State of the Market - Board and Executive Movements February 2021

TOP KEY BOARD AND EXECUTIVE MOVEMENTS IN AUSTRALIA FEBRUARY 2021

“Blenheim Partners delivered beyond our expectations and showed us what true search can provide. They get to the heart of the matter, they are prepared to give us advice and not sit on the fence, something which is very refreshing. I have used the big 5 search firms over the years and have been told their international coverage will ensure international candidates. It is a fallacy, my experience has been they don’t. Their international colleagues are not incentivised to help the local firm. Blenheim Partners were clear about their model and their international capability. I met more A grade international candidates in my first engagement with Blenheim Partners than I had in five years with the others. Blenheim delivered an exceptional outcome.” CEO, ASX 50 Company •

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.

ENERGY Blue Energy Ltd: Mark Hayward has been appointed as Independent Non-Executive Director. Energy Action Ltd: Bruce Macfarlane has been appointed as Non-Executive Director. Intra Energy Corporation Ltd: Marc Schwartz has resigned from the Board. Kinetiko Energy Ltd: James Searle has resigned as Non-Executive Director. Tom Fontaine has been appointed as Non-Executive Director. Adam Sierakowski has been appointed as Executive Chairman. Magnis Energy Technologies Ltd: Tony Grant has resigned as Independent Non-Executive Director from the Board. Oil Search Ltd: Musje Werror has been appointed as Independent Non-Executive Director. Michael Utsler has been appointed as an Independent Non-Executive subject to shareholder approval effective at the Company Annual General Meeting on 30 April 2021. FINANCIAL SERVICES ASX Ltd: Rick Holliday-Smith will retire from the Board effective 21 April 2021. Current Independent Non-Executive Director Damian Roche has been appointed as Chairman thereafter. Bank of Queensland Ltd: Mickie Rosen has been appointed as Non-Executive Director. Bell Financial Group Ltd: Non-Executive Director, Craig Coleman has advised his intent to retire this month. Commonwealth Bank of Australia: Peter Harmer has been appointed as Independent Non-Executive Director. Credit Corp Group Ltd: Donald McLay has stepped down from the position of Chairman, however, will remain on the Board as Non-Executive Director. Eric Dodd has been appointed as Chairman. Heartland Group Holdings Ltd: Grant Kemble has resigned as Group Chief Risk Officer. Janus Henderson Group PLC: Alison Davis has been appointed as an Independent Non-Executive Director. Medibank Private Ltd: Craig Drummond has advised his intent to retire as Chief Executive Officer effective 30 June 2021. Netwealth Group Ltd: Jane Tongs retired as Chairman. Tim Antonie has been appointed as Chairman. Kate Temby has been appointed as Independent Non-Executive Director. OFX Group Ltd: Catherine Kovacs has been appointed as Non-Executive Director. Perpetual Trust Services Ltd: Glenn Foster has been appointed as Non-Executive Director. Platinum Asset Management Ltd: Clay Smolinski has been appointed Co-Chief Investment Officer effective from 1 April 2021. Nikola Dvornak has been appointed as a Co-Manager to the Platinum International Fund and Platinum Capital Ltd.

Prospa Group Ltd: Mary Ploughman has been appointed as Independent Non-Executive Director. Pushpay Holding Ltd: Molly Matthews has been appointed as Chief Executive Officer. QBE Insurance Group Ltd: Sue Houghton has been appointed Chief Executive Officer of its Australia and Pacific division. Splitit Payments Ltd: Spiro Pappas has resigned as a Director. Non-Executive Director Dawn Robertson has been appointed Non-Executive Chairman. Vanessa LeFebvre and Scott Mahoney have been appointed as Independent Non-Executive External Directors effective pending shareholder approval. Virgin Money UK PLC: Clifford Abrahams has been appointed as Executive Director and Group Chief Financial Officer effective 8 March 2021. Westpac Banking Corporation Ltd: Nora Scheinkestel has been appointed as Independent Non-Executive Director. Non-Executive Director Craig Dunn has advised his intent to retire from the Board at the conclusion of Westpac’s 2021 Annual General Meeting. INDUSTRIALS/MANUFACTURING AMA Group Ltd: Board Director, Carl Bizon has been appointed Group Chief Executive Officer following the resignation of Andrew Hopkins. Austal Ltd: President, United States, Craig Perciavalle has resigned following the completion of a USA regulatory investigation. Austal’s United States Chief Financial Officer, Rusty Murdaugh has been appointed Interim United States President. Bluescope Steel Ltd: Connell Zhang has been appointed Chief Executive NS BlueScope. Gretta Stephens has been appointed as Executive Officer – Climate Change. Boom Logistics Ltd: Kieran Pryke has been appointed as Independent Non-Executive Director. Cleanaway Waste Management Ltd: Ingrid Player has been appointed as Independent Non-Executive Director. Imdex Ltd: Tracey Arlaud has been appointed as Non-Executive Director. Infratil Ltd: Jason Boyes has been appointed Chief Executive Officer effective 1 April 2021. James Hardie Industries PLC: Suzanne Rowland and Dean Seavers have been appointed as Independent Non-Executive Directors. Namoi Cotton Ltd: Michael Renehan has resigned as Chief Executive Officer. John Stevenson has been appointed as interim acting Chief Executive Officer. Orica Ltd: Alberto Calderon has resigned as Managing Director and Chief Executive Officer. Sanjeev Gandhi has been appointed as Managing Director and Chief Executive Officer. Pact Group Holdings Ltd: Richard Betts has resigned effective 31 March 2021. Paul Washer has been appointed Chief Financial Officer effective 15 March 2021. Qube Holdings Ltd: Maurice James will step down as Managing Director effective 30 June 2021. Maurice James will then retire formally effective end of December 2021. SciDev Ltd: Dan O’Toole has been as Independent Non-Executive Director. Trevor Jones has resigned as Chairman of the Company.

