350

2012

The Class of Class of The the FTSE in New NEDs

The Korn/Ferry Institute The Class of 2012 i THE KORN/FERRY INSTITUTE

The Class of 2012 THE KORN/FERRY INSTITUTE

Contents

Page

Foreword...... i

Executive summary ...... 1

The Class of 2012...... 3

Turnover is low on FTSE 350 boards ...... 4

Primary career discipline...... 5

Gender balance ...... 7

Nationality and international experience...... 9

Case study 1...... 10

NEDs 2 0?...... 11

Case study 2...... 12

Career experience...... 13

Case study 3...... 15

Motivation to take a FTSE 350 NED role...... 16

Case study 4...... 17

Induction processes...... 18

Expectations...... 19

Conclusion...... 20

The Class of 2012 biographies...... 22 THE CLASS OF 2012 i

Foreword

UK corporate governance is often something of an echo chamber, with articles from management and talent consultancies following one- another in procession, often saying much the same thing . As such, it is always interesting to come across something a little different, and credit to Korn/Ferry Whitehead Mann for bringing something new and original to the UK corporate governance debate with their ‘The Class of 2012’ study .

As well as providing compelling insight into appointment trends in the boardrooms of the UK’s largest companies, the survey offers chairmen a ready-made ‘black book’ of FTSE 350 up-and-comers who may be relevant as they consider changes to their boards . This report also includes a number of case studies which clearly show the enduring importance of sound and effective training and mentorship for new NEDs .

Current executives thinking about a plural board career will also find much of relevance and should be encouraged by the increased weighting given to operational experience and diversity when considering first- time appointments to the FTSE boardroom . They can also learn much from the personal accounts from some of the group on the challenges they experienced in securing their first board seat and their range of views on the effectiveness of their induction process .

It will be fascinating to see how this group grows into their board careers, and to see how next year’s crop compares . Although diversity is generally increasing, including in career backgrounds, The Class of 2012 is overwhelmingly taken from the business sphere . As Chairmen continue to drive diversity on their boards, will they look outside business to those that have excelled in government, academic and charitable sectors? Or will the needs of the boards of our largest ii THE KORN/FERRY INSTITUTE

businesses continue to be largely fed by their own executive talent pools?

I encourage all of those that search for candidates to dig deeper and all of those that select the winners to look wider in their pursuit of fresh, diverse talent to make British boardrooms better .

I await news of the Class of 2013 with great interest .

Sir Roger Carr

President CBI THE CLASS OF 2012 1

Executive summary

The Korn/Ferry Institute is pleased to present The Class of 2012, our inaugural study of appointment trends to the boards of the UK’s largest companies . We have profiled all individuals who were appointed to their first FTSE 350 Plc non-executive directorship during 2012 . We have also conducted a survey of these new Non-Executive Directors (NEDs) on finding their first board role, the appointment process and the induction and training they received . Finally, the report compares the group to first-time NEDs in 2007 in order to identify shifting appointment patterns .

The Class of 2012 step into these roles against a backdrop of five years of financial crisis; increased investor and media activism; burdensome regulatory oversight and intervention; and fast-paced technological change . Has refreshment at board level gathered pace with this changing business landscape? Are companies seeking to infuse boards with new skills from a more diverse candidate pool? Are they selecting directors to keep step with regulation or the shifting technological landscape? Are they willing to take on the inherent risk of appointing less seasoned board members? Or have they retreated into themselves, trusting the company’s stewardship to more seasoned, experienced NEDs?

The key findings from the research:

Fewer NEDs overall were appointed to FTSE 350 boards in 2012 than 2007, but there was a marked increase in the proportion of seats going to first-time appointees . When the distorting effect of IPOs is removed, the proportion of first-time appointees rose from 41 percent in 2007 to 48 percent in 2012 . 2 THE KORN/FERRY INSTITUTE

The Class of 2012 shows increased diversity in several areas including gender, international experience and background career discipline, evidenced by:

• 47 percent of first-time appointments to the FTSE 350 in 2012 were women, compared to only 11 percent in 2007 .

• More than half of The Class of 2012 have experience living or working abroad .

• There are more former human resources, marketing and legal professionals being appointed at the expense of NEDs with purely commercial experience .

Increased diversity comes at the expense of deep executive experience. The Class of 2012 NEDs are much less likely to have sat on a quoted board as an executive and there is an accompanying drop in quoted Chief Executive Officer (CEO) experience .

Existing networks remain important when looking for a NED position. Among our survey respondents, 15 percent took on their role because of their relationship with an existing chairman or board member .

Induction still has room for improvement. New NEDs believe they need better induction processes, particularly related to documentation for new appointments and levels of interaction with other directors and senior management .

Our methodology included analysis of all FTSE 350 NED appointments during the year (using data from BoardEx), a survey of all identified first-time FTSE 350 NEDs and several in-depth interviews on topics including: experiences as first-time NEDs, induction processes and board effectiveness . Throughout this report, we refer solely to the FTSE 350, unless otherwise stated . THE CLASS OF 2012 3

The Class of 2012

The Korn/Ferry Institute’s recent study, What Makes an Exceptional Independent Non-Executive Director?, discussed the characteristics that boards seek in every appointment: a sense of independence, strong communication skills, passion for the company’s mission and the ability to think in a strategic manner . Outside of these core traits, every board appointment requires a different mix of skills and background . This mix is determined not only by the company’s strategic objectives but also by the macro-economic or market climate .

Building on this study, we have analysed the profiles of The Class of 2012, focusing on attributes that appeared to have been particularly important to board nominating committees over the course of the year . We looked at how the total number of NED appointments has changed across the years, the gender balance of first-time NEDs, their nationality, professional backgrounds and, finally, the extent to which new appointments were driven by nomination committees seeking greater insight into digital/online trends . 4 THE KORN/FERRY INSTITUTE

Turnover is low on FTSE 350 boards

Overall, boards saw fewer NED appointments in 2012 than in 2007— 402 compared to 466 . This also represented a lower rate of churn, with 18 percent of the total NED pool being replaced versus 22 percent five years ago . This decrease in activity can largely be explained by the high number of IPOs in 2007 . Listing activity was much higher before the financial crash, with 11 companies listing on the FTSE in 2007, compared to only one (the forced demerger of Direct Line) in 2012 .

Although there were fewer total appointments, just under half (193 or 48 percent) went to first-time NEDs in 2012, proportionately higher than in 2007 (209 or 45 percent) . When the impact of IPOs, which tend to bring about more first-time directors, is removed from the analysis in both years, the shift towards first-time appointments is even more pronounced: 48 percent in 2012, up from 41 percent in 2007 .

Figure 1 Percentage of FTSE 350 seats going to first-time NEDs

The rates of first-time directors joining boards has risen since 2007, and now constitutes nearly half of new appointments.

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

All

No IPO

All

No IPO

1st Time NEDs Experienced NEDs

2% 1% 3% 2% 3% 1% 3% 3% Finance related Finance related Commercial/General Management Commercial/General Management 5% 5% Operations Operations 6% Strategy/Consulting Strategy/Consulting 42% 11% Legal 39% Legal 10% Research & Technology Research & Technology Marketing Marketing 13% 11% Other (Academic, Government, Communications) Other (Academic, Government, Communications) Private Equity Private Equity 16% 24% Human Resources Human Resources THE CLASS OF 2012 5

Primary career discipline

Korn/Ferry’s What Makes an Exceptional Independent Non-Executive Director? report revealed that, whilst finance has always been valued as an experience for NEDs, in the wake of the economic crisis there is even more emphasis on appointing NEDs with strong financial acumen . NEDs who are current or former finance directors make up the highest proportion — 19 percent — of The Class of 2012 . Adjacent disciplines are similarly popular, with bankers and economists also well represented . In total, over 40 percent of all first-time board directorships went to individuals with a background in a finance-related discipline, compared to 38 percent in 2007 .

Some disciplines saw significant increases, with the proportion of individuals from a human resources or legal background doubling and marketing specialists increasing by a factor of three . This came at the expense of first-time NEDs with a solely commercial background, whose numbers fell . The Class of 2012 contains only 31 such individuals, 18 fewer than in 2007 . Whilst having board members who have managed P&L is still important, boards appear to be seizing an opportunity to broaden their experience base . 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

All

No IPO

All

6 No IPO THE KORN/FERRY INSTITUTE

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1st Time NEDs Experienced NEDs Figure 2 All Career background of first-time NEDs in 2007 vs. 2012 Finance and commercial/general management backgrounds continue to dominate first-time NED appointments, but there have been small but noteworthy gains in marketing, legal and human resources backgrounds. No IPO

All

2% 1% 3% 2% 3% 1% 3% No IPO 3% Finance related Finance related Commercial/General Management Commercial/General Management 5% 5% Operations Operations 6% Strategy/Consulting Strategy/Consulting 1st Time NEDs Experienced NEDs 42% 11% Legal 39% Legal 10% Research & Technology Research & Technology Marketing Marketing 13% 11% Other (Academic, Government, Communications) Other (Academic, Government, Communications) Private Equity Private Equity 16% 24% Human Resources Human Resources

2% 1% 3% 2% 3% 1% 3% 3% Finance related Finance related Commercial/General Management Commercial/General Management 5% 5% Operations Operations 6% Strategy/Consulting Strategy/Consulting 42% 11% Legal 39% Legal 10% Research & Technology Research & Technology Marketing Marketing 13% 11% Other (Academic, Government, Communications) Other (Academic, Government, Communications) Private Equity Private Equity 16% 24% Human Resources Human Resources THE CLASS OF 2012 7

Gender balance

Since Lord Davies’ report was released in February 2011, there has been significant attention and effort toward increasing the number of women sitting on boards .

The pace of change has been rapid and was particularly pronounced in 2012 . The Professional Boards Forum BoardWatch1 report recently stated that 34 percent of all FTSE 100 board seats from March 2012 to March 2013 went to women . Within The Class of 2012, the proportion is even higher: of the first-time appointments to FTSE 100 boards, 32 of the 59, or 54 percent, were women . Back in 2007, only 12 (20 percent) of new appointees were female . For the whole of The Class of 2012, 91 of 195 — or 47 percent — first-time appointments were women, compared to only 11 percent in 2007 .

Much has been made in the media of certain sectors lagging behind in terms of gender diversity on boards . Whilst it remains true that a number of companies have never had a female NED, The Class of 2012 included new female appointees to companies in almost every sector . Even mining, often called out in the media for having boards that are nearly always exclusively male, saw the appointment of four new female NEDs (representing 19 percent of total first-time NEDs appointed to companies in the sector, compared to 10 percent in 2007) . Some other sectors, often assumed to be bastions of male representation, performed well above average, particularly the electrical equipment, engineering and machinery industries . Ten of the 12 first-time NED appointments to these combined sectors were women .

1 BoardWatch has been tracking the appointment of women to UK boards following the publication of Lord Davies’ report in February 2011. 8 THE KORN/FERRY INSTITUTE

The Association of Chartered Certified Accountants recently suggested that a financial background or qualification provides a ‘fast track’ to boards for women, with 65 percent of all female FTSE 100 board members having financial backgrounds compared to just 44 percent of male board members (Sealy and Doherty 2012) . Whilst finance is a well-represented discipline among women in The Class of 2012, comprising 17 5. percent of female first-time appointments, women were more likely to have come from a P&L management background (20 percent) . The incidence of strategy and consulting backgrounds was also much higher among women (13 percent) than men (8 percent), suggesting that boards are increasingly looking to commercial directors or strategy consultants in addition to finance professionals as a source of female board talent . THE CLASS OF 2012 9

Nationality and international experience

The relatively high incidence of IPOs of overseas companies in 2007 led to a comparative decrease in first-time appointments of non-UK nationals in 2012 . However, the international members of The Class of 2012 demonstrate greater diversity . Lebanese, Kenyan and Indonesian directors took board seats alongside their European and American counterparts .

The CVs of The Class of 2012 are also much more international than five years ago, with 54 percent of the group having spent time during their career working or living abroad, compared to 43 percent in 2007 . The upward shift is particularly clear in the banking sector, where four in five of the first-time NEDs had international experience, perhaps reflecting a need for local market experience on the boards of multinational financial institutions .

Other industries chose to search closer to home, with the leisure, real estate and construction sectors preferring UK-grown talent . Indeed, the percentage of new NEDs in the leisure sector with international experience dropped by almost 50 percent from 2007 to 2012, with much activity in the sector focusing on the more UK-centric hospitality industry . 10 THE KORN/FERRY INSTITUTE

Case study 1: Ilona Haaijer, RPC Group

I am a full-time executive, so had not seriously considered taking on a NED role previously . So when I was first approached I had to think twice about whether it would be a good thing to do . I spoke with a number of contacts who have board roles to get their views, both about the concept of an active executive in a NED role and the company . They were all very positive about their experiences and recommended that I follow it up . Before I engaged in the process further, however, I confirmed with the CEO of Royal DSM that he would be supportive .

Having decided that taking on a NED role would be a good thing, I then had to convince myself that this particular opportunity would make sense . I could really only take on one external appointment like this and so it had to be the right one .

It was a FTSE 350 company, but not too big; we have overlapping customers so I knew that I could bring insight based on my experience . I challenged the Chairman as to why he wanted me, a current executive, to join and he was very clear as to why he thought my profile and experience was a good fit . I also liked the Chairman—he was frank and open about the company’s strategy and challenges and it was clear that his style would work well with mine . All in all, by the time I joined I had a good view as to how I was going to add value and what was expected of me .

The company laid out an induction process for me . I asked to add site visits to it . I have now been on a number of visits around the company’s main locations in several countries and met most key managers . I will do it again at some stage, since it is key to continue to stay connected . I have also been on a course to better understand the legal implications of being a NED in the UK, how committees work, what the Code says, etc . It was quite high-level but a valuable introduction .

In summary, my advice is: it’s a great thing to do . I am really enjoying it, feel that I am adding value and I am learning much at the same time . Take your due diligence seriously, though . Make sure that you know how you are going to contribute and what is expected of you . Ask lots of questions because when you start you will be on a steep learning curve . Make sure you connect with the Chairman and that he/she will take time to mentor and support you as you get to learn the ropes . When you are in the role, ask for feedback both from the Chairman and from the recruiter involved . THE CLASS OF 2012 11

NEDs 2.0?

One new characteristic that was underscored in Korn/Ferry’s recent What Makes an Exceptional Independent Non-Executive Director? report was an understanding of technology and, specifically, the increasing impact of digital and social media . Online platforms are driving profound shifts in business models across all sectors and the UK now has the largest ‘internet economy’ in the G20 as a proportion of GDP (Dean et. al. 2012) .

Whilst the growth of the digital economy is widely stressed as a key business driver, last year saw no overall shift towards an increase in digital experience on boards . Only eight appointments in 2012 were of NEDs with an online/digital background, one fewer than in 2007 . Where there was a significant difference, however, is in the age and experience of ‘digital NEDs’ . In 2012, all such appointments were first-­time NEDs, versus just one third in 2007, suggesting an increased tendency for boards to seek out digital executives with true business currency .

It is also worth observing which sectors appear to be more actively recruiting digital NEDs . In 2012, it was banks, chemicals manufacturers and mining companies that chose to boost their tech know-how, alongside the retailers and media companies that took the lion’s share in 2007 .

Given the effect the internet is having on business models, however, the number of digital NED appointments is still low overall . This is consistent with recent Korn/Ferry research1 which found that almost half (44 percent) of FTSE 100 chairmen do not think their own company is doing as much as it should to take advantage of the internet economy . It will be interesting to see whether the next few years will produce an increase in digital appointments and whether the UK’s largest companies in particular will accelerate the addition of digital experts onto their boards . Of the eight digital placements in 2012, only one joined a FTSE 100 board .

1 The Korn/Ferry Boardroom Pulse April 2013

12 THE KORN/FERRY INSTITUTE

Case study 2: Jane Lodge, Devro

Having spent 25 years as an audit partner, having advised many large, global clients on a range of issues, having participated in Audit Committee and Board meetings and having been responsible for running a P&L at Deloitte, I assumed that entering the Non-Executive phase of my career would be relatively straightforward . However it wasn’t .

By far the biggest challenge, even in a period when diversity is on most Boards’ agendas, was getting my first Non-Executive position . I found attracting the attention of headhunters very difficult, with the exception of one firm where a partner actually took the time and made the effort to really understand what value I could bring to a Board .

So getting the first role is a real challenge . I found it very helpful to ask my referees to introduce me to the headhunter community, and with their backing I was able to gain introductory meetings . I also learned that I had to work harder leveraging my own network . Women typically are not good at this . I would say that I was probably an exception because at Deloitte, my roles involved constant networking as part of my business development responsibilities . With hindsight, I think this was one of the most important lessons for other aspiring NEDs, build your network and do it sooner rather than later . Also identify your referees and seek their agreement to act as one, have a pretty good idea what they will say about you before you approach the headhunters . This gives you more credibility when you are looking for your first appointment .

When you do start to get offers of positions by headhunters, the challenge is to make sure that you chose the right Board . I think it is important from the outset to make sure that the companies you pursue are involved in sectors and industries that you enjoy, that you really do your due diligence on the Company, the Chairman and the CEO (this is where insights from referees and other head hunters can be invaluable) and you try to get a good picture of the Boardroom dynamic .

My Non-Executive career, now it has really started, has uniformly been a great experience thus far . I have managed to join three Boards where the people are great, the atmosphere around the Board table is challenging and collegiate and where the businesses are very interesting . THE CLASS OF 2012 13

Career experience

What is most striking about The Class of 2012 is their comparative lack of executive board experience . In 2007, 46 percent of first-time NED appointees had executive director experience gained on a quoted company board, including 24 percent with a FTSE 350 company . This dropped to 29 percent among The Class of 2012, and only 11 percent with a FTSE 350 company .

Figure 3 Executive director experience of first-time NEDs

Many more first-time NEDs arrived in 2012 without any experience at all as an executive director. Only 11 percent had been executive directors at a FSTE 350 company.

EDs

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

350 plc Foreign Subsidiary Private Public Sector No Experience

CEOs

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

350 plc Foreign Subsidiary Private Public Sector No Experience 14 THE KORN/FERRY INSTITUTE

Analysis of CEO data tells a similar tale . Although 2012 saw five more CEOs appointed to their first NED position than in 2007 (72 versus 67), EDs only 15 of them came from UK plc companies, versus 21 in 2007 . Those of The Class 0%of 201210% with20% prior30% CEO40% experience50% 60% were70% much80% more90% likely100% to have gained this in private companies, or by starting up their own business or consultancy .

Figure 4

CEOs in The Class of350 2012plc Foreign Subsidiary Private Public Sector No Experience More of the CEOs who became NEDs in 2012 came from private companies or foreign-listed companies than in 2007, but fewer from UK plcs or FTSE 350 companies.

