Leadership for a
Better World
2023 Impact ReportContents
Forewords

4
5
6
7

Our Vision Map

8

The Future of Leadership: Governance for a Resilient Business

12
14
24

Humane Leadership: Fostering a Culture of Belonging and Inspiring
Action26

Michael Ensser, Chair
Edilson Camara, Chief Executive Officer
Rachael De Renzy Channer, Global Head of Sustainability

Sustainability as a Core Business Imperative
Our Impact Team: Driving Firm-Wide Change

Taking Our Role in Society Seriously—Driven by Curiosity, Care, and Action
Championing Diverse Leadership—In our Firm, Among our Clients, and Beyond
Embracing Difference: Creating Inclusive and Equitable Cultures

The Business of a Better World: Embracing Our Responsibility for a
Thriving Planet
Making Space for Voices in the Broader System
Shaping our Planet’s Future
Our Carbon Reduction Journey

54
56
60
64

A Legacy of Leadership Transformation: Our Evolving Model

68
70
74

Appendix80

Leading through Complexity: Navigating Systems
The Evolving Professional: Disrupting “Leadership as Usual” with a
Stewardship Lens

2

29
36
41

3

Michael Ensser
Chair

The careful balance of society is being tested—by rising geopolitical tensions,polarization, the challenges that come with AI, starker social inequalities, and theincreasing urgency to respond to the climate crisis. We are living in a world intransition.
As an organization, we are gaining a deeper understanding of theinterdependence of business, society, and the planet. We are also paying keen
attention to the changing expectations of our clients, our colleagues, andthe communities in which we live and work. We are convinced that our task
in meeting the challenges of our time, and contributing to a shared future,requires humane leadership that starts deep within ourselves. The resilience,
innovation, and creativity we need to navigate this complex environment
goes far beyond a concept; it is a mindset and a lifestyle. Our inaugural
Impact Report, presented here with a sense of transparency and humility,
sets out our progress in our journey to date, and builds on the fantastic
groundwork laid by our former Chair, Jill Ader.

Forewords

4

Driven by our purpose of “Leadership for a Better World”, weunderstand the role we will play in this global challenge:
ensuring that our colleagues are well equipped to identify
and develop leaders who can respond to the challengesof our times. Our consultants, experts, executive
assistants, and functional teams all have a vitalrole to play in building connections between
industry leaders, encouraging the evolutionof established ways of working, anddemonstrating care for the world
around us. This is a role that we takeseriously, and we are constantly
evolving to ensure that our impact
is tangible and visible both
inside and outside our Firm.

5

Edilson Camara

Rachael De Renzy Channer

The degree of complexity facing modern leaders can seem
overwhelming. Leadership is becoming the defining success factor
in this context—we are honored to walk alongside our clients as
we both commit to sustainable and responsible business practices.
And this is who we are: we live our purpose with the value of “ClientsFirst” at our core. Many of our consultants come from industry andhave a deep understanding of the world in which our clients operate;
this unique position puts us at the convergence of new forms ofopportunity where leadership and sector knowledge intersect.

Like many of our clients, we are on a journeyand our progress is measured by a change
in mindset and motivation. Sustainability
for us is never about ticking boxes, but
about driving forward more inclusive
and sustainable organizations throughpeople. The transformation we seek
starts from within and requires
continuous effort and ongoingcommitment to be the change wewant to see in the world.

Chief Executive Officer

The nature of leadership is changing, and we have the privilege ofworking with leaders at the forefront of this transition. As we help ourclients to navigate this change, while meeting their expectations ofus, we are moving with them toward a new kind of resilient businessthat lives its purpose. Sustainability is integral to the way we operate,and it is now more explicit than ever with our integrated services
model and our stewardship lens. Sustainability is not a functional
problem or initiative—it spans all leadership responsibilities. We
are differentiated in how this thinking has been integrated into
our client conversations and solutions.
This report marks a new point of departure for Egon
Zehnder. As ever, we stand hand in hand with ourclients as true partners—guiding leaders toward afuture in which human answers help organizations
to navigate complexity and address the world’s
greatest challenges.

Global Head of Sustainability

From the start of our sustainability
journey to the inception of the
Impact Team in July 2022, we havebeen getting our house in order
to embark on our next phase.
This included submitting data to
EcoVadis and the Carbon Disclosure
Project (CDP), as well as formallymaking our Science Based Targets
initiative (SBTi) commitment. We areworking with local Impact Pathways
teams in our offices around the world
to increase our positive impact as
individuals. Our Vision Map has beencreated to inspire our colleagues tobring their own sense of purposeto their work. This report is anexpression of our acceleration toensure that we are responding to theneeds of our clients, our colleagues,
the communities in which we live
and work, and the world in which
we exist.
We are committed to integrating
sustainable practices into the core ofour business strategy to maximize thepositive impact that we have throughpeople and on the planet. We recognizethat we do not have all the answers and canlearn by hearing from others in our industry,
our peers, and our clients across the world whoare also on this journey. By learning from these bestpractices and evolving them in a way that is uniquely Egon
Zehnder, we strive to make “Leadership for a Better World” a reality, and weare proud to be taking this important next step by sharing this report with you.

6

7

We inspire leaders to navigate complex questions
with human answers—and those questions are
only getting more complex. As we mark our 60th
anniversary, we feel it is the right time to open
up in a way that we have never done before. Thistransparency is our way of showing who we are andwhat we really mean by “Leadership for a Better
World”.
Each member of the Firm has a vital role to play inrealizing our purpose. And while this report is our
public commitment, the Vision Map continues toact as our guide internally. Anchored in our values,
it aims to inspire our colleagues to bring their own
purpose to their day-to-day responsibilities.
This is our inaugural public impact report where weshare our values, our vision, and our commitment
to change going forward. Throughout this report,
we use the term “sustainability” rather than

ESG—because for us, sustainability is a holistic
concept that recognizes the interconnectedness ofenvironmental, social, and governance factors. You
will notice that our report is structured in themes,
with our internal journey and client impact narrative
co-existing under each section. We are early on
our journey but see this as an important step inmeasuring our progress and communicating withtransparency.
The 2023 Impact Report reports on November 1,
2022 through October 31, 2023. However, since
this is our first report of this nature, events andmilestones before this period are referenced toillustrate our progress up to this point. All content
and data are correct to the best of the Firm’sknowledge at the time of publication.

Our
Vision Map
89Leadership for a Better World
Helping our clients succeed

Human answers to
global questions

Diverseworkforce

Setting
futureleadershipcriteria

Handling
conflict withcare
Responding todifferences withcuriosity & openness
Recruiting,integrating, anddeveloping the rightpeopleConnecting
leaders with
their purpose

LOVE

i
ap
S h essc
suc

Unlockingleadersiongn

GovernanceissionsEmdrooar omRep

Attracting& retaining
top talentProfitBringing
sustainability
into eachengagement

Human

Activating
sustainable
impactGenderse ntaPartners are proud
to work with us

Setting
ambitious
targets

Im

Learning
throughexperience

Practicegroupsp a ctTools &
mindsetInnovating& executing
togetherGreat work
culturePlanetie
Soc tal

Living ourvalues &culture in
the office

Overcoming the bias
toward the familiar

ESG

Socialre

Building
communities
of interest

Diversity, equity& inclusion

Business
Model

Transforming
organizations

Performance

PeopleEnvironmentlo
U n forns
tr aBringing the bestof the Firm together"Whatmatters
most"

Leading in systems

OpportunityninSimpleNavigatingcomplexity

Puttingsustainability
at the heart ofdecision making

ti o

ce

en

ve

p

Care for leaders
as people

Transforming
people

fl u

e

ng
lopi
ve
hip
De ders
a
le

de

lo

Chaotic

Resource
scarcity

Biodiversty

B

Drivingcollective
boldnesslaboratecolComplicatedEnergytransitionck
m in gat
io ns

Diverse thinking inclient engagements

Complex

Discovering
leadersAdvagover ncin
na g
nc

One Firm, connecting
across the globe

Engaging asa trusted
partner

Personal
commitment

Using our power ofconnection to serve
humanity

Supportingclients &each otherServingsociety

Coaching

Code of
Conduct

Conscious
travelCourageousorganization

Nextgeneration
voicesBeing anactivistBge

the chanGrowing throughwork

Volunteering

Pro-bono &low-bono

Community
engagement

Our Values

Spirit of Ownership

One Firm

Embrace Difference

Clients First

Generosity

As the world’s preeminent leadership advisory
firm, we recognize our unique responsibility—andopportunity—to shape economic, social, andenvironmental systems, particularly in today’s
challenging business landscape (Figure 1). This
privileged position demands a commitment to

1

The Future of Leadership:
Governance for a
Resilient Businessdriving positive impact through ethical governanceand best practices. We therefore unite as “OneFirm” around our shared purpose of building abetter world. And by remaining steadfast in thispurpose, supported by policies and governancestructures, we can continue to create meaningfulchange alongside our clients.

Figure 1:

The increasing pressures on today’s leaders

Customers& clients
Investors

Civil society

Nongovernmentalorganizations

Adopt anew modelof corporate
leadership

Suppliers

Employees

Governments
Regulation

Source: Professor Ioannis Ioannou

12

13

Sustainability as a Core Business
Imperative
In today’s complex landscape, resilientorganizations place sustainability at the heartof their operations. For this to be possible, theimpetus and leadership must come from the topof the organization and resonate with employees
throughout the enterprise. By embedding
sustainability into core decision making, theseorganizations can more effectively identify andmanage risks while driving positive impact acrossenvironmental, social, and economic dimensions.
This holistic approach translates to tangible resultsin both client work and internal processes. To
ensure the longevity of these sustainable practices,
organizations must formalize them through ethicalbusiness policies championed by inclusive andengaged Boards—a commitment that we actively
pursue.
We are deeply committed to supporting ourclients’ journeys toward enhanced governance andinformed Boards. We achieve this through holistic
leadership discovery and development services
while continually refining our own governancestructures and sustainability approach. Exchanging
learnings along the way keeps us at the forefrontof change—it builds impactful client relationships,
improves our service offerings, and enhances ourown internal governance.

“To make real progress on oursustainability agenda, theExecutive Committee must be
courageous and take a step
into the unknown. For us to bein the best position to guideour clients, colleagues, andother stakeholders throughthe complexity that is coming
down the line, it is importantthat we own the topic ourselves
by weaving it into our processes andensuring that we are putting the right
guardrails in place internally.”—Ingrid van den MaegdenberghConsultant and Executive Committee Member
Amsterdam“Sustainability risk and governance are
becoming increasingly intertwined. By
integrating the two, we ensure we meetclient expectations, adhere to global
frameworks, and prepare ourselves for
future developments. We seek to ensurethat oversight of our sustainability
risks and opportunities sits at theappropriate governance level.”—Stefan Eisenhut
General Counsel
Zurich Holding

14

15

“We see sustainability as fundamental
in context of our purpose of‘Leadership for a Better World’—
helping move the needle onsustainability is a critical partof our work with our clients,
their expectations of us, and the
expectations of our people.”

Our Board
With our global Firm incorporated in Switzerland,
we adhere to its relevant corporate governancepractices and requirements. Our six-member Board
is partner elected, and comprises the Chair, four
Board members, and the Chief Executive Officer,
with the Chief Financial Officer and GeneralCounsel (Board Secretary) as standing guests.
Reflecting an equal gender split and representation

across eight offices on three continents, ourdiverse Board sets the Firm’s strategic direction,
guided by partner decisions, while overseeing
associated risks and opportunities. The Executive
Committee is responsible for implementing theapproved strategy. Further details on our Board
members and their responsibilities can be foundin Table 1. Additionally, see Figure 2 for our impact
governance structures and policies.

—Glenice MacIellan
Consultant and Board Member
SydneyTable 1:

Our Board
Name
MichaelEnsserEdilson (Ed)
CamaraFigure 2:

Our impact governance structure and policies
Role

Office

Chair

ZurichResponsibilities

Role/Pillar

Board

Code of Conduct

Chair (Purpose)“Leadership for a Better World”

CEO

Policies

Committee

Finance Committee
Risk Committee
Sustainability Sponsor

Toronto & Miami

People & Partner Matters

Lisa Blais

Gabi
Carvalho

Raphaël
CzuwakBoard member

Board member

BostonMiami

Finance

Risk

Executive Committee (ExCo)
Markets & Services

PeopleBusiness Ethics Appendix

Human Rights Statement

Environmental Policy

Modern Slavery Act
Inclusion & Antidiscrimination Summary

Board member

Paris

Board member

SydneyOperations

Finance

Data Security and IT
Policies

Ethical Procurement
PolicyPrivacy Policy

Limited Assurance
Non-financial Reporting

Employee Health & Safety
Client Risk Council

Glenice
MacIellan

CEO

People,Sustainability

Sustainability Sponsor

DEI

Real Estate Committee
Risk Committee

Other
Investment Committee16

17

Our Board Effectiveness Review:
Continuously reflecting andimproving

Prioritizing our key sustainability
impacts
As a professional services firm, we prioritized
the methodology outlined in the Sustainable
Accounting Standards Board (SASB) framework
to assess and determine our material topics ofsustainable impact, ensuring alignment withleading industry standards. The SASB terminology
has become a common language for us when
discussing sustainability with clients and educating
our colleagues. It often forms the foundation of
our approach to client work, providing a global
language and enabling conversations aroundindustry-specific material topics.

