State of the Market - Board and Executive Movements for May 2021

TOP KEY BOARD AND EXECUTIVE MOVEMENTS IN AUSTRALIA MAY 2021

ENERGY 88 Energy Ltd: Chief Financial Officer Ashley Gilbert has been appointed as Managing Director, replacing David Wall. Beach Energy Ltd: Margaret Hall has been appointed as an Alternate Director for Ryan Stokes. Deep Yellow Ltd: Andrew Mirco has been appointed as Head of Business Development. Chris Salisbury has been appointed as Chairman, replacing Rudolf Brunovs. Rudolf will remain on the Board as a Non- Executive Director. East Energy Resources Ltd: James Newbury has been appointed as Executive Chairman and Managing Director replacing Rex Littlewood. Bryan Duncan and Grant Ferguson have been appointed as Executive Directors. Stephen Ross has been appointed as a Non-Executive Director. Chris Thoroughgood has resigned as a Non-Executive Director. FAR Ltd: Chief Financial Officer Peter Thiessen has resigned effective July 2021 and will be replaced by current Group Joint Venture and Finance Manager Victoria McLellan. Tim Woodall has transitioned from an Executive Director to a Non-Executive Director effective early July 2021. Galilee Energy Ltd: Peter Lansom has retired as Managing Director. Current Non-Executive Director David King has been appointed as Interim Managing Director. David Woodley has been appointed as Chief Operating Officer. Jason Whitcombe has been appointed as Operations Manager. Intra Energy Corporation Ltd: Current Board Member Benjamin Dunn has been appointed as Managing Director. Jim Shedd has stepped down as Managing Director. Mercury NZ Ltd: Craig Neustroski has been appointed as General Manager, Customer effective quarter three of this year. Kim Gordon has been appointed as a Future Director. Stewart Hamilton has been appointed as General Manager, Generation effective quarter three of this year. MMA Offshore Ltd: Sally Langer has been appointed as an Independent Non-Executive Director. Paladin Energy Ltd: Melissa Holzberger and Joanne Palmer have been appointed as Independent Non- Executive Directors. Senex Energy Ltd: Simon Ellinor has been appointed as Chief Financial Officer effective August 2021. Stanmore Resources Ltd: Frederick Kotzee has resigned as Chief Financial Officer effective 12th August 2021. Vulcan Energy Resources Ltd: Stephen Harrison has been appointed as Chief Technical Officer. FINANCIAL SERVICES ASX Ltd: Peter Hiom has resigned as Deputy Chief Executive Officer and Group Executive Business Development effective 1st July 2021. FE Investments Group Ltd: Mark Taplin has been appointed as an Independent Non-Executive Director. Laybuy Group Holdings Ltd: John Gillian has been appointed as General Manager United Kingdom and Europe.