CEOs

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

350 plc Foreign Subsidiary Private Public Sector No Experience THE CLASS OF 2012 15

Case study 3: Mark Reckitt, Wetherspoon

I wanted to take on a NED role because I was starting to plan for the next stage of my career . I’m now in my mid-50s and I don’t want to work full-time forever; however, I also don’t want to stop completely . I want to continue to use my skills and remain intellectually stimulated . When I joined Smiths I talked to the CEO about this ambition and we agreed that it was something that I could take on in time . Smiths have been true to their word and very supportive . Leaving Cadbury in 2010 gave me more thinking time than I would normally have had . A number of headhunters suggested that I went portfolio at that stage . At the time I thought that it was an interesting option but too early for me . When looking for my next executive role, I spoke to a number of search firms, one of which led to a contact at Wetherspoon . About 18 months later they approached me when they were looking for a financially qualified NED and asked if I would like to be considered . My advice to aspiring NEDs would be as follows: • If your executive role allows it, try to get invited to as many Board meetings as possible . The dynamic of a Board is very different to an executive committee or other meetings . Seeing the Board in operation gave me a good sense of how things might work . • Network like mad . I learnt when I left Cadbury that people are polite and generous with their time . If you have an interesting story, don’t be afraid of making contact with people . • Read widely and see what companies are doing . If you see an opportunity, write in to the Chairman . I was attracted to Wetherspoon for a number of reasons . I have spent the bulk of my career in consumer orientated industries, including twenty years at Cadbury . Therefore, I was attracted to another consumer-facing business . I have also admired the company for a long time, particularly their differentiated business model . Finally, I was attracted to the company’s entrepreneurial culture . Before joining the Board I did a fair amount of due diligence . I started with the annual report and accounts which I went through in some detail . I also went into the outlets and talked to some people who knew the business . One piece of advice I would give is to try to understand the dynamics of the Board . This is hard; however, it was an area that I focused on when I met Board members . Finally, I felt that if the business had a track record of success then the Board is probably working effectively . I really enjoy my Wetherspoon days, which are very different from my day-to-day executive role . I would encourage aspiring NEDs to be very open minded about each company and to think hard about the opportunity that is put in front of you . Try to really understand how you would add value . I am sure that Chairmen are keen to get a mix of talent, who will bring both different perspectives to the debate, and characters that will generate good chemistry on the Board . Think about how your own experience adds to that diversity . 16 THE KORN/FERRY INSTITUTE

Motivation to take a FTSE 350 NED role

Career and personal development were key drivers for The Class of 2012 when seeking a NED role . Of the new NEDs, 53 percent saw this first FTSE 350 appointment as an important step in the development of a plural career . Additionally, 58 percent saw a NED role as a way to broaden their business understanding—particularly through exposure to an international business environment and different corporate strategies— and thereby improve their executive career options .

Interestingly, 15 percent took on the NED role because of an existing relationship with the Chairman or other board member, which implies that networks remain an important route to securing a board position . THE CLASS OF 2012 17

Case study 4: Kirsi Sormunen, Talvivaara & Neste Oil (from April 2013)

Being a full-time executive of Nokia, initially I only had permission to take on one NED role . When I was approached about Talvivaara I felt it was such an interesting challenge that I couldn’t say no . The experience of serving on this Board will make me a more effective and strong candidate for other boards when I do eventually decide to go plural .

In terms of my advice to other first-time NEDs, I would say that there always needs to be some match . You need to be self-critical . Do you have enough to give? Can you learn the sector and deal with the issues? When you start looking do a self-analysis, profile yourself, so you are familiar with your strengths and weaknesses . Recognise where you can most add value . This will help you and ensure that you do not jump for the first opportunity that comes along . That was the thought process that I went through . Also, when you are in a board selection process, ask yourself whether there are things you’ve done in your career that are similar to the issues and challenges facing the board and company you are considering joining . The experience at Talvivaara has been even more demanding than I expected, in particular, the time commitment required . 18 THE KORN/FERRY INSTITUTE

Induction processes

We asked The Class of 2012 to comment on their induction process . Although 43 percent stated that it could not have been improved, more than half thought that their induction was only “satisfactory” .

Clearly, there are opportunities for boards to learn from the best practices being adopted by their peers . Our respondents indicated that their induction experience could have been improved with better structure and planning . The feedback to boards is that new non-executives would benefit from:

• Greater interaction with other directors, senior managers and the company organisation throughout the induction process .

• Improved induction documentation and briefing packs .

• Dedication of sufficient time to the induction process . THE CLASS OF 2012 19

Expectations

Demands on NEDs are undeniably increasing . However, it would appear that companies are effectively managing expectations . Only 12 percent of The Class of 2012 say that the time commitment has been significantly greater than they were led to believe . Interestingly, respondents believe that time invested in a thorough induction process will reap benefits in the years that follow .

One of the unknowns about joining a board is what it will really be like once you get to sit around the boardroom table . Reassuringly, the overwhelming majority of The Class of 2012 believe that their boards are effective, well-chaired and characterised by open debate during which critical issues are addressed . However, not every new NED has had the same experience and it will be interesting to observe how these perspectives change as our 2012 intake become more experienced, see how other boards operate and are, therefore, able to compare and contrast their current boards with others .

The expectations of the vast majority of The Class of 2012 have been met and the role of a NED is as they expected it would be . Not one of the new NEDs regretted taking on the role .

Having secured their first FTSE 350 role, members of The Class of 2012 are in an ideal position to offer advice to those executives who aspire to join them . Their advice is:

• Do not underestimate the time commitment required, both in terms of getting to grips with the business and in managing the responsibilities .

• Understand what is expected of you and where you can add value in the boardroom and the wider company .

• Do as much due diligence and preparation as possible on the company and on your fellow board members .

• Only join a board where the composition and dynamics are good, as far as you can discern through the interview and due diligence process .

• And finally, it’s a great learning experience . 20 THE KORN/FERRY INSTITUTE

Conclusion

Analysis of NED appointment trends in 2012 makes it clear that companies are increasingly looking to refresh their boards by adding more diverse talent among NEDs . Whether this diversity is through discipline, gender, nationality or knowledge of the internet economy, it is both broadening the skill base of FTSE 350 boards and driving the age of board directors down . The average age of The Class of 2012 was 52 6,. four years younger than the average for all appointments to the FTSE 350 in the year, and almost a year younger than The Class of 2007 .

What is also striking is the extent to which this additional diversity comes at the expense of prior executive board experience . The number of individuals who have sat on listed boards in any executive capacity is significantly lower than five years ago . In 2007, 45 percent of first-time NEDs had such experience; in 2012, this was down to 29 percent .

The drive to diversify board talent, then, has other implications . If boards place greater emphasis on the freshness of opinion and the relevance to current business practice that such first-time NEDs bring, they must anticipate NEDs with less experience of the role and remit of a board member .

Given that, it is important that new NEDs’ induction onto boards, and the support and mentoring they receive, are designed and managed with care . This will ensure that the opportunities afforded by such appointments are fully realised and that the obvious risks are mitigated .

Our conversations with FTSE chairmen indicate that some are already taking steps to formalise induction and mentoring . That said, of the respondents to The Class of 2012 survey, more than half thought that the induction they received could be improved . There is clearly still some way to go until FTSE boards see the full benefit of their newest crop of NEDs . THE CLASS OF 2012 21

Roger Abravanel ADMIRAL GROUP

Roger was appointed to the Board of Admiral Group in March 2012 . He is a member of the Remuneration Committee .

He has significant international consulting experience having been with McKinsey & Co from 1972 until his retirement as Director Emeritus in 2006 . After joining McKinsey he became a Principal in 1979 and a Director in 1984 . He held many leadership positions across a range of industry practice groups including the specialty chemicals/pharmaceuticals practice .

Roger is a NED on the Boards of Luxottica Group, Teva Pharmaceutical Industries and Banca Nazionale del Lavoro . Roger is also a member of the Board of the Italian Institute of Technology and is Chairman of the INSEAD Advisory Group in Italy .

Roger graduated with a Bachelor’s degree in Chemical Engineering at the Politecnic University in Milan in 1968 and received an MBA from INSEAD in 1972 .

Richard Akers BARRATT DEVELOPMENTS

Richard was appointed to the Board of Barratt Developments in April 2012 and is a member of the Audit and Nomination Committees and Chairman of the Remuneration Committee .

Richard is an Executive Director of Land Securities Group; he joined in 1995 and prior to that worked at AMEC Developments .

Richard is a member of the Royal Institution of Chartered Surveyors and holds an MA in Engineering Science from Oxford University . 22 THE KORN/FERRY INSTITUTE

Helena Andreas BOOKER GROUP

Helena was appointed to the Board of Booker Group in November 2012 . She does not currently sit on any committees .

Helena is currently Head of Retail and Distribution at Vodafone Group . Prior to joining Vodafone, Helena held senior positions in Marketing and Operations at Tesco and as a Business Consultant within Retail and Consumer at Accenture .

Helena is also a Director on the Extenda Board . Until November 2012 she was a Senior Director at Billerudkorsnas .

Helena holds an MBA from INSEAD and a MSc from Lunds Tekniska Hogskola (The Engineering Faculty), Lunds University in Sweden .

María Asuncion Aramburuzabala Larregui FRESNILLO

María was appointed to the Board of Fresnillo in April 2012 . She does not currently sit on any committees .

María is currently Director General of Mexican investment group Tresalia Capital . She previously served as Vice President of Grupo Modelo, one of Mexico’s largest breweries . Prior to this, María was Chair of Grupo Televisa, the largest media company in the Spanish-speaking world by market capitalisation, from 2000 to 2008 .

María currently serves on the boards of several companies in Mexico, including Grupo Financiero Banamex, Banco Nacional de México and KIO Networks . She is a certified Public Accountant and holds a Bachelor’s degree from the Instituto Tecnológico Autónomo de Mexico . THE CLASS OF 2012 23

Jane Ashcroft DIGNITY

Jane joined the Board of Dignity in April 2012 and is a member of the Audit, Remuneration and Nominations Committees .

Jane is the CEO of Anchor, a leading provider of housing and care for older people, a position she has held since March 2010 . She has previously worked in Senior Human Resources, Company Secretarial and General Management roles for BUPA and Bromford Housing Group .

She is Chair of the Board of the English Community Care Association, which she joined as a NED in 2004 and from 2007 to 2010 was a NED of the Stroud & Swindon Building Society .

A graduate of Stirling University, she is a Fellow of the Institute of Chartered Secretaries and Administrators and a member of the Chartered Institute of Personnel and Development .

Nicholas (Nick) Backhouse M ARSTON’S

Nick was appointed to the Board of Marston’s in February 2012 . He currently sits on the Nomination Committee .

Nick worked for David Lloyd Leisure from 2008 until 2011 as Chief Operating Officer and Deputy CEO . Prior to that he was Finance Director of National Car Parks (then owned by 3i) . Before this, he spent two years as Finance Director of the Laurel Pub Company (owned by Morgan Grenfell), after a period spent in interim financial leadership roles of private equity portfolio businesses .

In the late 1990s (1999 to 2001), he was Chief Financial Officer of Freeserve . Between 1989 and 1999, Nick worked for ING Barings/Baring Brothers International .

He is also a Senior Independent Director of the Guardian Media Group and a NED at All3Media .

Nick qualified as a Chartered Accountant with Coopers & Lybrand in the late 1980s and has an MA in Economics from Cambridge University . 24 THE KORN/FERRY INSTITUTE

Alejandro Baillères Gual FRESNILLO

Alejandro was appointed to the Board of Fresnillo in April 2012 . He does not currently sit on any committees .

Alejandro has been CEO of Grupo Nacional Provincial, a Mexican insurance company, since 2006 . He was previously Vice-CEO from 2003 to 2006, having served a prior term as CEO from 1999 to 2003 . Prior to joining Grupo Nacional, Alejandro was Advisory Chairman of Mexican conglomerate Grupo BAL .

Alejandro currently serves as NED of several companies within Grupo BAL, including Industrias Peñoles, the controlling shareholder in Fresnillo . He is also an Alternate Director of Coca-Cola FEMSA, and serves on the Board of Trustees of ITAM .

Alejandro holds a degree from the American College of Switzerland .

Andrew Ballingal EUROMONEY INSTITUTIONAL INVESTOR

Andrew was appointed to the Board of Euromoney Institutional Investor in December 2012 . He does not currently sit on any committees .

Andrew is CEO and Chief Investment Officer of Ballingal Investment Advisors (BIA), an independent investment firm based in Hong Kong, which advises two award-winning Asia Pacific hedge funds, the BIA Pacific Fund and BIA Pacific Macro Fund . Andrew has worked in Asia Pacific investment for various firms including Barclays/BZW, Sloane Robinson, Schroders and Ruffer, before founding BIA in 2002 . He has also had significant involvement as an Advisor, Investor and Partner in hedge and absolute return investment funds .

Andrew graduated with a BA (Hons) from Oxford University in 1982 after which he has mainly lived in Asia, initially in Tokyo, and since 1996 in Hong Kong . THE CLASS OF 2012 25

Mick Barker FIRSTGROUP

Mick was appointed to the Board of Firstgroup as an employee representative in January 2012 . He does not sit on any board committees .

Mick has for the past 36 years been a railwayman and is presently a train driver for one of Firstgroup’s operating companies, First Capital Connect .

Dr. Carol Bell SALAMANDER ENERGY

Carol was appointed to the Board of Salamander Energy in January 2012 and is a member of the Audit Committee .

Carol was Managing Director of Chase Manhattan Bank’s Global Oil and Gas Group, Head of European Equity Research at JPMorgan and spent several years as an Equity Research Analyst in the oil and gas sector at Credit Suisse First Boston and UBS Phillips & Drew . She began her career in corporate planning and business development in the exploration and production sector at Charterhouse Petroleum and RTZ Oil and Gas .

Carol is a NED of Det Norske Oljeselskap, Petroleum Geo-Services and a member of the Authority that governs S4C, the Welsh Language television channel . She is also a Trustee of the Renewable Energy Foundation and a member of the Investment Advisory Committee of Gemini Oil and Gas .

Carol has an MA in Natural Sciences from Cambridge University and a PhD in Archaeology of Ancient Trade from University College London . 26 THE KORN/FERRY INSTITUTE

Paula Bell L AIRD

Paula was appointed to the Board of Laird in March 2012 . She chairs the Audit Committee and sits on the Remuneration Committee .

Paula was appointed as Group Finance Director of Menzies in April 2013, having previously served as Finance Director of Ricardo since 2006 . Prior to Ricardo, she was a Divisional Finance Director for BAA between 2005 and 2006 . Before this, she spent four years as Director of Finance with AWG . Between 1994 and 2000, Paula worked in a variety of finance and business development roles with Rolls-Royce .

She is a Fellow of the Chartered Institute of Management Accountants .

Guy Berruyer MEGGIT T

Guy was appointed to the Board of Meggitt in November 2012 . He is currently a member of the Audit, Nomination and Remuneration Committees .

Guy is Group CEO of Sage Group, which he joined as CEO of its French division in 1997 . Prior to joining Sage, Guy worked at Intuit as European Director . He has also been Marketing Director at Groupe Bull and Director at Claris Corp .

Guy trained as an Electrical Engineer at the École Polytechnique Fédérale de Lausanne and holds an MBA from Harvard Business School . THE CLASS OF 2012 27

Nina Bibby BARRATT DEVELOPMENTS

Nina was appointed to the Board of Barratt Developments in December 2012 . She currently sits on the Audit, Nomination and Remuneration Committees .

Nina is currently the Global Chief Marketing Officer at Barclaycard, where she is responsible for brand development and communications . Prior to Barclaycard, Nina was Senior Vice President Global Brand Management at InterContinental Hotels Group for three years . Before that, Nina worked at Diageo, where she was latterly Commercial Strategy Director .

Nina holds a Bachelor’s degree from Georgetown University and a Master’s from INSEAD . She is also fluent in French .

Simon Boddie MICHAEL PAGE INTERNATIONAL

Simon was appointed to the Board of Michael Page International in September 2012 . He is currently a member of the Audit, Nomination and Remuneration Committees .

Simon joined Electrocomponents as Group Finance Director in 2005 from Diageo, which he joined in 1992 and where he held a variety of senior finance positions, latterly as Finance Director of Key Markets . Prior to this, Simon held positions within the Corporate Finance Department at Hill Samuel . Simon initially trained with Price Waterhouse in 1986 .

Simon holds a BA in Economics from Cambridge University and is a qualified Chartered Accountant . 28 THE KORN/FERRY INSTITUTE

Enrico Bombieri HOCHSCHILD MINING

Enrico was appointed to the Board of Hochschild Mining in November 2012 . He currently sits on the Audit Committee .

Enrico is the former Head of Investment Banking for Europe, Middle East and Africa at JPMorgan . After joining JPMorgan in 1989, Enrico held a variety of positions in the London and Milan offices . In addition he also served as a member of JPMorgan’s Executive Committee, the Investment Bank’s Operating Committee and the European Management Committee . Prior to joining JPMorgan, Enrico worked for Guinness Mahon in London and Lehman Brothers in New York and London .

The Rt. Hon Baroness Bottomley of Nettlestone DL SMITH & NEPHEW

Virginia was appointed to the Board of Smith & Nephew in April 2012 and is currently a member of the Remuneration Committee .

She is currently Chair of the Board Practice and Partner at Odgers Berndston and sits in the House of Lords as a Conservative Peer . During her distinguished political career she was Undersecretary of State for Environment (1988), Minister for Health (1989 to 1992), Secretary of State for Health (1992 to 1995) and Secretary of State for National Heritage (1995 to 1997) . Prior to this, she was Parliamentary Private Secretary to the Ministers for Education and Science, Overseas Development and Foreign and Commonwealth Affairs . She continued as an MP until 2005 when she was raised to the Peerage .

Virginia has held NED positions with Akzo Nobel and Mid Southern Water . She is currently a NED of BUPA and a member of the International Advisory Board of Chugai Pharmaceutical Company . In addition, she is Chancellor of the University of Hull, Pro Chancellor of the University of Surrey, a Governor of the London School of Economics and a Trustee of the Economist newspaper .

Virginia holds an MSc from the London School of Economics and a Bachelor’s degree from the University of Essex . THE CLASS OF 2012 29

Simon Bragg JPMORGAN AMERICAN INVESTMENT TRUST

Simon was appointed to the Board of JPMorgan American Investment Trust in May 2012 and is currently a member of the Audit, Remuneration and Nomination Committees .

Simon is a Founder of Oriel Securities . In February 2013, Simon took over as Interim CEO . Prior to Oriel, Simon worked at HSBC Investment Bank, Cargill Financial Markets and Hoare Govett and has over 20 years’ experience in financial services, helping companies and investors to be successful . He is also a member of both the Markets Practitioner Panel and the Listing Authority Advisory Panel of the Financial Conduct Authority .

Simon graduated from Imperial College, London with a degree in Chemistry and qualified as a Chartered Accountant with Peat Marwick Mitchell (KPMG) .

Tim Breedon BARCL AYS

Tim was appointed to the Board of Barclays in November 2012 . He currently sits on the Audit, Remuneration and Risk Committees .

Tim was Group CEO of Legal & General between 2006 and 2012 . He joined Legal & General in 1987, holding a number of roles before joining the Board as Group Director (Investments) in 2002 . His early career was spent with Standard Chartered Bank .

Between July 2010 and July 2012, Tim served as Chairman of the Association of British Insurers, having been a Director since 2007 . He was also Chairman of the UK Government’s non-bank lending task force and was a Director of the Financial Reporting Council from 2004 to 2007 .

Tim has an MA from Oxford University and an MSc from the London Business School . 30 THE KORN/FERRY INSTITUTE

Martin Broadhurst OBE ULTRA ELECTRONICS HOLDINGS

Martin was appointed to the Board of Ultra Electronics Holdings in July 2012 . He is a member of the Audit, Nomination and Remuneration Committees .

Martin has a wealth of experience in the Aerospace industry . He worked at Marshall Aerospace from 1975 to 2010 . Within this time frame, he fulfilled a number of senior roles including CEO from 1999 to 2010 .

He was awarded an OBE in 2004 .

Martin graduated with an MA from Fitzwilliam College, University of Cambridge and is a Chartered Director .

Nora Brownell NATIONAL GRID

Nora was appointed to the National Grid Board in June 2012 and is currently a member of the Nomination, Remuneration and Risk and Responsibility Committees .

Nora is currently CEO and Founding Partner of ESPY Energy Solutions . Prior to founding ESPY, she was the sole proprietor of BC Consulting, an energy consulting company . She has also served as a Commissioner of the Federal Energy Regulatory Commission, President of the National Association of Regulatory Utility Commissioners and as Commissioner of the Pennsylvania Public Utility Commission .

Nora is a visiting scholar at Vermont Law School and a guest lecturer at the University of Idaho . She is a member of the Board of Directors of Oncor, Comverge and Spectra Energy Partners . She is also an Emeritus member of the GridWise Architecture Council and serves on the Advisory Board of Starwood Energy Fund .

Nora attended Syracuse University . THE CLASS OF 2012 31

Gwyn Burr HAMMERSON

Gwyn joined the Board of Hammerson in May 2012 and sits on the Audit Committee .

Gwyn is currently the Customer Service and Colleague Director at J Sainsbury, having joined the Operating Board in 2004 and is responsible for Marketing, Own Brand, Communications and Customer Service . Prior to that she held various board roles in Consultancy and at Asda .

