State of the Market - Board and Executive Movements March 2019

TOP KEY BOARD AND EXECUTIVE MOVEMENTS IN AUSTRALIA MARCH 2019

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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.

COMMERCIAL SERVICES Smartgroup Corporation Ltd: Carolyn Colley has been appointed as a Non-Executive Director, effective 15 March 2019. ENERGY AGL Energy Ltd: Patricia McKenzie has been appointed as a Non-Executive Director, effective 1 May 2019. APA Group Ltd: Patricia McKenzie has retired as a Non-Executive Director, effective 8 March 2019. Central Petroleum Ltd: Duncan Lockhart has been appointed as General Manager Exploration, effective 8 April 2019. Comet Ridge Ltd: Martin Riley has been appointed as a Non-Executive Director, Mike Dart has resigned as a Non-Executive Director. Contact Energy Ltd: Tania Palmer has resigned as Chief People Officer, effective 5 June 2019. Elk Petroleum Ltd: Brad Lingo has resigned as Managing Director effective 31 March 2019 and will remain with the company as an adviser for six months, Alex Hunter has resigned as Chief Financial Officer effective 15 March 2019. Genesis Energy Ltd: Catherine Drayton has been appointed as a Non-Executive Director, effective 14 March 2019. Infratil Ltd: Kirsty Mactaggart has been appointed as a Non-Executive Director, effective 25 March 2019. Meridian Energy Ltd: Mary Devine has resigned as a Director, effective October 2019. Tania Palmer has been appointed as General Manager Human Resources. Senex Energy Ltd: Andy Zhmurovsky has resigned as a Non-Executive Director. Vimy Resources Ltd: Marcel Hilmer has been appointed as Chief Financial Officer. FINANCIAL SERVICES Bank of Queensland Ltd: Peter Deans will retire as Chief Risk Officer effective 31 May 2019, Adam McAnalen has been appointed as Chief Risk Officer effective 1 June 2019. Blue Sky Alternative Investments Ltd: Elizabeth Walker has resigned as Chief Financial Officer effective 5 April 2019, Andrew Werro has been appointed as Chief Operating Officer and will lead the finance function. Joel Cann has been appointed as Chief Executive Officer, effective 15 April 2019. EQT Holdings Ltd: James Minto has been appointed as Deputy Chair. FlexiGroup Ltd: John Wylie has been appointed as a Director.

Future Generation Investment Company Ltd: Caroline Gurney and Stephanie Lai have been appointed as Non-Executive Directors. National Australia Bank Ltd: Lorraine Murphy has resigned as Chief People Officer, Julie Rynski has been appointed Interim Chief People Officer. Philip Chronican has been appointed Chairman succeeding Ken Henry later in 2019. OFX Group Ltd: Connie Carnabuci has been appointed as a Non-Executive Director, effective 1 April 2019. Pacific Current Group Ltd: Ashley Killick has been appointed as Interim Chief Financial Officer, effective 20 March 2019. Westpac Banking Corporation Ltd: Current Chief Executive Business David Lindberg has been appointed as Chief Executive Consumer, Alastair Welsh has been appointed as Acting Chief Executive Business, George Frazis has resigned as Consumer Bank Chief Executive, Brad Cooper has resigned as Chief Executive Officer BT Financial. GAMING Donaco International Ltd: Joey Lim has resigned as Managing Director and Chief Executive Officer but will remain on the Board as a Non-Executive Director, Benjamin Lim has been appointed as Interim Managing Director and Chief Executive Officer. INDUSTRIALS/MANUFACTURING Adelaide Brighton Ltd: Raymond Barro has been appointed as Chairman, current Chairman Zlatko Todorcevski will become Deputy Chairman at the conclusion of the Annual General Meeting. Brambles Ltd: Jim Miller has been appointed as a Non-Executive Director, effective 15 March 2019. Clean TeQ Holdings Ltd: Li Binghan has resigned as a Non-Executive Director, Shawn Wang has been appointed as a Non-Executive Director, effective 6 March 2019. Orora Ltd: Rob Sindel has been appointed as a Non-Executive Director, effective 26 March 2019. Pact Group Holdings Ltd: Sanjay Dayal has been appointed as Managing Director and Chief Executive Officer, effective 3 April 2019. Reliance Worldwide Corporation Ltd: Stuart Crosby has been appointed as Chairman effective immediately succeeding Jonathan Munz who has retired from the Board. INSURANCE AMP Ltd: Geoff Roberts has retired as a Non-Executive Director, effective 2 May 2019. Insurance Australia Group Ltd: Jacki Johnson will retire as Group Executive of People, Performance and Reputation, effective 30 June 2019.

