State of the Market - Board and Executive Movements for April 2020

TOP KEY BOARD AND EXECUTIVE MOVEMENTS IN AUSTRALIA APRIL 2020

BACKGROUND Blenheim Partners specialise in:  Executive Search;  Non-Executive Director Search;  Board Strategy and Structure Consulting;  External Succession Planning; and  Executive Re-Engagement / Transition. Founded in 2012, our team have acted as specialist Psychologists, Coaches and exceptionally adviser to many of the world’s leading experienced Researchers. corporations on Board and Executive performance, capability and succession planning. Blenheim Partners is continually investing in knowledge and understanding as exemplified by Our consultants have worked with clients from all our Thought Leadership “The Challenges of sectors and a broad range of geographies. They Attaining Growth”, Industry Papers and monthly include over 80 of the ASX 100, 10% of the FTSE Market Intelligence reports. 100, Private Equity, Multinational, Private Family and Mutually Owned Companies. Our philosophy is to develop deep and committed relationships with a select number of clients and Our work includes assignments that are both local help them deliver a superior performance by and international in scope. optimising the composition of their Board and Executive team. Our team consists of senior Search Consultants, Human Resource Directors, Our culture is built on pride, professionalism, esprit de corps and client service.

To the Board and Executive Community, As we start on the path of a business-led recovery and re-opening the country, the question of how we will emerge and how organisations will operate and look like are all being examined. We have included a selection of podcast episodes for you to explore. These discussions from the past and interesting perspectives may be valuable to you and your colleagues. At Blenheim Partners, our aim is to be abreast of the markets and context in which our clients operate. This is critical if we are to provide the most appropriate candidates for Board and Executive roles to our clients.

ENERGY ADX Energy Ltd: Philip Haydn-Slater has stepped down as a Director. Liquefied Natural Gas Ltd: Michael McAnearney has been appointed as a Non-Executive Director. Meridian Energy Ltd: Claire Shaw has been appointed as General Manager Corporate Affairs and Sustainability. Jason Woolley has been appointed as General Counsel and Company Secretary. FINANCIAL SERVICES Centrepoint Alliance Ltd: Interim Chief Financial Officer, Peter Loosmore will depart the company. Chief Technology and Marketing Officer, Richard Lea will also depart the company. Richard’s functions will be absorbed by the continuing company executives. ClearView Wealth Ltd: Chairman, Bruce Edwards has signalled his intention to retire from the Board effective 30 June 2020. Current Director, Geoff Black will be appointed as Chairman. Insurance Australia Group Ltd: Chief Executive Officer, Peter Harmer has advised the Board of his intention to retire by the end of 2020. Chief Financial Officer, Nick Hawkins has been appointed as Deputy Chief Executive Officer. Michelle McPherson, Chief Financial Officer Australia, has been appointed Acting Group Chief Financial Officer. Keybridge Capital Ltd: Antony Catalano has been appointed as a Director of the Company. Antony represents his 10% shareholding in the company. Also, Geoff Wilson has been appointed as a Director on behalf of the WAM group shareholders. National Australia Bank Ltd: Implementing a new organisational structure with five end to end banking businesses (Personal, Business & Private, Corporate & Institutional, Bank of New Zealand and UBank). The former customer experience division no longer exists. As such, Rachel Slade has been appointed Group Executive Personal Banking. In addition, Nathan Goonan has been promoted to Group Executive Strategy and Innovation. NSX Ltd: Leo Zhang has been appointed Head of Market Operations effective mid May 2020. Omni Bridgeway Ltd: Raymond Van Hulst has been appointed as a Director. Raymond was a Managing Director of the Omni Bridgeway business that was acquired by IMF Bentham in November 2019. Pioneer Credit Ltd: Chief Financial Officer, Leslie Crockett has departed the company. Westpac Banking Corporation Ltd: Peter King has been appointed as Chief Executive Officer. Zip Co Ltd: Anna Buber-Farovich has been appointed as Chief People and Culture Officer.

