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May 31, 2019

Public Notice – RSL LifeCare Directors to be financially remunerated

RSL LifeCare is a large and complex organisation supporting veterans and senior Australians caring for more than 7,000 residents and clients, employs more than 3,100 staff, manages $1.4 billion in assets and has annual revenue exceeding $260 million.

This requires our Directors to have the appropriate skills, experience and qualifications to ensure the organisation meets all its regulatory, legal and fiduciary oversight requirements in a professional way.

RSL LifeCare will recognise the important contribution that Directors make to our success by paying them for their time, which is likely to increase the pool of quality applicants.

The decision comes as the demands on the aged care sector, and consequently RSL LifeCare, continue to grow.

According to Treasury’s 2015 Intergenerational Report, the number of Australians aged 65 years and over is forecast to more than double over the next 40 years, increasing from around 3.6 million in 2014-15 to 8.9 million in 2054-55. Consistent with this trend, the Aged Care Financing Authority (ACFA) estimates that 76,000 new residential aged care places will be required by 2023-24 in order to meet demand[1].

The industry currently employs 350,000 workers from nurses and care workers to management and administrative staff[2], and this is likely to grow as the number of Australians needing care increases.

With these trends in mind, RSL LifeCare is determined to ensure we have the right Directors who can provide the highest standards of regulatory, legal, operational and care oversight to meet, and even exceed, our residents’ and staff expectations.

Process to date:

  • Director remuneration was a matter addressed during the Bergin Inquiry in 2017 and in an Australian Charities and Not-for-profits Commission (ACNC) investigation announced in October 2016.
  • On 11 December 2017 the RSL LifeCare Constitution was amended to enable Director remuneration to be approved by the Company member in a General Meeting, as was noted in the February 2018 Public Notice to RSL LifeCare clients, families, staff and supporters.
  • On 16 August 2018 the RSL LifeCare Constitution was further amended to remove Directors as members of the Company.  Currently the only member of the Company is RSL NSW.
  • An Independent Review Panel was commissioned to consider the recommendations of an Independent Remuneration Consultant and it made a recommendation to the Company member.
  • On 22 October 2018 the Company member resolved to approve a total aggregate of Director remuneration up to $600,000 per annum, back dated to the constitutional change of 11 December 2017.
  • On 18 March 2019 NSW Fair Trading approved remuneration of Directors in accordance with the NSW Charitable Fundraising Act and Regulations.

Full disclosure of payments to individual Directors will be included in each RSL LifeCare Annual Financial Report.

[ends]

[1] Deloitte Access Economics – executive summary 

[2] Deloitte Access Economics – executive summary 

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