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

TOP KEY BOARD AND EXECUTIVE MOVEMENTS IN AUSTRALIA AUGUST 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 Head of the Board and CEO Practice of Blenheim Partners, I was recently asked to present to a number of Board Directors and CEOs on what the future business leader will look like as we come out of the pandemic. In short and in many regards, very different to what has been in place for the last 28 years as Australia surfed the wave of continuous economic prosperity. The same applies to the Boardroom and the experience and skill composition. The game has changed. Over the next 18 months, there will be significant change in the Executive and Board ranks. Without airing the discussion, the old adage, “Your success will be determined by the quality of the people you surround yourself with” couldn’t be truer. Members of the audience then asked where will we find these new leaders and Directors. The answer is they are out there – sometimes disguised, but they are out there. For over 70 years, the executive search industry has peddled the proposition that it finds, engages with and delivers the very top talent. The peddlers propagated the dream out of their respective offshore head offices, which they still do on a daily basis. Being fair to them, when you have a population of 330 million people, there is a good chance that you can still deliver some level of quality at times. Australia has 26 million people, its leadership market on global standards is small and yet organisations work with and follow the offshore head office-based search firm who are working with the majority of your competitors. However, there is one major flaw that is rarely brought to light: executive search firms can’t approach top flight candidates from companies who are their clients. Search companies in Australia with an offshore head office report into the machine, the volume house, which would be fine if they disclosed every client that they work with so you are made aware of the small percentage of the market you will be presented. Their conflicts for executive search can be enormous and prohibit your organisation from securing the very best from local and international markets. This point of difference is a significant determinant between achieving outstanding and average results. In effect as a result of continued expansion in an industry that has grown rapidly for seven decades, some executive search houses have become a victim of their own success. They have been given the mandate from head office to also ride the same economic wave finding themselves arguably engaging with too many organisations causing client conflicts and a breakdown of the original model. Some organisations are drawn to these search firms because of their access to a large international network. Yes, they do have access, but their fellow partners based offshore are focused on delivering to their own clients and therefore again can be heavily conflicted and the large network becomes very small. So, one must ask the question: why are Australian organisations signing up to this flawed model? Maybe for “peace of mind” to say that they went to an international firm, or to coin the old phrase “Nobody ever got fired for buying IBM.” There are some very good search partners who are outstanding in their field and bring a wealth of experience, insight and value the relationship, but they are unfortunately handcuffed by an outdated model that works well offshore in the larger markets and less so here.

As a search consultant, I regularly hear the complaint, “the same old names keep coming up.” Unfortunately, that is because they signed up to a model created 70 years ago that is far different in its form from what it set out to be. So much so that recent public documents reveal that our competitors have cited upwards of 6,000 engagements executed in a year. That’s a lot of people and organisations now “off limits” to you and your organisation and begs the question: “How does this lend itself to top-level executive search and to providing the customer the very best result?” At Blenheim Partners, we addressed this issue from day one. We consciously partner with a limited number of companies per sector worldwide, which is unique to the industry, so we have few conflicts and nothing prevents us from accessing the very best leaders locally or internationally. Our model is based on repeat business and like others we charge premium rates but deliver premium outcomes. The appointments of Board Directors and Executive team members are under enormous scrutiny. Getting it wrong becomes a very expensive proposition. If you’re interested in getting the same old results from the same old model presenting the same old names, there are well known firms that do it well. As for us, at Blenheim Partners we welcome business from those who wish to appoint the very best, that seek creativity, the bespoke approach and who want Australia to come out of COVID-19 with leadership that the organisation, shareholders and stakeholders deserve. I trust this makes for some interesting reflection on the executive search industry and the ultimate cost to key decision makers if they get it wrong. Yours sincerely, Gregory W. Robinson Managing Partner