Sydney Airport Ltd: David Gonski AC will succeed Trevor Gerber as Chairman at the end of the Annual General Meeting to be held on 21 May 2021. The Environmental Group Ltd: Paul Gaskett has been appointed as National Manager – Sales and Marketing. Wiseway Group Ltd: Ken Tong has been appointed to the Board as Non-Executive Director. Co-Founder and Executive Director Roger Tong will move off the Board and will continue in his current role as Chief Executive Officer, as well as the duties of Company Secretary. Florence Tong who previously carried out the responsibilities of the Company Secretary will continue in her role as Managing Director and Executive Director. Zeotech Ltd: John Goody has resigned as Non-Executive Director. MEDIA/ENTERTAINMENT Crown Resorts Ltd: Andrew Demetriou, Guy Jalland and Michael Johnston have resigned as Directors of the Board. Ken Barton has stepped down from his role of Chief Executive Officer and Managing Director. Helen Coonan will assume the role of Executive Chairman and lead the company on an interim basis. MNC Media Investment Ltd: Oerianto Guyandi has resigned as Director of the Company. SkyCity Entertainment Group Ltd: Julie Amey has been appointed as Chief Financial Officer effective from 1 May 2021. MINING Alpha HPA Ltd: Cameron Peacock has been appointed as Non-Executive Director. Astron Corporation Ltd: Tiger Brown has been appointed as Managing Director. Auroch Minerals Ltd: Trevor Eton has been appointed as Non-Executive Director. Rebecca Moylan has been appointed as Chief Financial Officer. Austar Gold Ltd: Franz Schlosser has resigned as General Manager. Lionel Musson has been appointed as General Manager. Phillip Amery has resigned as Chair of the Company and as a Director. Paul McNally has been elected as Chair. AWN Holdings Ltd: Claire Bibby has been appointed as Non-Executive Director. Azure Minerals Ltd: Wayne Bramwell has resigned as Director of the Company. Bardoc Gold Ltd: Oliver Mortensen has been appointed as Chief Financial Officer effective from 8 March 2021. Boab Metals Ltd: David English has been appointed as Chief Operating Officer. Bowen Coking Coal Ltd: Daryl Edwards has been appointed Chief Financial Officer Carpentaria Resources Ltd: Linda Lau has resigned as Non-Executive Director. Chalice Mining Ltd: Stephen McIntosh has been appointed as a Non-Executive Director. Danakali Ltd: Current Non-Executive Chairman Seamus Cornelius has been re-appointed as Executive Chairman. In addition to this Seamus Cornelius will under-take Chief Executive Officer responsibilities. Current Chief Executive Officer Niels Wage has been made redundant.

