Woodburn Mann commits major resources, time, experience and knowledge to finding the best possible candidate; hence the company operates on an exclusive and retainer fee basis only. Prior to undertaking any assignment a professional fee is quoted taking into account the nature and level of the position, geographical scope of the executive search or selection, as well as the complexity of the assignment.

Where the client changes the direction of an executive search or selection and/or the specification for the position is altered after the executive search or selection has commenced, an additional charge will be negotiated.

All fees are exclusive of value added taxation. All invoices for professional fees and expenses are payable on presentation. Woodburn Mann reserves the right to charge interest on late payments.

In the event that an internal candidate or another candidate identified by the client is appointed to a position on which Woodburn Mann has been retained, and that candidate has been assessed by Woodburn Mann as part of the assignment, a full appointment fee will be payable by the client. Should an internal candidate or another candidate identified by the client, who has not been assessed by Woodburn Mann, be appointed into a position for which Woodburn Mann has been retained, a cancellation fee will be charged as set out in Clause 7 of these General Conditions and Terms of Business.

4.1 Executive Search Assignments

The professional fee for an executive search assignment is a retainer fee based on a straightforward formula percentage to avoid negotiations that could intrude on the consultant and client relationship. It is usually one-third of the first year's guaranteed compensation package, the minimum retainer fee being SA Rand R330,000.00 (US Dollar $ 44,000.00 / Euro €33,000.00).

First year's guaranteed compensation package includes the base cash salary, company car/car allowance, the company's contributions to Pension/Provident and Medical Aid Funds as well as any sign-on bonuses or one-off payments made in lieu of forfeited corporate share options, that may be paid to the successful candidate during his/her first year of employment. Performance related bonuses are not included.

An initial retainer fee is billed in three equal monthly instalments. Where an appointment is made at a compensation level higher than that used for the initial fee calculation, a fourth billing is made based on one-third of the difference and is due when an offer is accepted. Each instalment is anticipated to coincide with the following work involvement:

First Instalment Retainer Fee: This is due immediately the executive search is authorised and covers: initial client briefing; preparation and, if necessary, any client amendments, of a comprehensive full specification and an abridged specification; basic research to identify target organisations and likely candidates names.

Second Instalment Retainer Fee: This covers discreet approaching of likely potential candidates; telephone assessment; sending of specifications and screening of curriculum vitae.

Third Instalment Retainer Fee: This covers interviews by consultants; client debrief on the assignment; preparation of detailed reports on agreed shortlisted candidates. It also covers any referencing on the candidate, and any involvement in final negotiations, if required by the client.

Fourth Adjustment Billing : This billing is issued on the successful appointment of a candidate at the end of an assignment, where an appointment is made at a compensation level higher than that used for the initial fee calculation and is based on one-third of the finally negotiated first year's guaranteed compensation package less the retainer fee already billed.

4.2 Non-Executive Chairperson Search Assignments

The professional fee to conduct the various phases of a search to find a Non-Executive Chairperson is a fixed retainer fee of SA Rand R330,000.00 (US Dollar $ 44,000.00 / Euro €33,000.00) payable in three equal monthly instalments. This fee is not contingent on the appointment of any of the proposed candidates although additional candidates would be produced for no further professional fees should the first shortlist be rejected for various reasons.

4.3 Non-Executive Director Search Assignments

The professional fee to conduct a search to find a Non-Executive Director is a fixed retainer fee of SA Rand R240,000.00 (US Dollar $ 32,000.00 / Euro €24,000.00) payable in three equal monthly instalments. This fee is not contingent on the appointment of any of the proposed candidates although additional candidates would be produced for no further professional fees should the first shortlist be rejected for various reasons.

4.4 Executive Selection Assignments

The professional fee for an executive selection assignment is a retainer fee based on a straightforward formula percentage to avoid negotiations that could intrude on the consultant and client relationship. It is usually one-quarter of the first year's guaranteed compensation package, the minimum retainer fee being SA Rand R200,000.00 (US Dollar $ 26,667.00 / Euro €20,000.00).

The first year's guaranteed compensation package includes the base cash salary, company car/car allowance, the company's contributions to Pension/Provident and Medical Aid Funds as well as any sign-on bonuses or one-off payments made in lieu of forfeited corporate share options, that may be paid to the successful candidate during his/her first year of employment. Performance related bonuses are not included.

The professional fee is payable in three stages:

First Retainer Fee: An initial retainer fee of one-third is due immediately the executive selection assignment is authorised.

Second Retainer Fee: A second retainer fee of one-third is payable in the month after the recruitment advertising date or when a shortlist of candidates is presented, whichever occurs first.

Third Retainer Fee: A third retainer fee of one-third is payable in the second month after the recruitment advertising date or on the appointment of a candidate, whichever occurs first.

Fourth Adjustment Billing:�This billing is contingent on the successful candidate being appointed at a remuneration level in excess of R800 000 and is calculated on the basis of one-quarter of the first year's guaranteed compensation package, less the retainer fees already billed.

4.5 Interim Search and Selection Assignments

Woodburn Mann commits major resources, time, experience and knowledge to finding the best possible Interim Manager/Executive. It therefore operates on a professional retainer fee basis and charges a minimum initial fee of R75,000.00 plus value added taxation at the prevailing rate. This will be invoiced on the appointment of Woodburn Mann for each particular assignment.

Once a candidate has been appointed, Woodburn Mann will charge the client a monthly fee of 20% of the candidate’s monthly remuneration rate or a pro rata portion thereof.

Where a client requires special additional research work to be undertaken by Woodburn Mann, a fee in addition to the initial fee shall be negotiated and agreed upon in writing, prior to the commencement of such special research.

Should the Interim Manager/Executive be appointed to the position on a full-time basis, Woodburn Mann will bill the client a fee of one-third of the Interim Manager/Executive’s finally negotiated first year's guaranteed compensation package, less the fees billed during the interim tenure of the individual.