Support for water-related shareholder proposal at Imperial Oil Limited
20 April 2018
Our rationale
We believe that companies should disclose their water management strategy, risks and opportunities on a sufficiently granular level to reflect both short- and long-term scenarios. Companies should strive to publicly report appropriate water data across operations. Public disclosure on relevant physical, regulatory or reputational water risks, and related responses, would enhance transparency and accountability on water management.
Expectation document on water management
Imperial Oil Limited resolutions
| NUMBER | PROPOSAL | MANAGEMENT RECOMMENDATION | VOTING INTENTION |
|---|---|---|---|
| Management proposals | |||
| NUMBER1 | PROPOSALRatify PricewaterhouseCoopers LLP as Auditors | MANAGEMENT RECOMMENDATIONFOR | VOTING INTENTIONFOR |
| NUMBER2.01 | PROPOSALElect David W. Cornhill | MANAGEMENT RECOMMENDATIONFOR | VOTING INTENTIONFOR |
| NUMBER2.02 | PROPOSALElect Krystyna T. Hoeg | MANAGEMENT RECOMMENDATIONFOR | VOTING INTENTIONFOR |
| NUMBER2.03 | PROPOSALElect Richard M. Kruger | MANAGEMENT RECOMMENDATIONFOR | VOTING INTENTIONWITHHOLD |
| NUMBER2.04 | PROPOSALElect Jack M. Mintz | MANAGEMENT RECOMMENDATIONFOR | VOTING INTENTIONFOR |
| NUMBER2.05 | PROPOSALElect David S. Sutherland | MANAGEMENT RECOMMENDATIONFOR | VOTING INTENTIONFOR |
| NUMBER2.06 | PROPOSALElect D.G. Wascom | MANAGEMENT RECOMMENDATIONFOR | VOTING INTENTIONFOR |
| NUMBER2.07 | PROPOSALElect Sheelagh D. Whittaker | MANAGEMENT RECOMMENDATIONFOR | VOTING INTENTIONFOR |
| Shareholder proposals | |||
| NUMBER3.00 | PROPOSALShareholder Proposal Regarding Lobbying Report | MANAGEMENT RECOMMENDATIONAGAINST | VOTING INTENTIONFOR |
| NUMBER4.00 | PROPOSALShareholder Proposal Regarding Assessment of the Company's Water-Related Risks | MANAGEMENT RECOMMENDATIONAGAINST | VOTING INTENTIONFOR |
Important legal notice
Norges Bank Investment Management’s approach to responsible investing includes disclosing our voting decisions, in some cases in advance of the relevant meeting. This is only intended to provide information and is not solicitation or encouragement as to how others should vote. This disclosure is not investment research, advice or recommendation. Norges Bank Investment Management’s voting intention is an internal decision and has not been agreed with any other shareholders. Norges Bank Investment Management is not subject to any prohibition on dealing after the publication of this disclosure. Norges Bank Investment Management’s holdings and holdings available for voting from time to time may differ from those set out in lists of holdings as of year-end.