Dome Gold Mines Ltd: Garry Lowder has retired as Independent Non-Executive Director. First Graphene Ltd: Chief Financial Officer and Director Peter Youd has advised his intent to retire effective May 2021. Fortescue Metals Group Ltd: Greg Lilleyman has resigned as Chief Operating Officer. Director Projects, Don Hyma and Director Iron Bridge, Manie McDonald have resigned. Malcolm Turnbull AC has been appointed Chairman of Fortescue Future Industries (FFI) and Nick Warner AO has joined as Special Advisor International Affairs of FFI. FFI is a subsidiary of Fortescue Metals Group. Golden Cross Resources: Jordan Guocheng Li has been appointed as Executive Chairman of the Company. Gateway Mining Ltd: Current Company’s Managing Director Peter Langworthy has been appointed as Executive Chairman. Current Executive Technical Director Mark Cossam has been appointed as Managing Director. Grange Resources Ltd: David Woodall has advised he will not seek re-election as Non-Executive Director effective 30 April 2021. Highfield Resources Ltd: James Dietz has retired as Non-Executive Director. Indiana Resources Ltd: Gary Ferris has been appointed as General Manager – Exploration. Independent Non-Executive Director Steven Zaninovich has resigned from the Board. Ioneer Ltd: Rose McKinney- James and Margaret Walker have been appointed as Independent Non- Executive Directors. Kaiser Reef Ltd: Andy Tran has been appointed as Chief Financial Officer. Tony Thomas has been appointed as Mining Manager. Stewart Howe has been appointed as Executive Director to the Board. Kingsrose Mining Ltd: Fabian Baker has been appointed as Chief Executive Officer. Mike Andrews has resumed the role of Non-Executive Chairman. Daryl Corp has been appointed Lead Independent Director. Liontown Resources Ltd: Tony Ottaviano has been appointed Chief Executive Officer and Managing Director effective from 1 May 2021. Lotus Resources Ltd: Keith Bowes has been appointed as Managing Director of the Company. Michael Bowen has been appointed as Non-Executive Chairman. Mark Hanlon has been appointed as Non- Executive Director. Macmahon Holdings Ltd: Denise McComish has been appointed as Independent Non-Executive Director. Matsa Resources Ltd: Pascal Blampain has been appointed as Executive Director. Medusa Mining Ltd: Jeffery McGlinn has been appointed as a Non-Executive Director. Musgrave Minerals Ltd: Brett Lambert has been appointed as Non-Executive Director Northern Star Resources Ltd: Bill Beament has retired from the Northern Star Board effective July 1 2021. Bill Beament has been appointed an Executive Director with Venturex Resources effective July 1. Norwest Minerals Ltd: Chief Executive Officer Charles Schaus has been appointed as a Director. Orabanda Mining Ltd: Peter Nicholson has been appointed Chief Executive Officer effective 2 April 2021. Current Managing Director and Chief Executive Officer, David Quinlivan will retain both roles until the appointment date. Thereafter he will continue as Managing Director in the short to medium term. It is intended that he will then become a Non-Executive Director of Ora Banda and that Peter Nicholson will then be appointed the role of Managing Director.

Piedmont Lithium Ltd: Todd Hannigan has been appointed as Non-Executive Director. Podium Minerals Ltd: Cathy Moises has been appointed Non-Executive Director. Prairie Mining Ltd: Todd Hanigan has resigned as Alternate Director to Tom Todd, however, Tom Todd will continue to serve as Non-Executive Director. Prospect Resources Ltd: Ian Goldberg has been appointed as Chief Financial Officer, following the resignation of Chris Hilbrands as Chief Financial Officer. Scorpion Minerals Ltd: Kate Stoney has been appointed as Non-Executive Director. Southern Hemisphere Mining Ltd: David Frances and Richard Caldwell have been appointed as Non- Executive Directors. Keith Coughlan and David Lenigas have retired from the Board. TNG Ltd: Non-Executive Director Greg Durack has stepped down from the Board to take up the position of Managing Director and Chief Executive Officer of Juno Minerals Ltd. West African Resources Ltd: Non-Executive Director Rod Leonard has been appointed as Lead Independent Director. PHARMACEUTICALS/HEALTH CARE 4DMedical Ltd: Craige Pendleton-Browne has been appointed as Chief Information Officer. Actinogen Medical Ltd: Bill Ketelbey has resigned as Chief Executive Officer and as a Director of the Company. Geoff Brooke will step into the role of Chairman on an interim basis. AusCann Group Holdings Ltd: Charles Altshuler has been appointed as Chief Financial Officer and Head of Supply for Auscann and its associated entities. Healius Ltd: Kate McKenzie has been appointed as Independent Non-Executive Director. Integral Diagnostics Ltd: Chien Ho has resigned as Executive Director. Invex Therapeutics Ltd: Megan Baldwin has been appointed Independent Non-Executive Director. MyFiziq Ltd: William Bradford has been appointed as Global Chief Business Officer. Edward Greissing Jr and Luisa Ingargiola have been appointed Non-Executive Directors. Oncosil Ltd: Ralph Peters has been appointed as Chief Medical Officer. David Turner has been appointed as Head of Medical Affairs. Optiscan Imaging Ltd: Ron Song has been appointed as Non-Executive Director. Palla Pharma Ltd: Todd Barlow has resigned as Non-Executive Director. Race Oncology Ltd: Mary Harney has been appointed as Non-Executive Director. Borje Andersson has advised his intent to resign as Chief Medical Officer but will remain as the Chair of Race’s Clinical Advisory Board. Zelira Therapeutics Ltd: Richarcd Hopkins has stepped down as Chief Executive Officer and Managing Director excluding USA effective 15th May 2021. PROPERTY ALE Property Group Ltd: Michael Clarke has been promoted to Chief Financial Officer.