She is a NED at Sainsbury’s Bank, sitting on the Remuneration Committee and is Chair of the Nomination Committee . Gwyn is a member of the Board of the Financial Ombudsman Service and sits on the Remuneration Committee . Additionally she is a Director of Wembley Stadium .

Gwyn has a BSc in Economics and History from Bradford University .

Donald Cameron MURRAY INCOME TRUST

Donald was appointed to the Board of Murray Income Trust in September 2012 . Currently he does not serve on any committees .

Donald is a Barrister and was called to the Bar of England and Wales in 2002 . Having transferred to the Faculty of Advocates, he was called to the Scottish Bar in 2005, and now practices as an Advocate in Scotland . He is a NED of Edinburgh Worldwide Investment Trust .

He has a BA in Law from Oxford University . 32 THE KORN/FERRY INSTITUTE

Marcia Campbell MURRAY INTERNATIONAL TRUST

Marcia was appointed to the Board of Murray International Trust in April 2012 and sits on the Nomination and Audit Committees .

She was, until recently, Operations Director at Ignis Asset Management and brings a wealth of international commercial and financial experience to the Board, having previously been Group Operations Director and CEO Asia Pacific at Standard Life . Maria is also a Director of CNP Assurances, France’s largest life assurance company, listed on the Paris Stock Exchange and was a Director of Scottish Business in the Community until 2013 .

Marcia has an MA (Hons) in French and Business Studies from the University of Edinburgh and an MBA, with Distinction, from the Open University .

Mark Catton DIRECT LINE INSURANCE GROUP

Mark was appointed to the Board of Direct Line Insurance Group in September 2012 . He does not currently sit on any committees .

Mark sits on the Royal Bank of Scotland (RBS) Group Management Committee and is CEO of UK Corporate and Institutional Banking at RBS, a position he has held since 2008 . Mark rejoined the RBS Group in August 2007 as a Managing Director in Corporate Banking, having previously worked for NatWest .

Prior to joining the RBS Group, Mark was a Senior Executive at Barclays from 2001 to 2007, responsible for a number of its client and product businesses and in the latter period as Managing Director in European Investment Banking and Debt Capital Markets at Barclays . Mark is an Associate of the Chartered Institute of Bankers and Association of Corporate Treasurers . THE CLASS OF 2012 33

Kay Chaldecott ST. MODWEN PROPERTIES

Kay was appointed to the Board of St . Modwen Properties in October 2012 . She does not currently sit on any committees .

Kay has over 27 years’ experience of developing and managing regional shopping centres throughout the UK . She has spent her whole career working with Capital Shopping Centres Group . During this time, she was appointed Managing Director of the Shopping Centre business and served as a main Board Director from 2005 to 2011 .

She is a NED of New River Retail, appointed in March 2012, and of Futures Theatre Company . Kay sits on both companies’ Audit, Remuneration and Nomination Committees .

Kay holds a degree in Estate Management and is a member of the Royal Institution of Chartered Surveyors .

Jinya Chen SYNTHOMER

Jinya was appointed to the Board of Synthomer in October 2012 . He does not currently sit on any committees .

Jinya is currently Corporate Vice President and President for Asia-Pacific at Alcoa, a position he has held since 2007 . Prior to joining Alcoa, Jinya worked at Delphi Corp where he held a number of senior leadership positions, most recently Division President for China operations .

Jinya qualified with a Law degree from the University of Michigan, and holds degrees from the East China University of Politics and Law and the Shanghai Institute of Foreign Trade . 34 THE KORN/FERRY INSTITUTE

Carol Chesney RENISHAW

Carol was appointed to the Board of Renishaw in October 2012 . She is currently the Chair of the Audit Committee .

Carol is currently Company Secretary at Halma, having also been Group Finance Manager . Before joining Halma, Carol worked for some time in the group accounts function at English China Clays . Carol is a qualified Chartered Accountant . She worked at Arthur Andersen for seven years in Audit Services .

Carol graduated from Randolph-Macon Woman’s College .

David Cheyne BLACKROCK WORLD MINING TRUST

David was appointed to the Board of BlackRock World Mining Trust in June 2012 . He does not currently sit on any committees .

David is currently Vice Chairman of Europe, Middle East and Africa for Moelis & Company . In addition, he is a qualified Lawyer and a Consultant at Linklaters, where he was a Partner from 1980 and a Senior Partner from 2006 to 2011 .

He received a Law degree from Trinity College, University of Cambridge . THE CLASS OF 2012 35

Colin Child RANK GROUP

Colin was appointed to the Board of Rank Group in January 2012 . He is currently a member of the Audit and Finance Committees .

Colin is the Group Finance Director of De La Rue and previously was the Group Finance Director at DTZ Holdings, prior to which he held roles in finance at Stanley Leisure, Fitness First and National Express Group respectively .

Colin is a qualified Chartered Accountant and has a BSc in Economics from Cardiff University .

Graham Chipchase ASTRAZENECA

Graham joined the Board of Astrazeneca in April 2012 . He currently sits on the Audit Committee .

Graham is CEO of Rexam, a role he has held since 2010 . He joined the company in 2003 as Finance Director before being appointed Group Director of Rexam’s Plastic Packaging Divsion in 2005 .

Graham spent his early career with Coopers & Lybrand and then joined BOC Group as Corporate Finance Manager in 1990 . His career in BOC Group included various positions within financial planning and analysis in both US and European subsidiaries in the gas and healthcare divisions . He was appointed Group Controller in 1999 and Director of Planning and Financial Control the following year . He left BOC Group in 2001 to join GKN, the automotive and aerospace engineering group, as Finance Director of its Aerospace Services business, before joining Rexam in 2003 .

Graham has an MA (Hons) in Chemistry from Oriel College, Oxford University, and is a Fellow of the Institute of Chartered Accountants . 36 THE KORN/FERRY INSTITUTE

Tracy Clarke BRITISH SKY BROADCASTING GROUP

Tracy was appointed to the Board of British Sky Broadcasting Group in June 2012 . She is currently a member of the Remuneration Committee and the Bigger Picture Committee .

Tracy is an experienced banking and human resources professional . She is currently Group Head of Human Resources and Communications at Standard Chartered Bank . She has spent the majority of her career in banking roles both in the UK and Hong Kong . She is a member of the Institute of Financial Services and a qualified Chartered Accountant .

Tracy was a NED of SC First Bank in Korea from 2005 to 2007 and also a NED of Eaga from 2007 to 2011 .

Tracy received her MBA from the Henley Management College .

Marie-Louise Clayton DIPLOM A

Marie-Louise was appointed to the Board of Diploma in November 2012 . She currently sits on the Audit Committee .

Marie-Louise is a Certified Chartered Accountant who has held senior positions in Alstom (formerly, Alstom GEC) and was previously Group Finance Director of Venture Production . She was also Divisional Finance Director and Chief Information Officer of the Primary Food division of Associated British Foods .

Marie-Louise is currently a NED of Zotefoams, Geoffrey Osborne and Independent Oil and Gas, having held prior directrorships at Forth Ports and Ocean Rig .

Marie-Louise holds an LLB degree from Exeter University . THE CLASS OF 2012 37

Sean Collins MILLENNIUM & COPTHORNE HOTELS

Sean was appointed to the Millennium & Copthorne Hotels Board in September 2012 . He is currently Chairman of the Audit Committee and a member of the Remuneration Committee .

He was formerly a Senior Audit and Advisory Partner at KPMG . From 2009 to 2012, Sean was Head of Markets, Asia Pacific, responsible for the firm’s business development activities in the Asia Pacific region . In addition, Sean led the Global Communications and Media practice for over a decade .

Sean is a qualified Chartered Accountant and holds an MA from the University of Cambridge .

Nelson Contador ANTOFAGASTA

Nelson was appointed to the Board of Antofagasta in July 2012 . He does not currently sit on any committees .

Nelson is currently the CEO of Minera Lumina Copper Chile and the Caserones Mine . Prior to this, Nelson was Vice President of Codelco Norte (2003 to 2008), Vice President of Antofagasta Minerals (1997 to 2002) and General Manager of Los Pelambres mine, belonging to the Luksic family group . From 1990 to 1997, Nelson was General Manager of Andina Division and Chuquicamata Division, mines owned by Codelco .

Nelson holds a Civil Engineer of Mines degree from the University of Chile . 38 THE KORN/FERRY INSTITUTE

Annette Court ADMIRAL GROUP

Annette was appointed to the Board of Admiral Group in March 2012 . She currently sits on the Audit and Risk Committees .

Between March 2007 and June 2010, Annette was CEO for Europe for the General Insurance business of Zurich Financial Services and was a member of the Group Executive Committee . Annette is also a former CEO of RBS Insurance with its Direct Line and Churchill brands . In this role Annette was a member of the RBS Group Executive Management Committee .

Annette previously served as a member on the Association of British Insurers Board and holds a degree from the University of Oxford .

Matt Davies DUNELM GROUP

Matt was appointed to the Board of Dunelm Group in February 2012 . He is Chairman of the Audit Committee and member of the Remuneration and Nominations Committees .

Matt has been the Group CEO of Halfords since October 2012 . Prior to that, he was CEO of Pets At Home for eight years, having originally joined as Finance Director in 2001 . Matt also has in-depth experience in corporate finance with Rothschild and Hawkpoint and extensive financial experience in the consumer-facing retail sector with Caudwell Communications .

Matt is a Chartered Accountant, member of the Institute of Chartered Accountants in England and Wales and a graduate of Ohio University . THE CLASS OF 2012 39

Lawrence (Pat) Davies BHP BILLITON

Pat was appointed to the BHP Billiton Board in June 2012 . He is currently a member of the Remuneration Committee .

From July 2005 to June 2011, Pat was CEO of Sasol, having begun his career with them in 1975 . During this period, Pat held a number of diverse roles, including managing the group’s oil and gas businesses before becoming CEO in July 2005 .

Pat received his BSc degree from the University of KwaZulu-Natal and attended Harvard Business School .

Martin Davies JD SPORTS FASHION

Martin was appointed to the JD Sports Fashion Board in October 2012 . He does not currently sit on any committees .

Martin is currently CEO of Holidaybreak, a position he has held since April 2010 . He joined Holidaybreak when the company acquired PGL in 2007, which Martin had joined as CEO in 2004 . He also has extensive experience in marketing and brand management, having had roles with Allied Breweries, Kingfisher and Woolworths . In 1994, he founded Tommy Boy Music as one of Europe’s leading independent record labels and in 2003, the company was sold to Time-Warner .

Martin was previously a NED on the Board of Game Group .

Martin received a BSc in Economics and Politics from Loughborough University . 40 THE KORN/FERRY INSTITUTE

Simon Davies GRAINGER

Simon was appointed to the Board of Grainger in November 2012 and is currently a member of the Remuneration Committee and Risk Committee .

Simon was Executive Chairman of Threadneedle Asset Management from 2007 to 2012, having served as the CEO from 1997, and Chief Investment Officer from 1995 . Prior to joining Threadneedle, he spent eight years working for Gartmore Investment Management, latterly as Head of International Equities and five years at NM Rothschild & Sons, where he started his career .

Simon currently serves as Chairman of JPMorgan Overseas Investment Trust, listed on the FTSE Smallcap index, a position he has held since 2010 . He is also a NED of Cofunds Holdings, Eagle Star UnitManagers, Eagle Star Isa Manager and IMA Services and is a member of Westminster Abbey’s Investment Committee .

Simon holds an MA (Hons) in Engineering, Economics and Management from Brasenose College, Oxford University .

Gilles Delfassy IMAGINATION TECHNOLOGIES

Gilles was appointed to the Board of Imagination Technologies in June 2012 . He currently serves on the Audit and Remuneration Committees .

Gilles was most recently President and CEO of ST Ericsson and previously Chairman and CEO of Anadigics and Senior Vice President at Texas Instruments, leading the group’s wireless business .

He remains an Advisor to both ST Ericsson and Anadigics and has recently been appointed as a NED on the Board of Sequans Communications and as Chairman of Movea .

Gilles has a Diploma from the École Nationale Supérieure d’Ingénieurs de Tolouse and graduated from the Institut D’Administration D’Entreprises de Paris . THE CLASS OF 2012 41

Lucy Dimes BERENDSEN

Lucy was appointed to the Board of Berendsen in June 2012 . She does not currently sit on any committees .

Lucy is currently CEO UK & Ireland of Alcatel-Lucent, having previously held various senior roles at BT, including Managing Director of Group and Openreach Service Operations . She is also a Trustee for the International Business Leaders Forum . Lucy is a Trustee of the Safer London Foundation, and a Fellow of the Institute of Directors .

She obtained an MBA from London Business School and has a First Class BA (Hons) in Business Studies from Manchester Metropolitan University and a Chartered Institute of Marketing diploma .

Professor Dame Ann Dowling BP

Ann was appointed to the Board of BP in February 2012 . She is currently a member of the Remuneration and Safety, Ethics and Environment Assurance Committees .

Ann is Professor of Mechanical Engineering and Head of the Department of Engineering at the University of Cambridge . She is Chair of the Physical Sciences, Engineering and Mathematics Panel in the Research Excellence Framework .

Between 1999 and 2000 Ann was the Jerome C . Hunsaker Visiting Professor at MIT, subsequently becoming a Moore Distinguished Scholar at Caltech in 2001 . On returning to Cambridge, she became Head of the Division of Energy, Fluid Mechanics and Turbomachinery in the Department of Engineering, becoming UK lead of the Silent Aircraft Initiative in 2003 . Ann was appointed Director of the University Gas Turbine Partnership with Rolls-Royce in 2001 and Chair in 2009 . Between 2003 and 2008 she chaired the Rolls-Royce Propulsion and Power Advisory Board . She chaired the Royal Society/Royal Academy of Engineering study on Nanotechnology .

Ann received her PhD from the University of Cambridge in 1978 and was awarded an Honorary Doctor of Science from Trinity College, Dublin . She is a Fellow of the Royal Society and the Royal Academy of Engineering and an overseas Associate Member of the US National Academy of Engineering and the French Academy of Sciences . 42 THE KORN/FERRY INSTITUTE

Anne Drinkwater TULLOW OIL

Anne was appointed to the Board of Tullow Oil in July 2012 and is currently a member of the Audit and Remuneration Committees .

Anne had a long and successful career at BP where she held a number of senior business and operations positions, most recently as President and CEO of BP Canada (2009 to 2012) . Other positions she held at BP include Group Vice President managing non-technical risk, President of BP Indonesia and Managing Director of BP Norway .

Anne is also an Independent Director for Aker Solutions in Norway .

She holds a BSc in Applied Mathematics and Statistics from Brunel University, London .

Stephen Duckett SVG CAPITAL

Stephen was appointed to the Board of SVG Capital in March 2012 . He does not currently sit on any committees .

He has spent the past 17 years working in private equity, latterly as Managing Director of Hellman & Friedman between 2006 to 2010 . He formerly worked with Apax Partners and spent his early career with Unilever . He has chaired a number of portfolio companies including Iris Software Group and Web Reservations .

Stephen is an Associate Fellow of the Said Business School of Oxford University .

He holds a BA in Engineering from Oxford University and an MBA with distinction from Harvard Business School . THE CLASS OF 2012 43

Annemarie Durbin WHSMITH

Annemarie was appointed to the Board of WHSmith in December 2012 . She does not currently sit on any committees .

Annemarie has been the Group Company Secretary at Standard Chartered since September 2007 . She joined Standard Chartered in 1995 . Since then, she has held senior roles in Wholesale Banking, including Head of Financial Institutions for Europe and Africa and had global responsibility for the Development Organisation Client Segment .

She is also a NED on the Board of Fleming Family Partners .

Annemarie holds degrees in Law and Commerce from The University of Auckland, New Zealand . She is a qualified Barrister and Solicitor in New Zealand and a qualified Solicitor in the UK .

Kelvin Dushnisky AFRICAN BARRICK GOLD

Kelvin was appointed to the Board of African Barrick Gold in June 2012 . He does not currently sit on any committees .

Kelvin is Senior Executive Vice President at Barrick Gold Corp, where he has held various senior positions including Executive of Corporate and Legal Affairs . Prior to joining Barrick, Kelvin was Managing Director at Altara Securities, served as Vice President of Sutton Resources and Vice Chair, General Counsel and was a Founding Director of EuroZinc Mining Corpora- tion .

Kelvin is an Independent Director at Canwel Building Materials Group and Director at the Canadian Chamber of Commerce, Canadian Council for the Americas, Institute of the Americas and the Mining Association of Canada .

Kelvin holds a BSc (Hons) degree from the University of Manitoba and MSc and JD degrees from the University of British Columbia . 44 THE KORN/FERRY INSTITUTE

Ngozi Edozien PZ CUSSONS

Ngozi was appointed to the Board of PZ Cussons in January 2012 . She is a member of the Audit, Remuneration, Nomination, Group Risk and Corporate Social Responsibility Committees .

She is currently CEO, West Africa of Actis . Prior to joining Actis, Ngozi was Vice President Strategic Planning and Business Development for Pfizer based in New York . She transferred to Nigeria in 2005 to run Pfizer’s businesses in East, West and Central Africa, before being appointed in 2008 as CEO of the Equity Vehicle for Health in Africa, an investment company focused on investing in private healthcare businesses in the continent .

Ngozi has a background in strategy consulting, having spent seven years with McKinsey & Co . She started her career in corporate finance with JPMorgan .

Ngozi is a NED at the Diamond Bank, Mouka, Seventh Energy, Vlisco Helmond and UAC of Nigeria . A US/Nigerian citizen, Ngozi was educated at Harvard University .

Lynn Laverty Elsenhans GLAXOSMITHKLINE

Lynn was appointed to the Board of GlaxoSmithKline in July 2012 . She is currently a member of the Corporate Responsibility Committee .

Lynn joined Sunoco in 2008 as President and CEO and was appointed Chair in 2009 . Prior to joining Sunoco, Lynn worked for Royal Dutch Shell (joined in 1980) where she held a number of senior roles, including Executive Vice President, Global Manufacturing (2005 to 2008) .

Lynn was appointed as an Independent Director for Baker Hughes in May 2012 and was also a Director for the Greater Philadelphia Chamber of Commerce . She is a Trustee at Rice University and is on the Board of United Way of Greater Houston .

Lynn has been recognised by numerous organisations for her achievements . In 2011 this included her ranking 35th in Fortune Magazine’s 50 Most Successful Women in Business and 34th in the Financial Times’ equivalent .

Lynn holds a BA degree in Mathematical Sciences from Rice University, Houston and an MBA from Harvard University . THE CLASS OF 2012 45

Rachel English PETROPAVLOVSK

Rachel was appointed to the Board of Petropavlovsk in March 2012 . She currently sits on the Audit Committee .

Rachel is an Economist and Chartered Accountant . She is the Founder of Helios Social Enterprise .

Rachel has held senior international positions in leading energy companies, including BG Group and Shell, with responsibilities spanning corporate strategy, mergers and acquisitions, business planning, project finance and business development . She was also the Chief Financial Officer of a UK- listed company . She began her career at Coopers & Lybrand (PwC) .

Rachel is a NED of Kuwait Energy, the Global Carbon and Capture Institute and sits on the Audit Committee at the UK’s Department of International Development .

Rachel is a graduate of Oxford University and a Fellow of the Institute of Chartered Accountants in England and Wales .

Colonel Mark Erwin HERITAGE OIL

Mark was appointed to the Board of Heritage Oil in May 2012 . He is a member of the Anti-Corruption and Bribery and Corporate and Social Responsibility Committees .

Mark served in the US Army for over 25 years . During this time, he served as Chief of Staff of the US Army Special Operations Command, overseeing all Special Forces Operations of the US Army, where he managed an annual budget in excess of US$1 5. billion and coordinated a headquarters staff of more than 1,000 employees . Upon Mark’s retirement he became Executive Vice President for a defence contractor and in 2011 started Long Walk Enterprise . In 2011, Mark became CEO of AFS-Global, which assists commercial entities as they assess, initiate and execute opportunities in emerging markets .