In partnership with a third party, we conducted
in-depth research and benchmarking, engaged
with stakeholders across the Firm, and analyzed
our material risks and impact. Our preliminary
sustainability risk matrix, shown in Figure 3, builds
upon SASB industry-specific material risks as afoundation.

Since 2000, Egon Zehnder has empowered Boards
to maximize their effectiveness and strategic value
through our Advancing Governance services,
including Board consulting and independent Board
Effectiveness Reviews (BERs).

Framework (Figure 4). This comprehensive
framework outlines the SASB risks andopportunities most relevant to different industries.
We tailor our assessment to each client’s specificsector, incorporating relevant SASB risks to elevate
conversations to material topics and enhanceaccountability. This ensures our clients focus on
the most critical sustainability challenges in theirindustry, driving meaningful action and progress.

Recently, our own Board underwent a BER using
our client-service methodology, incorporating our
proprietary sustainability module, which utilizes
a framework based on the SASB Materiality

Figure 4:

The SASB framework

Figure 3:

Considering material risks

Increasing importance to stakeholders

SASB Materiality Matrix

Leadership &Governance

Climate action
Human rights
Workforce diversity& engagement

Ethicalprocurement

Employee engagement
Social impact
with clients
Egon Zehndercommunity
contribution

Talentattraction &retention

Employee learning& development
Office waste
recycling

Business
ethics &integrity

Employeewell-being,safety, &security

Increasing importance to Egon Zehnder
Environment

Source: Egon Zehnder18

Human CapitalSocial CapitalBusiness Model& Innovation

Leadership& GovernanceBusiness ethics
Competitive behavior
Management of the legal & regulatory environment
Critical incident risk management
Systemic risk management

Human Capital• Labor practices• Employee health & safety• Employee engagement, diversity, & inclusion

Social Capital

•
•
•
•
•
•
•

Human rights & community relations
Customer privacy
Data security
Access & affordability
Product quality & safety
Customer welfare
Selling practices & product labeling

Environment

•
•
•
•
•
•

Greenhouse gas emissions
Air quality
Energy management
Water & wastewater management
Waste & hazardous materials management
Ecological impacts

Business Model& Innovation

•
•
•
•
•

Product design & lifecycle management
Business model resilience
Supply chain management
Materials sourcing & efficiency
Physical impacts of climate change

Data privacy &info security

Suitableleadershipwith clients

•
•
•
•
•

Source: The Sustainability Accounting Standards Board

19

Boards: Stepping Up as Stewards of
Sustainability“Boards are constellations morethan they are teams because Board
members need to maintain their
independence. The constellation
includes the mix of independentand non-independent Board
members; the interface with theCEO, CFO, and executive team;the Board committees; and theinterests of all stakeholders. By
taking a constellation lens, we identify
the patterns of a Board, we see what’s‘in flow’ versus ‘out of sync’ and, by raising
the levels of consciousness, we begin to see more self-aware,
value-adding Boards. Our commitment is to help unlock
the vast potential of Boards in ways that traditional Board
reviews and Board ‘education’ have yet to fully explore. The
world needs Boards to do their ‘journey work’ so they inspire
rather than limit organizational potential.”—Jill Ader
Senior Advisor and former Chair
London20

In our stewardship report, we conducted research andanalysis on the role of Boards in defining and driving
sustainability agendas in their businesses. This was
supported by data and insights from The Sustainability Board

Report (TSBR) 2022, which entailed an analysis of the world’s
largest 100 publicly listed companies, to determine Board
ESG preparedness and Director ESG engagement.
Moving the Board along the sustainability maturity curve(Figure 5) takes courage from both the Chair and the Board
members. We propose four actions to help Boards progressalong this curve.

Figure 5:

The Board ESG maturity curve

e
s
d

t

The increasing complexities of corporate
governance present unique challenges for Board
members, both individually and collectively.

And while governance structures and policies
are essential, they are not enough to address
the intricate balance between purpose andperformance. To navigate this, Boards must elevatetheir ambitions, considering individual mindsets
and collective impact while fulfilling their fiduciary
duties. Our constellation work within BERs directly
addresses this need, providing tailored insights
and strategies to enhance Board effectiveness.

Board maturity on sustainability and ESG

The module includes nine questions assessing
Board sustainability competence, engagement,
understanding of material risks, and alignment
with organizational commitments. By holding
ourselves to the same standards as our clients, we
continuously improve our governance structures
and Board leadership dynamics.

A

Consciousness

Literacy

g
n
i
t
shif
Compliance/
Risk mitigationnimAccessingbusiness
opportunities

Complete
integration
with all Board
activities

How to progress along the curve?

Questions a Board member could ask themselves:

1.

•

Move ESG to the core of Board
activities
2. Develop Board members
through education andexposure
3. Challenge mindsets throughdiversity of age and gender
4. Shake up Board dynamics andculture company bylaws.

Source: Egon Zehnder

•
•
•
•

Do we have the deep commitment and courage
required to act as stewards of sustainability?
Do we have the right mindset and mix of people
on the Board?
Do we have enough knowledge aboutsustainability, and if not, how do we change this?
Do we have a clear understanding of the fullscope of ESG as it relates to our company?
Do we put sustainability at the heart of ourdecision making?

21

Signs of global sustainability
progress
While we design our own path toward greater
sustainability, our clients are increasingly
demanding that we accelerate our progress andformalize our commitments. This is evident, withup to a sixfold increase in requests for proposals(RFPs) containing one or more sustainability criteria(Figure 6). This trend signifies a global shift, withbusinesses increasingly seeking our services under
the clear condition that our engagements benefit
the business, society, and the planet.

Increasingly, clients also expect adherence to theUnited Nations Global Compact (UNGC) principles.
By following the leadership of our Istanbul office,we have now formally committed as a Firm to
the UNGC’s 10 Principles on human rights, labor,
environment, and anti-corruption. Moreover, wehave committed to the Science Based Targets
initiative (SBTi) and will submit our targets in the
coming years, further solidifying our dedication tomeasurable progress.

Figure 6:

The growth of requests for proposals with environmental, human, andsocial capital criteria

5x

2021

2022

6x

2023

Environmental criteria¹

2021

2022

4.7x

2023

Social capital criteria²

2021

2022

2023

Human capital criteria³

Environmental
criteriacriteria
includeinclude
waste management
and recycling,
commutingand local andtravel,green
building
certification,business travel
Environmental
waste management
and recycling,
commuting
local
travel,green
building certification,business
emissions,
office emissions.
travel andemissions,and office emissions.
2 Social capital criteria include corporate volunteering, sustainable procurement, data security training and data security incidents, proSocial capital criteria include corporate volunteering, sustainable procurement, data security training and data security incidents,and low-bono, and civic engagement.
proand low-bono,and civic
engagement.
3
Human capitalcriteria include
employeehealth and safety, labor practices, compensation and benefits, gender balance, employee data,
3
Human capitalcriteria
includeemployeeand diversity,
equity, andinclusion(DEI)
metrics.health and safety, labor practices, compensation and benefits, gender balance, employee
112

data, and diversity, equity, and inclusion (DEI) metrics.

22“Connecting our clients’sustainability ambitions
with their Board
composition anddynamics is the key tomaking these ambitions
a reality. By elevating
those conversations to theBoard level, advising on
where responsibilities shouldsit, and ensuring that the rightvoices are in the room, we can help ourclients to make real progress on theirsustainability goals.”—Erik Hemelaar
ExpertAmsterdam

23

Our Impact Team: Driving 			Firm-Wide Change
Like our clients and peers, we navigate a dynamic
landscape with increasing stakeholder expectations
influencing our decisions and strategy. To embedsustainability at our core, we established a global
Impact Team in July 2022, led by our Global Head of
Sustainability.

This team drives change across our client services,internal processes, community engagements,
governance structures, and policies.
Figure 7 illustrates the Impact Team’s progress overthe past two years.

Figure 7:

The Impact Team’s journey since inception

The Global
Head of
Sustainability
role and the
Impact Team
were created

Ethical Procurement
Policy: We
established an
Ethical Procurement
Policy to which
major global
suppliers to the Firm
must adhere

Climate Vault: Newprovider for offsetting
our FY2022 carbon
footprint

Science Based Targets
initiative (SBTi)
commitment: Our
Executive Committee
approved ourcommitment to SBTi,and our CEO signed thecommitment letter

July 2022

January 2023

July 2023

February 2024

The Impact Team’s work is focused on three pillars:

24

1

Client-Related Initiatives

2

Internal Impact Journey3

Firm Governance

Unifying how we communicate our sustainability efforts to the market and ensuring
clients understand our commitment to responsible business practices and leadership.

October 2022

March 2023

April 2023

July 2023

August 2023

Board
Stewardship
Report: We
published ourreport, “Boards:
Stepping up as
Stewards of
Sustainability”

First global
EcoVadis
submission

Impact Vision
Map: We
introduced our
Vision Map to ourcolleagues tobetter help themconnect with their
purpose andexplore whatsustainability
means to them

UN Global
Compact: Egon
Zehnder signed
the United
Nations Global
Compact(UNGC)

Carbon Disclosure
Project (CDP): We
submitted our
response to CDP,
joining 20,000
organizations
disclosing theirenvironmental data

Empowering colleagues to bring their purpose to work, representing diverse voices
through external partnerships and commitments, and enhancing our internal practices.

Integrating sustainability into all aspects of governance, including risk assessment,
growth strategies, and assurance procedures.

25

As we endeavor to fulfill our purpose of “Leadershipfor a Better World”, we leverage our deeply humanapproach to influence the world around us. This is
woven into everything that we do and is anchoredin our core values. We are curious about how we
can work through others—including our colleagues,
our clients, and the communities in which we live
and work. We bring our commitment to life not only
through our partnerships with our clients and theleaders we get to know in the process, but also
through our internal impact initiatives and thedrive of individuals within Egon Zehnder to create
communities, inspire each other, and act for a betterworld.

2

In the spirit of ownership and walking with ourclients on their journeys, we formalized our own
impact approach in 2019 with the adoption of the
B Corp Impact Assessment (BIA) methodology at
a local level. Our growing Global Impact Pathways

93%

87

The percentage ofglobal colleagues who
participated in ourEngagement Survey

Average score of allparticipating offices
in our B Impact
Assessment

Community is a testament to this, with 74% of
our offices currently taking part and 78% of ourworkforce engaged in the initiative. Our thriving
Public & Social Sector Practice Group also
demonstrates this commitment through our workwith high-impact clients.
We started our diversity, equity, and inclusion (DEI)
journey in 2004. We believe that inclusive cultures
foster a sense of belonging, allowing individuals to
thrive and drive impact within and beyond their dayto-day roles. This is true of our clients’ organizations
and our own colleagues alike, so our Diversity
Council (formed in 2010) and our DEI Practice Group
ensure that we are continually growing and shaping
what this looks like in the world. We shape ourinternal practices and, in turn, inspire our clients tobuild inclusive cultures—because the world needs
great leaders.

52 million
Number of steps taken
in our “Walk the Earth”
initiative

Humane Leadership:
Fostering a Culture ofBelonging and Inspiring
Action26

27

Our growing network of partnerships with
not-for-profit organizations advocating andsupporting DEIGROWTH THROUGH DIVERSITY

Taking Our Role in Society
Seriously—Driven by Curiosity,
Care, and Action“Generosity” and “Spirit of Ownership” are twoof our guiding values, both in business as trusted
advisors to our clients and in our internal initiatives.
In the spirit of bringing these values to life throughaction, we work closely with our clients on highimpact assignments through our Public & Social
Sector (PSS) Practice Group and our DEI practicegroup. Internally, we have aligned with the best-inclass B Corp Assessment methodology, creating
global networks of change makers within our Firm
to drive positive impact across the full sustainability
spectrum.

Today, our Impact Pathways initiative reflects these
efforts and has inspired action across many of ouroffices, ranging from a campaign to eliminate singleuse plastics in our São Paulo office to a “wishingtree initiative” where our Knowledge Center India(KCI) colleagues came together to care for homelesschildren over the holidays. Importantly, 91% of
our participating offices have achieved the “bestpractice” standard using the B Impact Assessment
methodology, and 12 offices achieved “outstanding”
scores—a testament to our Firm-wide dedication to
impact.1 See our Impact Pathways Map on the next
page to explore the scope of this initiative.