MPower Group Ltd: Gary Cohen has resigned as a Director. Perpetual Equity Investment Company Ltd: Amanda Apted (Gillespie) has been appointed as an Executive Director, replacing David Lane. Praemium Ltd: Chief Executive Officer Michael Ohanessian has resigned. Non-Executive Director, Anthony Wamsteker has been appointed as Interim Chief Executive Officer and Executive Director. Smartgroup Corporation Ltd: Interim Chief Financial Officer Anthony Dijanosic has been permanently appointed as Chief Financial Officer. Suncorp Group Ltd: Current Chief Risk Officer Fiona Thompson has been appointed as Group Executive, People, Culture and Advocacy. Stuart Cameron has been appointed as Acting Chief Risk Officer subject to regulatory approvals. Westpac Banking Corporation Ltd: Chief Executive Officer, New Zealand David McLean has retired effective 25th June 2021. Current General Manager Institutional and Business Banking Simon Power has been appointed as Acting Chief Executive Officer New Zealand, subject to regulatory approval. INDUSTRIALS/MANUFACTURING AMA Group Ltd: Andrew Mair has been appointed as Group Chief Commercial Officer. Paul Ruiz and Kyle Loades have been appointed as Independent Non-Executive Directors. Austin Engineering Ltd: Peter Forsyth has retired as Chief Executive Officer and Managing Director effec- tive 31st July 2021. Current Non-Executive Director David Singleton has been appointed as Interim Chief Executive Officer. Cleanaway Waste Management Ltd: Mark Schubert has been appointed as Chief Executive Officer and Managing Director effective in the new financial year. Clover Corporation Ltd: Paul Sherman has resigned as Chief Financial Officer. Andrew Allibon has been appointed as Interim Chief Financial Officer. EcoGraf Ltd: Michael Chan has been appointed as Executive Manager, Product Development. Fluence Corporation Ltd: Samantha Tough has been appointed as an Independent Non-Executive Director. Incitec Pivot Ltd: Tonianne Dwyer has been appointed as an Independent Non-Executive Director. Kangaroo Island Plantation Timbers Ltd: John Sergeant has resigned as a Director. Kleos Space S.A: Pete Round will resign as Chair within the next 12 months. Lithium Australia NL: Phil Thick has been appointed as a Non-Executive Director. Stuart Tarrant has been appointed as Chief Financial Officer. Metro Performance Glass Ltd: Russell Chenu has retired from the Board effective 5th August 2021. Millennium Services Group Ltd: Darren Boyd has resigned as Chief Executive Officer and Managing Director. Scott Alomes has been appointed as Chief Executive Officer effective early June 2021. Current Chairman Stuart Grimshaw has been appointed as Executive Chairman in the interim.

Titomic Ltd: Herbert Koeck has been appointed Chief Executive Officer, replacing Interim Chief Executive Officer Nobert Schulze effective 1 July 2021. VEEM Ltd: Brett Silich has been appointed as Global Commercial Manager. Veris Ltd: David Murray has been appointed as a Non-Executive Director, replacing Tom Lawrence who has retired from the Board. MEDIA/ENTERTAINMENT Crown Resorts Ltd: Steve McCann has been appointed as Chief Executive Officer and Managing Director, subject to regulatory approvals. Reef Casino Trust Ltd: Richard Haire has retired as a Director and Chairman. Michael Issenberg has been appointed as Chairman, replacing Richard. MINING American Pacific Borates Ltd: Dinakar (Dino) Gnanamgari has been appointed as Chief Commercial Officer/Chief Technology Officer. Artemis Resources Ltd: Boyd Timler has resigned as a Director. Bathurst Resources Ltd: Francois Tumahai has been appointed as a Director. BCI Minerals Ltd: Chris Salisbury has been appointed as a Non-Executive Director. Boadicea Resources Ltd: Graeme Purcell has been appointed as a Non-Executive Director. Big River Gold Ltd: Adrian Goldstone has been appointed as a Non-Executive Director. Blackstone Minerals Ltd: Shannan Bamforth has been appointed as Managing Director of Codrus Minerals Ltd, the spin out of the company’s non-core gold assets. Capricorn Metals Ltd: Bernard De Araugo has been appointed as a Non-Executive Director. Dacian Gold Ltd: Ian Cochrane has resigned as Non-Executive Chairman. Non-Executive Director Robert Reynolds has been appointed as Acting Non-Executive Chairman. Gateway Mining Ltd: Peter Langworthy has resigned as Executive Chairman. Current Non-Executive Di- rector Trent Franklin has assumed the role of Chairman. Genex Power Ltd: Kenichi Seshimo has been appointed as a Non-Executive Director. Hyperion Metals Ltd: Todd Hannigan has been appointed as Executive Chairman. Ioneer Ltd: Non-Executive Director John Hofmeister has passed away. Liontown Resources Ltd: Tony Ottaviano has commenced his role as Chief Executive Officer and Managing Director. Former Managing Director David Richards has transitioned to the role of Technical Director. Clint McGhie has been appointed as Commercial Manager. Maca Ltd: Nick Marinelli has been appointed as an Independent Non-Executive Director. Magnum Mining and Exploration Ltd: Hugh Callaghan has resigned as a Director. Matt Latimore has been appointed as a Director.