ENERGY Origin Energy Ltd: Gordon Cairns will retire as Chairman effective 20 October 2020. Director, Scott Perkins will succeed Gordon as Chairman. Warrego Energy Ltd: David Biggs has been appointed as Chief Executive Officer of Australia Operations. FINANCIAL SERVICES AMCIL Ltd: Rupert Myer AO has been appointed Chairman replacing Bruce Teele who will retire after 17 years on the Board, effective 8 October 2020. AMP Ltd: David Murray has stepped down from the Board. Debra Hazelton has been appointed as Chairman effective immediately. Boe Pahari has stepped down as AMP Capital Chief Executive Officer, effective immediately but will resume work at his previous level focusing on infrastructure equity business. Francesco De Ferrari will assume direct leadership of the AMP Capital business on an interim basis. John Fraser has also decided to resign from the AMP Ltd Board and as Chairman of AMP Capital Board. Chief Executive Officer, Australia Alex Wade has resigned effective immediately. Blair Vernon has been appointed in the interim. David Allen (Head of Australian Equities, Genevieve Murray (Head of Australian Equities) and Emily Woodland (Co-Head of Sustainable Investment) have resigned. ANZ Banking Group Ltd: Paul O’Sullivan will succeed David Gonski as Chairman effective 28 October 2020. Cash Converters International Ltd: Stuart Grimshaw has stepped down as Chairman. Jason Kulas has been appointed Chairman. Jason is a Nominee Director of major shareholder, EZCORP. Commonwealth Bank of Australia Ltd: Director, Wendy Stops has resigned from the Board effective 13 October 2020. Equity Trustees Ltd: Russell Beasley has been promoted to Executive General Manager, Corporate Trustee Services, Australia. Harvey Kalman has been appointed Managing Director, UK and Europe and Global Head of Business Development, Fund Services. Genworth Mortgage Insurance Australia Ltd: Christine Patton has retired from the Board. Graham Mirabito has been appointed as an Independent Non-Executive Director. Iress Ltd: Michael Blomfield has been appointed to the newly created role of Chief Commercial Officer effective 19 October 2020. Link Administration Holdings Ltd: John McMurtrie AM will retire as Managing Director of Link Group in early 2021 and will be succeeded by current QBE Chief Executive Officer, Australia Pacific, Vivek Bhatia. Medibank Private Ltd: Elizabeth Alexander AO will retire from the Board effective 30 September 2020. Director, Mike Wilkins AO will succeed Elizabeth as Chairman. Moelis Australia Ltd: Alexandra Goodfellow and Kate Pilcher Ciafone have been appointed to the Board. Joe Simon has resigned from the Board.

Openpay Group Ltd: Jussi Nunes has been appointed as Chief Financial Officer effective 7 September 2020, replacing Andrew Burns. Platinum Asset Management Ltd: Co-Founder, Kerr Neilson will transition to a Non-Executive Director. Guy Strapp has been appointed as a Non-Executive Director of the Company and will assume the role of Chairman effective 21 November 2020, following Michael Cole’s retirement. QBE Insurance Group Ltd: Frank Costigan has been appointed Interim Managing Director Australia. Tan Le and Eric Smith have been appointed as Non-Executive Directors. Both directors are based in the United States. Smartpay Holdings Ltd: Chief Executive Officer, Bradley Gerdis has resigned. Chief Operating Officer, Marty Pomeroy has been appointed as Chief Executive Officer and Managing Director. Westpac Banking Corporation Ltd: Christopher Lynch has been appointed to the Board. INDUSTRIALS/MANUFACTURING Adbri Ltd: Vanessa Guthrie has been appointed Deputy Chair in addition to her role as Lead Independent Director. Alumina Ltd: Shirley In’t Veld has been appointed as a Non-Executive Director. As part of Director succession planning, Emma Stein will retire from the Board during 2021. APA Group Ltd: Adam Watson has been appointed as Chief Financial Officer replacing Peter Fredricson who is retiring effective November 2020. Bisalloy Steel Group Ltd: Phil Cave has resigned as Chairman. Richard Grellman has been appointed Chairman. Barry Morris has been appointed as a Non-Executive Director. Boart Longyear Ltd: Nora Pincus has been appointed as Chief Legal Officer, General Counsel and Company Secretary replacing Robert Closner. Chief Business Development Officer, Brendan Ryan has resigned. Boral Ltd: Directors, John Marlay and Paul Rayner will retire at the end of this year, and Director, Eileen Doyle will retire in 2021 as part of the Board renewal process. Engenco Ltd: Scott Cameron has been appointed to the Board as an Independent Non-Executive Director. Fletcher Building Ltd: Nick Traber has been appointed as Chief Executive, Concrete replacing Ian Jones effective January 2021. Macmahon Holdings Ltd: Giles Everist has resigned as Chief Financial Officer. Peter Pollard has been appointed to replace Giles as Chief Financial Officer. Quickstep Holdings Ltd: Chairman, Tony Quick has retired from the Board. Tony will be replaced by current Board Director, Patrick Largier. Transurban Ltd: Chief Financial Officer, Adam Watson has resigned.