Mark received a degree from Wake Forest University and is a Fellow of the US Army War College . 46 THE KORN/FERRY INSTITUTE

Joachim Faber HSBC

Joachim was appointed to the Board of HSBC in 2012 . He currently sits on the group’s Risk Committee .

Joachim is currently Chairman of the Supervisory Board of Deutsche Boerse, Frankfurt . He was CEO of Allianz Global Investors and a member of the Management Board of Allianz until the end of 2011, having joined as Chief Financial Officer in 1997 . Previously he spent 14 years in various positions with Citicorp in Frankfurt and London, including being Head of the Capital Markets Business in Europe, North America and Japan .

Joachim is Chairman of the Shareholder Committee of Joh A . Benckiser SARL (Luxembourg), member of the Board of Coty (New York), member of the Advisory Board of FEDESA (Monaco) and member of the Advisory Board of Siemens Group Pension Board . He is Chairman of the Investment Board of the Stifterverband for the Deutsche Wissenschaft, member of the Board of Management of the European School for Management and Technology, member of the Council for Sustainable Development and member of the Board of German Cancer Aid in Bonn . Previously Joachim was a member of the Supervisory Board of Bayerische Boerse, HypoVereinsbank and Infineon .

He graduated from the University of Bonn with a degree in Law and received his PhD from the Postgraduate School of Public Administration in Speyer, Germany, after completing his research at the Sorbonne University in Paris .

Carolyn Fairbairn LLOYDS BANKING GROUP

Carolyn was appointed to the Board of Lloyds Banking Group in June 2012 . She does not currently sit on any committees .

Until April 2011, Carolyn was Director of Group Development and Strategy at ITV, having spent eight years prior to this at the BBC, including five years as Director of Strategy and member of the Executive Board .

Carolyn has also been a Partner at McKinsey & Co and a Policy Advisor in the (UK) Prime Minister’s Policy Unit . Her career began as an Economist at the World Bank .

Previously, Carolyn served as a NED of the Financial Services Authority (2008 to 2011) and was Chair of the Risk Committee from 2010 to 2011 .

In 2002, Carolyn was appointed as a Trustee of Marie Curie Cancer Care .

She holds a BA from Cambridge University, an MA from the University of Pennsylvania and an MBA (distinction) from INSEAD . THE CLASS OF 2012 47

Roger Faxon IT V

Roger was appointed to the Board of ITV in October 2012 .

Roger’s long and established career with EMI Group began in 1994 . During this time frame he held a number of senior positions, most recently CEO . Other roles include CEO of EMI Music Publishing, Director of EMI Group, Vice President, Business Development and Strategy . Prior to joining EMI Group, Roger held general management positions with Sotheby’s, was Senior Executive Vice President of Sony Pictures Entertainment, Founding Partner of The Mount Company and Executive Vice President/Chief Operating Officer of Lucasfilm .

Roger holds a BA degree in International Relations and Political Economy from Johns Hopkins School of Advanced International Studies .

Christopher Fisher SEGRO

Christopher was appointed to the Board of SEGRO in October 2012 and sits on the Audit and Remuneration Committees .

He is currently Chairman of Bank of Ireland UK, a Senior Partner at Penfida and President of the Council of the University of Reading .

Christopher spent 20 years at Lazard, latterly as a Managing Director and subsequently worked at KPMG as Vice Chairman, Corporate Finance . In 2011, he served for six months as Chairman of Southern Cross Healthcare . He has previously served as a NED of Kelda .

He is a graduate of Reading and Harvard Universities . 48 THE KORN/FERRY INSTITUTE

Peter Fitzgerald DEBENHAMS

Peter was appointed to the Board of Debenhams in October 2012 . He is cur- rently a member of the Audit Committee .

Peter is Country Sales Director for Google UK/Eire having worked there since 2007, predominately with retail business clients . From 1999 to 2007, Peter worked for Amazon both in Europe and the US .

Peter holds a BA in English Literature from Rockhurst College, Kansas City . .

Lars Förberg ALENT

Lars was appointed to the Board of Alent in December 2012 . He currently sits on the Nominations Committee .

He is a Managing Partner and Co-Founder (in 2002) of Cevian Capital, which holds over 20 percent of Alent’s issued share capital . Prior to Cevian, Lars was Chief Investment Officer of Custos, a Swedish investment company . Before this he was an Investment Manager and Partner with Nordic Capital .

Lars sits on a number of continental European boards, including Panalpina .

A Swedish national, Lars has an MSc from the Stockholm School of Economics and studied at the University of Michigan . THE CLASS OF 2012 49

Karin Forseke ALLIANCE TRUST

Karin joined the Board of Alliance Trust in March 2012 and became Chair in April 2012 .

Karin was CEO of D Carnegie & Co from 2003 to 2006 and Chief Operating Officer of the London International Financial Futures and Options Exchange from 1996 to 1998 . She has also held positions as Head of Distribution for Westpac Banking Corporation’s Financial Markets Group in London and Director of Business Development for the OMLX Exchange in London .

She is currently a NED of Wallenius Lines . She is also a Board member of the European Council on Foreign Relations and a member of The Royal Swedish Academy of Engineering Sciences . Previously, she was Deputy Chair and Senior Independent Director of the Financial Services Authority until July 2012, a NED of the Royal Opera in Stockholm until April 2012 and NED of Eniro until April 2011 .

Karin studied at Jakobsberg’s Gymnasium in Sweden and at UCLA in California .

Mark Foster FIDESSA GROUP

Mark was appointed to the Board of Fidessa Group in October 2012 . He is currently a member of the Audit and Remuneration Committees .

Mark was Accenture’s Group CEO, Global Markets and Management Consulting where he had overall responsibility for Accenture’s global management consulting practice . Mark is also one of four Commissioners of the newly formed Independent Commission for Aid Impact, charged with overseeing the £8 billion of UK International Aid spend, ensuring value for money on behalf of the UK Parliament and taxpayer .

Mark is also an Independent Director of Heidrick & Struggles International and is Chairman of the International Business Leaders Forum .

Mark holds a BA and an MA from the University of Oxford . 50 THE KORN/FERRY INSTITUTE

Simon Fraser DERWENT LONDON

Simon joined the Derwent London Board in September 2012 and is a member of the Audit Committee .

Simon started his career in BZW’s UK Equity Sales division, before moving to Gerrard Vivian Gray in a similar role . He joined Bank of America Merrill Lynch in 1997, becoming Managing Director and Co-Head of Corporate Broking from 2004 . Simon retired from Merrill Lynch at the end of 2011 .

Tanya Fratto SMITHS GROUP

Tanya was appointed to the Board of Smiths Group in July 2012 . She is a member of the Audit, Nominations and Remuneration Committees .

Tanya was CEO of Diamond Innovations, a world-leading manufacturer of super-abrasive products for the material removal industry until 2010 . Prior to this, Tanya enjoyed a 20-year career with GE, where she held a number of senior positions in operations, Six Sigma, product management and supply chain management .

Tanya also serves as NED on the Board of Boart Longyear, an Australian- listed, US-based mining products and services company .

Tanya is a qualified Electrical Engineer and graduated with a BSc in Engineering from the University of South Alabama . THE CLASS OF 2012 51

Timothy (Tim) Freshwater SAVILLS

Tim was appointed to the Board of Savills in January 2012 . He currently sits on the Audit, Remuneration and Nomination Committees .

Tim is Vice Chairman of Goldman Sachs (Asia), having been Managing Director and Chairman, Corporate Finance from 2001 . He is also currently Chairman of Grosvenor Asia Pacific and NED of Aquarius Platinum, Chong Hing Bank, COSCO Pacific and Swire Pacific . He was formerly with Jardine Fleming, becoming Group Chairman in 1999 and was Partner at Slaughter and May from 1975 to 1996 .

Tim is a Council Member of the Hong Kong Trade Development Council (since July 2006), a member of the Hong Kong University of Science and Technology (since April 2006) and a Board member of the Hong Kong Community Chest .

Tim graduated in Law from Cambridge University .

Christer Gardell COOKSON GROUP

Christer was appointed to the Board of Cookson Group (now renamed Vesuvius) in June 2012 . He is a member of the Nomination Committee .

Christer is currently Managing Partner and Co-Founder of Cevian Capital . Until March 2012, Christer was a Director of Tieto Corporation and until 2007, Lindex . From 1996 to 2001, he was the CEO of Custos, the Swedish investment company . Prior to this, he had been a Partner of Nordic Capital . From 1984 to 1995, Christer worked, latterly ultimately as a Partner, for McKinsey & Co . To date, Christer has served as Chairman of five companies and Director of 13 companies .

Christer is also a NED of the global Finnish Technology and Services Company, Metso Corporation .

Christer holds a BSc, MSc and MBA from the Stockholm School of Economics . 52 THE KORN/FERRY INSTITUTE

James Gerson RUSPETRO

James joined the Board of Ruspetro in January 2012 at the date of the company’s IPO . He does not currently sit on any committees .

He is the General Director of Lonburg and serves as a Director of Sestroetsk Tool Works and New Era .

From 2000 to 2003 he was Head of Investor Relations at Lenenergo, the St Petersburg power utility and from 1997 to 1999 he worked at N M Rothschild & Sons .

James has a BA in Russian and East European History from the School of Slavonic Studies of London University .

Dr. Steven (Steve) Gillis SHIRE

Steve was appointed to the Board of Shire in October 2012 . He is currently a member of the Remuneration and Science & Technology Committees .

Steve is currently a Managing Director at ARCH Venture Partners, a provider of venture capital for technology firms . Prior to this, Steve was a Founder and Director of Corixa Corporation, acquired by GlaxoSmithKline in 2005 . Before starting Corixa, Steve was a Founder and Director of Immunex Corporation .

He is currently a NED on the Boards of Bluebird Bio and a number of privately owned companies in the bio sciences sector .

Steve received his BA from Williams College in 1975 and his PhD from Dartmouth College in 1978 . THE CLASS OF 2012 53

Dr. Paul Golby NATIONAL GRID

Paul was appointed to the Board of National Grid in February 2012 . He is a member of the Nominations, Remuneration and Risk Committees .

Paul was formerly the Chairman and CEO of E ON. UK, having been appointed to the CEO position in 2002 . He had joined East Midlands Electricity in 1998 as Managing Director, having formerly been an Executive Director of Clayhithe between 1992 and 1998 . His early career was spent in a series of general management and engineering roles with Grovewood Securities, Early’s of Witney and BTR .

Paul is currently Chairman of AEA Technology Group, Chairman of Engineering UK, Chair of the Engineering and Physical Sciences Research Council and a member of the Council for Science and Technology .

Paul has a BSc in Mechanical Engineering from Aston University and a PhD . He is a Chartered Engineer and a Fellow of the Institute of Electrical Engineers .

Manuel Gomez-Abascal INTERNATIONAL CONSOLIDATED AIRLINES

Manuel was appointed to the Board of International Consolidated Airlines in August 2012 . He currently sits on the Nominations and Remuneration Committees .

Manuel is CEO of Corporación Financiera Caja de Madrid . Prior to this Manuel was a General Manager at Banco Financiero y de Ahorros .

Manuel received his undergraduate and Master’s degrees from the Universidad Pontificia Comillas . 54 THE KORN/FERRY INSTITUTE

Mandy Gradden SDL

Mandy was appointed to the Board of SDL in January 2012 . She currently sits on the Audit and Remuneration Committees .

Mandy serves as Chief Financial Officer of Top Right Group, the B2B information and events business . She was Chief Financial Officer of the retail technology business Torex Retail Holdings from 2009 until its successful sale to Micros Systems in 2012 . She served as Chief Financial Officer of Detica Group from 2003 to 2009 . In 2000, she joined Telewest Communications and served as Director of Corporate Development . Prior to this, she worked for Dalgety and served as Group Financial Controller between 1997 and 1999 .

he qualified as a Chartered Accountant at Price Waterhouse in 1992 and obtained a BSc in Managerial and Administrative Studies from the University of Aston, Birmingham in 1990 .

Dr. David Grant RENISHAW

David was appointed to the Board of Renishaw in April 2012 . He currently sits on the Audit, Nominations and Remuneration Committees .

David was Vice Chancellor of Cardiff University from 2001 until he retired in September 2012 . Prior to that he held leadership positions at Dowty Group and GEC where he was Group Technical Director . He is currently a Governing Board member of the Technology Strategy Board, Chair of the Oversight Committee for “Catapult” Centres, Chairman of STEMNET and Board member of the Leadership Foundation for Higher Education . He has been a Vice President of the Royal Academy of Engineering since 2007 and a NED of the Defence and Science Technology Laboratory from June 2012 . David was also appointed as Senior Independent Director to the Board of AIM listed IQE in September 2012 .

He has an HND from Newcastle Polytechnic, a PhD from Durham University and is a member of the Institute of Chartered Engineers, an Honorary member of Wolfson College Cambridge and a CBE .

THE CLASS OF 2012 55

Geoffrey Green VEDANTA RESOURCES

Geoffrey was appointed to the Board of Vedanta Resources in August 2012 . He does not currently sit on any committees .

He has been a Partner of Ashurst, since 1983 and formerly served as the Senior Partner and Chairman of Ashurst’s Management Board for ten years until 2008, when he was appointed as Head of the firm’s expanding Asian practice .

Geoffrey is also a NED of Konkola Mining Company, a Vedanta Subsidiary .

Geoffrey has an MA from Cambridge University .

Ilona Haaijer RPC

Ilona joined the Board of RPC in May 2012 . She currently sits on the Audit, Remuneration and Nomination Committees .

Ilona is the President of the global personal care business unit and a member of the Executive Committee of the nutritional products division of Royal DSM .

She began her international career in product development and marketing with KPN Mobile before becoming a Management Consultant for The Boston Consulting Group . Subsequently, she joined Royal Philips Electronics as a Vice President, helping to build the company’s new consumer health and wellness business and leading the €675 million acquisition of AVENT, culminating with appointment as CEO of Philips AVENT .

Ilona has served on an Advisory Board for a private company and on the Boards of two foundations in the Netherlands .

She gained a Master’s degree in Economics from Groningen University and included semesters at Cornell and UCLA in her Master’s . 56 THE KORN/FERRY INSTITUTE

David Haines IMPERIAL TOBACCO GROUP

David was appointed to the Board of Imperial Tobacco in February 2012 . He is a member of the Audit, Nomination and Remuneration Committees .

David serves as a member of the Supervisory Board of Joyou .

Previously, David was Global Marketing Director at Vodafone, Deputy Division President for Coca-Cola in Germany . He spent ten years in marketing, sales and general management for Mars, including spells as CEO of Mars in Sweden and three years in Moscow . His initial marketing years were spent as a graduate trainee and in brand management at Lever, in both the UK and Germany .

David is currently CEO of Grohe . He joined Grohe in 2004 from Vodafone Group where he was Global Marketing Director between 2000 and 2004 . He joined Vodafone from Coca-Cola where he was Deputy Division President from 1998 to 2000 . Between 1989 and 1998 he worked for Mars in a series of senior marketing and general management roles . He started his career at Unilever and Grey Advertising .

David has a BA First Class Honours degree from the University of Greenwich .

Mark Hamlin CABLE & WIRELESS COMMUNICATIONS

Mark was appointed to the Board of Cable & Wireless Communications in January 2012 . He currently sits on the Audit, Nomination and Remuneration Committees .

He is a Chartered Clinical Psychologist and the Chairman of the Organisation Resource Group of Companies . He is a Senior Advisor to the boards of a variety of global businesses on strategy, culture and corporate change issues .

He also leads a successful property business and an online organisation that provides 360-degree products to companies in many countries .

Mark is the President of Wedmore Opera, a charity which produces community-based performances in Somerset . Through the ORFoundation he is involved with many charities in Africa, primarily aimed at creating additional income for subsistence farmers and their families .

Mark obtained a BSc from the University of Hull and a Master’s in Clinical Psychology from the University of Birmingham . He is an Associate Fellow of the British Psychological Society and a Fellow of the Royal Society of Health . THE CLASS OF 2012 57

Andrew Heath IMAGINATION TECHNOLOGIES GROUP

Andrew was appointed to the Board of Imagination Technologies Group in August 2012 . He is Chairman of the Remuneration Committee and a member of the Audit Committee .

Andrew is currently Division President of Rolls-Royce Holdings . He joined Rolls-Royce as an undergraduate trainee in 1982 and progressed to Managing Director, Control Systems Operating Unit in 2001 . In 2005, he was appointed as President of Texas Aero Engines Services and later was appointed as CEO of Rolls Royce Fuel Cell Systems . In 2009, he moved into the energy business as Chief Operating Officer for Rolls-Royce .

Andrew also sits on the Tognum Board as a Senior Director .

Andrew holds an MBA and MSc .

Andrew (Nick) Hewson REDROW

Nick was appointed to the Board of Redrow in December 2012 . He will become Chairman of the Audit Committee .

Nick is a qualified Chartered Accountant and currently invests privately in a portfolio of real estate investments, developments and holdings in the UK . He has been involved in property businesses since 1984, both public and private, including Grantchester Holdings, which was listed from 1996 until 2002 .

He is a NED of Croma Security Solutions where he is also Chairman of the Audit Committee . 58 THE KORN/FERRY INSTITUTE

Tristan Hillgarth EUROMONEY INSTITUTIONAL INVESTOR

Tristan was appointed to the Board of Euromoney Institutional Investor in December 2012 . He does not currently sit on any committees .

Tristan has nearly 30 years’ experience of the asset management industry across Europe . He is currently a Director of Jupiter Asset Management . He joined Jupiter in 2005 and served as Group Business Development Director for seven years . Prior to this Tristan spent 14 years with Invesco; he was Vice Chairman of its UK business and previously CEO of Invesco Europe and Chief Investment Officer of Invesco Global . Prior to that Tristan worked as both a Director and Fund Manager at investment management firms Throgmorton and Framlington and in corporate finance at Charterhouse Japhet .

Tristan is a Chartered Accountant and holds a degree in Economics and Politics from Trinity College Dublin .

Christine Hodgson LADBROKES

Christine was appointed to the Board of Ladbrokes in May 2012 . She is currently a member of the Audit and Remuneration Committees .

Christine is currently the Executive Chair of Capgemini UK, having been with the company for 15 years . During that time, she has held the position of Finance Director UK, CEO UK and Regional CEO Northwest Europe . She was also a member of the Group Executive Committee .

Before joining Capgemini, Christine was the Head of Corporate Development for Ronson . She qualified as a Chartered Accountant with Coopers & Lybrand .

She holds a BSc from Loughborough University . THE CLASS OF 2012 59

Graham Holdaway BUMI

Graham joined the Board of Bumi as a NED in June 2012 . He is a member of the Audit Committee .

Graham is an accountant with experience in the electricity, oil and gas and mining sectors . Graham lives in Australia and has experience in Indonesia and Papua New Guinea . Graham was previously with KPMG where he was responsible for various practice areas including infrastructure/energy policy and access regulation . He joined KPMG in 1984 and was a Partner in the Australian or Indonesian practices from 1988 to 2010 .

Graham is currently Chairman of Larus Energy and a Commissioner of PT Apexindo Pratama Duta .

Graham is a Chartered Accountant and has a Bachelor of Commerce and Administration and a diploma in Accounting from Victoria University of Wellington .

Elizabeth Holden GREAT PORTLAND ESTATES

Elizabeth was appointed to the Board of Great Portland Estates in September 2012 . She is currently a member of both the Audit and Remuneration Committees .

Elizabeth was formerly a Corporate Partner at Slaughter and May, which she joined in 1992, specialising in mergers and acquisitions, corporate advisory and governance matters .

She has an MA in Law from Oxford University . 60 THE KORN/FERRY INSTITUTE

Clare Hollingsworth SAVILLS

Clare was appointed to the Board of Savills in April 2012 . She is currently Chair of the Remuneration Committee .

Formerly, she was CEO of Spire Healthcare and its predecessor business, BUPA Hospitals, from 1999 to 2008 . Prior to 1999, Clare was Managing Director, Caledonian Airways from 1990 to 1997, having been appointed as part of the leadership team when the airline was established by British Airways in 1988 . She was subsequently a NED of Caledonian Airways from 1997 to 1999 . She was also a NED of Ambea from 2009 to 2010 .