Magnis Energy Technologies Ltd: James Dack has resigned as an Executive Director and a Non-Executive Director. Matador Mining Ltd: Chris Bath has been appointed as Chief Financial Officer, replacing Chris Knee. Mayur Resources Ltd: Trent Alexander has been appointed as Chief Operating Officer of Mayur Industrials, the company’s lime and cement business. Marmota Ltd: Aaron Brown has been appointed as Executive Director, Exploration, replacing Kevin Wills who has resigned. Shane Barker has resigned as Executive Director, Production. Neville Bergin has been appointed as Executive Director, Production. Metallica Minerals Ltd: Mark Bojanjac and Brad Sampson have been appointed as Independent Non- Executive Directors. Andrew Gillies and Scott Waddell have resigned from the Board. Metro Mining Ltd: Douglas Ritchie and Simon Wensley have been appointed as Non-Executive Directors. Douglas has also been appointed as Chairman, replacing Stephen Everett. Stephen remains as a Non-Executive Director. Duane Woodbury has resigned as Chief Financial Officer. Philip Hennessey has resigned as a Non-Executive Director. MinRex Resources Ltd: Pedro Kastellorizos has been appointed as Chief Executive Officer. Newcrest Mining Ltd: Finance Director and Chief Financial Officer Gerard Bond has retired effective 3rd January 2022. Newfield Resources Ltd: Anthony Ho has been appointed as an Alternate Director for Peter Evans effective 7th May 2021 to 1st June 2021. Jack Spencer-Cotton has been appointed as a Non-Executive Director. Northern Star Resources Ltd: Michael Chaney has been appointed as Non-Executive Chair effective 1st July 2021, replacing Bill Beament who has resigned from the Board. OceanaGold Corp: Michael (Mick) McCullen and Paul Benson have been appointed as Non-Executive Directors. Odin Metals Ltd: Simon Mottram has transitioned from his role as an Executive Director and Chief Executive Officer to a Non-Executive Director effective 1st July 2021. Luis Azevedo has resigned from the Board. OM Holdings Ltd: Dato’ Abdul Hamid and Tan Ming-Li have been appointed as Independent Non- Executive Directors. OZ Minerals Ltd: Sarah Ryan has been appointed to the Board. Pacific Nickel Mines Ltd: Michael James has been appointed as General Manager, Project Development. PepinNini Minerals Ltd: James Moses has been appointed as a Director. Perenti Global Ltd: Ian Cochrane has resigned as Non-Executive Chairman. Current Non-Executive Deputy Chairman Robert Cole has been appointed as Chairman. Perseus Mining Ltd: Amber Banfield has been appointed as a Non-Executive Director.