MEDIA/ENTERTAINMENT GTN Ltd: Peter Tonagh has been appointed as a Non-Executive Director. Nine Entertainment Co. Holdings Ltd: Maria Phillips has been appointed as Chief Financial Officer. Southern Cross Media Group Ltd: Peter Bush has stepped down as Chairman effective 30 October 2020. Director, Rob Murray will succeed Peter as Chairman. Leon Pasternak will also retire from the Board. Carole Campbell has been appointed as a Non-Executive Director effective 1 September 2020. The Star Entertainment Group Ltd: Director, Zlatko Todorcevski has retired from the Board. MINING Adriatic Metals Plc: Sanela Karic has been appointed as a Non-Executive Director. Peter Bilbe has stepped down as Chairman but will remain as a Non-Executive Director. Michael Rawlinson has been appointed Chairman. AngloGold Ashanti Ltd: Kojo Busia has been appointed as an Independent Non-Executive Director. BHP Group Ltd: Laura Tyler has been appointed Chief Technical Officer, effective 1 September 2020. Chalice Gold Mines Ltd: Garret Dixon has been appointed as an Independent Non-Executive Director. Executive Chairman Tim Goyder will transition to Non-Executive Chairman. Champion Iron Ltd: Louise Grondin has been appointed as a Non-Executive Director. DGO Gold Ltd: Markus Ziemer has been appointed as Chief Operating Officer and Company Secretary. Gascoyne Resources Ltd: George Bauk has been appointed Chairman and Rowan Johnston and Richard Hay have been appointed as Non-Executive Directors. Kalium Lakes Ltd: Director, Stephen Dennis has been appointed Chairman replacing Malcolm Randall who will retire from the Board effective in November 2020. Pantoro Ltd: Fiona Van Maanen has been appointed as an Independent Non-Executive Director replacing Director, Michael Jefferies. Pensana Rare Earths Plc: Sandra Bates has been appointed as Independent Non-Executive Director. Poseidon Nickel Ltd: Peter Muccilli has been appointed as an Independent Non-Executive Director. Ramelius Resources Ltd: Chairman, Kevin Lines has retired from the Board after 12 years of service. Director, Michael Bohm has been appointed Acting Chair. Strandline Resources Ltd: Mark Hancock has been appointed as a Non-Executive Director. TerraCom Ltd: Director, Craig Wallace has resigned from the Board. Paul Anderson has resigned from the Board. Paul was a nominee director of shareholder Bonython No 1 Pty Ltd. John Klepec has been nominated as Bonython’s new Board Nominee Director.