She is a NED of Spire Healthcare, Molnlycke, Eurostar International, where she chairs the Remuneration Committee and Virgin Healthcare .

She was previously a NED of Assura Group and Deputy Chairman of Spire Healthcare .

Clare is a Trustee of Macmillan Cancer Support and a Fellow of the Royal Society of Arts .

Jackie Hunt NATIONAL EXPRESS GROUP

Jackie was appointed to the National Express Group Board as a NED in September 2012 . She is currently a member of the Audit and Safety, Security and Environment Committees .

Jackie was until recently Chief Financial Officer of Standard Life, having taken on the role in January 2009 . She will be joining Prudential as CEO, UK later in 2013 . Before Standard Life, she held various senior management roles at Aviva, including Chief Financial Officer at Norwich Union . Before joining Aviva in 2003, Jackie qualified as a Chartered Accountant with Deloitte & Touche in South Africa and then worked for Pricewaterhouse- Coopers and Royal & Sun Alliance .

Jackie is also Chair of the Financial Regulation and Taxation Committee of the Association of British Insurers .

Jackie graduated from the University of Witwatersrand, South Africa . THE CLASS OF 2012 61

Susan (Sue) Inglis BANKERS INVESTMENT TRUST

Sue was appointed to the Board of Bankers Investment Trust in November 2012 . She currently sits on the Management Engagement Committee and Audit Committee .

Sue is the Managing Director of Corporate Finance at Cantor Fitzgerald . Previously, she was Managing Director Corporate Finance at Canaccord Genuity, following the acquisition of Intelli Corporate Finance, where she was the Founding Partner . Prior to setting up Intelli, Sue was a Partner of the law firm Shepherd and Wedderburn .

She gained an LLB in Law from the University of Aberdeen .

Eddie Irwin MITCHELLS & BUTLERS

Eddie joined the Board of Mitchells & Butlers in March 2012 as a Shareholder Representative of the Elpida group . He currently does not sit on any committees .

Eddie is Finance Director of Coolmore, a leading thoroughbred bloodstock breeder with operations in Ireland, the US and Australia . He is a Fellow member of both the Association of Certified Chartered Accountants and the Institute of Chartered Secretaries and Administrators . 62 THE KORN/FERRY INSTITUTE

Alexander Izosimov EVRAZ

Alexander was appointed to the Board of Evraz in February 2012 . He is a member of the Audit and Remuneration Committees .

Alexander was President and CEO of VimpelCom, a leading emerging market telecommunications operator, between 2003 and 2011 . Before joining VimpelCom he held various managerial positions at Mars between 1996 and 2003 . During this period he was Regional President for CIS, Central Europe and Nordics and a member of the Executive Board .

Prior to Mars, Alexander was a Consultant with McKinsey & Co in Stockholm and London between 1991 and 1996 and was involved in numerous projects in transportation, mining, manufacturing and oil businesses .

Alexander currently serves on the Boards of MTG, Ericsson, East Capital and Dynasty Foundation . He previously served as Director and Chairman of the Global Association of Mobile Operators, Board of Directors and was also previously a Director of VimpelCom, Baltika Breweries, Sladko and Teleopti .

Alexander graduated from the Moscow Aviation Institute and holds an MBA from INSEAD .

Sally James ROTORK

Sally was appointed to the Board of Rotork in May 2012 . She currently sits on the Audit, Nominations and Remuneration Committees .

Between 2001 to 2008, Sally was Managing Director and General Counsel EMEA for UBS Investment Bank . Prior to this she spent three years as Bursar and Fellow of Corpus Christi College Cambridge . Before this she worked for Swiss Bank Corporation (1991 to 1998) as Deputy Head of Legal & Head of Transactions . A lawyer by training, she was admitted to the Illinois Bar in 1986 and spent her early career as an attorney .

Sally is also a NED of UBS, Towry and Barts Health NHS Trust and an Independent Member of Council of the University of Sussex .

She holds a BA from the University of Sussex and a JD from the University of Chicago Law School . THE CLASS OF 2012 63

Dr. Just Jansz SYNTHOMER

Just was appointed to the Board of Synthomer in April 2012 . He currently sits on the Audit and Remuneration Committees .

Until July 2010, Just was President, Technology Business/Senior Vice President Technology and a member of the management team of LyondellBasell, one of the world’s largest plastics, chemical and refining companies . He has over 30 years of global experience in the chemical industry, having held a variety of roles during that period at LyondellBasell, Basell, Shell and affiliated companies . He is Founder and Managing Director of consulting company EBB and a member of the R&D Centre Advisory Board of Saudi International Petrochemical Company .

Just has a Master’s degree and PhD from the University of Technology in Delft .

Leif Johansson ASTRAZENECA

Leif joined the Board of AstraZeneca in April 2012 and was appointed Chairman in June 2012 . He is Chairman of the Nomination and Governance Committee and member of the Remuneration Committee .

He was President and CEO of the Volvo Group between 1997 and 2011 .

Before joining Volvo he worked at Electrolux, which he joined in 1984 as a Division Manager . He stayed with the company for over a decade, rising to become President and CEO, before leaving in 1997 to take up the same post with Volvo . Before joining Electrolux he worked for a number of Swedish companies .

He is currently Chairman of Ericsson and a Board member of SCA . He is also Chairman of ERT European Round Table of Industrialists and Chairman of the Royal Swedish Academy of Engineering Sciences . He is a former Board member of Bristol-Myers Squibb .

Leif gained a Master’s degree in Science and Engineering from Gothenburg’s Chalmers University of Technology . 64 THE KORN/FERRY INSTITUTE

Alexander (Alistair) Johnston PRUDENTIAL

Alistair was appointed to the Board of Prudential in January 2012 and is currently a member of the Audit Committee .

From 1986 to 2010 Alistair was a Partner of KPMG, having joined the company in 1973 . Whilst at KPMG, Alistair held a number of senior leadership positions including Vice Chairman of UK Financial Services, Head of UK Insurance Practice and International Managing Partner-Global Markets and UK Vice Chairman . From 2007 to 2010 he served as a Global Vice Chairman of KPMG .

Alistair acted as a NED of the Foreign and Commonwealth Office from 2005 to 2010, chairing the Audit Committee until 2009 . He was also an Association member of BUPA until January 2012 . Alistair is currently a member of the Strategy and Development Board and a Visiting Professor at Cass Business School .

Alistair graduated from the London School of Economics and is a member of the Institute of Chartered Accountants in England and Wales .

Glyn Jones DIRECT LINE INSURANCE GROUP

Glyn was appointed to the Board of Direct Line in September 2012 . He is the Senior Independent Director and currently chairs the Investment Committee and sits on the Audit and Nominations Committees .

Since 2007, Glyn has been Chairman of Aspen Insurance . He was formerly the Chairman of Towry Holdings between 2006 and 2011 . He also served as Chairman of Hermes Fund Managers from 2008 to 2011 and was Chairman of the sister company BT Pension Scheme Management for a part of this period .

Glyn was CEO of the Independent Investment Group, Thames River Capital, from 2005 to 2006 and from 2000 he served as CEO of Gartmore Investment Management in the UK for four years . Before this, Glyn was CEO of Coutts NatWest Group and Coutts Group, having joined in 1997 . In 1991, Glyn joined Standard Chartered in Hong Kong where he became the General Manager of Global Private Banking . He was a Consulting Partner with Coopers & Lybrand/Deloitte Haskins & Sells Management Consultants from 1981 to 1990 .

Glyn is a graduate of Cambridge University and a Fellow of the Institute of Chartered Accountants in England & Wales . THE CLASS OF 2012 65

Virginia Kamsky TATE & LYLE

Virginia was appointed to the Board of Tate & Lyle in December 2012 . She is also a member of the Nominations Committee .

Currently, Virginia, aka ‘’Ginny’’, is Chairman and CEO of Kamsky Associates, which she founded in 1980 and which was one of the first approved foreign advisory firms in China . Virginia has also served as an Executive Vice President of Foamex International and held a variety of leadership roles at Chase Manhattan Bank, including as a Credit and Lending Officer and second Vice President in charge of the Chase Corporate Division-China .

Based in the US, she is currently a NED of both Spectrum Brand Holdings and Dana Holding Corporation and a member of the US Secretary of the Navy’s Advisory Panel .

Virginia graduated cum laude from Princeton University .

Debra Kelly-Ennis CARNIVAL

Debra was appointed to the Board of Carnival in April 2012 and sits on the HESS (Health, Environment, Safety & Security) Committee .

She was President and CEO of Diageo Canada, a subsidiary of Diageo from 2008 to 2012 . Between 2005 and 2008, she was Chief Marketing Officer for Diageo, North America . Debra has also held marketing, sales and general management positions with RJR/Nabisco, The Coca-Cola Company, General Motors Corporation and Grand Metropolitan . She was honoured as one of the Top 100 Most Powerful Women in Canada in 2012, 2011, 2010 and 2009 .

Debra serves on the Board of Altria with revenues of $24 billion and has been a Director of Pulte Group since September 1997, where she serves on the Audit and Governance Committees .

Debra has a Bachelor’s degree from the University of Texas at Austin, an MBA from the University of Houston and attended Harvard Business School’s Executive Management Programme . 66 THE KORN/FERRY INSTITUTE

Vera (Maureen) Kempston Darkes BALFOUR BEATTY

Maureen was appointed to the Board of Balfour Beatty in July 2012 . She is currently a member of the Nomination and Business Practices Committees .

Maureen retired from General Motors in 2009, as the Group Vice President for General Motors Latin America, Africa and Middle East . She joined General Motors in 1975 and held a number of progressively senior roles during her time with the business, including Vice President of Corporate Affairs and President and General Manager of GM Canada .

She has a portfolio of Non-Executive Directorships, including Brookfield Asset Management, Bridgepoint Health Foundation, Enbridge and Canadian National Railways .

She has a BA, LLB and LLD in Law from the University of Toronto .

Alastair Kerr ALLIANCE TRUST

Alastair was appointed to the Board of Alliance Trust in December 2012 . He is Chairman of the Remuneration Committee .

Prior to this, Alastair was Managing Director, Europe, Middle East and Africa of The Body Shop International; Managing Director of Kwik-Fit; Group CEO of Park Group; CEO of Virgin Retail Europe and held various senior executive roles within Storehouse . He also held various positions at Mothercare and Marks and Spencer Group .

He sits as a NED on the Board of Havelock Europa, Fuller, Smith & Turner . Alastair holds a Master’s degree from Glasgow University . THE CLASS OF 2012 67

Dr. Mohsen Khalil EURASIAN NATURAL RESOURCES CORPORATION

Mohsen was appointed to the Board of Eurasian Natural Resources Corporation in June 2012 . He currently sits on the Nominations and Corporate Governance and Investment Committees .

Mohsen serves as the Global Head of Climate Business Group at the World Bank/IFC . Previously, Mohsen served as a Director of the Global Information and Communication Technologies Department of IFC and was its Director of Central Asia, Middle East and North Africa Department and Chief Investment Officer in the Telecommunications, Transport and Utilities Department . Mohsen served as an Advisor to various governments and major corporations in the Middle East .

He has been a Director of Bharti Airtel Africa since January 2005 .

Mohsen holds a PhD in Electrical Engineering from the University of Southern California, an MSc in Management from the Sloan School of Management at MIT, an MSc in Electrical Engineering from the University of Wisconsin-Madison and a BSc in Physics from the American University of Beirut .

Richard Laing PERPETUAL INCOME & GROWTH INVESTMENT TRUST

Richard was appointed to the Board of Perpetual Income and Growth Investment Trust in November 2012 . He currently does not sit on any committees .

Richard is currently an Advisor for Criticaleye (Europe) . Prior to this Richard was CEO and Financial Director at CDC Group . Prior to CDC, he spent 15 years at De La Rue where he held a number of positions both in the UK and overseas, latterly as Group Finance Director . He also held various positions at Booker and Marks and Spencer Group . He trained as an accountant with PricewaterhouseCoopers .

Richard also sits as a NED on the Aureos Capital Board and is a Senior Director for Pacific Rim Palm Oil Pet . Until December 2012, Richard was also a NED on the London Metal Exchange Board .

Richard holds an Engineering MA from the University of Cambridge . 68 THE KORN/FERRY INSTITUTE

The Hon. Robert Laing LAW DEBENTURE CORPORATION

Robert was appointed to the Board of the Law Debenture Corporation in April 2012 and currently sits on the Audit, Nomination and Remuneration Committees .

Robert is a Lawyer . He was admitted as a Solicitor in England in 1977 and in Scotland in 1985 . He worked for Slaughter and May from 1975 to 1983, when he joined Maclay Murray & Spens where he has been a Partner since 1985 and Chairman since June 2010 .

He is a NED of the Independent Investment Trust .

Kathryn Langridge EDINBURGH DRAGON TRUST

Kathryn was appointed to the Board of Edinburgh Dragon Trust in October 2012 . She does not currently sit on any committees .

Kathryn has 30 years’ experience in the investment industry . She is currently Fund Manager, Global Emerging Markets at Jupiter Asset Management (UK) . Previously she was the Head of the Global Emerging Markets team at Lloyd George Management . Prior to this, she worked at INVESCO Perpetual for 17 years, where she was Head of International Equity Products and had responsibility for asset allocation and strategy for portfolios, including emerging markets . Kathryn began her investment career in Asia with Jardine Fleming .

Kathryn holds an MA from the University of Cambridge . In 2005, she was awarded the Lipper Citywire Fund Manager of the Year award . THE CLASS OF 2012 69

Jean Laurent-Bellue RIT CAPITAL PARTNERS

Jean joined the Board of RIT Capital Partners in March 2012 .

Jean is Group Secretary General of Edmond de Rothschild Holdings in Geneva and a Board member of the Banque Privée Edmond de Rothschild . He joined Edmond de Rothschild Group in 2004 as a member of the Executive Board of La Compagnie Financière Edmond de Rothschild Banque and was Chairman of the Executive Board of Edmond de Rothschild Corporate Finance from 2004 until 2009 when he became General Secretary at Compagnie Financière Saint Honoré for two years . Previously, he was a member of the Executive Board of Clinvest (Investment Banking arm of the Crédit Lyonnais) and worked at Crédit Commercial de France where he led both the Corporate Finance and Equity investments divisions . He is a member of the KPMG Supervisory Board in France .

Jean graduated from the Institut d’Etudes Politiques de Paris and has an MBA from the HEC Paris Business School .

Diana Layfield AGGREKO

Diana was appointed to the Board of Aggreko in May 2012 . She currently sits on the Ethics Committee .

Diana has worked for Standard Chartered for the last eight years and is currently CEO of its Africa Region . Roles she previously held at Standard Chartered include Head of Strategy, Chief Operating Officer of the Wholesale Bank and Head of Global Corporates . Prior to Standard Chartered, Diana was CEO of a technology start-up, and before that, a consultant at McKinsey & Co .

She has a BA from Oxford University and a Master’s in Public Administration from Harvard . 70 THE KORN/FERRY INSTITUTE

Dave Lewis BRITISH SKY BROADCASTING GROUP

Dave was appointed to the Board of British Sky Broadcasting Group in November 2012 .

Dave is currently President, Personal Care for Unilever where he also sits on the Leadership Executive . Dave joined Unilever as a graduate trainee in 1987 and has since held a number of senior leadership positions in Europe, South America and Asia . This includes President for the Americas and Chairman of Unilever UK and Ireland .

Dave studied at Trent Polytechnic and undertook the Advanced Management Program at Harvard University .

Eva Lindqvist BODYCOTE

Eva was appointed to the Board of Bodycote in June 2012 . She is currently a member of the Audit, Remuneration and Nomination Committees .

Eva retired as a Senior Vice President of Teliasonera, the Finnish and Swedish telecoms company, in 2007, having held a number of senior positions at the company since 2000 . Prior to joining Teliasonera, she was Director of R&D at Ericsson which she joined in 1981 .

Eva is currently a NED of Assa Abloy, TietoCorporation, Micronic Mydata, Transmode Holdings, Innovationsbron, Blekinge Institute of Technology, QT Software and Episerver .

She was previously a NED of Fast Search and Transfer, Schibsted, Birdstep Technology and Niscayah Group . She was also Chairman of Xelerated .

Eva has a BSc and an MSc from the Linkoping Institute of Technology and an MBA from Melbourne University . THE CLASS OF 2012 71

John Lipsky HSBC HOLDINGS

John was appointed to the Board of HSBC Holdings in March 2012 . He currently sits on the Group Risk Committee .

He is the Distinguished Visiting Scholar, International Economics Program at the Paul H . Nitze School of Advanced International Studies at Johns Hopkins University; Co-Chairman of the Aspen Institute Program on the World Economy; Director of the National Bureau of Economic Research; member of the Advisory Board of the Stanford Institute for Economic Policy Research and the Council on Foreign Relations .

He started his career at the IMF in 1974 and served as the Fund’s Resident Representative in Chile from 1978 to 1980 . In 1984 he joined Salomon Brothers and was Chief Economist from 1992 to 1997 . In 1997, he became Chief Economist and Director of Research at Chase Manhattan and subsequently JPMorgan’s Chief Economist . John assumed the position of First Deputy Managing Director of the International Monetary Fund in September 2006 .

He earned a Bachelor’s degree in Economics from Wesleyan University . Subsequently, he was awarded an MA and a PhD in Economics from Stanford University .

Jane Lodge DEVRO, COSTAIN GROUP, DCC

Jane joined the Board of Devro in March 2012, Costain Group in August 2012 and DCC in October 2012 . She is Chairman of the Audit Committees for all three companies .

Previously, Jane was a Senior Audit Partner with Deloitte, where she spent over 25 years advising global manufacturing companies, including businesses in the food and automotive sectors . Jane was also the Partner in charge of the UK manufacturing industry sector, where she was responsible for strategy and marketing, and was a member of the Deloitte Global Manufacturing Executive .

Following her co-option onto the Board of Partners of Deloitte UK, she co- chaired a global team of partners to review the strategy of the Global Deloitte Firm . Jane’s extensive experience with manufacturing companies and her strategic work with Deloitte has given her a strong international business perspective . She was a member of the CBI Manufacturing Council until 2011 . Jane has a BSc in Geology from the University of Birmingham and qualified as a Chartered Accountant in 1979 . 72 THE KORN/FERRY INSTITUTE

Gabby Logan PERFORM

Gabby was appointed to the Board of Perform in December 2012 . She currently does not sit on any committees .

Gabby is one of Britain’s leading sports journalists, having worked for broadcasters including Sky Sports, the BBC, ITV and Channel 5 during her career to date .

Gabby holds a Law degree from Durham University .

Jaime (James) Lomelín Guillen FRESNILLO

James was appointed to the Board of Fresnillo in August 2012 . He currently sits on the Health, Safety Environment and Community Relations Committee .

James was previously the CEO of Fresnillo, having taken on the role at the date of the company’s IPO in 2008 . Prior to this he worked at Peñoles for 41 years, during which time he served as Group Vice President of the metals and chemicals division for four years and held the position as CEO for 21 years .

James is a member of the Board of Trustees of ITAM and an alternate Director of Palacio de Hierro, Grupo Nacional Provincial, Valores Mexicanos Casa de Bolsa . He is also Chairman of the Board of Trustees for the Chemistry School at the Universidad Nacional Autónoma de México (UNAM) and a member of the Fundación UNAM . James is a Director of the non-profit organisations INNOVEC, the Mexican Mining Chamber and the Council of Economic Development of the State of Zacatecas .

James holds a BSc degree in Chemical Engineering from the Universidad Nacional Autónoma de Mexico (UNAM) and did Business Administration studies at the University of Wisconsin (1958 to 1959) as well as the AD2 program at the Instituto Panamericano de Alta Dirección de Empresas (IPADE) in 1975 and the Stanford Executive Program at Stanford University (1984) . THE CLASS OF 2012 73

Fiona Luck CATLIN

Fiona was appointed to the Board of Catlin in August 2012 . She currently sits on the Audit, Compensation, Investment and Nomination Committees .

