CORPORATE GOVERNANCE

Ted Killer - President	Noel Squire - Vice President	Colin Carr - Vice President

Torbay Retirement Villages Limited is a public company under the Corporations Act. It is a not-for-profit company limited by guarantee. As such the company has Members rather than shareholders. Members are not entitled to dividends or to share in the assets of the company. The Members are responsible for electing the Board of Directors and have guaranteed to pay $20 in the event that the company fails.

Directors are elected for a three-year term to ensure continuity and consistency of stewardship.

Torbay Retirement Villages Limited operates under a Constitution with the Board of Directors acting in accordance with Corporate Governance Principles as detailed in our Corporate Governance Plan.

The Board of Directors is responsible for establishing the strategic direction and policy framework for the organisation, and management is delegated the task of implementing and reporting.

The company is registered as a charity by the Queensland Collections Act 1966 (Registration Number CH0720).

The company is recognised by the Australian Taxation Office as a Public Benevolent Institution and as such holds the following taxation exemptions:

• Endorsement as an income tax exempt charitable entity
• Endorsement as a deductible gift recipient