s charter are appropriate. 

6. Resources and Authority of the Committee

The committee and, with the approval of the committee, any member, may engage independent counsel, compensation consultants or other advisors at the expense of the corporation.  The committee shall be directly responsible for the appointment, compensation and oversight of the work of any independent legal counsel, compensation consultant or other advisor retained by the committee. The committee may select outside legal counsel, a compensation consultant or other advisor (an “Advisor”) to the committee only after taking into consideration all factors relevant to the Advisor’s independence from management, including the following: 

197

•the provision of other services to the corporation by the person that employs the Advisor;

•the amount of fees received from the corporation by the person that employs the Advisor as a percentage of such that person’s total revenue;

•the policies and procedures of the person that employs the Advisor that are designed to prevent conflicts of interest;

•any business or personal relationship of the Advisor with a member of the committee;

•any stock of the corporation owned by the Advisor; and

•any business or personal relationship of the Advisor or the person employing the Advisor with an executive officer of the corporation.

Nominations and Corporate Governance