Fiona most recently was an Executive at XL Capital in Bermuda, where she held several roles, including Special Advisor to the CEO, Executive Vice President and Chief of Staff as well as Executive Vice President for Group Operations . She was also Executive Vice President of ACE and Managing Director of Marsh & McLennan . She is a Chartered Accountant who began her career at KPMG (Thomson McClintock) .

Fiona has had previous NED experience at Hardy Underwriting Bermuda and Primus Guaranty . She has a BA from the University of Manchester .

David MacFarlane KENTZ CORP

David was appointed to the Kentz Corp Board in August 2012 as a NED . He currently sits on the Audit Committee .

David has over 30 years of financial management and directorship experience in the oil and gas sector and has held a number of senior financial roles within the industry . His most recent role was as Finance Director of FTSE 250 Dana Petroleum . Previous to this, David was Finance Manager of Europe, North Africa and Asia for Amerada Hess and Commercial and Finance Director for JP Kenny Engineering .

David is a qualified Chartered Accountant . 74 THE KORN/FERRY INSTITUTE

Joe Mach RUSPETRO

Joe was appointed to the Board of Ruspetro in January 2012 . He is currently a member of the Nominations and Remuneration Committees .

Additionally, Joe is a Principal at Houston Consultants, an investment company based in Texas .

He served as Vice President responsible for exploration and production at Yukos E&P from 1999 until 2006 . Prior to Yukos, Joe worked for Schlumberger from 1976 until 1999 . He has been a Society of Petroleum Engineers member since 1970 .

Joe has a BSc in Petroleum Engineering from the University of Tulsa and served as Chairman of the University of Tulsa Petroleum Engineering Advisory Board .

Deirdre Mahlan EXPERIAN

Deirdre was appointed to the Board of Experian in September 2012 . She does not currently sit on any committees .

Deirdre has been the Chief Financial Officer of Diageo since October 2010 . She joined Diageo in 2002, when it acquired Joseph Seagram and Sons . She has held several senior finance positions including Senior Vice President and Chief Financial Officer of Diageo North America, Vice President of Finance, Diageo Guinness US and Head of Tax and Treasury . Deirdre’s early career began with PricewaterhouseCoopers .

Deirdre graduated from New York University with a BSc in Accounting and she holds an MBA from Columbia University . THE CLASS OF 2012 75

Alex Mahon OCADO GROUP

Alex was appointed to the Board of Ocado Group in June 2012 and is currently a member of the Audit and Nomination Committees .

Alex is currently CEO of Shine Group (2012) and a NED of Media Guardian TV Festival . Alex previously held the positions of Chief Operating Officer (2005 to 2006) and Commercial Director (2004 to 2005) at TalkbackThames, alongside Director of Commercial Development and Strategy at FreemantleMedia . Alex began her career with FreemantleMedia owner RTL Group in Luxembourg .

Alex has a Physics PhD from Imperial College .

Dr. Louise Makin INTERTEK GROUP

Louise was appointed to the Board of Intertek Group in July 2012 . She currently sits on the Remuneration Committee .

Louise is the CEO of BTG, a growing international specialist healthcare company, a position she has held since 2004 . From 2001, Louise became President of the Biopharmaceuticals division of Baxter Healthcare, where she was responsible for Europe, Africa and the Middle East after joining Baxter Healthcare in 2000 as Vice President, Strategy and Business Development Europe . Before joining Baxter, she was Director of Global Ceramics at English China Clay and prior to that she held a variety of roles at ICI between 1985 and 1998 .

Louise is a Trustee of The Outward Bound Trust and was previously a NED of Premier Foods .

She has an MA and a PhD in Materials Science from Cambridge . 76 THE KORN/FERRY INSTITUTE

Victoire de Margerie MORGAN CRUCIBLE

Victoire joined the Board of Morgan Crucible in May 2012 and sits on the Remuneration, Nomination and Audit Committees .

Victoire is the Chairman and Managing Director of Rondol Technology . She is also a NED of the French-quoted companies Ciments Français and Eurazéo, and the Norwegian-quoted company Norsk Hydro . Victoire previously held NED positions at Outokumpu and Ipsos and was a Professor in Strategic Management at Grenoble School of Business . During her executive career she held senior management positions in Germany, France and the US with Arkema, CarnaudMetalbox and Péchiney .

She has an MS from the École des Hautes Études Commerciales de Paris and a PhD (Hons) from the Université Pantheon Assas Paris 2 .

Dermot Mathias SHAFTESBURY

Dermot was appointed to the Shaftesbury Board in October 2012 . He is a member of the Audit, Nominations and Remuneration Committees .

Dermot has had a long career with BDO during which he has held various senior positions, including: Head of Corporate Finance (1980 to 1990), Se- nior Partner of the firm and Chairman of the Policy Board of BDO Interna- tional (2002 to 2010) . He was also a member of the Industrial Development Advisory Board (2005 to 2011) .

Dermot is a qualified Chartered Accountant . THE CLASS OF 2012 77

Brian May UNITED UTILITIES GROUP

Brian was appointed to the Board of United Utilities Group in September 2012 . He is a member of the Nomination Committee and Audit and Risk Committee .

Brian has been Finance Director at Bunzl since 2006 . Prior to this he held roles at Bunzl as Group Treasurer and Finance Director, Europe and Aus- tralasia, having joined the company in 1993 as Internal Audit Manager .

Brian qualified as a Chartered Accountant ACA with KPMG and holds a BSc in Actuarial Science .

Neil McConachie LANCASHIRE HOLDINGS

Neil was appointed to the Lancashire Holdings Board in June 2012 . He is a member of the Investments Committee .

Neil had previously worked at the Lancashire Group from February 2006 to June 2012 and during that time held the roles of Chief Financial Officer, Chief Risk Officer and President . He also served as an Executive Member of the Board of Directors . Prior to this Neil was Senior Vice President, Treasurer and Chief Accounting Officer of Montpelier Re Holdings . He has extensive involvement in debt and equity capital markets transactions, including the Initial Public Offerings of Lancashire and Montpelier . Before joining Montpelier, Neil worked for PricewaterhouseCoopers in London and Bermuda and at Stockton Holdings .

Neil has a BA in Accounting and Finance from Heriot-Watt University and an MBA from Edinburgh Business School . He is also a qualified Chartered Accountant . 78 THE KORN/FERRY INSTITUTE

Richard (Rick) McCreary AFRICAN BARRICK GOLD

Rick was appointed to the Board of African Barrick Gold in July 2012 . He does not currently sit on any committees .

Rick is Senior Vice President, Corporate Development of Barrick Gold Corporation having joined in April 2011 . Prior to joining Barrick, he worked in mining investment banking for over 14 years, culminating as Head of CIBC World Markets’ Global Mining investment banking group . Prior to this, Rick worked in the Noranda/Falconbridge organisation for eight years in various areas, including metals marketing, geophysics, geological engineering and technology development .

Rick holds a BSc from the University of Michigan, a MSc from Queen’s University and MBAs from the University of Chicago and McGill University .

Doug McCutcheon WORLDWIDE HEALTHCARE TRUST

Doug was appointed to the Board of Worldwide Healthcare Trust in November 2012 . He does not currently sit on any committees .

Doug is currently President and Founder of Gormley (Masonry Services) . Up to February 2012, Doug was Managing Director for UBS Investment Bank and trained with SG Warburg Group .

Doug is a Director on the Longview Asset Management Board .

Doug holds a BComm degree from Queens University and is a Council Member at Queen’s School of Business . THE CLASS OF 2012 79

Rebecca McDonald AGGREKO

Rebecca was appointed to the Board of Aggreko in October 2012 . She does not currently sit on any committees .

Until recently, Rebecca was CEO of Laurus Energy, an energy technology company based in Houston . Prior to this Rebecca was President, Gas and Power with BHP Billiton; Chairman and CEO, Enron Global Assets; President and CEO, Amoco Energy Development Company .

She is a NED of Veresen, an Alberta-based energy infrastructure company and Granite, a civil construction company .

Rebecca holds a degree from Stephen F . Austin State University .

Lindsey McMurray INTERMEDIATE CAPITAL

Lindsey was appointed to the Board of Intermediate Capital in September 2012 and is a member of the Remuneration, Audit and Risk and Nominations Committees .

Lindsey has been a private equity investor for more than 15 years, focusing particularly on the Financial Services sector . She has been Managing Director of Fortress Investment Group, held various positions at the Royal Bank of Scotland Group and was a Partner at Cabot Square Capital . Whilst she was at RBS, Lindsey led a £1 1. billion private equity fund for seven years which maintained top quartile performance .

Lindsey also supports a number of charities, focusing particularly on mentoring children in state schools and a number of projects in Africa .

Lindsey was awarded a First Class degree in Accounting and Finance and studied for an MPhil in Finance from Strathclyde University . 80 THE KORN/FERRY INSTITUTE

Heather McSharry CRH

Heather joined the Board of CRH in February 2012 . She is a member of the Audit Committee .

She was previously a NED of Bank of Ireland and is a former Managing Director Ireland of Reckitt Benckiser where she worked between 2006 to 2009 . Before joining Reckitt Benckiser, she worked for Boots Healthcare in Ireland where she was Country Manager from 1998 having previously held roles in marketing and product management .

Her earlier career was spent with W&E Products and Ireland’s Industrial Development Authority . She is currently a NED of Greencore Group, Chairman of the Bank of Ireland Pension Fund Trustee Board and she also serves on the Board of IDA, the Industrial Development Agency in Ireland .

Heather holds Bachelor of Commerce and Master of Business Studies degrees from University College, Dublin .

Amanda Mellor KIER GROUP

Amanda was appointed to the Board of Kier Group in December 2011 . She currently sits on the Risk Management, Audit and Remuneration Committees and chairs the Nominations Committee .

Amanda is the Group Secretary and Head of Corporate Governance of Marks and Spencer . Before joining Marks and Spencer, Amanda worked at Holloway and Associates corporate communications consultancy . Her early career was spent in investment management at James Capel previous to becoming a Director within its Corporate Finance team . Amanda then worked at Robert Fleming Investment Banking before joining the Burton Group as Director of Corporate and Investor Relations . Amanda remained with Arcadia Group after the Burton Group demerger before joining the US-based Infonet Service Corporation .

Amanda was accredited as a Legal Mediator in 2002 . THE CLASS OF 2012 81

Amanda Mesler PACE

Amanda was appointed to the Board of PACE in September 2012 . She currently sits on the Audit and Risk, Nominations and Remuneration Committees .

Amanda has 26 years of extensive international leadership and general management experience at CEO and Board level . She is currently Division President at Logica where she has held a number of different senior level positions including Chief Client Officer and Regional President . Prior to joining Logica, Amanda was a Corporate Officer and Vice President of Strategy and Organisation Design for SYSCO . Before SYSCO, Amanda was a Senior Partner at BearingPoint Consulting (formerly KPMG Consulting) . Her early career was with GE as the Asia Pacific Market Manager .

Amanda is also a NED on the Board of Easygain .

Amanda received a BS/BA from Western Carolina University and an MBA from the University of North Carolina .

Benjamin (Ben) Mingay HOMESERVE

Ben was appointed to the Board of Homeserve in January 2012 . He currently sits on the Audit and Nomination Committees .

Ben is currently Managing Partner of Smith Square Partners, an independent corporate finance advisory firm . He has more than 20 years’ experience as a Corporate Finance Adviser and prior to co-founding Smith Square Partners he was a Managing Director of Hawkpoint Partners and Credit Suisse First Boston (Europe) .

Ben is also a NED of AIM-listed Alternative Networks .

Ben has an MA in Geography and Law from Cambridge University . 82 THE KORN/FERRY INSTITUTE

Hugh Mitchell RSA INSURANCE GROUP

Hugh was appointed to the Board of RSA Insurance Group in September 2012 . He currently sits on the Remuneration Committee .

Hugh is Chief Human Resources and Corporate Officer of Royal Dutch Shell and a member of the Shell Executive Committee . He joined Shell in 1979 and has held a number of senior roles including International Director .

Hugh is also a member of the Board for the Centre for Advanced Human Resources at Cornell University in the USA, and a Foundation Board mem- ber of IMD Business School in Lausanne, Switzerland . He was appointed a Fellow of the National Academy of Human Resources in the US in 2009 and is also an Honorary Vice President of the Chartered Institute of Personnel and Development (UK) .

Hugh has an MA in Modern History from the University of Edinburgh .

Jean-Marc Mizrahi BUMI

Jean-Marc was appointed to the Board of Bumi in June 2012 . He does not currently sit on any committees .

Jean-Marc is the Founder and CEO of Ymagis, a leading digital cinema services company in France, Germany, Spain and Benelux . Ymagis was founded in 2007 .

Prior to this, he was the CEO of Éclair Group, a digital post-production company and the Managing Partner of Lazard Asia, the Asian arm of the Lazard Frères Group .

Jean-Marc graduated from École Polytechnique in Paris in 1981 and École Nationale des Ponts et Chaussées in 1983 . THE CLASS OF 2012 83

Richard Moat INTERNATIONAL PERSONAL FINANCE

Richard was appointed to the Board of International Personal Finance in July 2012 . He currently sits on the Audit and Risk and Remuneration Com- mittees .

Richard is currently Chief Financial Officer of Irish telecommunications company Eircom, which he joined in 2012 . He was previously Chief Finan- cial Officer and Deputy Chief Executive Officer at Everything Everywhere, having served as Managing Director of T-Mobile UK until the company merged with Orange . Prior to this, Richard held a number of positions with Orange as CEO of their Romanian, Danish and Thai subsidiaries . Richard started his career as a Financial Analyst at Sedgwick Group before joining Marathon Oil Corporation in Audit and Strategy roles .

Richard is a Fellow of the Chartered Association of Certified Accountants and graduated from the University of Cambridge with an MA in Law .

Dr. Maria Moloney WORKSPACE GROUP

Maria was appointed to the Board of Workspace Group in May 2012 and is a member of the Audit, Remuneration and Nominations Committees .

She was previously on the Board of the Belfast Harbour Commissioners, the Industrial Development Board and Northern Ireland Transport Holdings . She also served on the UK’s Independent Television Commission in London and on the Board of the University of Ulster Foundation .

Maria, a Lawyer, is currently a NED of the Broadcasting Authority of Ireland in Dublin and a Trustee of the Northern Ireland Cancer Centre in Belfast .

She received an Honorary Doctorate degree from the University of Ulster in 2006 . 84 THE KORN/FERRY INSTITUTE

Richard Moross LADBROKES

Richard was appointed to the Board of Ladbrokes in May 2012 . He does not currently sit on any committees .

Richard is CEO of Moo Print, an online printing business, which he founded in 2006 . Prior to Moo he worked as Strategist for design company Imagination . Before that he worked for the dot com. start-up: Sorted com. . His early career was spent working for the BBC .

He is a leading expert in e-commerce and emerging technology issues .

He is also a Board member of investment fund Seedcamp and a Founding member of the Awesome Foundation’s London Chapter and the International Academy of Digital Arts and Sciences .

Suzy Neubert WITAN INVESTMENT TRUST

Suzy was appointed to the Board of Witan in April 2012 . She does not currently sit on any committees .

Suzy is Sales and Marketing Director at J O Hambro Capital Management, which she joined in March 2006 . She was previously Managing Director of Equity Markets within the Global Markets and Investment Banking Group at Merrill Lynch Securities in London . From 1993, she worked at Smith New Court Europe (later taken over by Merrill Lynch) as a European Equity Analyst and later as Director of European Equity Sales . Prior to Smith New Court, she worked at Hambros Bank as an Executive in the Corporate Finance division .

She is a qualified Barrister and has an LLB from the University of Buckingham and an LLM from Kings College London . THE CLASS OF 2012 85

David Nicol BREWIN DOLPHIN HOLDINGS

David was appointed to the Board of Brewin Dolphin Holdings in March 2012 . He is Chairman of the Audit Committee and a member of the Nominations and Risk Committees .

Having started his career with Ernst & Young and then KPMG in Hong Kong, David joined Morgan Stanley in 1984 . David worked at Morgan Stanley for 26 years in a number of operations and finance roles and was appointed EMEA CAO in 2004 . During this time he was a Director from 2004 to 2010, chairing the Pension Scheme from 2005 to 2011 and the Audit Committee in 2011 .

David is a Special Advisor to KPMG and sits on the Board of the Chartered Institute of Securities and Investments . He is also on the Council of the Institute of Chartered Accountants of Scotland and on the Committee of Management of Hermes Property Unit Trust . David was a NED of Euroclear from 1998 to 2010 .

David has a BA in Accountancy from the University of Strathclyde and is a member of the Institute of Chartered Accountants of Scotland .

Susan Noble BRITISH EMPIRE SECURITIES & GENERAL TRUST, ALLIANCE TRUST

Susan was appointed to the Board of the British Empire Securities & General Trust in March 2012 and Alliance Trust in July 2012 . She sits on the Audit and Remuneration Committees of the Alliance Trust Board .

Susan joined Robert Fleming Asset Management in 1986 as a European Equities Portfolio Manager . She rose to become Director and was Senior European Portfolio Manager of the Fleming Continental European Investment Trust . She joined Goldman Sachs Asset Management in 1997 and held the roles of Head of European Equities, Head of Global Equities and was appointed Managing Director in 1999 . Between 2005 and 2007 she was a Founder/Partner of the Pension Corporation and was a member of its Investment Strategy Committee .

Susan has a BA in History from the University of Manchester and a MBA from the Manchester Business School . 86 THE KORN/FERRY INSTITUTE

Birgit Nørgaard IMI

Birgit was appointed to the Board of IMI in November 2012 . She currently sits on the Nominations Committee .

Birgit has held a number of senior executive positions in consulting engineering, the most recent being CEO of Grontmij, Denmark as well as Chief Operating Officer of Grontmij in the Netherlands and previously CEO of The Carl Bro Group, Denmark . Birgit started her career as a Consultant with McKinsey & Co .

Birgit now serves as a NED on a number of company boards including the listed companies DSV and Lindab International . She is also Chairman of a contractor, E . Pihl & Son . and engineering company NNE Pharmaplan .

She has an MSc in Economics from Copenhagen Business School and an MBA from INSEAD .

Nonkululeko (Nku) Nyembezi-Heita OLD MUTUAL

Nku joined the Board of Old Mutual in March 2012 . She currently sits on the Nomination and Risk Committees .

Nku is the CEO of ArcelorMittal South Africa, the largest steel producer on the African continent and a subsidiary of the ArcelorMittal Group, which in turn is the largest steel producer in the world . She was appointed CEO in 2008 . Prior to this, Nku served as the Chief Officer of Mergers and Acquisitions for the Vodacom Group and before that, she was CEO of Alliance Capital, the South African subsidiary of the New York-based global investment management company . She started her career with IBM .

Nku is also a NED of the JSE Securities Exchange .

She studied as an undergraduate at the University of Manchester Institute of Science and Technology, has a Master’s from the California Institute of Technology and an MBA from the Open University Business School . THE CLASS OF 2012 87

Patrick Obath AFREN

Patrick was appointed to the Board of Afren in February 2012 . He currently sits on the Audit and Risk and Remuneration Committees .

Patrick spent most of his 36-year executive career at Shell . Between 2005 and 2010, he was County Chairman and Managing Director of Kenya Shell . Prior to that he held a wide range of engineering and management roles both within Africa and outside of it . Between 2005 and 2008, he was also County Chairman of Shell Tanzania .

He is a NED of Standard Chartered Kenya . He also serves as a Director of the East African Business Council, Africa Alliance Capital and Kenya Power and Lighting Co .

Patrick has a BSc in Mechanical Engineering from the University of Nottingham .

Deanna Oppenheimer TESCO

Deanna was appointed to the Board of Tesco in March 2012 and sits on the Corporate Responsibility Committee . Following approval from the FSA she was appointed to the Board of Tesco Bank as a NED in July 2012 .