Resolute Mining Ltd: Adrian Reynolds has been appointed as a Non-Executive Director, replacing Peter Sullivan who has retired from the Board. Current Interim Chief Executive Officer Stuart Gale has been permanently appointed as Managing Director and Chief Executive Officer. Terry Holohan has been appointed as Chief Operating Officer. Rox Resources Ltd: Chris Hunt has been appointed as Chief Financial Officer. Matthew Antill has been appointed as General Manager, Youanmi Operations. Brett Dickson has resigned as Finance Director effective 30th June 2021. Salt Lake Potash Ltd: Bryn Jones has resigned as a Non-Executive Director. Sihayo Gold Ltd: Daryl Corp has been appointed to the Board. Silver Mines Ltd: Peter Langworthy has resigned as a Non-Executive Director. Stavely Minerals Ltd: Robert Dennis has been appointed as a Non-Executive Director. Mark Mantle has been appointed as Project Manager. Strandline Resources Ltd: Alexandra Atkins has been appointed as a Non-Executive Director. Tanami Gold Ltd: Neale Edwards has been appointed as a Non-Executive Director. PHARMACEUTICALS/HEALTH CARE 1st Group Ltd: Chairman Paul Welch and Directors Michael Emmett and Louise McElvogue have resigned. Louise has also resigned as Interim Chief Executive Officer. Klaus Bartosch, Stephe Wilks and Ross McCreath have been appointed as Directors. Alcidion Group Ltd: Matthew Gepp has been appointed as Chief Financial Officer effective 7th June 2021. Current Chief Financial Officer Colin MacKinnon has stepped down from this role but will continue as Chief Operating Officer. Cochlear Ltd: Current Non-Executive Director Alison Deans has been appointed as Chair, replacing Rick Holliday-Smith who has retired from the Board effective 20th August 2021. EBOS Group Ltd: Current Acting Chief Financial Officer Leonard Hansen has been permanently appointed as Chief Financial Officer. Sean Duggan has resigned as Chief Executive Officer of the company’s Animal Care and Consumer Brands businesses. Medibank Private Ltd: Andrew Wilson has been appointed as Group Executive, Chief Executive Officer Health Services. Mark Rogers has been appointed as Group Executive, Chief Financial Officer and Group Strategy. Fiona Le Brocq has been appointed as Acting Chief Customer Officer. Gerard Dalbosco has been appointed as a Non-Executive Director. Medical Developments International Ltd: Richard Betts has been appointed as a Non-Executive Director. Medlab Clinical Ltd: Kerem Kaya has been appointed as Chief Financial Officer. Oceania Healthcare Ltd: Kathryn Waugh has been appointed as Chief Financial Officer. Oneview Healthcare Plc: Nashina Asaria has been appointed as a Non-Executive Director. Optiscan Imaging Ltd: Camile Farah has been appointed as a Non-Executive Director.

Palla Pharma Ltd: Giles Moss has been appointed as Chief Executive Officer effective 1st September 2021. PolyNovo Ltd: Joshua Cheetham has been appointed as Director of Research and Development. Race Oncology Ltd: Michael Kelso has been appointed as Principal Scientist effective 12th July 2021. Respiri Ltd: Theo Antonopoulos has been appointed as Chief Commercial Officer effective 7th June 2021. Rhinomed Ltd: John McBain has been appointed as a Non-Executive Director. Telix Pharmaceuticals Ltd: Current Chief Business Officer and Head of Investor Relations David Cade has been appointed as President of Telix APAC. Former General Counsel Jonathan Barlow has been appointed as Chief Business Development Officer and Group General Counsel. Tracey Brown has been appointed as Global Senior Vice President of Product Portfolio Management. Current Director of Research and Development Michael Wheatcroft has been promoted to Chief Scientist. Richard Valeix has been appointed as President Europe, Middle East and Africa, succeeding Ludovic Wouters. Virtus Health Ltd: Matt Prior has been appointed as Group Chief Financial Officer effective 28th June 2021. Interim Chief Financial Officer Mervyn Cohen will remain with the company until September 2021. Vita Life Sciences Ltd: Henry Townsing has been appointed as Non-Executive Chairman. Jonathan Tooth has retired as a Director. PROPERTY Lendlease Group Ltd: Simon Dixon has been appointed as Group Chief Financial Officer effective 1st October 2021 and Acting Chief Financial Officer Frank Krile has been appointed as Group Chief Risk Officer effective 1st July 2021. Scentre Group: Ilana Atlas has been appointed as an Independent Non-Executive Director. RETAIL/CONSUMER Audeara Ltd: Finlay (Fin) Robb has been appointed as United States National Sales Manager. Baby Bunting Group Ltd: Ian Cornell has retired as Chairperson and a Non-Executive Director effective 5th October 2021. Current Non-Executive Director Melanie Wilson will succeed Ian as Chairperson. Bubs Australia Ltd: Fabrizio Jorge has been appointed as Chief Operating Officer. Domino’s Pizza Enterprises Ltd: Ross Adler has retired as a Non-Executive Director and Deputy Chairman. Tony Peake has been appointed as a Non-Executive Director. Elders Ltd: Tania Foster has been appointed as Chief Financial Officer, subject to fitness and propriety testing. She has replaced Richard Davey who will retire from Elders by the end of June 2021. InvoCare Ltd: Kim Anderson has been appointed as a Non-Executive Director. JB Hi-Fi Ltd: Biag Capasso has been appointed as Managing Director of The Good Guys. Biag will replace Terry Smart who will take over as Group Chief Executive Officer in August 2021.

