Thank you very much for that thoughtful question.
Just to put things into context, we looked at other jurisdictions to get an understanding of what their starting point was. I mentioned our starting point's around 13%, for example, when it comes to women on corporate boards right now. With a 48% workforce, that's just unacceptable. I'll explain why in a much more meaningful way, rather than just targets.
Specifically, on targets, we're at 13%, so that's the baseline now. If you look at the U.K., in about three to five years, it was able to double representation of women on boards from 12.5% to 26%. Australia went from 10.7% to 22.7%. We saw that kind of progress over a five-year period. I would say, based on those experiences, that would be a reasonable range in a specific target for a specific group.
Fundamentally, what I think this bill is trying to accomplish and what I think we need to be mindful of is that we are genuinely trying to promote diversity of thought and diversity of perspective. In order for a corporation and for management to really be able to be innovative, to be able to grow, to meet customer needs, and to be able to succeed in a changing environment, they need to have critical thinkers and a diversity of perspectives and ideas. Of course, these numbers matter and targets matter, but if you have true diversity of thought, I really believe that is a core ingredient of success for a corporation or management going forward. That's one of the intended outcomes of this legislation.