Support for water-related shareholder proposal at Imperial Oil Limited

Norges Bank Investment Management will vote in favour of the shareholder proposal related to disclosure of water-related risks at the Annual General Meeting of Imperial Oil Limited on 27 April 2018.

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 
 NUMBER1PROPOSALRatify PricewaterhouseCoopers LLP as AuditorsMANAGEMENT RECOMMENDATIONFORVOTING INTENTIONFOR
 NUMBER2.01PROPOSALElect David W. CornhillMANAGEMENT RECOMMENDATIONFORVOTING INTENTIONFOR
 NUMBER2.02PROPOSALElect Krystyna T. HoegMANAGEMENT RECOMMENDATIONFORVOTING INTENTIONFOR
 NUMBER2.03PROPOSALElect Richard M. KrugerMANAGEMENT RECOMMENDATIONFORVOTING INTENTIONWITHHOLD
 NUMBER2.04PROPOSALElect Jack M. MintzMANAGEMENT RECOMMENDATIONFORVOTING INTENTIONFOR
 NUMBER2.05PROPOSALElect David S. SutherlandMANAGEMENT RECOMMENDATIONFORVOTING INTENTIONFOR
 NUMBER2.06PROPOSALElect D.G. WascomMANAGEMENT RECOMMENDATIONFORVOTING INTENTIONFOR
 NUMBER2.07PROPOSALElect Sheelagh D. WhittakerMANAGEMENT RECOMMENDATIONFORVOTING INTENTIONFOR
Shareholder proposals 
 NUMBER3.00PROPOSALShareholder Proposal Regarding Lobbying ReportMANAGEMENT RECOMMENDATIONAGAINSTVOTING INTENTIONFOR
 NUMBER4.00PROPOSALShareholder Proposal Regarding Assessment of the Company's Water-Related RisksMANAGEMENT RECOMMENDATIONAGAINSTVOTING 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.