Kathmandu Holdings Ltd: Michael Daly has been appointed as Group Chief Executive Officer and Managing Director. Metcash Ltd: Murray Jordan has withdrawn his notice of intention to retire from the Board and will remain as a Non-Executive Director. Tonianne Dwyer and Murray Jordan will retire from the Board in June 2021. Margaret Haseltine has been appointed as a Non-Executive Director. My Food Bag Group Ltd: Louise Cunningham has resigned as Chief Marketing and Customer Officer effective 16th July 2021. MyDeal.com.au Ltd: Ryan Gracie has been appointed as Chief Marketing Officer. Synlait Milk Ltd: Angela Dixon has resigned as Chief Financial Officer. General Manager Supply Chain Rob Stowell has been appointed as Interim Chief Financial Officer. The a2 Milk Company Ltd: Peter Nathan has resigned as Chief Executive Officer Asia Pacific. Elanor Khor has been promoted to Chief Strategy Officer and Jaron McVicar has been promoted to Chief Legal and Sustainability Officer. SOFTWARE SERVICES/TELECOMMUNICATIONS BrainChip Holdings Ltd: Christa Steele has resigned from the Board. Catapult Group International Ltd: Courtney Maunsell has been appointed as Senior Vice President, Revenue Operations. Param Hegde has been appointed as Chief Technology Officer. Class Ltd: Glenn Day has resigned as Chief Financial Officer. Simon Martin has resigned as a Non- Executive Director. Connexion Telematics Ltd: Richard Jarvis has resigned as Chief Financial Officer effective 30th June 2021. Ben Stanyer has been appointed as Group Financial Controller effective 7th June 2021. Family Zone Cyber Safety Ltd: Todd Morcombe has been appointed as Chief Financial Officer. Hills Ltd: David Clarke has been appointed as Chief Executive Officer. Infomedia Ltd: Jim Hassell has been appointed as a Non-Executive Director. Richard Leon has resigned as Chief Financial Officer effective 24th August 2021. Integrated Research Ltd: James Scott has been appointed as an Independent Non-Executive Director. IOUpay Ltd: Paul Russell has been appointed as a Non-Executive Director. Limeade Inc: Todd Spartz has been appointed as Chief Financial Officer. Elizabeth (Liz) Carver has been appointed as Chief People Officer. Co-Founder Laura Hamill has stepped down from her role as Chief People Officer but remains as Chief Science Officer. Megaport Ltd: Melinda Snowden has been appointed as a Non-Executive Director. Mobecom Ltd: Stephen Borness has been appointed as an Independent Non-Executive Director. Chris Joseph has retired as an Executive Director. Nitro Software Ltd: Directors Richard Wenzel and John Dyson have retired from the Board. Nuheara Ltd: John Luna has been appointed as Global Business Development Manager.

Pushpay Holdings Ltd: Bruce Gordon has retired from the Board effective 16th June 2021. QANTM Intellectual Property Ltd: Cameron Judson has retired as a Non-Executive Director. TPG Telecom Ltd: Stephen Banfield has resigned as Chief Financial Officer effective November 2021 or until a replacement is appointed. TRANSPORTATION Auckland Airport Ltd: Chief Executive Officer Adrian Littlewood has advised he will step down from his position towards the end of this year.

