3 3 8 shareholders or reject such resignation and nominate the director for election at the Corporation’s next annual meeting of shar eholders. The Board will then consider the CESGC’s recommendation and make its determ ination. Neither the CESGC nor the Board has waived compliance with this policy to date. The Board has determined, being a fourteen-y ear-old company, not to establish strict term limits for directors at this time due to the potential loss of contributions from directors who have significant insight into the Corporation and its operations. As well, the director retirement policy is expected to provide sufficient opportunities to consider Board renewal in the near-term such that meaningful Board renewal may occur. The Board will continue to evaluate whether strict term limits would be advisable on an ongoing basis. Diversity and Inclusion The Corporation is committed to diversity and inclusion among its employees, senior management and on the Board. The Board has had a formal written diversity policy (the “ D D i v e r s i t y P o l i c y ”) since 2015. The Diversity Policy and its current goals and targets are described below. The Corporation became a signatory to the BlackNorth Initiative CEO Pledge at its inaugural summit in July 2020. The BlackNorth Initiative is aimed at eliminating systemic discrimination. The Corporation also became a founding partner of The Prosperity Project in early 2021 which is aimed at mitigating the disproportionate impact of COVID-19 on Canadian women. The Diversity Policy emphasizes all forms of diversity in identifying candidates to recommend for appointment/election to the Board and for appointment/promotion to senior management positions. The Diversity Po licy provides that di verse candidates must be included in any search for new Board members and senior management positions (Vice Presidents and above), including any new offices which may be established by the Corporation (which would include internal prom otions). As well, the Diversity Policy was amended to adopt additional diversity goals for women, Black, Indigenous and other people of colour, individuals who identify as LGBTQ+ and people with disabilities (collectively, “ D i v e r s e P e r s o n s ” with women, visible minori ties, Indigenous people and people with disabilities being designated groups under the Canada Business Corporations Act (the “ C B C A ”)). Specifically, the Diversity Policy now provides for the following goals: maintaining at least 30% women directors on the Board, and achieving 40% of Diverse Persons at th e Board and senior management level (on an aggregated basis) by 2025. In determining these goals, the CESGC took into account a number of factors including, (i) the recognition by the CESGC of the importance of diversity in the Corporation and how it contributes to the success of the Corporation, (ii) the goal of the CESGC to continue to increase the level of diversity in the Corporation, (iii) the recommendations of the Ontario Capital Markets Modernization Taskforce, (iv) the size of the workforce at the Corporation, (v) the extremely low turnover at the Corporation with a significant number of employees staying with the Corporation fr om hiring until retirement, and (vi) the