MEDIA Sky Network Television Ltd: Andrew Dick has been appointed as Interim Chief Financial Officer, effective immediately. John Fellet has retired from the Board. MINING Alexium International Group Ltd: Rosheen Garnon has been appointed as Chair, Susan Thomas has retired as Chair effective 31 March 2019. Alliance Mineral Assets Ltd: Ron Chamberlain has been appointed as Chief Financial Officer, effective 18 March 2019. Battery Minerals Ltd: Jeremy Sinclair has been appointed Managing Director, current Managing Director David Flanagan will transition into Executive Chairman, current Chairman Jeff Dowling has been appointed Lead Independent Director, Brett Smith and Gilbert George will step down from the Board in May 2019. BHP Group Ltd: Ian Cockerill and Susan Kilsby have been appointed as Non-Executive Directors, effective 1 April 2019. Birimian Ltd: Seydou Semega has been appointed as Mali Country Manager, effective 1 April 2019. Boss Resources Ltd: Mathew O’Hara has been appointed as Chief Financial Officer and Company Secretary. Capricorn Metals Ltd: Warren Hallam has resigned as Managing Director and Jonathon Shellabear has resigned as Chief Financial Officer, effective 5 March 2019. Timothy Kestell and Douglas Jendry have been appointed as Non-Executive Directors, Debra Bakker, Geoffrey Rogers and Peter Benjamin have resigned as Non-Executive Directors, effective 5 March 2019. Explaurum Ltd: Chris Baker and Stephen Stroud have resigned as Non-Executive Directors. Grange Resources Ltd: David Woodall has been appointed as a Non-Executive Director. Kasbah Resources Ltd: Graham Freestone has resigned as a Non-Executive Director, effective 7 March 2019. Magnis Energy Technologies Ltd: Leslie Hosking has been appointed as a Non-Executive Director. Medusa Mining Ltd: David McGowan has been appointed as Chief Executive Officer, effective 1 March 2019. Metro Mining Ltd: Fiona Murdoch has been appointed as a Non-Executive Director. New Century Resources Ltd: Nick Cernotta has been appointed as a Non-Executive Director, Bryn Hardcastle has been appointed as an Executive Director, Tolga Kumova and Evan Cranston have moved into Non-Executive roles, Tom Eadie has stepped down from the Board. Orica Ltd: Ian Cockerill will step down from the Board as a Non-Executive Director.

