Key things about the board Diversity 2008 Gail Cook-Bennett is Our board recognizes the importance of diversity 2012 the first woman to and is committed to fostering diversity at all levels of Diversity policy serve as Chair of the the organization. The board has a long history of adopted, establishing Manulife Board promoting diversity and believes that having highly characteristics 2013 qualified directors from diverse backgrounds brings considered in different perspectives and experiences to the identifying board Women represent boardroom, generating healthy discussion and candidates more than 30% of debate and more effective decision-making. See independent directors page 129 for more about diversity. 2022 for the first time Gender parity achieved 7 of the nominated independent Increased commitment directors (64%) are women that women will 2023 3 of the nominated independent represent no less than Diversity policy enhanced: directors (27%) have self-identified as 40% of the independent • to maintain an members of a visible minority as defined directors (subject to appropriate gender fluctuations during balance, no more than in the Employment Equity Act (Canada). periods of transition) 60% of the independent Oversight directors will be from any one gender (subject Our board continued to provide effective oversight to fluctuations during and guidance to management throughout the periods of transition) past year and maintained a clear line of sight into • to reinforce the board’s commitment to significant areas of focus through regular diversity beyond gender, interactions, including the following: search firms • board and committee meetings, meetings with required to present management, written updates and informal diverse and balanced communications, and update calls in months slates of director that did not have a regularly scheduled meeting candidates, including those from • expanded the use of board focus groups as a underrepresented groups means of taking deep dives on key topics 27% of the independent • leveraged technology to continue to interact directors have self-identified with each other and management during board as members of a visible sessions, and gather ongoing feedback to minority1 confirm that all directors’ voices were heard • continued focus on board succession with a comprehensive succession process for the Chair of the Board to achieve an orderly transition, resulting in the appointment of Don Lindsay as Chair of the Board on February 15, 2023 • reviewed committee membership in light of the Chair of the Board succession process, implementing changes to reflect changing circumstances while maintaining effective oversight • implemented a hybrid meeting schedule with both in-person and virtual meetings to balance the importance of in-person interactions and the flexibility of virtual meetings given the global nature of the board to achieve optimal participation from all directors and to help attract talented directors from across the globe. 1 as defined in the Employment Equity Act (Canada). 16 Manulife Financial Corporation