Deanna held various senior roles at Barclays between 2005 and 2011 . She joined initially as CEO of UK Retail and Business Banking, before being subsequently appointed Vice Chair of Global Retail Banking and then CEO of Europe Retail and Business Banking . Prior to joining Barclays, she was Marketing Director and later President of Consumer Banking of Washington Mutual .

She is currently a Supervisory Board Director of Axa and is an Independent Director of NCR Corporation . She has also served as a NED of Catellus and Plum Creek Timber .

Deanna graduated from the University of Puget Sound in 1980 . 88 THE KORN/FERRY INSTITUTE

Helen Owers PZ CUSSONS

Helen joined the Board of PZ Cussons in January 2012 . She currently sits on the Audit, Remuneration, Nomination, Group Risk and Corporate Social Responsibility Committees .

She was Chief Development Officer for Thomson Reuters Professional, with responsibility for the division’s expansion in Rapidly Developing Economies . She previously held a number of operational roles within Thomson Reuters and played an important role in the development of the company’s digital strategy . Most recently, as President of Global Businesses for Thomson Reuters Legal, she built new businesses in a number of emerging markets .

Before joining Thomson Reuters, Helen worked as a Consultant with Gemini Consulting, developing and implementing corporate and operational strategies for a number of consumer products clients .

Helen has a BA in Geography from Newcastle University and an MBA from IMD business school .

Jean Park MURRAY INCOME TRUST

Jean was appointed to the Board of Murray Income Trust in July 2012 . She does not currently sit on any committees .

Jean is a NED on the Board of NHBC . She has held the position of Chief Risk Officer of the Phoenix Group since November 2009 . Previously, she was Risk Management Director and a member of the Executive of both Lloyds TSB Insurance and Investments Division and Scottish Widows Group .

Jean’s career started at Ernst & Young where she qualified as a Chartered Accountant, prior to moving to Scottish Life and then to Scottish Widows . THE CLASS OF 2012 89

Lynne Peacock STANDARD LIFE

Lynne was appointed to the Board of Standard Life in April 2012 . She is a member of their Audit, Remuneration and Corporate Responsibility Committees .

She joined National Australia Bank in 2003 and, from 2004 to 2011, she was CEO, UK (Clydesdale Bank and Yorkshire Bank) . Prior to that, Lynne was with Woolwich from 1983 to 2003, finishing her career there as CEO .

Additionally, Lynne has been a Director with Scottish Water since 2009 and since 2011 a NED and Chairman of the Remuneration Committee of the Nationwide Building Society .

Lynne obtained a BA (Hons) from the University of East London .

Gareth Penny NEW WORLD RESOURCES

Gareth was appointed as Chairman-Elect of New World Resources in September 2012 and Executive Chairman in October 2012 . He currently sits on the Finance and Investment, Health, Safety and Sustainability and Nomination Committees .

Previously Gareth was a Divisional CEO of Advanced Metallurgical group and from 2006 to 2010 was CEO of De Beers, having joined in 1991, initially working for Teemane Manufacturing Company, Botswana and Diamond Trading Company . Prior to joining De Beers, Gareth worked for Anglo American in Johannesburg .

Gareth also serves as a NED of OKD, a subsidiary of NWR and Julius Baer Holdings . He is a member of the Advisory Board of TowerBrook Capital Partners and Vice Chairman of the Botswana Economic Advisory Committee .

Gareth has an MA in Philosophy, Politics and Economics from Oxford University . 90 THE KORN/FERRY INSTITUTE

Demetra Pinsent CAPITAL AND COUNTIES PROPERTIES

Demetra was appointed to the Board of Capital and Counties Properties in May 2012 . She currently sits on the Nominations and Corporate Social Responsibility Committees .

Demetra joined McKinsey & Co on leaving Oxford in 1999 and became a Partner and leader of their European Apparel, Fashion and Luxury Goods Practice for five years, advising leading high-street, aspirational and luxury retailers and brands . She left McKinsey & Co in February 2012 and is CEO of a new beauty start-up business .

She has a BA in Social Studies from Harvard and an MPhil in Economic and Social History from Oxford University .

Ajay Piramal SMITH & NEPHEW

Ajay was appointed to the Board of Smith & Nephew in January 2012 . He does not currently sit on any committees .

Ajay is one of India’s most respected businessmen . He enabled the Piramal Group to transform from a textile-centric group to a $2 0. billion diversified conglomerate . He has extensive industry and market knowledge and international experience, particularly in India and China . He has held a number of global healthcare leadership positions in India and internationally .

He is Chairman of Piramal Healthcare, Piramal Glass, Allergan India, IndiaREIT fund advisors and IndiaVentures Advisors, Chairman of the Board of Governors of Indian Institute of Technology, Indore, a member of the Board of Dean’s Advisors at Harvard Business School and Chairman of Pratham India .

He has a BSc from the University of Mumbai and from the University of Jiwaji and a Master’s in Management Studies from the University of Jamnalal Bijaj Institute of Management Studies . THE CLASS OF 2012 91

Alison Platt CMG CABLE & WIRELESS COMMUNICATIONS

Alison joined the Board of Cable & Wireless Communications in June 2012 . She currently sits on the Audit, Nominations and Remuneration Committees .

Alison is a Managing Director at Bupa, responsible for International Development Markets across Asia, the Middle East and the US . She took up this post in October 2012 having previously held a number of senior posts across Bupa, including Chief Operating Officer of its UK private hospitals business, Deputy Managing Director in its UK insurance business and latterly Managing Director for its businesses in the UK, Europe and North America .

Before joining Bupa, Alison held a number of key positions in British Airways, where she joined as a management trainee .

In May 2009, she became Chair of ‘Opportunity Now’, which seeks to accelerate change for women in the workplace . She was a NED of the Foreign & Commonwealth Office between 2005 and 2010, and was appointed CMG in 2011 for her services to the Board of the FCO .

Philana Poon AZ ELECTRONIC MATERIALS

Philana was appointed to the Board of AZ Electronic Materials in June 2012 . She currently sits on the Remuneration Committee and Nominations Committee .

Philana has a wealth of business experience in Asia and 15 years of experience in the technology and telecommunications industries . Philana is currently the Group Company Secretary of PCCW, and the Group General Counsel and Company Secretary of HKT, both of which are companies listed on the Hong Kong Stock Exchange .

Philana holds a Doctor of Law degree from Cornell University and a Bachelor of Commerce degree from the University of Toronto . She is also a member of the New York, New Jersey and District of Columbia Bar Associations and the Hong Kong General Chamber of Commerce Legal Sub-Committee . 92 THE KORN/FERRY INSTITUTE

James Powell TALKTALK TELECOM GROUP

James was appointed to the Board of TalkTalk Telecom Group in July 2012 . He does not currently sit on any committees .

James is Chief Technology Officer of Thompson Reuters, previous to which he was Chief Technology Officer for the market division . During his 14-year career at Reuters, James has held a number of senior positions: Chief Technology Officer for Enterprise; Chief Technology Officer and Global Head of Product Development; Head of Technology Strategy; and Chief Technology Officer for the Reuters financial division . James has also held senior positions at Solace Systems, Citadel Investment Group and TIBCO Finance Technology .

James is also a Senior Director on Solace Systems Board .

James graduated from Imperial College London with a BSc in Mathematics and MSc in Industrial Robotics .

Mark Preston PERSIMMON

Mark was appointed to the Board of Persimmon in January 2012 . He is a member of the Audit and Remuneration Committees .

Mark has been the Group CEO of Grosvenor Group since 2008, having joined in 1989 . During his time with Grosvenor he has worked in both Hong Kong and San Francisco .

He is a NED of Sonae Sierra, a Board member of The Association of Foreign Investors in Real Estate and a member of the (University of) Cambridge Land Economy Advisory Board . Mark is also a Trustee of the Westminster Foundation .

He has previously been a NED on Royal and Sun Alliance’s London Board .

Mark has a degree from Reading University . THE CLASS OF 2012 93

Dr. Ajai Puri TATE & LYLE

Ajai was appointed to the Board of Tate & Lyle in April 2012 . He is the Chairman of the Research Advisory Group and currently sits on the Corporate Responsibility, Nominations and Remuneration Committees .

He was President Research, Development and Product Integrity and a member of the Executive Board of Koninklijke Numico from 2003 to 2007 . From 1981 to 2003, Ajai held various management positions with The Coca-Cola Company, culminating in Senior Vice President Technical, The Minute Maid Company . He is currently a member of the Supervisory Board of Nutreco, NED of Barry Callebaut and NED of Britannia Industries .

Ajai has a PhD in Food Science from the University of Maryland and an MBA from Rollins College, Florida .

Alexander (Alex) Ramlie BUMI

Alex was appointed to the Board of Bumi in June 2012 . He does not currently sit on any committees .

He is President of the PT Borneo Lumbung Energi and Metal, having previously been Chief Operating Officer . Prior to this, Alex was Managing Director of Ancora Capital Management, a private equity fund management firm . Alex began his career in investment banking at Lazard Fréres & Co .

Alex was awarded the Asia Mining Personality of the Year and received a BA and an MA in Economics from Boston University . 94 THE KORN/FERRY INSTITUTE

Nalinkant Rathod BUMI

Nalinkant joined the Board of Bumi as a NED in December 2012 . He was previously CEO of the business . He stepped down as a NED in February 2013 .

Nalinkant has been associated with the Bakrie Group in Indonesia in various capacities for nearly 25 years, holding various senior positions . He is currently the President Commissioner in Kaltim Prima Coal and Arutmin Indonesia . He is also the Managing Director of Capital Managers Asia, Singapore, a financial advisory firm operating in Asia . He was appointed as Commissioner in Bumi Resources, Bakrie Telecom and Energi Mega Persada . In addition, he is the Chairman and Managing Director of Restile Ceramics, a publicly listed company in India, and Director of Nostrum Pharmaceuticals .

Nalinkant received a Bachelor of Commerce degree from Andhara University, India and is a qualified Chartered Accountant .

Stacey Rauch LAND SECURITIES

Stacey was appointed to the Board of Land Securities in January 2012 . She currently sits on the Audit Committee .

Stacey is a Director Emeritus of McKinsey & Co where she served clients in the US and internationally for 24 years . Whilst there she co-founded the New Jersey office and was the first woman to be appointed as an Industry Practice Leader . She was a leader in the firm’s Retail and Consumer Goods Practices, served as the head of the North American Retail and Apparel Practice and acted as the Global Retail Practice Convener . She retired from McKinsey & Co in September 2010 .

She is currently a NED of Ann, (a listed American women’s speciality apparel retailer) and the Tops Holding Corporation (the parent company of Tops Markets, a US grocery retailer) and was appointed as a NED and chair of the Compensation Committee of the Fiesta Restaurant Group, which is listed on NASDAQ .

Stacey has a BSc and an MBA from Wharton . THE CLASS OF 2012 95

Michael Rawlinson TALVIVAARA MINING CO

Michael was appointed to the Board of Talvivaara Mining Co in April 2012 . He is currently a member of the Nomination and Strategy Committees .

Michael is the Head of Metals and Mining at Liberum Capital . He has 20-years’ investment banking experience in the mining sector both in research and corporate finance . He commenced his career at Flemings in their mining corporate finance team and developed his career in both mining analysis and corporate finance at Cazenove/JPMorgan prior to joining Liberum Capital in 2007 .

Michael has a First Class degree in Economics from the University of Birmingham and a Master’s in Resource Economics from University College London .

Mark Reckitt WETHERSPOON

Mark was appointed to the Board of Wetherspoon in May 2012 and is currently Chairman of the Audit Committee . He also sits on the Remuneration and Nominations Committees .

He has been Group Strategy Director at Smiths Group since February 2011 .

Mark is the President of Smiths Interconnect, which is one of the five divisions of Smiths, based in California . This is in addition to his Group Strategy Director role .

Prior to joining Smiths, he was Chief Strategy Officer at Cadbury from 2004 to 2010 and held a range of strategy and finance roles at Cadbury since joining in 1989, including UK Finance Director .

Prior to joining Cadbury, he spent six years in investment banking and retailing . Mark is a Chartered Accountant and has a Bachelor of Commerce from the University of Liverpool . 96 THE KORN/FERRY INSTITUTE

Carmen Rodriguez Diaz HERITAGE OIL

Carmen was appointed to the Board of Heritage Oil in 2012 . She is currently a member of the Audit and Remuneration Committees .

Carmen was previously Chair and CEO of Sociedad Estatal Espanola P4R, a Spanish government-owned consultancy firm specialising in foreign trade, investment and cooperation . She has held many other senior executive positions with commodities trading companies . She is also a Board member on the Plan España, United Nations Relief and Works Agency, a Trustee of the Casa Arabe, Fundacion Consejo España India, Fundacion Consejo España-China and a representative of the Museo Nacional Centro de Arte Reina Sofía .

Carmen was awarded the prestigious Órden de Isabel la Católica by King Juan Carlos University, Spain in 1990, recognising her services to the Spanish people and work with the international community .

Jacqueline de Rojas HOME RETAIL GROUP

Jacqueline was appointed to the Board of Home Retail Group in December 2012 . She does not currently sit on any committees .

Jacqueline is currently Vice President/General Manager for the UK and Ireland branches of CA . She is also an Advisory Board member for Bazaarvoice . Prior to this she was Vice President for the UK and Ireland branch of McAfee International, a Consultant and Managing Director at Novell UK as well as Vice President, Europe, Middle East, Africa and Asia Pacific at Cartesis . She has also held various management and sales roles at Business Objects Informix Corp and Legent .

Jacqueline was the Chairman of Clarity Solutions until October 2012 .

She has a degree from the University of Middlesex . THE CLASS OF 2012 97

Linda Sanford REED ELSEVIER GROUP

Linda was appointed to the Board of Reed Elsevier Group in December 2012 .

Linda is currently Senior Vice President, Enterprise on Demand Transformation and Information Technology at IBM . She has held various general manager roles with IBM since starting out there as an Engineer in 1975 .

Linda has been a NED of ITT Corporation since 1998 .

Linda holds a BS degree from St John’s University and MS degree from Rensselaer Polytechnic . She was also awarded an Honorary Doctorate in Commercial Science from St John’s University .

Dr. Trudy Schoolenberg SPIRAX SARCO

Trudy joined the Board of Spirax Sarco in August 2012 . She currently sits on the Audit, Remuneration and Nomination Committees .

Trudy most recently served as Vice President of Global Research and Development at Wartsila Oy, the world leader in land and marine power systems . Prior to that, she worked for 21 years for Royal Dutch Shell and held several senior management positions, including Deputy Site Manager and Production Manager of the Shell Pernis refinery in the Netherlands, the largest refinery in Europe, and Head of Strategy for Shell Chemicals . She is currently a NED of COVA, the agency responsible for maintaining the Dutch strategic oil and petrochemical reserves .

She has an MSc in Mechanical Engineering and a PhD in Physics from Delt University . 98 THE KORN/FERRY INSTITUTE

Angela Seymour-Jackson RENTOKIL INITIAL

Angela was appointed to the Board of Rentokil Initial in March 2012 . She currently sits on the Remuneration Committee .

Previously, she was CEO of RAC Motoring Services . Prior to the RAC, she held roles as Distribution Director of Aviva UK Life and Distribution Director of Norwich Union Insurance .

Angela is a member of the Chartered Institute of Marketing and the Chartered Institute of Insurance .

Mary Shafer-Malicki WOOD GROUP

Mary was appointed to the Board of Wood Group in June 2012 . She currently sits on the Audit and Nomination Committees .

Mary worked for Amoco and BP for 17 years, latterly as Senior Vice President and CEO for BP’s Angola operations . She held previous appointments in Vietnam, Aberdeen, Holland and the US where she was COO, Head of Exploration and Deputy Incident Commander for BP’s Florida operations in the aftermath of the Deepwater Horizon spill . Mary retired in 2009 to focus on non-executive interests . She currently serves as a NED of McDermott International and Ausenco .

Mary graduated with a Bachelor of Science in Chemical Engineering from Oklahoma State University . THE CLASS OF 2012 99

Sir Nigel Sheinwald ROYAL DUTCH SHELL

Nigel was appointed to the Board of Royal Dutch Shell in July 2012 . He currently sits on the Corporate Social Responsibility Committee .

Nigel had a 35-year career as a British diplomat . His last appointment was British Ambassador to the United States (2007 to 2012) . Before that he was Foreign Policy and Defence Adviser to the Prime Minister (2003 to 2007) and British Ambassador to the European Union in Brussels (2000 to 2003) .

Nigel joined the Foreign Office in the late 1970s and worked in various roles in the UK, Russia, US, Japan and Brussels . He has served in a number of roles in London, including Foreign Office Press Secretary and Deputy Head of the Foreign Office’s Policy Planning staff .

Since leaving the Foreign Office, Nigel has taken on a number of business appointments and been appointed Visiting Professor in International Relations at King’s College, London .

Nigel graduated with a First in Classics from Balliol College, Oxford University . He was knighted in 2001 and awarded a GCMG in 2011 .

Gillian Sheldon CAPITA

Gillian was appointed to the Board of Capita in September 2012 . She cur- rently sits on the Audit, Remuneration and Nominations Committees .

Gillian is a Managing Director in Investment Banking at Credit Suisse and Co-Head of the European Media and Telecoms Group . She joined Credit Su- isse in 1997, prior to which she worked in Corporate Finance at NM Roths- child & Sons .

Previous roles have also included Chair of Bird & Co Group Advisory Board .

Gillian has a degree in Mathematics from the University of Bristol . 100 THE KORN/FERRY INSTITUTE

Stuart Sinclair PROVIDENT FINANCIAL

Stuart was appointed to the Board of Provident Financial in October 2012 .

He was, for nine years, Chairman of GE Capital Bank in London, a GE Corporate Officer and latterly CEO of GE China . Stuart has worked in financial services for 19 years, and before that for ten years in management consulting, based in Boston . He was also CEO of Tesco Personal Finance and Director of Aspen Insurance Holdings .

Stuart is currently a NED at Prudential Health and a Senior Director at Platinum Bank .

He has an MA from the University of Aberdeen and an MBA from UCLA .

Kirsi Sormunen TALVIVAARA MINING CO

Kirsi was appointed to the Board of Talvivaara Mining Co in April 2012 . She currently chairs the Sustainability Committee and is a member of the Audit Committee .

Kirsi is currently the Vice President, Corporate Responsibility at Nokia . Prior to her present position, Kirsi was the Vice President, Sustainability and Head of Environmental Activities for Nokia, and prior to that she had a long career in Nokia’s finance function . She started in Nokia Treasury in 1982, and was promoted to Vice President & Corporate Treasurer in 1993 . She was responsible for finance in Nokia Telecommunications as Senior Vice President, Finance & Control 1993 to 1999 and based in Irving, Texas as the Head of Finance of Nokia Americas . She has also been a member of the Steering Group of Tekes Green Growth Program since 2011 . As of January 2013 she has been a member of the Supervisory Board of the Finnish Innovation Fund Sitra .

She graduated with an MSc in Economics, International Business Management and Marketing from Helsinki School of Business Administration . THE CLASS OF 2012 101

Jasmin Staiblin ROLLS-ROYCE HOLDINGS

Jasmin was appointed to the Board of Rolls-Royce Holdings in May 2012 . She currently sits on the Nominations and Ethics Committees .

She was recently appointed to be the CEO of Alpiq Holding, a Swiss- headquartered energy generation, trading and energy service business . Prior to this, she spent her career with multinational industrial group ABB latterly as CEO of ABB Switzerland (2006 to 2012) and before that as Head of Sales and Marketing .

Jasmin also sits on the Board of Georg Fischer, a Swiss industrial group . She has an MSc and a degree in Physics from Karlsruhe University, Germany and The Royal Institute of Technology in Stockholm, Sweden .

Anne Stevens ANGLO AMERICAN

Anne joined the Board of Anglo American in May 2012 . She is a member of the Audit Committee .

Anne is currently Chairman and CEO of SA IT Services, a privately held IT services business, having joined that company in 2011 . Previously, she was Chairman and CEO of Carpenter Technology Corporation between 2006 and 2009 . Prior to joining Carpenter she spent 16 years with Ford Motor Company . In her final role she was Chief Operating Officer for the Americas .