“Through the B Corp methodology, we
found a language that would fit ourheritage and culture. It allows fora great deal of local initiative as it
does not prescribe, giving space toeach office to set its own priorities
depending on the needs of the local
market and local teams.”—Bart Blommers
Consultant, Global Public & Social Sector Practice Group Lead
Amsterdam

1

28

The B Impact Assessment is divided into five impact areas: workers, governance, customers, community, and environment. The sum of all thequestion scores is the impact score result. Questions and sections are weighted depending on the company’s industry, size, andgeographic area.

29

Local Action for Global Impact

Inclusive hiring
Malmö
Copenhagen

Düsseldorf
DublinLondonHamburg

Amsterdam

BerlinColognePragueFrankfurt
Paris

MunichStuttgart
GenevaWorkplace equity
KCB

Zurich
Milan
Rome

Oslo
Stockholm

VancouverSeattleSan Francisco
Palo Alto
Los Angeles

KCA
Montreal

TorontoBostonChicagoNew York
Washington DC

DallasBeijing
Tokyo

IstanbulAtlanta
Miami

KCI

Mexico CityNew Delhi

ShanghaiHong Kong

MumbaiSingapore

Bogota

44% of all offices provide
healthcare insurance
coverage with benefits
over and above theregion’s legal
requirements.

JakartaSão Paulo
Johannesburg

Buenos Aires

SydneyMelbourne

Corporate citizenship

42%of offices
participate incommunity or
pro-bono
services44%of offices
make financial
or in-kind
donations41%

of offices havepartnerships
with charitableor community
organizations

Community service

Charitable policies

28%

46%

of offices
offer paid
time off forcommunity
service20%of offices havehosted company
service days
and set service
targets* The map includes all offices that have joined the Impact Pathways Community on or before the date of publication (75% of offices). The
additional BIA data shown reflects only the offices that were part of the initiative during the reporting period (59% of offices).

of offices
allow colleagues
or clients tochoose charities
for donations

Employee support

Healthcare

Bangalore

Santiago

Most office facilities are
fully accessible, and four
have gender-inclusive
restrooms.

All offices offer parental
leave (44% provide
parental or maternity leave
coverage with benefits
above the local legal
requirements, and 26%
offer health insurance withfertility support); flexible
working options liketelecommuting andworking remotely (76%);
unpaid leave orsabbaticals (63%);
part-time retirement(26%); and all offer
professional development.

LisbonHelsinki

All offices arecommitted to DEI in
job postings, withnotable practices suchas “blind” resume
reviews in one officeand targeted
recruitment in another.

8

officeshave formal
donationcommitments

4
officesmatch
employeedonations

Family friendly
programs
Some offices havefamily-friendly programs(FFPs), such as financial
support for
pre-kindergarten or
crèche reimbursements,
emergency dependent
leave, and adoption leave.

Environmental and social advocacy

68%

of offices contributeto research andpublic forums onsocial or
environmental topics

6

collaborate withindustry players onsocial or
environmental
standards

Our Public & Social Sector PracticeGroup
As an organization that aims to act on our values byidentifying and developing impactful leaders, our
Public & Social Sector Practice Group drives impact
at scale through client engagements. The Practiceepitomizes our commitment to increasing sustained,

positive social action through our evolving client
work. These meaningful engagements inspirecolleagues to drive progress in their directenvironment and address purposeful topics within
their spheres of influence.

A longstanding partnershipwith WWF
Egon Zehnder has cultivated a strong, 30-year relationship with theWorld Wildlife Fund (WWF), the globally recognized conservation
organization. With a partnership that spans continents, we havebecome WWF’s trusted advisor for critical leadership topics acrossAustralia, Europe, and the United States. Through our partnershipwith one of the world’s leading environmental NGOs, we directly
contribute to building the leadership necessary for a moresustainable world.

The impact
30-yearrelationshipwith theWorld
Wildlife
Fund•

We have placed four members of WWF’s current executive team in the
United States. On a global scale, we have secured pivotal roles for WWF,such as the Chairman of the Board and the CEO, by conducting a worldwide
project informed by in-depth testimonials, among various other methods.

•

One of our most significant collaborations has been with WWF Germany.
Here, we placed a new five-member executive team and the Chair of theBoard of Trustees. This project entailed comprehensive cultural analysis,
significant consultation with professionally renowned figures, and astrategic blend of internal and external talent.

Walk the Earth: Camaraderie
for health and impact
In our increasingly digital world, connecting with colleagues in person
becomes even more vital to strengthen team spirit and demonstrate“care in action.” Our Walk the Earth initiative illustrates the power ofpeople coming together. More than 500 colleagues globally stepped
up to the challenge: to walk the equivalent of the Earth’s circumference(40,000 km).
In just 20 days, colleagues collectively took more than 52 million steps,
symbolically traversing the globe together. Colleagues in offices from
Stockholm to Singapore and Melbourne to Miami arranged group walks,
shared their stories, and transformed commutes into steps for health,with some supporting charitable causes.

More than 500
colleagues walked
the equivalentof the Earth’s
circumference“I thought it would be wonderful if we could
make a ground-up, truly global effort
that would inspire collective action andraise awareness about sustainability. Forme, the Walk the Earth challenge truly
demonstrates how powerful we canbe when we do things together as One
Firm!”—Julian Ho
Consultant, APAC Industrial Practice Group Lead
Singapore

32

33

#Zusammenland: Egon Zehnder
Germany takes a stand against
populism
It is a sign of our times that more business leaders are using their voices to drive positive change. Over 500
German companies, including Egon Zehnder, are taking a stand against populism for an open and diverse
society as part of the #Zusammenland initiative in Germany. This is a joint campaign started by publishinghouses and broadcasting companies to promote freedom and diversity and call for an inclusive country withdemocratic cohesion in society.

“The economic success of our country
is closely linked to our culture andour understanding of diversity.
Unfortunately, there are some entitiesin Germany that subscribe to populist
slogans. We must take an early standagainst them. That’s why we’re proud tobe part of this campaign.”—Hanns Goeldel
Consultant and Germany Country Leader
Hamburg

Knowledge Center India connectswith the Dream Girl Foundation
As part of an awareness and donation drive, the Knowledge Center
India (KCI) hosted children from the Dream Girl Foundation (DGF), an
NGO dedicated to empowering women and improving the well-beingof underprivileged children throughout India.
The KCI’s primary objective was to raise awareness about theFoundation and inspire and empower the next generation. Whenchildren from the Foundation visited the KCI office, they were given
a tour and introduced to our teams and their work. Colleagues
spent time getting to know the children and shared some of theirown childhood experiences—aiming to spark curiosity in them andencourage them not to give up on their dreams, regardless of theircircumstances. After their visit, the KCI ran a fundraising campaign
for the DGF, contributing toward school benches and sweaters for thechildren.

34

Chicago volunteers with Cradles
to Crayons
Colleagues from
our Chicago officeorganized a volunteer
event with Cradles
to Crayons (C2C), a
local organization thatprovides children withthe essentials theyneed to thrive in life.
In memory of a dearcolleague Doug Kush,
who had been heavily
involved with C2C for
years and had madeit an integral part of
the Chicago team’s
community outreachefforts, the team spenttime at C2C’s Giving
Factory to sort, package,and help distribute
donations to Chicago’schildren in need.

“The Chicago office is proud to partner with
Cradles to Crayons to provide low income andhomeless children with the essential items theyneed to thrive. The Chicago community donates
clothing and we, as volunteers, process
those donations to make surethey meet quality standards.
It is with great pride that
we continue Doug’s legacy,
empowering these young
individuals to reach theirfullest potential.”—Kelly O’Rourke
ExpertChicago35

Championing Diverse Leadership—
In our Firm, Among our Clients,
and Beyond
Our DEI goals aim to drive client impact, increaseinternal diversity, foster a welcoming workplace,and champion positive social change (Figure 8).
This commitment shapes how we operate internallyand informs our approach to client assignments.
By reflecting the diversity of the societies we serve,
we are better equipped to deliver the best possible
outcomes for our clients—and the world beyond.

Figure 8:

Our DEI goals
DEFINITIONSDEI Practice Group and Search 2.0
Today’s complex business environment demands
innovative, agile, and high-performing teams—
qualities that diverse teams inherently possess. Our
Search 2.0 process is grounded in a commitment
to diversity (see page 79 for more information).
Embracing differences is not just a core value for us
internally; it is a shared journey with our clients too.
See Figure 9 for how we champion diverse teams,
advise boldly, and inspire transformative action inpursuit of a more inclusive world.

ClientImpactInclusive
CultureInspiring and enabling ourclients to increase thediversity of their leadershipand the inclusivity of theircultures.

Creating an environment
where all colleagues feel they
are respected, valued, andhave a sense of belonging
that inspires them to achieve
their fullest potential.

GOALS
1. We consistently communicate ourcommitment to diversity, equity, andinclusion and share our expertise to best
serve our clients.
2. We are our clients' most trusted partner
and advisor in building diverse teams
and cultivating inclusive, equitablecultures. We educate, boldly advise, andinspire our clients to act and change.

3. We embrace difference so that everyonein the Firm brings their whole uniqueselves to work and experiences a senseof belonging.
4. We always engage with curiosity, valuing
and welcoming differences of opinions,experiences, and backgrounds. We
speak with courage, respect, and care,including when we do not agree.

5. We reflect, as a Firm, the diversity of thelocal societies in which we operate.

DiverseWorkforce“Bold goals set our DEI strategy apart.
We don’t just strive for internal diversity
and inclusion; we aim to transform
leadership globally. Throughvocal advocacy; collaboration
with colleagues, clients, and DEI
organizations; and deep selfreflection, we inspire change, growas inclusive leaders, and continuously
improve our systems and processes.”

SocialImpactAttracting, developing, andretaining a diverse
workforce across all levelsof the Firm.

Bringing positive change to ourcommunities throughphilanthropy, advocacy,
investing, and directcommunity engagement.

6. We increase the diversity in ourleadership through thoughtful
succession planning.
7. We create conditions for everyone toreach their potential and aim to achieve
gender parity in partnership.

8. We act as responsible and exemplary
citizens by providing access toopportunity for historicallydisenfranchised communities.
9. We provoke change in the definition andthe picture of the world’s leadership.

—Katrin Sier
Global DEI Lead
London36

37

Paradigm for Parity

Figure 9:

DEI metrics in client work

Gender Diversity
Executive hires

International Diversity
Executive hires(cross-country)

Executive hires(cross-region)

28%

23%

9%

Non-executive hires

Non-executive hires(cross-country)

Non-executive hires(cross-region)

46%

36%

14%

among consultants and, more importantly, in ourleadership roles. Committed to this pledge since its
inception, we are proud to be making progress on
both of our goals, with a near 10% increase in female
representation in leadership and consultant roles,
while the inclusion of men in our expert and EA roles
is slowly increasing (Figure 10).

For us, diversity is not a trend; it is a continued
conversation and a constant journey toward amore sustainable future. As part of our “Paradigm
for Parity” pledge, we have signed up to reachgender parity by 2030—this means we are looking
to increase the participation of men in expert andassistant roles and increase the share of women

Figure 10:

Gender diversity progress in leadership roles1

60

Gender parity line

Board

PGLs

ExCo

All leadership roles*

OLs/CLs

Gender parity line

Board

PGLs

ExCo

All leadership roles*

OLs/CLs

60
50

50%
50%
42%
42%
42%
35%
42%
35%
29%

50
40
40
30
30
20

Source: Egon Zehnder

29%

20
10
10
0
0

“Egon Zehnder’s DEI Practice Group
sets the foundation of inclusive
talent practices applied in all of
our work. As arbiters of whatdefines outstanding modern
leadership, it is critical that weand our peers in the leadershipadvisory industry embody
inclusive leadership and help
our clients on every step of their
inclusion journeys as well.”—Cynthia Soledad
Consultant, Global DEI Practice Group Lead
Chicago

38

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

*All leadership roles include all Office Leaders/Country Leaders, Practice Group Leaders, our Board, and our Executive Committee.
1

Numbers
correct asof February2010 are20112012
20132024.2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
* All leadership roles include Office Leaders/Country Leaders, Practice Group Leaders, our Board, and our Executive Committee.

Our progress on gender parity across key roles
Our progress on gender parity across key roles
Our progress on gender parity across key roles*All leadership roles include all Office Leaders/Country Leaders, Practice Group Leaders, our Board, and our Executive Committee.