Charter Hall Group Ltd: Jacqueline Chow has been appointed as Independent Non-Executive Director. Lendlease Group Ltd: Steve McCann will retire as Group Chief Executive Officer and Managing Director. Current Chief Executive Officer - Asia Lendlease, Tony Lombardo has been appointed Group Chief Executive Officer and Managing Director effective 31 May 2021. RETAIL/CONSUMER Bapcor Ltd: Andrew Harrison has retired as Chairman. Margie Haseltine has been appointed as Chairman. Beston Global Food Company Ltd: Katarina (Tina) Li has been appointed General Manager – Nutritionals. Brisbane Broncos Ltd: Chief Executive Officer Paul White has resigned. David Donaghy has been appointed as Chief Executive Officer. Collins Foods Ltd: Helen Moore has been appointed Chief Operating Officer of KFC Australia. Eagers Automotive Ltd: Current Chief Executive Officer Martin Ward will transition to a new role as Advisor to the Board and to the Chief Executive Officer. Current Chief Operating Officer Keith Thornton has been appointed Chief Executive Officer. Freedom Foods Group Ltd: Acting Chief Financial Officer Stephanie Graham has resigned. Josée Lemoine has been appointed as Chief Financial Officer. intelliHR Ltd: Ilona Charles has been appointed as Non-Executive Director. Kip McGrath Education Centres Ltd: Scott Hillard has been appointed as Chief Commercial Officer. Abby Clifton has been appointed as Chief Product Officer. McPherson’s Ltd: Ari Mervis has been appointed as Independent Non-Executive Director. Murray Cod Australia Ltd: David Crow has been appointed as Non-Executive Director. New Zealand Coastal Seafoods Ltd: Nathan Maxwell-McGinn has been appointed as Non-Executive Director. Pental Ltd: Kerrie Parker has been appointed as Non-Executive Director. Restaurant Brands New Zealand Ltd: Maria Elena (Malena) Pato-Castel has been appointed as Non- Executive Director. Shriro Holdings Ltd: Vasco Fung has resigned as Non-Executive Director. Temple and Webster Group Ltd: Belinda Rowe has been appointed as Non-Executive Director. The A2 Milk Company Ltd: Independent Non-Executive Director, Jesse Wu has retired. Bessie Lee has been appointed as Independent Non-Executive Director. The PAS Group Ltd: Larry Kestelman and Boris Rozenvasser have been appointed as Directors of the Company. TECHNOLOGY/TELECOMMUNICATIONS Amaysim Australia Ltd: Chairman Andrew Reitzer and Non-Executive Directors Jodie Sangster, Goetz Maeuser, Craig Jackson and Rupert Greenhough have stepped down from the Board. Alex Feldman and

Gareth Turner have been appointed Executive Directors. Chief Executive Officer Peter O’Connell will assume the additional role of Chairman. archTIS Ltd: Kurt Mueffelmann has been appointed as Global Chief Operating Officer. Irena Mroz has been appointed as Chief Marketing Officer. Leigh Rowland has been appointed as Chief Engineer. Electro Optic Systems Holdings Ltd: Michael Lock has been appointed as Chief Financial Officer effective 1 March 2021. Envirosuite Ltd: Chief Executive Officer Peter White has retired. Chief Operating Officer Jason Cooper has been appointed Chief Executive Officer. FirstWave Cloud Technology Ltd: Scott Lidgett has resigned as Non-Executive Director. Harris Technology Group: Andrew Plympton has retired as Non-Executive Chairman. Alan Sparks has been appointed as Non-Executive Chairman. Harvest Technology Group Ltd: David Fosberg has been appointed as Chief Customer Officer. Hills Ltd: Chief Executive Officer and Managing Director David Lenz has advised intent to retire and will remain in the Company until a new Chief Executive Officer is appointed. Jumbo Interactive Ltd: Bill Lyne has retired as Non-Executive Director. Kogan.com Ltd: Janine Allis and James Spenceley have been appointed Independent Non-Executive Directors. RPMGlobal Holdings Ltd: Non-Executive Director Stephen Baldwin has been appointed as Chairman. SEEK Ltd: Ian Narev has been promoted to Managing Director and Chief Executive Officer replacing Andrew Bassat effective 1 July 2021. Andrew will transition to the newly created role of Executive Chairman and Chief Executive Officer of SEEK Investments.

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 intensive 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.