OZ Minerals Ltd: Marcelo Bastos has retired as a Non-Executive Director, effective 15 April 2019. Syrah Resources Ltd: Christina Lampe-Onnerud has resigned as a Non-Executive Director, effective immediately. TNG Ltd: Rex Turkington has resigned as a Non-Executive Director, effective 31 March 2019. PHARMACEUTICALS/HEALTH CARE Alchemia Ltd: Darren Book has retired as a Non-Executive Director, Simon Gennari has retired as Chairman, Melanie Leydin and Lynden Polonsky have been appointed as Non-Executive Directors, Cameron Petricevic has been appointed as Chairman effective 4 March 2019. Ansell Ltd: Current Chief Financial Officer Neil Salmon has been appointed President of the Industrial GBU effective 30 April 2019, current Senior Vice President of Global Operations Darryl Nazareth has been appointed President of the Healthcare GBU effective 30 April 2019, Zubair Javeed has been appointed as Chief Financial Officer effective 29 April 2019, John Marsden has been appointed as Senior Vice President of Global Operations effective 1 April 2019. Steve Genzer has resigned as President and General Manager Industrial Solutions GBU, Joe Kubicek has resigned as President and General Manager Single Use GBU. Bionomics Ltd: Executive Chairman Errol De Souza has his contract extended until 30 June 2019. Mesoblast Ltd: Joseph Swedish has been appointed as Chairman succeeding Brian Jamieson, effective 31 March 2019. PROPERTY Aspen Group Ltd: Joel Cann has resigned as Chief Executive Officer, effective 12 April 2019. AVJennings Ltd: Philip Kearns has been appointed as a Non-Executive Director, effective 21 March 2019. McGrath Ltd: Glynn Wright has resigned as Chief Financial Officer, effective June 2019. LionHub Group Ltd: Joseph Bek has resigned as Chief Executive Officer, effective immediately. Propertylink Group Ltd: Philip Pearce has been appointed as an Executive Director. The GPT Group Ltd: Chris Barnett has been appointed as Head of Retail, effective 15 April 2019. RETAIL/CONSUMER Blackmores Ltd: Chief Executive Officer and Managing Director Richard Henfrey will step down from his position effective 29 March 2019, Marcus C Blackmore has been appointed as Interim Chief Executive Officer effective 1 April 2019. Christine Holman has been appointed as a Non-Executive Director, effective immediately.

Corporate Travel Management Ltd: Ewen Crouch has been appointed as Chairman replacing Tony Bellas, effective 25 March 2019. Fonterra Co-operative Group: Judith Swales has been appointed as Chief Operating Officer, Global Consumer and Foodservice. Miles Hurrell has been appointed Chief Executive Officer. Harvey Norman Holdings Ltd: John Craven has been appointed as a Non-Executive Director, effective 27 March 2019. Kogan.com Ltd: Michael Hirschowitz has been appointed as a Non-Executive Director. Murray River Organics Group Ltd: Tony Dynon has been appointed as a Non-Executive Director, effective 18 March 2019. Redbubble Ltd: Chris Nunn will retire as Chief Financial Officer effective 30 June 2019, Emma Clark has been appointed as Chief Financial Officer effective 1 June 2019. Super Retail Group Ltd: Gary Williams has been appointed as Managing Director of Sports Retailing, effective 8 April 2019. The a2 Milk Company Ltd: Li Xiao has been appointed as Chief Executive Greater China, effective 29 April 2019. TECHNOLOGY/TELECOMMUNICATIONS Adacel Technologies Ltd: Gary Pearson has resigned as Chief Executive Officer, effective 31 March 2019. Brainchip Holdings Ltd: Roger Levinson has been appointed as Chief Operating Officer, Ken Scarince has been appointed as Vice President Finance, Controller, and Julie Stein has resigned as a Director effective 1 April 2019. Catapult Group International Ltd: James Orlando has been appointed Interim Chief Financial Officer, effective 25 March 2019. CSG Ltd: Mark Bayliss has been appointed Interim Chief Executive Officer and Managing Director and has stepped aside from his role as Chairman, Bernie Campbell has been appointed Chairman, Julie- Ann Kerin has resigned as Chief Executive Officer and Managing Director effective immediately. Pushpay Holdings Ltd: Michael Erisman has been appointed as Chief People Officer, effective 25 March 2019. QMS Media Ltd: Mark Fairhurst has been appointed as General Manager Sydney. Rhipe Ltd: Gary Cox has been appointed as Chair succeeding retiring Chair Mike Hill, effective 26 March 2019. TRANSPORTATION Air New Zealand Ltd: Jennifer Sepull has been appointed as Chief Digital Officer, effective 1 May 2019.

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.