HOW TO SELECT AN EXECUTIVE SEARCH FIRM FOR YOUR NEXT SEARCH ASSIGNMENT One of the most critical questions you will face is how to choose an Executive Search Firm to represent your organisation in the market to acquire key executives that can affect the success or failure of your business. If you choose the right Executive Search Firm then you should get a highly qualified Executive that meets your specific organisational needs who will contribute to the future success of your organisation. If however, you choose the wrong Executive Search Firm your problems will multiply, from the issues of managing the wrong Executive to the consequences of your organisation’s success being compromised versus competitors. To make the right choice is therefore critical, and the following provides some guidance on the factors you should consider in making your decision as to which Executive Search Firm. WILL THEY AND CAN THEY REPRESENT YOU AND YOUR ORGANISATION POSITIVELY IN THE MARKETPLACE? Employer brand is an important consideration in the process of attracting high calibre candidates to your organisation. It is something that is developed and nurtured over many years and the last thing you want is someone representing you who does not understand your brand, your culture and your organisational values. The Executive Search Firm you select will, for all intents and purposes, be representing your brand in the marketplace. As a consequence, you need to ensure that the firm and those in that firm representing you understand, and are able to pitch your organisation in the best possible light to ensure the attraction of high calibre candidates, especially passive candidates.

WHAT PROCESS DOES THE EXECUTIVE SEARCH FIRM UNDERTAKE IN THE IDENTIFICATION OF CANDIDATES? The role of the Executive Search Firm is to find you the absolute best candidates in the market that match your brief. The process they employ is critical to achieving this outcome. If the process is poor, such as using their database and using job boards, the reality is you will not get the best candidates. You will simply be conducting a recruitment process which is generally reserved for lower level rather than Executive roles. In Executive Search you want the best candidates and that definitely needs to include passive candidates in the market. The only way to identify passive candidates is by research. To assess the research capability of your Executive Search Firm, ask them to explain their process for identifying passive candidates and in your client reference checks specifically ask client references as to the quality and breadth of the identified potential candidates. WHO WILL BE THE LEAD PARTNER AND THE TEAM FOR YOUR EXECUTIVE SEARCH AND HOW STRONG IS THEIR DESIRE AND COMMITMENT TO YOU THE CLIENT? The Lead Partner or Lead Partners (if you are lucky enough) are critical to the success of the Executive Search. You want to ensure that they are absolutely committed to your assignment and have the desire to ‘leave no stone unturned’ in ensuring that you get the very best candidates available in the market for your consideration. WHAT ARE THE “OFF LIMITS”? As a client when you engage an Executive Search Firm you are working on the basis that they are finding you the very best candidates for consideration in the market. You need to test this and ask yourself whether they can put up candidates for your consideration from their other client companies who they have or are working for. This is where the term “Off Limits” comes in. This fact is very important to you because the larger the “Off Limits”, the less of the market an Executive Search Firm is able to cover to access the best candidates. In simple terms, this means they will NOT be able to get you the best candidates in the market. If you think this through, the consequence is significant, because if your Executive Search Firm cannot access the best candidates in the market, but only a subset, you are not getting what you want or are paying for. So why would you engage them in the first place?

