3 3 9 scalable and high-margin business model of the Corporation which allows for growth without needing to significantly increase the workforce. Pursuant to the Diversity Policy, the CESGC can engage qualified independent external advisors to conduct a search for candidates that meet the Board’s skills and diversity criteria to help achieve its di versity goals where appropriate. As all recommendations of director nominees and appointments of senior management need to be approved by the CESGC, the Board has concluded that appropriate measures are in place to ensure that the Diversity Policy is effectively implemented. The Board currently has three women director s, Dr. Farrow, Ms. Jensen and Ms. Maki, constituting 30% female representation on the Board and 37.5% of the independent directors. The Board is pleased that it achieved its goal of 30% female representation on the Board, one year ahead of its targeted timeline. Dr. Farrow, Ms. Jensen and Ms. Maki are currently the only Board members from de signated groups and there currently are no Black, Indigenous or other people of colour, individuals who identify as LGBTQ+ or people with disabilities on the Board. The Corporation also considers the level of diversity in senior management when making senior management appointments. The Corporation has considered Diverse Persons (and specifically women) for senior management positions as they have become available and has made additional progress during 2021 with the promotion of a female member of a visible minority to the office of VP Finance at the Corporation. The Corporation will continue to seek out and consider Diverse Persons (and specifically women) in all positions as they become available, including senior management positions. 38% of the Corporation’s senior officers are from designated groups. The Corporation and its material subsidiaries currently have 13 senior officers (VP and above) of which five members are from designated groups comprising two female members of visible minorities (VP Finance at the Corporation and VP Finance and Operations at Franco-Nevada (Barbados) Corporation) and three male members of visible minorities (Chief Financial Officer, Chief Legal Officer & Corporate Secretary and VP Tax at the Corporation). The Board has determined that its historical practices have resulted in meaningful diversity to date and, together with the Dive rsity Policy, the Board is committed to further progress. The Diversity Policy provides that the Board will review the policy annually to ensure that it is effective in achieving its objectives. Any changes to the policy as well as additional diversity achievements will be reported annually in the Corporation’s Circular. A copy of the Diversity Policy is available on the Corporation’s website at www.franco-nevada.com.