Before joining Ford in 1990, Anne spent ten years in a number of engineering, product development and sales and marketing roles at Exxon Chemical Co .

Anne has served on the Board of Lockheed Martin as a NED since 2002 .

She holds a Bachelor of Science degree in Mechanical and Materials Engineering from Drexel University and an Honorary PhD in Communication Sciences from Central Michigan University . 102 THE KORN/FERRY INSTITUTE

Anna Stewart BABCOCK INTERNATIONAL GROUP

Anna was appointed to the Board of Babcock International Group in November 2012 . She is currently a member of the Audit and Risk, Remuneration and Nominations Committees .

Anna is currently Group Director Finance and Commerce at Laing O’Rourke, where she has held a number of positions . She has recently been appointed as Group CEO beginning April 2013 . Prior to this, Anna held positions at John Laing from Trainee through to Commercial Director .

Anna is a qualified Chartered Surveyor, holds a Post-Graduate diploma from Loughborough University and is an alumni of Harvard Business School .

Christopher (Chris) Stone CSR

Chris was appointed to the Board of CSR in July 2012 . He does not currently sit on any committees .

Chris served as CEO of Northgate Information Solutions . Following the acquisition of Northgate in 2007, Chris remained as CEO up to December 2011 . Prior to his role at Northgate, he held senior positions with Accenture, Digital Equipment Corporation UK and EDS .

In 2004, Chris was recognised as Technology CEO of the Year by the European Technology Forum .

Chris gained a First Class degree in French Studies from the University of Manchester . THE CLASS OF 2012 103

Euan Sutherland SUPERGROUP

Euan was appointed to the Board of Supergroup in December 2012 .

He was Group Chief Operating Officer and a Director at Kingfisher until taking over as Group CEO of the Co-op in May 2013 .

Euan has 18 years’ experience within the retail sector having held roles with Boots, Dixons, Coca-Cola and Mars . He was previously CEO of AS Watson UK, owner of Superdrug and Savers .

He is also a NED with the Co-op Food Board .

Euan gained a First Class degree in Managerial Studies from Aston University .

Susan (Sue) Swenson SPIRENT COMMUNICATIONS

Sue was appointed to the Board of Spirent Communications in February 2012 . She is a member of the Audit, Nomination and Remuneration Committees .

From March 2008 until her retirement in March 2011, Sue served as President and CEO of Sage Software, the North American division of The Sage Group . Before joining Sage Software, she held positions as the Chief Operating Officer of Atrinsic (formerly known as New Motion), Amp’d Mobile and T-Mobile, was President and Chief Operating Officer of Leap Wireless International and President and CEO of Cellular One .

Sue is a NED of Wells Fargo and sits on their Audit and Examination Committee and Governance and Nominating Committee . She also serves as NED on the Boards of Harmonic and Novatel Wireless .

Sue has a BA from San Diego State University and was listed on the Cranfield 100 Women to Watch in 2009 and 2011 . 104 THE KORN/FERRY INSTITUTE

Samin Tan BUMI

Samin was appointed Chairman of Bumi in March 2012 .

He is President of Renaissance Capital and is a former Head of Borneo Lumbung Energi & Metal . Prior to this he was Deputy Managing Partner of the Indonesian Consulting practice of Deloitte & Touche and Head of the Indonesian Tax Practice . Between 1989 and 1998 he worked for KPMG .

Samin graduated from Tarumanagara University in Jakarta .

Susan Taylor-Martin WHITBREAD

Susan was appointed to the Board of Whitbread in January 2012 . She currently sits on the Audit Committee .

Until 2011, she was a Senior Executive at Thomson Reuters, latterly as Division President Media . Prior to this she was Global Head of Corporate Strategy . Susan joined Reuters in 1993 and has held a variety of technical, corporate and commercial roles . She spent her early career in corporate finance with Smith Barney .

Susan has an MA from St John’s College Cambridge and an MBA from Harvard Business School . THE CLASS OF 2012 105

Clare Thompson DIRECT LINE INSURANCE GROUP

Clare joined the Direct Line Insurance Group Board in September 2012 and currently sits on the Audit, Risk, Remuneration and Corporate Social Responsibility Committees .

Clare is a NED on the Partnership Board of Miller Insurance Services .

Clare spent her career at PwC, becoming Partner in 1988 . Whilst Clare was at PwC, she held several senior and high profile roles, particularly within the insurance sector .

Clare is a member of the Institute of Chartered Accountants of England and Wales .

Dr. Lars Thunell STANDARD CHARTERED

Lars was appointed to the Board of Standard Chartered in November 2012 . He does not currently sit on any committees .

Most recently Lars was CEO and Executive Vice President at International Finance Corporation . From 1997 to 2005, he was CEO of SEB, Sweden’s leading corporate bank . From 1994 to 1997 he was CEO of Trygg-Hansa and from 1992 to 1994, President and CEO of Securum .

Lars is currently Vice Chair of Sithe Global Power, an Advisor to the Board of ACE Insurance Group, Senior Advisor to the Center for Strategic and International Studies (a US foreign policy think tank), a Board member of the Middle East Investment Initiative and a NED of Kosmos Energy . Previous non-executive directorships include Statoil (Norway), AkzoNobel (Netherlands), Nobel Biotech, SCA, Astra and Chairman of the Swedish Bankers Association .

Lars received a PhD in Philosophy (Political Science) from Stockholm University and was a Research Fellow at the Harvard University Centre for International Affairs . 106 THE KORN/FERRY INSTITUTE

Jeremy Tigue MERCANTILE INVESTMENT TRUST

Jeremy was appointed to the Board of Mercantile Investment Trust in March 2012 and is a member of the Audit Committee .

Jeremy has more than 30 years’ investment experience . He joined F&C Management in 1981 and has been the Fund Manager of Foreign & Colonial Investment Trust since 1997 .

He has been a Director of the Association of Investment Companies since 2003 and was Chairman of the Institutional Shareholder Committee from 2006 to 2008 . He is currently a NED of Graphite Enterprise Trust and BACIT .

Jeremy has an MA from Oxford University and is an Associate of the UK Society of Investment Professionals . In 1996, he attended the Advanced Management Programme at Harvard Business School .

Kevin Tomlinson CENTA MIN

Kevin was appointed to the Board of Centamin in January 2012 . He does not currently sit on any committees .

Kevin was previously Managing Director of Investment Banking at Westwind Partners/Stifel Nicolaus Weisel . Prior to that he was the Director of Natural Resources at Williams de Broë and Head of Research for the Australian broking, corporate finance and research house, Hartley’s . He began his career as a Geologist 30 years ago and has worked with various Australian and Canadian-based natural resources companies, including Austminex, where he held the position of CEO and Plutonic Resources, where he was Exploration Manager .

He is a NED of Samco Gold and the Deputy Chairman of Olympus Pacific Minerals . Previously he was Chairman of Medusa Mining and the Chairman of Dragon Mountain Gold .

Kevin is a Fellow of the Chartered Institute for Securities & Investment, and holds a MSc degree in Geology from the University of Melbourne . THE CLASS OF 2012 107

Jing Ulrich GLAXOSMITHKLINE

Jing was appointed to the Board of GlaxoSmithKline in July 2012 . She does not currently sit on any committees .

Jing is JPMorgan’s Managing Director and Chairman of Global Markets, China . She is responsible for covering the firm’s most senior global clients across all asset classes and for maintaining relationships with executives at the helm of China’s leading enterprises and government entities .

Prior to joining JPMorgan, Jing was Managing Director of Greater China Equities at Deutsche Bank . She also spent eight years at Credit Lyonnais Securities Asia, where she led the top-ranked team covering China . Before joining the securities industry, Jing worked in Washington DC as one of the first fund managers to focus on the Greater China markets . She also serves on the Board of Italian luxury goods firm Ermenegildo Zegna .

Jing was ranked as one of FORTUNE magazine’s 50 Most Powerful Global Businesswomen for the past three consecutive years and was listed by Forbes as one of the 100 Most Powerful Women in the World in 2010 . Jing was educated at Harvard University and at Stanford University .

Priscilla Vacassin DIRECT LINE INSURANCE GROUP

Priscilla was appointed to the Board of Direct Line Insurance Group in September 2012 and currently sits on the Risk Committee and chairs the Remuneration Committee .

Between 2005 and 2011, Priscilla was Group Human Resources Director of Prudential . Prior to this, she was Human Resources Director at Abbey National (2003 to 2005) before which she was Group Human Resources Director of BAA . Previous to BAA she worked in a variety of human resources leadership roles within Kingfisher .

She served as a NED and Audit Committee Member of Ministry of Defence (2007 to 2011) .

Priscilla has a BA (Hons) from the University of East London . 108 THE KORN/FERRY INSTITUTE

Bruce Van Saun DIRECT LINE INSURANCE GROUP

Bruce joined the Board of Direct Line Insurance Group in April 2012 . He currently does not sit on any committees .

Bruce is currently Group Finance Director of RBS and a member of the RBS Group Board and its Executive Committee . Bruce has over 25 years’ financial services experience . From 1997 to 2008 he held a number of senior positions with Bank of New York and later Bank of New York Mellon, most recently as Vice Chairman and Chief Financial Officer and before that he was responsible for asset management and market-related businesses . Previously, he held senior positions with Deutsche Bank, Wasserstein Perella Group and Kidder Peabody & Co . He has served on several corporate boards as a NED and has been active in numerous community organisations .

Bruce graduated summa cum laude with a BS/BA from Bucknell University and has an MBA from the University of North Carolina .

Thomas (Tom) Virden MICRO FOCUS INTERNATIONAL

Tom was appointed to the Board of Micro Focus International in January 2012 and is currently a member of the Audit Committee and Remuneration Committee .

Tom is currently CEO and Founder of the world’s largest yacht charter site, boatbookings com. . A seasoned technology entrepreneur, Tom was previously International Business Development Director at travel and leisure company lastminute com. . He also served as Vice President, Marketing at Digidesign, a California-based company developing digital recording and editing software . Tom started his career at Apple .

Tom is a NED of Atari and technology start-up Sweetbeam . He holds a BA, Double Major in Psychology and Economics from Stanford University . THE CLASS OF 2012 109

Veronica Wadley BERKELEY GROUP HOLDINGS

Veronica was appointed to the Board of Berkeley Group Holdings in January 2012 . She is currently a member of the Nominations and Audit Committees .

Veronica is Chair of the Arts Council in London and a National Council member of Arts Council England . She is also an Independent Director of Times Newspapers Holdings . Between 2002 and 2009 she was Editor of the London Evening Standard . Before that she worked in a senior editorial capacity with a number of major newspapers including the Daily Telegraph and The Daily Mail .

Kim Wahl INTERMEDIATE CAPITAL GROUP

Kim was appointed to the Board of Intermediate Capital Group in July 2012 . He is a member of the Remuneration and Nominations Committees .

Kim is Owner and Chairman of the investment firm Stromstangen . Prior to this, he was Deputy Chairman and Co-Founder of the European private equity firm IK Investment Partners (1989 to 2009) and is now a Senior Advisor . Before this he was an Associate, Corporate Finance at Goldman Sachs (1987 to 1989) .

Kim currently sits on the Boards of UPM, Aspelin-Ramm Group, Kavli Holding and Industrial Advisory Board of IK Investment Partners . He is also Co-Founder and Chairman of the Voxtra Foundation .

Kim holds a BA from the University of San Diego and an MBA from the Harvard Business School . He also graduated from Sjøkrigsskolen (Royal Norwegian Naval Academy) . 110 THE KORN/FERRY INSTITUTE

Sally Walden SHAFTESBURY

Sally was appointed to the Board of Shaftesbury in October 2012 . She is a member of the Audit, Nominations and Remuneration Committees .

Sally spent 25 years with Fidelity International . She was a Portfolio Manager until 1998, running a variety of European equity funds, both retail and institutional . Following that, she moved into management of the investment team ending as Head of UK Equities from 2006 until her retirement in 2009 . She is a Trustee of the Fidelity Foundation .

Sally holds a BSc in Economics and Statistics from the University of Southampton .

Shaa Wasmund RANK GROUP

Shaa was appointed to the Board of Rank Group in November 2012 . She does not currently sit on any committees .

Shaa has had a distinguished digital career advising both start-ups and large corporations . She is the Founder of Smarta com,. the UK’s largest independent online resource for small businesses and Smarta Business Builder . She is also former CEO of Bright Station and Founding Director of Deckchair com. .

Shaa graduated from the London School of Economics and has been awarded numerous awards for her professional career . THE CLASS OF 2012 111

David Watson TR PROPERTY INVESTMENT TRUST

David was appointed to the Board of TR Property Investment Trust in April 2012 . He is Chairman of the Audit Committee and a member of the Management Engagement Committee .

He is a Chartered Accountant and has had a distinguished career in the Financial Services Industry . He spent nine years as Finance Director of M&G Group, where he was a Director of four equity investment trusts and most recently at Aviva as Chief Finance Officer of Aviva General Insurance .

David is currently a NED of Charles Taylor Consulting, Kames Capital and Hermes Fund Managers, where he is Chairman of the Audit Committee .

He has a BSc from CASS Business School .

Lynne Weedall GREENE KING

Lynne was appointed to the Board of Greene King in October 2012 . She is currently Chair of the Remuneration Committee .

Lynne is currently Group Human Resources and Strategy Director of Carphone Warehouse . She is responsible for all aspects of human resources, employee communications and business strategy for over 15,000 employees across nine countries and multiple brands . Lynne’s career started with the retailers Waitrose and Tesco before moving to the leisure sector in 1999, working for Whitbread as Group Organisation Development Director, where she lead a major change programme . Lynne then moved to BUPA, becoming Human Resources Director for their hospitals division in May 2006 .

Lynne is also a NED for West London Mental Health Trust . 112 THE KORN/FERRY INSTITUTE

Andrew Wells FIDELITY CHINA SPECIAL SITUATIONS

Andrew was appointed as a NED of Fidelity China Special Situations in 2012 . He is currently a member of the Investments, Nominations and Remuneration Committees .

Andrew is Fidelity’s Global Chief Investment Officer for Fixed Income and leads Fidelity’s Investment Solutions Group . He has been a member of Fidelity’s Global Operating Committee since November 2010 . Andrew has over 20 years of investment experience, in Asia especially, working as a Portfolio Manager in Fidelity’s Hong Kong office from 2002, later becoming Chief Investment Officer for Asian Fixed Income in 2005 . In 2007, Andrew became Global Chief Investment Officer Fixed Income for Fidelity, assuming responsibility for developing the fixed income investment process, team and structure .

Andrew is a member of the Association of Corporate Treasurers and holds a BA from Kingston University .

Claire Whittet INTERNATIONAL PUBLIC PARTNERSHIPS

Claire was appointed to the Board of International Public Partnerships . She currently serves on the Audit and Management Engagement Committees .

Claire has 35 years’ experience in the banking industry and since 2003 has been Director of Lending at Rothschild Bank International and was recently appointed to the Board of Rothschild Bank . Claire’s career began with the Bank of Scotland where she spent 19 years in a number of personal and corporate finance roles . Claire then joined the Bank of Bermuda and was Global Head of Private Client Credit before assuming her current position at Rothschild .

Claire is a member of the Chartered Institute of Bankers in Scotland, a member of the Chartered Insurance Institute, a Chartered Banker and holds the Institute of Directors Diploma in Company Direction . THE CLASS OF 2012 113

Michael (Mike) Wilens COLT GROUP

Mike was appointed to the Board of Colt Group in January 2012 .

He has served as President of both Fidelity’s asset management division and Fidelity’s Enterprise Technology and Operations division . He was previously CEO of Thomson Reuters North American Legal division (Westlaw) and Chief Technology Officer at Thomson Reuters . He also served as CEO of Legion, a division of Group Lagard and was CEO/Co-Founder of several software and information company start-ups .

Mike is a former Trustee of Blue Cross and Blue Shield of Minnesota .

He earned an MBA in 1978 and an MS in Computer Science from the University of Michigan and BSc and MSc in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology in 1975 .

Dr. Lena Wilson INTERTEK GROUP

Lena was appointed to the Board of Intertek Group in July 2012 . She does not currently sit on any committees .

Lena is CEO of Scottish Enterprise, Scotland’s national economic development agency .

She is also an Ambassador for the Prince and Princess of Wales Hospice and Edinburgh Military Tattoo, an Advisory Board member of the University of Strathclyde Business School and a member of the Financial Services Advisory Board .

In a career spanning over 25 years, she has held a range of positions covering all aspects of economic development . During a two-year secondment to the World Bank in Washington DC, she worked in over 20 countries in Latin America, Africa and Asia advising governments on economic development . Lena has a BA from Glasgow University and an MBA from the University of Strathclyde . 114 THE KORN/FERRY INSTITUTE

James (Jim) Winestock Jr. FIRSTGROUP

Jim was appointed to the Board of FirstGroup in August 2012 . He does not currently sit on any committees .

Jim spent his career at United Parcel Service and served in a number of senior roles at UPS, the largest package distribution company in the world and a global leader in supply chain solutions . Jim was a member of the Management Committee and most recently was Senior Vice President and Director of US operations and Global Security, responsible for all US operations and 360,000 employees .

Jim also serves as a NED at YRC Worldwide-one of the largest transportation service providers in the world-and sits on the Boards of two not-for-profit organisations in the US . Jim graduated from the Executive Management Program at the Wharton School, University of Pennsylvania .

Martha Wyrsch SPECTRIS

Martha was appointed to the Board of Spectris in June 2012 . She currently sits on the Audit and Risk, Remuneration and Nomination Committees .

Martha is currently President of Vestas Americas . Before joining Vestas, Martha was President and CEO of Spectra Energy Transmission and prior to this President and CEO of Duke Energy Gas Transmission .

Martha is also a NED of SPX Corporation .

Martha received a BA (Hons) from the University of Wyoming, JD from George Washington University Law School and completed the Advanced Management Programme at Harvard Business School . THE CLASS OF 2012 115

Linda Yueh SCOTTISH MORTGAGE INVESMENT TRUST

Linda was appointed to the Board of Scottish Mortgage Investment Trust in May 2012 . She is currently a member of the Audit and Nominations Committees .

Linda is an Economist, Broadcaster and Author . A Fellow in Economics at Oxford University and Adjunct Professor of Economics at the London Business School .

Linda directs the China Growth Centre at St . Edmund Hall, University of Oxford and is an Associate of the Globalisation Programme at the Centre for Economic Performance and the International Affairs, Diplomacy and Strategy Research Centre, both at the London School of Economics and Political Science . She is a Fellow of the Royal Society for the Arts .

She was previously Economics Editor for Bloomberg, an International Corporate Lawyer and is a member of the American Bar Association .

Linda is also a NED of JPMorgan Asian Investment Trust and a Board member of London and Partners . Linda has a number of qualifications from Yale, New York, Oxford and Harvard Universities . 116 THE KORN/FERRY INSTITUTE

References

BoardWatch . 2013 . “The rate of new female appointments to FTSE 100 and FTSE 250 .” The Professional Boards Forum . http://www .boardsforum .co .uk/boardwatch .html Dean, David, Sebastian DiGrande, Dominic Field, Andreas Lundmark, James O’Day, John Pineda, and Paul Zwillenberg . 2012 . The Internet Economy in the G-20: The $4 .2 Trillion Growth Opportunity . BCG Perspectives . https://www .bcgperspectives com/content/articles/media_entertainment_strategic_plan. - ning_4_2_trillion_opportunity_internet_economy_g20/ Korn/Ferry . 2012 . What Makes an Exceptional Independent Non-Executive Director? London: Korn/Ferry Institute . http://www .kornferryinstitute .com/reports-insights/ what-makes-exceptional-independent-non-executive-director Sealy, Ruth and Noeleen Doherty . 2012 . Women in finance: a springboard to corporate board positions? Association of Chartered Certified Accountants . http://www .accaglobal . com/content/dam/acca/global/PDF-technical/human-capital/pol-tp-cgs .pdf Korn/Ferry . 2013 . The Boardroom Pulse THE CLASS OF 2012 117

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