2016

2024

Women in Firm leadership roles

2016
24%

2024
35%

Women in Firm leadership roles
Women consultants

24%
33%

35%
43%

Women consultants
Women experts

33%
74%

43%
70%

Women experts
Women executive assistants

74%
99%

70%
97%

Women executive assistants

99%

97%

Source: Egon Zehnder39Embracing Difference: Creating
Inclusive and Equitable Cultures
Egon Zehnder, our founder, established our Firm
Values in 1964 and consistently embodied them.
Values guide our behavior and highlight areas
for continual improvement. In 2019, we went on ajourney to refresh our values. Today, our five corevalues (which can be seen on our Vision Map, page10) each emphasize a different aspect of who we are
and continually aspire to be, and collectively they
guide us on our path to realizing our vision.
As the world becomes increasingly complex,
fostering a sense of belonging is crucial for people
to thrive in the workplace. We want to create aspace where individuals feel free to be themselvesat work, regardless of their ethnicity, ability, sexual
orientation, gender identity, life stage, or
career experience.

Our 2023 Engagement Survey, in which 93% of ourcolleagues participated, shows that 80% feel they
can bring their whole selves to work. While we areproud of this metric, we are always aiming
to improve.

Our People Strategy
This commitment to inclusion aligns with our People
Strategy, which aims to unlock the full potential
and deep sense of purpose within each of ourcolleagues. See Figure 11 for a snapshot of ourinternal DEI status.

“Our People Strategy aims to empower allcolleagues to reach their full potential
and feel a deep sense of purpose. As theworld becomes more complex, so do theneeds of our clients and our Firm as anorganization. Every colleague, whether on aclient team or in a functional role, has a partto play not only in shaping how we respondto these changing needs but also in their own
path. In doing so, we fulfill our Firm’s purpose of‘Leadership for a Better World’ and enable our colleagues
to bring their own purpose to work—whether that’s by developing
new skills, expanding their network, having a positive impact on
their local communities, or simply feeling comfortable to live theirtrue, authentic lives.”—Julie Brummer
Chief Human Resources Officer
Montreal

40

41

Our People Networks

Figure 11:

Highlights from our DEI scorecard
Our Internal Diversity Scorecard
Firm Leadership: Our Board
and Executive Committee

Consultants

Firm Overall

women

women

43%

64%

56%

57%

36%

44%

Our People Networks are affinity groups created
and led by our colleagues who share a common
background, experience, or purpose. Anyone canjoin—members, allies, and supporters—with thegoal of inspiring, learning, and fostering a work
environment where our colleagues feel comfortableshowing up fully. See Figure 12 for our thriving
People Networks.

Figure 12:

women

Our People Networks around the globe

Gender

men

men

10

International

nationalities

GlobalPeopleNetworksmen

49
nationalities

62

Our London
OfficeNeurodiverse

Sustainability

nationalities¹

Women’s Health

Our US Offices

Hispanic/Latino

BlacksLGBTQ+

Parents

32%

29%
21%*

22%*
44%

Neurodiverse

Ethnicity

Healthy Lifestyle

Black, Asian,
Latino, MiddleEastern

Sexualorientation

No data

Black, Asian,
Latino, MiddleEasternBlack, Asian,
Latino, MiddleEastern

3%*

3%*

Identifies as
LGBTQ+

Identifies as
LGBTQ+

Our
Knowledge
Center India(KCI)

Asian American,
South-Asian, andPacific Islanders

1
Based on 54% of global FTEs.
* Data refers to the US region only.
Source: Egon Zehnder4243

We are proud to have received, for the third year in arow, a score of 100—the highest possible score—on
the Human Rights Campaign Foundation’s 2023–
2024 Corporate Equality Index, the United States’
foremost benchmarking survey and report measuringcorporate policies and practices related to LGBTQ+
workplace equality.

“We believe that thisintentional effort reinforces ourcommitment to our value of‘Embracing Difference’, leading
to more creative, innovative, andbetter client solutions.”“The feeling of deeper connection
gives me a sense of belonging
that creates spaces of freedom.
People Networks such as ez+
are a testimony to the missionof our firm—to bring our
purpose of ‘Leadership fora Better World’ to life. This
is what makes me proud towork at Egon Zehnder.”—Markus Schuler
Global Head of Corporate Design
Berlin—Rodolfo Pelitz
Consultant
São Paulo“I’m grateful that my colleagues
and ez+ have created anenvironment where I don’t haveto filter, and I can focus on themeaningful work that we do at
the Firm.”—Dennis Yu
Consultant
Toronto44

45

Our partnership with Out Leadership

Since 2020, Egon Zehnder has partnered with Out Leadership, the world’s
leading global LGBTQ+ business network. Our firms have been working together
on advisory services, thought leadership, and events, with the goal of building amore robust pipeline for senior leadership positions and Board appointments.

“Egon Zehnder is the first leadershipadvisory firm in the world to support thiseffort; none of the other search firms arefocusing on LGBT equality or inclusion
at the Board level, which is something weare trying to change.”—Todd Sears, Founder & CEO, Out Leadership“Our partnership with Out Leadership isabout so much more than signaling
to our clients, candidates, andcolleagues that we care about
supporting the LGBTQ+ community
around the world. For us, thispartnership is about driving realand sustainable impact. Throughcombining our efforts aroundresearch, global events, andinnovative development sessions,
our work with Out Leadership is
focused on increasing awarenessand understanding of the incredible
strengths that LGBTQ+ leaders can bring to
Boards and executive teams.”—Charlie BeasleyConsultant
London46

47

Black History MonthIn celebration of Black History Month, Egon
Zehnder’s Global Marketing Team, in collaboration
with the Blacks at Egon Zehnder People Network,
highlighted inspiring stories from colleagues. This
campaign was launched on LinkedIn and was agreat success in celebrating the stories of thesecolleagues and acknowledging their experiences
as members of the Black community in the Firm. We
reached out to some of these colleagues to hearfrom them how it felt to be a part of this campaign
and what the importance of the people network is tothem.

“This year for Black History Month, wewere able to turn our attention on Black
employees in the US and Canada toshare their corporate and personal
experiences. There were individual
profiles highlighted on LinkedIn, as
well as a moderated panel discussion.
This was such a huge step for Blacks
at Egon Zehnder (B@EZ) as one of thefirst race-based affinity groups. I hopethat what we have done in North America
will encourage other underrepresented
people of color globally to connect andsupport one another.”—Verna Moore
Executive AssistantChicago“It allowed me to reevaluate my‘why’ for working in the Firm. It
has been a wonderful experience
being part of the B@EZ
community at Egon Zehnder. I
have found mentors and people
who have invested in my growth
as a professional and as anindividual.”—Sam Onilenla
ExpertDallas“Representation truly matters—to clientsand internally. I’m glad that the Firm is
becoming more modern and we have tocontinue to be intentional about what wewant to achieve in every dimension. I’ve
been at Egon Zehnder for almost a decadeand we’ve come a long way. Brick by brick,
we’re working to make the Firm more
representative of the world at large.”—Kenna Baudin
Consultant, Global Private Capital Practice Group Lead
New York“Oftentimes blackness can be viewed as amonolith when in fact it is quite nuanced.
Giving colleagues a platform to share in
an authentic, unfiltered way truly aligns
with Egon Zehnder’s core commitment
to embrace difference.”—Natasha Wong
Executive Assistant
New York

48

49

Our Vanguard Board Readiness
Program
We partnered with the Executive Leadership Council
to gather more than 40 Board-ready executives—
most of whom were ethnically diverse and basedin the United Kingdom—to share their thoughts
on increasing visibility, being identified, appointed,
and integrated into Boards. Off the back of this,
we identified the need to support Black executives
seeking their first Board roles.

Our approach:
The Vanguard Black Board Readiness Program is
our answer to this need. Aimed at ethnically diverse
senior executives, the program—hybrid in format
and under Chatham House Rules—convenes
groups of cross-sector Black executives to help
them prepare for their first non-executive roles andaccelerate their paths to Board exposure.

The impact:
The first cohort launched in June 2023 and saw 21
participants from the United Kingdom and UnitedStates take part in monthly sessions that featured
senior non-executive directors, senior independent
directors, and Chairs as guest speakers. Both sidesof the table shared their experiences and knowledge
and took part in deep discussions on key topics,
including strategy, ESG, technology, succession, andstakeholder management.

Across the Firm’s activities, we strive to engage withcuriosity, valuing diverse opinions, perspectives,and abilities—spoken with courage, respect, andcare. We know this inclusive approach empowers
individuals to reach their full potential. It is in thebest interest of both our Firm and clients whencolleagues can show up authentically as themselves.
Furthermore, we are committed to supporting
overall well-being through our People Networks, andpassionate about creating healthy and happy work
environments.

“What I like most is the access in an
intimate setting that contributes to a
deeper professional network. Often,
diverse candidates and/or candidates who
were raised in lower-income environments
are hindered because they do not evenmeet the kinds of people who are currently
the Chairs and Board directors of either
public or highly profitable companies.”—A Vanguard Program participant

50

Reflections
On neurodiversity: A reflection from a colleague“I would not be doing my job properly if
I didn’t take action on neurodiversity.
I was thrown into the world of autism
and discovered what neurodiversity
means and the opportunities it brings
to the workplace and society more
broadly. Working at Egon Zehnder givesme an unparalleled platform to reachleaders of industries who are able to reallymake a difference in employing such people.”—Loula Lefkaritis
Consultant
LondonOn physical disability: A reflection from a colleague after a lifethreatening stroke“At the time of the accident, I had been with
the Firm for five years and they knew me
well. I am very fortunate to have been
well supported and able to contribute
positively since my stroke. In contrast,
many disabled individuals arenever given the opportunity to besupported in a stimulating businessenvironment. In my experience,
this is as critical for a successful
recovery as part of other traditional
rehabilitation strategies.”—Paul Havranek(read more of his story on breaking the disability taboo here)
Consultant
London51

“In today’s dynamic and evolving
work landscape, it’s increasingly
apparent that people seek morethan just a job—they crave a senseof purpose, passion, and meaning
in their work. We believe thatwhen individuals are empowered
to pursue their passions and findmeaning in their work, the results aretransformative. That’s why we’re committed
to cultivating a culture that not only values
diversity, creativity, and innovation but alsocelebrates the unique talents and interests ofeach team member.”—Manu Dangi
Chief Operating Officer
Knowledge Center India

52

53

We recognize that the climate crisis demands urgent
action and business adaptation. In the words of UN
Secretary-General António Guterres, “The climate
time bomb is ticking.” And acting now to fight thecrisis is a shared responsibility. However, there arechallenges: delivering successfully on the triplebottom line, including people, profit, and the planet,is hard—but crucial for sustainable success.

3

We embrace the shared environmental responsibility
and aim to demonstrate our commitment to ourclients, partners, and colleagues as we encourage
responsible business and facilitate reciprocal
learning. For us, this means promoting andimplementing planet-conscious practices within

100+

The number of corporate
sustainability
appointments across
3 years (2021, 2022,
2023)

55%

The percentage of officesthat are BREEAM,
LEED, or local
equivalent certified

our Firm, while recognizing that Scopes 2 and 3
emission reductions necessitate collaboration withour clients and other stakeholders—with all our
actions rooted in care for a better world.
This holistic approach integrates discovering anddeveloping curious leaders, building Boards withstewardship mindsets, and unlocking transformation
toward responsible business cultures.
In this section, we reflect our ongoing commitment
to “walking the talk” and the concrete actions we aretaking to develop a more responsible approach tobusiness.

0.72

Firm-wide averagecommute (in tons CO2e)
carbon footprint

The Business of a Better
World: Embracing Our
Responsibility for a
Thriving Planet
54

55

Making Space for Voices in the
Broader System
We see our broader role in the ecosystem asshaping and facilitating leadership conversations oncomplex challenges—and now this needs to include
sustainability. As a Firm that understands the valueof inclusion, we take a global perspective anduse our platform to bring leaders together acrossborders and businesses, virtually and in person. As aresult, our thought leadership, events, partnerships,
and collaborations form the cornerstones of ourbroader impact on the environment.

Curated convenings—keeping
the conversation going throughhuman connection
Convenings are one of the best ways to encourage
collaboration because we know how the power ofwarm, people-to-people connections can spark
action and drive change. In 2023, we hosted multiple
events in the Sustainable Leaders for a Sustainable
World series as well as broader sustainability
gatherings globally. We also published Elevating the
CSO’s Voice, a global survey of CSOs exploring how
they are transforming their organizations and how
boards and CEOs can support them.

•
•
•
•
•
•
•
•

Sustainability means different
things to different people.
Whether it’s preserving ourdelicate ecosystems, training
and connecting underserved
communities to new economic
opportunities, designing more
inclusive and earth-friendly
products, or developing
systems at organizational andpolicy levels—these are all
examples of working towardleaving our world in a better
place for future generations.