DOES YOUR EXECUTIVE SEARCH FIRM UNDERSTAND THE ROLE YOU ARE SEEKING AND THE NATURE OF THAT MARKET? This is fundamental, because if the Executive Search Firm and the Lead Partner in particular does not understand the role or the market, how can they undertake a search to find you the very best candidates? IS YOUR EXECUTIVE SEARCH FIRM AND THE LEAD PARTNER ACTIVE IN THOUGHT LEADERSHIP IN THE MARKET? Thought leadership is the ability to be continually thinking and researching how the market is changing, both in the broader sense and in the specific market in which your organisation operates. The reason this is important is because you want your Lead Partner to be thinking of the role you have today and what it might evolve into tomorrow. By knowing this, or at the very least having some context of the potential changes, your Executive Search Firm and Lead Partner can be pro-active in putting forward to you candidates for consideration that are right for your business of today, and others who may be right for your business of tomorrow. IS THERE AN AT-RISK COMPONENT OF THE FEE THAT ENSURES THE EXECUTIVE SEARCH FIRM HAS SKIN-IN-THE-GAME? There is nothing quite like an alignment between client and service provider needs, to ensure in this case your Executive Search Firm is listening to your needs as the client and going the “extra mile” to deliver against them. While an at-risk or performance component is not common in the Executive Search Industry you should take the opportunity to ask if there is such a component in the fee structure of the Executive Search Firms you are considering. If there is such a component, it can give you some comfort that you and your chosen Executive Search Firm will be aligned in achieving the common objective of the very best candidates in the market for your role. HOW MANY OF THE EXECUTIVE SEARCH FIRM’S CLIENTS ARE REPEAT BUSINESS? The ultimate test for all businesses is the repeat client test. It is the ultimate measure of client satisfaction because if a client keeps coming back for additional services from the Executive Search Firm you are considering, then you can be reasonably assured that the quality of their offerings is high and meeting the client’s needs.

WHAT DO CLIENT REFERENCES SAY? At the end of the day, the test of what an Executive Search Firm tells you in their pitch for your work versus the reality of what they are doing is by client references. Ask for and take the time to speak to a number of the Executive Search Firm’s clients, and test their performance against all of the above criteria with the client references they provide. Ultimately, by following the above you will be far more confident in the Executive Search Firm you select being able to deliver to you and your organisation the very best candidates in the market for the role you are seeking for your organisation.

DO YOU REALLY UNDERSTAND “OFF LIMITS” IN EXECUTIVE SEARCH? IF YOU DON’T, MAYBE YOU SHOULD “OFF LIMITS” – WHAT IT MEANS IN EXECUTIVE SEARCH Executive Search firms are professional services firms that undertake the process of Executive Search to find high quality executive candidates for their client companies. As a client when you engage an Executive Search Firm you are working on the basis that they are finding you the very best candidates for consideration in the market. But “are they” or indeed “can they”? By “can they” I mean can they ethically provide you the best candidates when they are working for other clients. That is can they put up candidates for your consideration from their other client companies who they have or are working for. This is where the term “Off Limits” comes in. “Off Limits” is a convention in the Executive Search industry that in simple terms means that an Executive Search firm who has been retained on a contingent basis by a client will place the interests of their client at the forefront, meaning that they: • Will not recruit from the department of a client where they have placed someone; or • Will not recruit from the company of a client where they have placed someone. Conventions vary but in general this period would be for two years following their last placement of a candidate and never the actual candidate.

WHY YOU NEED TO CARE This fact is very important to you and you do need to care as a client because the larger the “Off Limits”, the less of the market your Executive Search firm is able to cover to access the best candidates. In simple terms this means they will NOT be able to get you the best candidates in the market. If you think this through, the consequence is significant, because if your Executive Search firm cannot access the best candidates in the market and only a subset, you are not getting what you want or are paying for. So why would you engage them in the first place? BIG AND GLOBAL FIRMS VS BOUTIQUE FIRMS Thinking through the above it becomes abundantly clear the bigger your Executive Search firm, and further, if it is global, the less of the candidate market you have access to as a client. This may sound counterintuitive as you would normally think the bigger the firm and the greater their global footprint the greater their ability to find you the best candidates in the market. As can be seen from the above however this is not the case and the boutique firm will in most cases be better placed to provide you with the greater market coverage and access to the best candidates as it has less “Off Limits”. HOW BEST TO DEAL WITH “OFF LIMITS”? So how best to deal with the “Off Limits” issue as a current client and a potential client? Firstly, as a client, make sure you ask your Executive Search Firm two key questions: • What is your client list over the past two years and which of these can you not access candidates from for my search? • At the completion of my Executive Search how will “Off-Limits” apply to my company? That is will you now not target any of my staff for the next two years at the completion of my Executive Search? It is important to know this upfront, as clarity at this point will make the road smoother down the track in your dealings with Executive Search firms.