5 5 7 Officers which are specific to the year and their personal development which are approved by the CESGC. The CESGC does not currently use a strictly formulaic approach for evaluating each of the Corporate Goals or the individual objectives as the nature of the Corporation’s business does not lend itself to such practices. As an example, it is not possible to predict the number or types of new investment opportunities that may arise during any given year and, as such, it would not be appropriate to set a specific growth target in terms of the number of investments or other specific metrics with respect to a new investment as it may encourage risk-taking behaviour. As well, avoiding investments with inappropriate risk or inappropriate risk -return profile is equally as important to the achievement of the Corporate Goals. The Corporation’s success is driven by the ability to take advantage of opportunities that arise while maintaining strong discipline. In evaluating corporate and individual performance, the CESGC evaluates each Corporate Goal and individual performance taking into account numerous objective and subjective factors. The CESGC regularly evaluates its compensation program and engages with institutional shareholders with a view to maintaining best practices. The Corporation has continued to refine its compensation program. Previo usly, the assessment of performance against the five Corporate Goals noted above was primar ily subjective. Over the past three years, the CESGC has adopted four objective performance metrics which inform the assessment of three Corporate Goals (Perform ance, Growth and Margins). The remaining two Corporate Goals (ESG and Risk Manageme nt) remain subjective. The following table summarizes the five Corporate Goals and a ssociated performance metric/subjective assessment. Outperformance or underperfo rmance against the Corporate Goals, including the performance metrics, is used by the CESGC to determine adjustments to awards of incentive compensa tion above or below target. CORPORATE GOAL APPLICABLE PERFORMANCE METRIC 9 Performance Relative Total Shareholder Return 9 Growth Resource Replacement per Share Book Value Growth per Share 9 ESG Subjective Assessment 9 Margins G&A per GEO 9 Risk Management Subjective Assessment 2021 Objective Performance Metrics Objective Performance Measure No . 1 – Relative Total Shareholder Return (“ R e l a t i v e e T S R ”) The first objective performance measure used by the CESGC is Relative TSR (including capital appreciation and dividends) and this measure fits within the Corporate Goal of Performance. The CESGC has always maintain ed an absolute focus on performance and generation/preservation of sh areholder value in determining compensation. In prior years, the CESGC developed a broadly-based Performance Index (as defined below)