Altruistic
Brave
Passionate
Authentic
Tenacious
Strong inner compass
Optimistic
Visionary“Business has the capacity
to bring about progresson sustainability at ascale that nothing else
can match.”Helsinki

DublinSan Francisco

Palo Alto

56

Stockholm

LondonToronto
New York
Chicago—A CEO from our second CEO study in 2021

Words used to describe what beinga leader in the sustainability space
really means:

What does sustainability
mean for you?

Minneapolis“The question for us leaders is to figureout where and how we can contributethe most, as we are moving into thecolossal impact of climate change on theplanet and people.”

Paris“We have convened more than 500
leaders and Board directors aroundthe world over the last 12 months toshare their stories on sustainabletransformation. The spirit of acommunity of stewards coming
together is truly inspiring. We areenergized to partner with leaders at theforefront of unlocking human potential inthese unprecedented times of change.”—Catherine Zhu
Consultant, Sustainability Practice Group Lead
Toronto57

One successful assignment equals
one new tree
In the spirit of celebrating the joint goal of businesssuccess and environmental stewardship, severalof our offices have adopted a fresh approach. They
have chosen to gift a tree—planted in honor of acandidate’s successful placement—rather than
send the customary box of chocolates or flowers.
This reminds us and our placed leaders of theintertwined nature of business and the environment
and is reflective of our journeys as people. Much
like the trees we plant in their celebration, thepeople with whom we partner form part of a broader
system; they will go out into their organizations andhave an impact far beyond their role.

“With so much attention and focus onsustainability and climate change, we havefound that the gift of planting a tree truly
resonates with many. With the gift comesa plaque commemorating the candidate’s
new role along with a personalized
message.”—Chris King-Sidney
Consultant
Seattle“What started out as a small initiative in
2022 has already resulted in a beautiful
German forest. Due to fantastic
feedback from candidates, clients, andcolleagues, we have planted over 3,500
trees. Hopefully we can plant many
more in 2024.”—Meike Rosenfeld
Executive AssistantHamburg

58“Our tree planting initiative to commemorate
assignment closings has prompted great
excitement in the team. Also, our KCI
Digital-IT team got involved by planting
several hundred trees themselves tocelebrate their 15th anniversary.”—Karthik Ramesh
Consultant
Mumbai

Educating our colleagues: Climate
Fresk in Paris—lifting the lid on the
climate crisis
The urgency around the climate crisis is clear but how can we best act upon it, both internally and withour clients? With that question in mind, our Paris office organized a Climate Fresk—an engaging workshop
run by an environmental non-profit organization that helped the team grasp the systemic effects ofclimate change. It left participants with a deeper understanding of the crisis and inspiration to act. Having
completed the workshop, we are now better able to facilitate conversations on leadership readiness to deal
with climate transition challenges.

“Climate Fresk helped us better grasp
sustainability challenges—especiallythe ones on the environment—andlink them to business challenges, andmade us smarter when addressingthese with our clients.”—Kiné Seck Mercier
Consultant
Paris

59

Shaping our Planet’s Future

Building a balanced board for the ISSB

The path to sustainable business is becoming
increasingly complex. For us, it is a leadershipchallenge. Progress can only be made when theright leaders are in place—leaders who develop
resilient cultures, foster transparency across thebusiness, and challenge colleagues and peers to beforces for good. This is why we have a role to play inenvironmental sustainability in particular; throughour work, we can have a positive impact on fighting
climate change and influencing the global system
for the better.

The International Sustainability Standards Board(ISSB) was launched at COP26 in 2021 to answer thecall for globally recognized standards in corporate
sustainability reporting. We were asked to assist
with finding globally recognized leaders for the rolesof Chair, Vice Chair, and 12 Board members.

By discovering and developing leaders withsustainability at the core, we enable and support ourclients to become stewards of sustainability, while
simultaneously building profitable and successful
businesses. We know that as our clients progress ontheir journeys, they will look to their trusted partners
to support their endeavors, which then will create aripple effect of positive change. We have seen that
RFP requirements from our clients are changing:a clear signal that they demand a responsible
partner who matches their commitment to change.
See page 22 for the increase in RFPs containing asustainability component.
We have partnered with many clients to help them

The context:
The global reach of the ISSB, as well as thecollaborative nature and importance of it’s work,
meant that experts in corporate sustainability
reporting with varying backgrounds were needed tofurther the ISSB on its mission.

Our approach:Matching the global challenge, we assembled
a diverse team of colleagues from around theworld. We worked through a collaborative processspanning multiple geographies and consulted withstakeholders on the skills and experiences needed
for a balanced Board. We ran extensive global
sourcing and research activities covering multiple
fields of candidate sources. As it was a public
process, we also facilitated the screening process
for applicants.

The impact:
We have partnered with many clients to help them advance on their environmental sustainability journeys.

Establishing a climate change advisory panel
for a global chemicals and energy company
We partnered with a global chemicals and energy
company that sources, produces, and markets
a wide range of products in over 20 countries. It
employs close to 30,000 people and reported sales
exceeding $15 billion in 2023.

The context:
Despite a strong track record of embedding
sustainable practices in their business, our client
recognized the need to accelerate their efforts in
response to evolving market expectations. They
approached us to establish a climate change
advisory panel, an independent group of experts
focused on broadening and deepening thecompany’s climate initiatives.

Our approach:
We assembled a global team with expertise inenergy, chemicals, and sustainability. Embarking ona collaborative process, we engaged in discussions,strategy sessions, and iterations tailored to our60client’s context. To form the advisory panel,
we defined four key archetypes of leadership:
adaptation and mitigation, transformation,technology, and social. Our process encompassed
conversations with over 300 people. After extensive
evaluation in partnership with the client, we foundthat many candidates were enthusiastic about
the opportunity and recognized the company’scommitment to impactful change.

The impact:
We helped our client build an advisory panel offour world-class, independent climate change andtransformation experts. With its diverse expertise,
this panel advises the client’s executive committee
and Board on various environment-related matters.
It offers guidance on both short-term challenges
and long-term market trends impacting thecompany’s sustainability journey.

Among those appointed, there was a strong balance in terms of geography, gender, skills, and experience.
Their backgrounds varied from academia to corporate sustainability, investments, and ESG data analytics.
Emmanuel Faber—the former CEO of a multinational corporation with strong sustainability ratings andpassion for the topic—was announced as Chair.

We foster partnerships andcollaborations with like-mindedorganizations
Not only do we collaborate with our clients, we
also forge partnerships with global organizations
to amplify our impact on the global environmental
conversation by sharing values and seeking
innovative ways to work together.

61

We know that relationships are vital to encourage
positive change and environmentally conscious
mindsets. So, as we foster collaboration withour clients to share sustainability learnings andknowledge, at the same time we aim to educate ourcolleagues and distill these insights. In doing so,
we increase our Firm’s knowledge and encourage
our colleagues to become ambassadors forsustainability. We empower them in their careers,
furthering the ripple effect of positive change inwork and life.

Our Impact Pathways community:
Inspiring change at a local level
We recognize that not only is global change neededin business, but also at a local level—every small
step helps. This perspective led to the creation of
our Impact Pathways initiative for all our local offices
as a way for them to address sustainability andencourage the changes that matter most to themand their communities.

“The workplace is a powerful medium todrive change, and the Impact Pathways
initiative provides a platform for me tocollaborate and join forces with likeminded and motivated colleagues tocreate meaningful change with a positive
impact for a more sustainable future!”—Shekhar Mahajan
Director, Cybersecurity
Knowledge Center India“It’s not just about being
ecofriendly; it’s about bonding
with others who share similarvalues, making our day-to-day
even more purpose driven.”“I believe that it is now urgent to think
about the world differently. Shifting
perspectives is not easy: it can feel
intimidating and overwhelming. But all
we need, really, is to make little changes. If
everyone does, these will have a big impact.”—Sonia Robert
Executive Assistant
New York“The Impact Pathways initiative has
enabled me to align my personal
purpose with the values of the Firm.
We have the chance to makethe world a better place bytaking concrete action within
our EZ Community, as well as
developing our tools to engage
in these conversations with ourclients.”—Sandra Garcia
Information Services
Paris—Camila Thomé
ExpertSão Paulo

62

63

Amsterdam: Plastic fishing in the canals

As part of their annual Office Day, ourcolleagues in Amsterdam rolled up theirsleeves and spent the morning fishingplastic and other litter from the city’s
beautiful canals. The time was spent with
Plastic Whale, which uses the collected
waste to build new, sustainable products,
including furniture (over 10,000 pieces todate) and even the very boats on which ourcolleagues sailed.

We are proud to work with Climate Vault, a non-profit
organization founded by renowned economist, MichaelGreenstone at the University of Chicago. As a pioneer
in its field, Climate Vault purchases government-issued
carbon permits from regulated markets and locks
them away so that heavy emitters cannot exploit them.
Climate Vault also leverages its funding into innovative
carbon dioxide removal (CDR) projects. We have madea donation to Climate Vault equivalent to our FY2022
footprint to support our progress in our impact journey.

Our Carbon Reduction Journey
Like so many of our clients, we recognize theurgency of decarbonization and are putting words
into action: we have committed to achieving a
25% emission reduction by the end of 2024 andare working to achieve this. In addition, we aim to
reduce our emissions further, targeting net zeroin the long term. Cross-functional collaboration,
data collection, and categorization are a big partof our reduction journey—not only for us but for
all organizations undertaking the challenge. We
know that as our processes mature, we will likely
see a short-term increase in our carbon footprint as
our data quality improves and we develop a better
understanding of our impact.
This level of transparency is a vital part of ourjourney. Accordingly, we use various businesssustainability ratings, such as EcoVadis and theCarbon Disclosure Project (CDP) to track andmeasure our sustainability impact with transparency.
We report in reference to the Global Reporting
Initiative (GRI) to communicate our sustainability
impact using a common, global language.

64

And, while we have compensated for 100% of ouroperational emissions since 2021, we recognizethat this alone is not enough. In light of this, weare excited to be starting our own Science Based
Targets initiative (SBTi) journey, holding ourselves
accountable for our progress. Through this, we will
be setting science-based targets and continuing toensure that any offsets we do use are effective andtrustworthy.
Beyond our own emissions, we also continually
strive to enhance our methodology and coverage of
Scope 3 emissions categories, recognizing that ourdata collection process is evolving in preparation
for formal assurance and audit proceedings. Table 2
reflects this ongoing maturity journey, and therefore
values across years are not directly comparable.

“In our planning for nonclient events, we have become
increasingly conscious of where,
when, and why we gather.
We consider the reduction ofcarbon emissions to be one ofour major drivers in achieving
our commitments.”—Jeroen van den Heuvel
Head of Finance & Operations
Amsterdam

65

Table 2:“Once we committed to analyzing
and reducing the emissions fromour training programs, things
actually progressed quite fast
in terms of making an impact.
It’s definitely added somecomplexity to our planning,
but we’re thoroughly convinced
the extra effort is worth it.
Frankly, in 2024, it’d be crazy not
to do it this way.”

Carbon footprint for individual GHG protocol categories
FY2019FY2021

FY20221

FY20232

688

272

561

310

Location-based

4,384

3,253

2,605

2,880

Market-based

-

-

-

2,645

Scope 1

Scope 2

—Michael Snelgrove
Global Head of Consultant Learning
Washington DC

Scope 330,1793,382

12,43930,999Total carbon
footprint (in tons,
location-based)

35,251

6,907

15,60634,189Total carbon
footprint (in tons,
market-based)

-

-

-

33,954As
accuracy
journey,the
FY2022data
wasrecalculated
followinga third-party
datadata
error.
Aspartpartofofour
ourdatadata
accuracy
journey,the
FY2022data
wasrecalculated
followinga third-party
error. As we are continually adding
categories
to ourusedcarbonfootprint calculations,valuesacrossyears
directly comparable.
The
methodology
for emissions
accounting has
beenreviewed
byare
ournotconsulting
partner and approved as being aligned with GHG
2
The methodology
used for emissions
accountinggoes
has been
reviewedby ourGHG
consulting
partner
and approved
beingtoalignedwithrelated
Protocoland SBTi requirements.
The methodology
beyondthe minimumProtocolrequirements
when itascomestransport
Greenhouse
Gas (GHG)
ProtocolandSBTi
requirements.
The methodology
goesbeyond theemissions.
minimum GHG Protocol requirements when it
emissionsin scope
3 (businesstravelandemployeecommuting)accounting forwell-to-wheel
comes to transport related emissions in scope 3 (business travel and employee commuting) accounting for well-to-wheel emissions.