INDUSTRIALS/MANUFACTURING Brambles Ltd: Chair Elect, John Mullen will commence on 1 July 2020. Pact Group Holdings Ltd: Michael Wachtel has been appointed as a Non-Executive Director. SRG Global Ltd: John Derwin has resigned as a Director. MEDIA/ENTERTAINMENT oOh!media Ltd: Marco Hellman has been appointed to the Board as a Non-Executive Director. Marco is the Founder and Managing Partner of HMI Capital which is the largest shareholder in oOh!. Darren Smorgon has temporarily resigned from the Board whilst the company seeks to expand the size of the Board at the Annual General Meeting in June, and will be reappointed should the resolution be passed. Sky New Zealand Ltd: Keith Smith has been appointed to the Board as a Director. SkyCity Entertainment Group Ltd: As part of a management restructure, Peter Alexander will step down from the role of Chief Property Officer effective 2 July 2020. MINING Aguia Resources Ltd: Stephen Ross has resigned from the Board. Aurelia Metals Ltd: Chief Financial Officer Tim Churcher will be departing the company effective 1 July 2020. Australian Pacific Coal Ltd: David Conry has been appointed as a Non-Executive Director. David Conry was later appointed as Chief Executive Officer. Gascoyne Resources Ltd: Mike Joyce has retired as a Director. Highfield Resources Ltd: Ignacio Salazar to join as Chief Executive Officer, effective July 2020. Horizon Gold Ltd: Jamie Sullivan and John Morrison have been appointed as Non-Executive Directors. John is a representative of major shareholder, Zeta Resources Ltd. Victor Rajasooriar has resigned as Chairman. Lepidico Ltd: Brian Talbot has resigned as a Director. Newcrest Mining Ltd: Maria (Ria) Sanz Perez has been appointed Chief Legal, Risk and Compliance Officer and Company Secretary replacing Francesca Lee who will retire from Newcrest on 18 July 2020. OceanaGold Corporation Ltd: Chief Operating Officer, Michael Holmes has been appointed President and Chief Executive Officer.

TerraCom Ltd: Deputy Chairman, Craig Ransley has moved into the role of Executive Director. Whitehaven Coal Ltd: Ian Humphris has been appointed as Executive General Manager Operations succeeding Quentin Granger who has held the role on an interim basis since December 2019. PHARMACEUTICALS/HEALTH CARE Elixinol Global Ltd: Founder, Paul Benhaim has been appointed as Chairman of the Board. Andrew Duff has resigned as Chairman and Greg Ellery has also resigned as a Director. Helen Wiseman has been appointed as a Non-Executive Director. Oliver Horn was appointed as a Non-Executive Director, and later appointed Chief Executive Officer, replacing Stratos Karousos. Sigma Healthcare Ltd: Ray Gunston has been appointed Chairman. Brian Jamieson will retire at the conclusion of the Annual General Meeting to be held on 13 May 2020. Wayne Johnston has stepped down as Interim Chief Financial Officer effective 26 June 2020. PROPERTY Scentre Group Ltd: Michael Wilkins has joined the Board. Servcorp Ltd: Rick Holliday-Smith has resigned as a Non-Executive Director. RETAIL/CONSUMER 1300 Smiles Ltd: Director, Evonne Collier has resigned from the Board. Costa Group Holdings Ltd: Wayne Johnston has been appointed to the role of Chief Financial Officer, effective 29 June 2020. Deputy Chief Financial Officer, Amin Ikram will act in the role of Chief Financial Officer until Wayne’s commencement. Coventry Group Ltd: Tony Howarth has been appointed as a Non-Executive Director. Fonterra Co-operative Group Ltd: Holly Kramer will join the Board as an Independent Director effective 11 May 2020. Inghams Group Ltd: Michael Ihlein has been appointed as a Non-Executive Director. Smiles Inclusive Ltd: Tony McCormack has stepped down as Chief Executive Officer. Deputy Chief Executive Officer, Michelle Aquiline has been appointed as Chief Executive Officer and Managing Director.

TECHNOLOGY/TELECOMMUNICATIONS 3P Learning Ltd: General Manager Finance, Dimitri Aroney has been promoted to Chief Financial Officer. Bravura Solutions Ltd: Libby Roy has been appointed as an Independent Non-Executive Director. Chorus Ltd: Kate Jorgensen has been appointed as a Non-Executive Director. Jon Hartley has advised he will step down from the Board, effective 31 August 2020. Corum Group Ltd: Julian Sallabank has been appointed as a Non-Executive Director Jumbo Interactive Ltd: David Barwick has resigned as Chairman due to the duration of his tenure. David will continue until a suitable replacement is found by the Annual General Meeting expected in October 2020. Livehire Ltd: Chief Financial Officer, Ben Malone has resigned. Simon Howse has been appointed as Interim Chief Financial Officer. Redbubble Ltd: Ben Heap has been appointed as a Non-Executive Director. ResApp Health Ltd: Dr Michael Stein has been appointed as a Non-Executive Director. TRANSPORTATION Air New Zealand Ltd: Larry De Shon and Dean Bracewell have been appointed as Non- Executive Directors. Jan Dawson will step down from the Board at the Annual Shareholder Meeting in September 2020. Joe McCollum has been appointed as Chief People Officer replacing Jodie King. K&S Corporation Ltd: Group Financial Controller, Raunak Parikh has been promoted to Chief Financial Officer.

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.