PHARMACEUTICALS/HEALTH CARE AusCann Group Holdings Ltd: Nick Woolf has been appointed Chief Executive Officer replacing Ido Kanyon. Cochlear Ltd: Donal O’Dwyer has advised his intentions to retire from the Board effective 20 October 2020 after 15 years of service. Christine McLoughlin has been appointed to the Board effective 1 November 2020. CSL Ltd: Andrew Nash has been promoted to Chief Scientific Officer. Cynata Therapeutics Ltd: Director, Geoff Brooke has been appointed Chairman. Outgoing Chairman, Paul Wotton will remain on the Board as a Non-Executive Director. ImpediMed Ltd: Interim Chief Financial Officer, Timothy Cruickshank has been appointed permanently as Chief Financial Officer. Paragon Care Ltd: Director, Bruce Bian has resigned from the Board. PYC Therapeutics Ltd: Rohan Hockings will resume the role of Chief Executive Officer, PYC and Douglas Huey will assume the role of Managing Director of PYC’s United States operations. Sue Fletcher has been appointed to the role of Chief Scientific Officer. PROPERTY Lendlease Group Ltd: Margaret Ford who joined the Lendlease Board in March 2020, has resigned due to disruptions caused by the COVID-19. Margaret will continue to assist the Board in respect of the Groups European operation as an Independent Advisor. McGrath Ltd: Edward Law has been appointed Chief Executive Officer replacing Geoff Lucas who has resigned. Scentre Group Ltd: Guy Russo has been appointed to the Board as an Independent Non-Executive Director. RETAIL/CONSUMER Bapcor Ltd: James Todd and Mark Powell have been appointed as Non-Executive Directors. Freedom Foods Group Ltd: Michael Perich has been appointed Interim Chief Executive Officer. Perry Gunner will resume his Non-Executive Chairman role. Marley Spoon AG: Chief Financial Officer, Julian Lange has resigned. Metcash Ltd: Alistair Bell has been appointed as Group Chief Financial Officer effective 1 September 2020. Murray River Organics Group Ltd: Birol Akdogan has been appointed as Chief Financial Officer effective 1 September 2020.

The a2 Milk Company Ltd: David Bortolussi has been appointed Managing Director and Chief Executive Officer effective early 2021. Woolworths Group Ltd: Director, Jillian Broadbent AC will retire from the Board at the conclusion of the 2020 Annual General Meeting. Rob McCartney has been appointed to the newly created role of Chief Medical Officer. TECHNOLOGY/TELECOMMUNICATIONS MedAdvisor Ltd: Naomi Lawrie has been appointed General Counsel and Company Secretary. NEXTDC Ltd: Eileen Doyle has been appointed as a Non-Executive Director. Nitro Software Ltd: Ana Sirbu has been appointed as Chief Financial Officer and Maria Robinson has been appointed as Chief Marketing Officer. Director, Andrew Barlow has resigned. Superloop Ltd: Paul Tyler has been appointed Chief Executive Officer effective 1 October 2020 replacing Drew Kelton who will stay on as an Executive Director until March 2021 before transitioning to a Non-Executive Director role thereafter. Telstra Corporation Ltd: Bridget Loudon has been appointed as a Non-Executive Director. TPG Telecom Ltd: Stephen Banfield has been appointed Chief Financial Officer. Sean Crowley has been appointed as Deputy Chief Financial Officer. Tony Moffatt has been appointed Company Secretary. Trent Czinner has been appointed as Group Executive Legal and External Affairs. Reggie Naik has been appointed Executive General Manager, Fibre Operations. Robert James has been appointed Chief Digital and Information Officer. Barry Kezik has become Head of Mobile and Fixed Networks. Mandie de Ville has been appointed Executive General Manager of Information Technology. Volpara Health Technologies Ltd: Katherine Singson has been appointed as Chief Executive Officer, Volpara Solutions Inc. Chief Commercial Officer, Mark Koeniguer will leave the company. TRANSPORTATION Qantas Airways Ltd: Chief Executive Officer of International, Tino La Spina will leave the Group. Responsibilities will transfer to Chief Executive Officer of Qantas Domestic, Andrew David effective 1 September 2020.

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.