1 1
2

Source: Egon Zehnder

To achieve our net-zero goal, verified byindependent bodies like SBTi, we have identified
four key areas for improvement over the next five
years: office operations, supply chain, transportationelectrification, and non-client travel. Our largest
emissions source, business travel, presents the mostsignificant opportunity for reduction. We are also

actively working with clients to refine immediate
engagement strategies while internally focusing
on long-term impact. Once we have minimized
our emissions, we have committed to any residual
amounts being offset through verifiable andtrustworthy offsets.

The path forward
As we continue our sustainability journey, internallyand in collaboration with our clients, we will focus
on implementing current best practices and taking
coordinated action on climate issues. We welcome
and are energized by the SBTi challenge, and weseek to improve our data collection to enable us todrive action internally. Learning as we go, we willcontinue to empower ourselves and our clients bygarnering knowledge of existing and developing
climate issues and their impact. Transparency
will remain a cornerstone of our approach as we
continue to take steps to improve our CDP ratingand EcoVadis score and embark on our SBTijourney.

The road to sustainable business is marked by both challenges and opportunities—and we acknowledge
that our approach and methodology need ongoing refinement. However, we are excited to be on this pathand view our partners and clients as key enablers of learning and sharing best practices in building abetter future.
Climate change is not a distant threat but a present reality that we need to face together. We arecommitted to integrating our response into the fabric of our daily business, acting with integrity andhumility as we navigate this complex but vital path forward.

66

67

Our Firm was founded in 1964 by Egon Zehnder, avisionary leader who disrupted the executive searchindustry. He created a new model that prioritizedshared interests over individual incentives, fosteringa collaborative environment focused on delivering
the best possible outcome for our clients. Today,
we honor his legacy by continually evolving ourapproach to meet the complexities of modern
leadership, moving beyond search services towardholistic leadership advisory solutions that prioritize
long-term value and impact.

4

A Legacy of LeadershipTransformation:
Our Evolving Model68

Our ambition is to be the advisors of choice
for leaders and organizations at the helm ofchange—and we believe all business challenges
require human solutions. Our Integrated Services
Model combines executive search and leadershipadvisory capabilities. It addresses our clients’core capability challenges and our purpose of“Leadership for a Better World”. We achieve thisthrough discovering leaders, developing leadership,
shaping successions, advancing governance, andunlocking transformation. Our integrated approachsparks insightful conversations and fosters
deep connections, ultimately delivering these
holistic solutions that bring together purpose andperformance—a prerequisite for building sustainable
and resilient organizations.
We strive to build a sustainable Firm, recognizingthat our own long-term success is deeplyintertwined with the sustainability of theorganizations we serve. And like our clients, we
continually adapt to meet the rising complexitiesof the modern world, embracing the opportunities
presented to innovate and future-proof our businessmodel.

Cologne officeopenedStewardship reportpublished

Search 2.0
published(Launch event)First “Leading in
Systems”
workshopApril 2022

October 2022

June 2023

November 2023

September 2022

January 2023

November 2023

Dublin officeopenedIntegrated
Services Modellaunched

Seattle officeopened69

Leading through Complexity:
Navigating Systems
The post-pandemic global landscape is becoming
increasingly fragmented. Key forces currently
reshaping business include conflict in the Middle
East and Ukraine, higher interest rates, over 80
elections in countries around the world in 2024, therise of green industrial policies, and competition for
global talent. While these challenges may threaten
business as usual, it is an opportune time for leaders
to depart from “Leadership as Usual” and respond ininnovative ways.
One such innovation that we are exploring internallyand with our clients is the notion of creating system
value: A scenario where all stakeholders within asystem benefit long-term. This is key to building
sustainable and responsible businesses in such aturbulent environment. (See Figure 13, which shows
how organizations can broaden from a shareholdervalue to a systems-value mindset.)
As an example, the needs of global talent arecontinually evolving and our recent study showsthat people demand more from their workplaces.
Employees across generations want to feel a senseof purpose and alignment with their organization’s
stated values. That is why “Leadership for a Better

World” is more than just a slogan for us. We believe
deeply in our ability to shape the future of businessby discovering and developing leaders who blend
purpose and performance—both for our clients andour own Firm.

Our Integrated Services Model
Discovering leaders is only one part of what wedo; guided by our Integrated Services Model,
we do much more. Launched in 2023, the model
combines all our services to drive greater, holistic
impact and value for our clients. With it, we aim toaddress various, complex situations—present or
anticipated—to boost the resilience of the systems
in which our clients operate. See Figure 14 for oursuite of comprehensive, integrated solutions.
Not only do our clients benefit from the newadvancements in how we work, but our colleagues
also learn and grow in new ways, expanding theirskill sets across our full suite of services. And
whatever we learn and foster internally, we passonto our clients as they discover and develop theirdecision makers and leaders.

Figure 13:“Leading in systems is not justabout understanding complexity,
but about actively engaging with it.
By cultivating a holistic perspective,
leaders can leverage complexity asa catalyst for change and create alasting impact.”—Katharina Brinck
ExpertMunichOne in four CEOs surveyed said sustainability
is already a significant driver of their strategic
decisions. Our global CEO survey showed thatinstead of a “winner takes all” business view,leaders must demonstrate how they aim toaddress issues like climate change and other
ESG factors. These leaders focus on developing
themselves, their people, and their organizations,realizing that this is essential for creating longterm, sustainable performance and impact.

The evolution of system value1
Shareholder Value

Shared Value

System Value
Environment

Business

SocietyBusiness

Environment
Environment

SocietyBusiness

Society“If we want to be the advisor of
choice for the world’s top leaders,
we need to address the core issues
they’re facing and aim to provide aholistic human solution beyond the
traditionally siloed services. That’s
how our approach is different.”—Francesco Buquicchio
Chief Executive Officer-designate
Milan

A system can be defined as a set of interrelated and interdependent parts that operate collectively in pursuit of some common purpose.
(Meadows, Donella, Thinking in systems: A primer. London: Earthscan, 2009, p. 235.)
Source: The Future-Fit Business Benchmark, adapted by Egon Zehnder, 2024.
1

70

71

Chief Procurement Officers: An example ofleading in systems

Figure 14:

Our Integrated Services Model

Our study on the power of procurement forsustainability explored system value as a holistic
framework. This research highlighted the evolving

Discovering
Leaders
Advancing
GovernanceWe enable Boards tomaximize their effectivenessand strategic value

We help choose the rightleaders to deliver
sustainable impact

Developing
Leadership
We inspire and guidejourneys of growth that
fulfill potential

Figure 15:

Essential leadership behaviors for leading in systems

Shaping
Successions

UnlockingTransformations

We envision futurescenarios to inform
decisions today

We open doors to new
realities

Further, we embrace technological advancements
to improve our ways of working, thereby creating
efficiency when engaging with clients andcolleagues. The recent evolution of artificial
intelligence (AI) has brought exciting prospects
and new tools to our operations; however, weunderstand our responsibility and ensure that we
educate colleagues on its potential risks. We do notwant technology to replace personal understanding
and judgment in our work and we have created our
global “Use of AI” policy to ensure just that. We
aim, instead, to combine the best of both humans
and technology in how we serve our clients andcontribute to the broader ecosystem.

“As technology advances, collaborative tools andAI are key to our digital transformation
journey, fostering innovation andleadership. These technologies go
beyond mere progress; they help
us reshape how we connect withour clients and colleagues, drive
operational efficiencies, and harness
collective intelligence to unlock
opportunities with strategic insightsthat support Egon Zehnder’s growth in the
global marketplace.”

72

Sense making
in complexity• Manage dynamic mental models• Forge connections between network nodes andrelationships between stakeholders• Distinguish between the “signal” and the “noise”

Forging &maintaining
relationships
in complexity• Acknowledge & understand differing
perspectives• Move from transactional to value creation• Foster trusting and resilient relationships• Broaden collaboration to suppliers andcompetitors

Influenceand drive
performance
beyond yourdirect control• Perform within changing contexts• Action orientation to induce change within
systems• Absorb frustrations & rebound from thenon-linearity and complexity of change within
systems• “Sense” the system and nudge it toward positivechangeEvolve youridentity forthe new
challenges
ahead• Reflect on old beliefs that may be barriers tochange• Unlearn old habits• Redefine professional success and status• Embrace not having all the answers• Acknowledge failure and learning as part ofsenior leadership

Curiosity

Empathy—Annekee Bax
Head of Collaboration Technology
Amsterdamrole of the Chief Procurement Officer (CPO) andthe crucial leadership capabilities required to makesustainability central to decision making (Figure 15).

ActiveResilience

Courage
Courage
Source: Egon Zehnder73

The Evolving Professional:
Disrupting “Leadership as Usual”
with a Stewardship Lens
Experience and skills alone are no longer enoughto guarantee leadership success in today’scomplex business landscape. Intrinsic motivationand purpose are now essential components indeveloping and evolving as modern professionals.
Our stewardship lens, through which we approach
our clients’ and our own leadership challenges
addresses this shift.
To navigate the complexity of systems, we aim
to develop leaders who have a positive intent togenerate healthy profits while minimizing harmto the planet and society. We strive to enable
our clients and colleagues to be forces for goodin business and beyond. Our colleague Ricardo
Sunderland describes the importance of aligning
purpose and energy in driving sustainable success.

The culture of an organization is equally as
important as the leaders we put in place. The way
we assess and develop takes this into account.
Rather than approaching our work as a series oftick-box exercises, we examine the environments
into which leaders will be stepping and ensure thatthe fit is right. For an organization to survive andthrive, its culture needs to evolve constantly so thatit can adapt to the changing world and continue
to support the people within it. While such culturalchange may be challenging, influential leaders are
the ones who can drive a successful transformation.

“Managing your energy is a key ingredient
to living a successful and sustainably
fulfilled life. Why? When we learn
how to manage our energy, it
becomes a purpose compass. When
we are aligned with our purpose,
we will get energy in whatever wedo; when we are misaligned with
our purpose, we will lose energy
in whatever we do. By learning how
to manage your energy, you will get
further aligned with your purpose.”—Ricardo Sunderland
Consultant
San Francisco

7475

Getting the right individuals on
board
Our “span of influence” describes individuals interms of their understanding of and engagementwith sustainability (Figure 16). We define“tealights” as those with a general understandingof sustainability but may not see it as their
responsibility to drive action; “beacons” as havingsome interest in individual sustainability topics
or solutions; “firestarters” as those who will drivechange across the organization; and “luminaries”
as those engaging with sustainability as a systemic
challenge. Current Board members need to reflect
on their outlook with reference to the span of
influence, and what actions they can take to evolve
their mindset and thinking. This is in addition
to looking for desirable qualities in new Board
appointees.

Figure 16:

Individuals’ span of influence on Boards
Tealight: Head in the game

Intellectual
Understanding“The world needs leaders that don’t justmaximize profits but maximize sustainableprofits. For me, ‘sustainable’ simply meansto ‘protect’ and not misuse the resources
living beings share. We at Egon Zehnderbelieve in ‘Leadership for a Better World’and are well placed to raise the topic ofstewardship with clients.”—Megha Sharma
Expert, Global Board Practice Group Specialist
Knowledge Center India• Demonstrates intellectual acceptance of the issues surrounding
sustainability• Holds personal views but is unlikely to share with others at Board level• May be seen by management as neutral on the topic of sustainability• Perhaps feels a personal responsibility but does not see it as a Board
responsibility• May underestimate the role of the Board as stewards in driving
systems change

Beacon: Skin in the game

Local/Topic
ChangeAgent• Recognizes the stakes and urgency of sustainability issues• May act as a focal point for the topic on a Board where there is no
official “home” for sustainability• Encourages the Board to consider the topic on an ad-hoc basis andrequest education from external experts• May see technology as the solution, as opposed to seeing the needfor behavioral and corporate change• Seeks to optimize the status quo rather than rethinking the businessmodel• May encourage individual executive team members and be seen as
open-minded on selected sustainability topics

Firestarter: Heart in the game

Organizational
ChangeAdvocateand Agent• Acts as a source of motivation• May initiate conversations relating to sustainability• Sees sustainability as a collective responsibility and seeks to raise thelevel of sustainability literacy across the Board• Challenges the status quo to drive systemic and cultural change• Encourages management to integrate sustainability across operations
and functions• May demonstrate a strong personal passion that is infectious toothersLuminary: Soul in the game

SystemChangeAgent

76 Source: Egon Zehnder• Connects sustainability with their own purpose and identity• Is recognized as someone who seeks to connect across geographies
and industries• Has professional visibility but does not need to be a “celebrity”• Seeks to address systemic injustices and regulations that protect thestatus quo• Is likely to be energized by making connections and forging
partnerships, with an element of creativity• Navigates the ecosystem and builds bridges across civil society,corporates, and governments• Encourages the shift toward inclusive leadership approaches

77

A pathway to reduce biases

Search 2.0: The future of leadership
appointments
We created Search 2.0 in 2022 to be the new gold
standard in pursuing scalable and sustainable
leadership, applicable across roles, industries,
ownership structures, and geographies. The
methodology came to fruition after our colleague
Satyajeet (Satya) Thakur recognized that thetraditional way of discovering leaders could betransformed to better live our purpose.

Based on his vision to create a process thatembraces inclusivity and adaptability at its
core, Satya devised Search 2.0, which “lifts thelid on the black box of the search process”—aprocess that does not exclude any leader, nordrive or seek predetermined outcomes (such as
diversity quotas). It is the foundational template
for the future of inclusive leadership, marking our
movement toward better decision making throughdiverse thinking. This ensures a balanced andmindful approach that acknowledges different
perspectives.

“Search 2.0 naturally leads to muchgreater diversity in all its forms
by ensuring that our leadership
populations start to resemble themakeup of wider society, in a way thatis legitimate, defensible, sustainable,
and scalable. Get ready for the upgrade!”—Satya Thakur
Consultant
London78

Situational Expertise

There are three aspects to building expertise:1

On subject area
Building up a body of past work on similar topics.
On pattern recognition
Honing the ability to spot whether a situation is similar to or different from pastsituations that are likely to be the source of your intuitions.
On biases
Knowledge of the various biases that may be coming into play.

2

Self-Care

3

Specific Calibration

4

Collaboration

Source: Egon Zehnder

Multiple studies have shown that stress, lack of sleep, and being rushed correlate withheightened biases in decision making. Greater self control and mindfulness duringcrucial decision-making moments will likely reduce biases and enhance outcomes.

Humans can accurately compare people on specific criteria but need help at an
aggregate level. For example, “Are Judy’s communication skills better than Max’s?”
will elicit an accurate response, while, “Is Judy better than Max?” invites all manner ofbiases.

Whatever we do, we will never be completely free of bias, nor will any of our colleagues.
However, each colleague brings unique strengths and limitations (including biases) toany situation. If corrected for group-based biases, group decisions have the potential
to be superior to individual ones.

79

Policies•

Data Security: We have implemented a robust security framework to protect
our data. We prioritize security by pragmatically defining and communicatingroles and responsibilities within our organization. Our Information Security
Management System, under the leadership of our Chief Information Security
Officer (CISO), adheres to industry standards including ISO 27001 and NIST.
With well-defined policies and procedures, we effectively govern IT security
controls, ensuring diligent safeguarding of information.
We prioritize the use of cutting-edge technology and innovative technicalsolutions to safeguard our data. We understand the importance of staying
ahead of potential threats and take proactive measures to ensure our systems
are secure. In addition, we regularly conduct third-party risk assessments
using our supplier assurance platform for critical suppliers. This helps us
identify and alleviate any potential risks that may arise. Lastly, we provide
regular cyber-awareness training for all our colleagues to ensure they are
equipped with the knowledge and skills necessary to protect our data.

5

Appendix80

Our Risk Committee, chaired by one of our Board members, Gabi Carvalho,
incorporates key executives including the Chief Digital and Technology
Officer, CFO, and General Counsel. This committee is responsible for
identifying and advising the Board on various risks including cybersecurity,
technology, business, and compliance, reflecting our commitment to security
and proactive risk management.
•

Data Privacy: Safeguarding the privacy and confidentiality of candidate
and client information is our top priority. Our Privacy Policy, accessible on
our website, underscores our commitment to compliance with relevant data
privacy laws and regulations such as General Data Protection Regulation(GDPR) and CCPA. This policy outlines essential principles including
Information Collection, Use of Information, Data Security, Retention, Thirdparty Disclosure, and Data Subject Access Rights. We have nominated a Data
Protection Officer to support and guide us through a process of continuous
regulatory compliance by incorporating privacy safeguards and best practices
on our activities.

We maintain strict ethical standards through our published Code of Conduct,
which emphasizes professionalism and ethical conduct in all businessinteractions with candidates and clients. Our policies, including Modern
Slavery, Business Ethics, Ethical Procurement Policy, and Human Rights
Statement, reinforce our dedication to principles such as Professionalism,
Confidentiality, Non-Discrimination, Compliance with Laws, and Conflict ofInterests. They also allow us to ground ourselves in our Firm values—withpracticality and accountability.

81

Global Reporting Initiative
Content Index
GRI Universal Standards 2021

The 2023 Egon Zehnder Impact Report has been prepared in reference to the Global Reporting Initiative(GRI) Standards for the period November 1, 2022–October 31, 2023.
GRI 1: Foundation 2021

Applicable GRI Sector Standards: None
GRI 2: General Disclosures 2021
Disclosure
2-1 Organizational details
2-2 Entities included in theorganization’s sustainability
reporting
2-3 Reporting period, frequency andcontact point
2-4 Restatements of information
2-5 External assurance

Location
Egon Zehnder International AG
Wiesenstrasse 17
8008 Zürich, Switzerland
See our website for the full list of offices.

2-7 Employees

82

Average contingent worker headcount for the reporting period: 98.

2-9 Governance structure andcomposition

See page 35 and 36, and also read more About Us and Our Board on our
website2-10 Nomination and selection of the
See our Board, page 16.
highest governance body
2-11 Chair of the highest governancebody
2-12 Role of the highest governancebody in overseeing the managementof impacts

See pages 16 and 17.
See page 16.

2-13 Delegation of responsibility for
managing impacts

See page 17 for our impact governance structures and policies.

2-14 Role of the highest governancebody in sustainability reporting

The Global Head of Sustainability has oversight of the Firm's
sustainability reporting and works closely with the General Counsel,
Chief People Officer and Chief Financial Officer, and members of the
Executive Committee and Board, to ensure consistency and alignment
across the Firm.

2-15 Conflicts of interest

See page 12 of our Code of Conduct for our policy on conflicting
interests.

2-16 Communication of criticalconcerns

We have partnered with NAVEX Global, a worldwide provider ofwhistleblower services which operates hotline support 24 hours per day
for 365 days of the year.

2-17 Collective knowledge of thehighest governance bodySee our Board (page 16) and Board Effectiveness Review (page 19).

2-18 Evaluation of the performanceof the highest governance bodyDue to confidentiality constraints, we do not disclose this information.

2-19 Remuneration policies

Due to confidentiality constraints, we do not disclose this information.

2-20 Process to determine
remuneration

Due to confidentiality constraints, we do not disclose this information.

2-21 Annual total compensation
ratio

Due to confidentiality constraints, we do not disclose this information.

2-22 Statement on sustainable
development strategy

See page 14 on how we implement sustainability at the core of ourbusiness.

2-23 Policy commitments

See pages 40 and 41, and read more on our website.

2-24 Embedding policy
commitments

See pages 40 and 41, and read more on our website.

Our services include discovering leaders, developing leadership,advancing governance, shaping successions, and unlocking
transformations. We partner with Mobius Executive Leadership to offer
highly experiential, personalized, and transformational programs forsenior leaders. See pages 70 and 72 for more on our Integrated Services
Model.

2-25 Processes to remediate
negative impacts

We conduct annual risk assessments as part of our due diligence
activities and react immediately in case of any incidents that mightoccur related to environment, social capital, and human capital.

We believe that together we can transform people, organizations andthe world through leadership.

2-27 Compliance with laws andregulations

For this reporting period Egon Zehnder had no non-complianceincidents with any laws or regulations.

2-28 Membership associations

United Nations Global Compact (UNGC)

This report covers Egon Zehnder International AG.
Period: 1 November 2022 to 31 October 2023; Frequency: Annual;Contact point: Rachael De Renzy Channer, Global Head of
Sustainability.
Greenhouse Gas (GHG) emissions data for the FY2022 were restated
due to a change in measurement methodology; this resulted in a 14%
reduction in GHG emissions.
Egon Zehnder has not received external assurance for this report.
Egon Zehnder is the world’s preeminent leadership advisory firm,
inspiring leaders to navigate complex questions with human answers.
We help organizations get to the heart of their leadership challenges
and offer honest feedback and insights to help leaders realize their true
being and purpose.
We are built on a foundation that supports partnership in the truest
sense of the word and aligns our interests with the interests of ourclients. Our 600 consultants across 64 offices and 36 countries areformer industry and functional leaders who collaborate seamlessly
across geographies, industries and functions to deliver the full power of
the Firm to every client, every time.

2-6 Activities, value chain and otherbusiness relationships

2-8 Workers who are not employees

We partner closely with public and private corporations, family-owned
enterprises, and non-profit and government agencies to provide
executive search, leadership solutions, CEO search and succession,board advisory, and diversity, equity & inclusion.

For more information visit www.egonzehnder.com
Average employee headcount for reporting period: 2461. See pages 19
and 20 for insight into our people strategy and processes

We advise our colleagues to report on any violations using our 24/7/365
2-26 Mechanisms for seeking advice hotline, operated by NAVEX Global. The details for use are set out in ourand raising concerns
Code of Conduct, which all employees are familiarized with during
onboarding.

832-29 Approach to stakeholder
engagement

See page 18 for our stakeholder engagement methodology.

2-30 Collective bargaining
agreement

As a member of the United Nations Global Compact, we uphold thefreedom of association and the effective recognition of the right tocollective bargaining. We adapt our practices to different locations
based on local legislation.

GRI 3: Material topics
Disclosure
3-1 Process to determine material
topics
3-2 List of material topics

Location
See our methodology on page 18.
See our material topics on page 18.

Governance
GRI 205: Anti-corruption 2016
3-3 Management of material topics
205-1 Operations assessed for risks
related to corruption
205-2 Communication and training
about anti-corruption policies andprocedures
205-3 Confirmed incidents ofcorruption and actions taken

See 'Sustainability as a Core Business Imperative' on page 14. See ourCode of Conduct, page 23.
See 'Sustainability as a Core Business Imperative' on page 14.
See our Code of Conduct, page 26.

206-1 Legal actions for anticompetitive behavior, anti-trust, andmonopoly practices

No material incidents were confirmed during this reporting period.

See the 'Championing Diverse Leadership' section on page 36, as wellas the 'Embracing Difference' section on page 41.
See page 16 and 42.
We do not publicly disclose this information.

GRI 406: Non-discrimination 2016
3-3 Management of material topics

See our Human Rights Statement. See our Ethical Business Statement.

406-1 Incidents of discriminationand corrective actions taken

No material incidents of this nature were confirmed during this reporting
period.

GRI 407: Freedom of Association and Collective Bargaining 2016
3-3 Management of material topics

See our Human Rights Statement. See our Ethical Business Statement.

407-1 Operations and suppliers inwhich the right to freedom of
association and collective
bargaining may be at risk

As a member of the United Nations Global Compact, we uphold thefreedom of association and the effective recognition of the right tocollective bargaining. We adapt our practices to different locations
based on local legislation.

408-1 Operations and suppliers at
significant risk for incidents of childlabor

See 'Sustainability as a Core Business Imperative' on page 14. See ourPeople Strategy on page 41.
The average headcount for the FY2023 reporting year was 88 employees
more than in FY2022.

See our Human Rights Statement. See our Ethical Business Statement.
Our core operations pose no significant material risks to child labor
incidents. See our Human Rights Statement. See our Ethical BusinessStatement.

GRI 409: Forced or Compulsory Labor 2016409-1 Operations and suppliers at
significant risk for incidents offorced or compulsory labor

GRI 401: Employment 2016

See our Human Rights Statement. See our Ethical Business Statement.

See our Human Rights Statement. See our Ethical Business Statement.

GRI 411: Rights of Indigenous Peoples 2016
3-3 Management of material topics

See our Human Rights Statement. See our Ethical Business Statement.

411-1 Incidents of violations involving
See our Human Rights Statement. See our Ethical Business Statement.
rights of indigenous peoples

See the Impact Pathways coverage map on page 30.

GRI 413: Local Communities 2016

See the map on page 12.

3-3 Management of material topics

See our Human Rights Statement. See our Ethical Business Statement.

413-1 Operations with local
community engagement, impact
assessments, and development
programs

See page 30, as well as various spotlights throughout the report.

GRI 404: Training and Education 2016

84405-1 Diversity of governancebodies and employees
405-2 Ratio of basic salary andremuneration of women to men

3-3 Management of material topics

Human and Social Capital

404-1 Average hours of training peryear per employee
404-2 Programs for upgrading
employee skills and transition
assistance programs

3-3 Management of material topics

3-3 Management of material topics

See 'Sustainability as a Core Business Imperative' on page 14. See ourCode of Conduct, page 23.

3-3 Management of material topics

GRI 405: Diversity and Equal Opportunity 2016

No material incidents were confirmed during this reporting period.

3-3 Management of material topics

401-1 New employee hires andemployee turnover401-2 Benefits provided to full-time
employees that are not provided totemporary or part-time employees
401-3 Parental leave

All employees receive regular coaching and mentoring. All employees
receive a formal mid-year feedback session as well as a comprehensive
performance review at the end of each calendar year.

GRI 408: Child Labor 2016

GRI 206: Anti-competitive Behavior 2016

3-3 Management of material topics

404-3 Percentage of employees
receiving regular performance andcareer development reviews

See 'Sustainability as a Core Business Imperative' on page 14. See ourpeople strategy on page 41.
Each employee participates in an estimated 10 hours of training per
year.
See page 41.

85

413-2 Operations with significant
actual and potential negative
impacts on local communities

Our core operations pose no significant material risks to negative
impacts on local communities. See our Human Rights Statement. See
our Ethical Business Statement.

GRI 418: Customer Privacy 2016
3-3 Management of material topics

See 'Sustainability as a Core Business Imperative' on page 14. See ourCode of Conduct.

418-1 Substantiated complaints
concerning breaches of customer
privacy and losses of customer data

As a private Firm we do not disclose this information. However, we takecustomer privacy and data security seriously, see our data privacy andsecurity policies in the Appendix.

306-1 Waste generation andsignificant waste-related impacts

As a professional services firm with no manufacturing operations, Egon
Zehnder's waste in operations consists solely of office and communal
waste. All offices proactively address the waste topic by sorting waste
according to local standards and introducing other measures tocontinually reduce waste in our operations. For specific waste
categories such as e-waste, global policies are in place.

306-2 Management of significant
waste-related impactsa) All offices are expected to sort waste according to local standards
and obligations and to develop efforts to reduce waste footprint locally.
Examples of such initiatives on page 64.
b) While complying with existing regional regulations and obligations
related to waste management, Egon Zehnder currently assumes nocontrol of how waste is collected, sorted and disposed of by third
parties. We rely fully on existing legislative obligations ensuring that thethird-party management of waste is adequate.

306-3 Waste generated

Egon Zehnder has diverted 531.5 tons of paper waste from disposal as
per our waste sorting efforts. We also have policies in place addressing
e-waste to ensure e-waste is leveraged, recycled and reused to the best
extent possible.

Environment
GRI 302: Energy 2016
3-3 Management of material topics
302-1 Energy consumption within
the organization
302-2 Energy consumption outsideof the organization
302-3 Energy intensity
302-4 Reduction of energy
consumption
302-5 Reductions in energy
requirements of products andservices

See 'Our Carbon Reduction Journey' on page 64. See 'Sustainability as aCore Business Imperative' on page 14. See our Code of Conduct,
page 23.
See 'Our Carbon Reduction Journey' on page 64.

305-1 Direct (Scope 1) GHG
emissions305-2 Energy indirect (Scope 2)
GHG emissions
305-3 Other indirect (Scope 3) GHG
emissions305-4 GHG emissions intensity
305-5 Reduction of GHG emissions
305-6 Emissions of ozone-depleting
substances (ODS)
305-7 Nitrogen oxides (NOx), sulfur
oxides (SOx), and other significant
air emissions

Egon Zehnder tracks e-waste as it is among the most significant waste
streams of our operations.
Not tracked for this reporting period.

See 'Our Carbon Reduction Journey' on page 64.

306-5 Waste directed to disposal

See 'Our Carbon Reduction Journey' on page 64.

GRI 308: Supplier Environmental Assessment 2016

See 'Our Carbon Reduction Journey' on page 64.
Not tracked for this reporting period.

GRI 305: Emissions 2016
3-3 Management of material topics

306-4 Waste diverted from disposal

See 'Our Carbon Reduction Journey' on page 64. See 'Sustainability as aCore Business Imperative' on page 14. See our Code of Conduct,
page 23.

3-3 Management of material topics
308-1 New suppliers that werescreened using environmental
criteria
308-2 Negative environmental
impacts in the supply chain andactions taken

See 'Sustainability as a Core Business Imperative' on page 14. See our
Ethical Procurement Policy.
See our Ethical Procurement Policy.
See our Ethical Procurement Policy.

See 'Our Carbon Reduction Journey' on page 64.
See 'Our Carbon Reduction Journey' on page 64.
See 'Our Carbon Reduction Journey' on page 64.
See 'Our Carbon Reduction Journey' on page 64.
See 'Our Carbon Reduction Journey' on page 64.
As a professional services firm, we do not use significant amounts ofozone-depleting substances, and for that reason do not track their use.
We adhere to the Montreal Protocol, administered by the United Nations
Environment Programme (UNEP), which maintains the list of ozonedepleting substances that are targeted for reductions and total
phaseouts.
These emissions are included in our GHG inventories on page 66.

GRI 306: Waste 2020
3-3 Management of material topics

86

See 'Our Carbon Reduction Journey' on page 64. See 'Sustainability as aCore Business Imperative' on page 14. See our Code of Conduct,
page 23.

87

Sustainability Accounting Standards
Sustainable Accounting Standards Board Index
Board
Index
Professional Services
Table 1. Sustainability Disclosure Topics & Accounting Metrics
Professional Services
Table 1: Sustainability Disclosure Topics & Accounting Metrics
TOPIC

Data Security

Workforce
Diversity &Engagement

Professional
Integrity

88

METRICCATEGORY

Description of approach toidentifying and addressing
data security risks

Discussion
and Analysis

Description of policies andpractices relating tocollection, usage, andretention of customer
information(1) Number of data
breaches, (2) percentagethat (a) involve customers’confidential businessinformation and (b) arepersonal data breaches, (3)number of (a) customers
and (b) individuals affected
Percentage of (1) genderand (2) diversity grouprepresentation for (a)executive management, (b)non-executive
management, and (c) allother employees

Discussion
and Analysis

Quantitative

UNIT OFMEASURE

CODE

LOCATION

n/a

SV-PS230a.1

See page 81 forData Security
and Privacy
Policies.

n/aSV-PS230a.2

See page 81 forData Security
and Privacy
Policies.

Number,
Percentage(%)

SV-PS230a.3

Percentage(%)

SV-PS330a.1(1) Voluntary and (2)involuntary turnover rate for Quantitative
employees

Percentage(%)

SV-PS330a.2

Employee engagement as apercentage

Percentage(%)

SV-PS330a.3

n/aSV-PS510a.1

Presentation
currency

SV-PS510a.2

Quantitative

Quantitative

Description of approach to
Discussion
ensuring professionaland Analysis
integrity
Total amount of monetarylosses as a result of legal
Quantitative
proceedings associatedwith professional integrity

As a private
Firm we do notdisclose thisinformation. See
page 81 for Data
Security andPrivacy Policies.

See page 39 forour DEI
Scorecard.

Table
Activity
Metrics
Table
2: 2.
Activity
Metrics
Table 2. Activity Metrics
ACTIVITY METRIC
ACTIVITY METRIC
Number of employees by: (1)full-time
part-time, by:(2) (1)
Number andof employees
temporary,and(3) contractfull-time andpart-time,(2)
temporary, and (3) contract
Employee hours worked,
percentage
billable
Employee hours
worked,percentage billable

Quantitative
Quantitative

Quantitative
Quantitative

UNIT OFMEASUREUNIT OFMEASURE
NumberNumberHours,
Percentage
Hours,(%)
Percentage
(%)

CODE
CODE
SV-PS000.A
SV-PS000.A
SV-PS000.B
SV-PS000.B

LOCATIONLOCATION
As of December
2023,
have
As of weDecember
2,461
2023,employees.
we haveAsa Firmwith
2,461
employees.
variousroles,As a Firm
withincludingbillablevarious roles,
andnon-billable,
includingbillablewe
not disclose
anddo
non-billable,
this
information.
we do
not disclose
this information.

United Nations
Global Compact
UnitedNations
Global Compact
United Nations Global Compact
The Ten Principles of the UN Global Compact
The
Ten
Principlesof theGlobalCompact
The
Ten
Principlesof theUN UN
GlobalCompact
Category
Category

Human Rights
Human Rights

LabourLabour

As a private
Firm we do notdisclose thisinformation.
88%; see themap on page30.

See ourBusiness Ethics
Appendix.
As a private
Firm we do notdisclose thisinformation.

CATEGORY
CATEGORY

Environment
Environment

Anti-corruption
Anti-corruption

Green
Green
Green
Green
Green
Green

Covered by Egon ZehnderpolicyCovered by Egon ZehnderpolicyGeneral Human Rights
Statement
General Human Rights
Statement
General Human Rights
Statement
General Human Rights
Statement
Not covered by One Firm
policy& vital toNot covered
byimprove
One Firm
EcoVadisscore
policy & vitalto improve
EcoVadis score
Modern Slavery Act
Statement
Modern Slavery Act
Statement
ModernSlavery Act
Statement
Modern Slavery Act
Statement
Code of Conduct (pg. 9)
Code of Conduct (pg. 9)

Green
Green

Code of Conduct (pg. 17)
Code of Conduct (pg. 17)

Yellow
Yellow

Code of Conduct (pg. 17)
Code of Conduct (pg. 17)

diffusion
friendly
Principleof
9:environmentally
Encourage the development
and Greentechnologies
diffusion of environmentally friendly
Green
Principle
10: Businesses should work
technologies
againstcorruption
in all itsshould
forms,work
including Green
Principle
10: Businesses
extortionand bribery
against corruption
in all its forms, including Green
extortion and bribery

Code of Conduct (pg. 17)
Code of Conduct (pg. 17)

Principle
Principle
Principle 1: Businesses should support andrespect
theprotection ofinternationallyPrinciple
1: Businesses
shouldsupport andproclaimed
humanrightsrespect the protection of internationallyproclaimed human rights
Principle 2: Ensure they are not complicit inhumanrightsabusesPrinciple
2: Ensurethey are not complicit inhuman rights
abuses should uphold thePrinciple
3: Businesses

freedom
the upholdeffective
Principleof3:association
Businessesand
shouldtherecognition
of
the
right
to
collective
freedom of association and the effective
bargaining
recognition of the right to collective
bargaining
Principle
4: The elimination of all forms offorcedand4:compulsory
labourPrinciple
The eliminationof all forms offorced andcompulsory
Principle
5: theeffective labour
abolition of childlabourPrinciple 5: the effective abolition of childlabour 6: The elimination of discrimination
Principle
inrespect6:
ofTheemployment
andPrinciple
eliminationof occupation
discriminationin respect of employment and occupation
Principle 7: Businesses should support aprecautionary
approach should
to environmental
Principle 7: Businesses
support achallenges
precautionary approach to environmental
challenges
Principle 8: Undertake initiatives to promote
greaterenvironmental
Principle
8: Undertakeresponsibility
initiatives to promote
greaterenvironmental
Principle 9: Encourageresponsibility
the development andStatus/risk
Status/risk
Green
Green
Green
Green
Yellow
YellowBusiness Ethics Appendix
Business Ethics Appendix

89

Acknowledgments
The authors would like to thank the following Egon Zehnder colleagues fortheir insights and contributions to this report: Ainsleigh Monaghan, Alice
Caddock, Amadeu Porto, Astrid Carniaux, Cheryl Soltis Martel, Dora Tubik,
Dorottya Klára Kiss, Francesco Buquicchio, Glenice Maclellan, Ingrid van den
Maegdenbergh, Jackson Arantes, Jakub Ehrenberger, Jill Cockerham, Joanna
Scheffel, Julie Brummer, Katrin Sier, Luisa Zottis, Maarten van de Pavoordt,
Markus Schuler, Martin Klusmann, Melf-Åge Nehlsen, Nina Dickinson, Rachael
De Renzy Channer, Stacy Drumtra, Stefan Eisenhut, and Stefanie Loebel. We
would also like to thank all those who have contributed their voices to thisreport and helped to bring it to life, and thanks to Douglas Knowledge Partners
for editorial and design support.

About Egon Zehnder
Egon Zehnder is the world’s preeminent leadership advisory firm, inspiring
leaders to navigate complex questions with human answers. We helporganizations get to the heart of their leadership challenges and offer honest
feedback and insights to help leaders realize their true being and purpose. Our
600 consultants across 65 offices and 36 countries are former industry andfunctional leaders who collaborate seamlessly across geographies, industries,
and functions to deliver the full power of the Firm to every client, every time.
We believe that together we can transform people, organizations, and theworld through leadership.
For more information, visit www.egonzehnder.com and follow us on LinkedIn
and X.

© 2024 Egon Zehnder International, Inc. All rights reserved. No part of this publication may be
reproduced, stored in a retrieval system, or transmitted in any form or by any means—electronic,
mechanical, photocopying, recording or otherwise—without the prior permission of Egon Zehnder.

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