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1、Annual Report2024Established in 1840,we are Australias first wellbeing company,delivering health,wealth and care services for our members and the community.As a social enterprise,were motivated by our purpose to positively impact the wellbeing of millions.We reinvest profits to deliver products and
2、services sustainably that matter most to our members,customers and the Australian community.For us,Real Wellbeing encompasses the whole experience of life.Its about feeling supported in your health,connected with your community and empowered to live life on your terms.Visit our Investor Centre to ac
3、cess Australian Unitys full reporting suite .au/investor-centreAustralian Unity acknowledges the Traditional Owners of the lands and waters within Australia and recognises the important connection to Country that Aboriginal and Torres Strait Islander peoples have.ContentsOverview Chairs report 2Grou
4、p Managing Directors report 4About us 6FY2024 at a glance 8Governance 10Environment 25FinancialsDirectors report 27Auditors independence declaration 36Remuneration report 37Independent remuneration advisers report 48Financial reportFinancial statements49Notes to the consolidated financial statements
5、 54Directors declaration 144Independent auditors report to members 145Further informationGlossary of terms 1552National and global shifts have been felt across the social and economic environments that our portfolio of businesses operate in,and I am incredibly proud to use this report to highlight h
6、ow our Group has made positive and impactful progress during the reporting period.For several years we have been making strategic and intensive structural adjustments to ensure we are adequately equipped for change,and the 2024 financial year saw us reach an important peak in these operational activ
7、ities.A key focus was our investment in technology and systems and our strategic decision making,for example,through further investment in our Home Health services in response to demographic changes.These strategic efforts delivered the Group sound financial results in FY2024,consistent with our tra
8、ding update published on 3 June 2024(available at:.au/asx-announcements).Listening to learnWe know this period of unprecedented change is having real and tangible impacts on the wellbeing of the communities we serve.Our Australian Unity Wellbeing Index report,developed in partnership with Deakin Uni
9、versity,has shown that the life satisfaction of Australians has been trending down since 2010,and when coupled with worldwide volatility,uncertainty,complexity and ambiguity,we are anticipating unprecedented community needs for our services over the medium and longer term.Also,through the diverse ar
10、eas that our businesses operate in,we can uniquely see and hear what our customers,members,staff and the broader community need most,and we are using these insights to directly guide our strategic decision making.I have become increasingly concerned at the growing inequality in terms of both wealth
11、and income in our nationwhich is notably evident in an intergenerational context.Daily headlines highlight how out of reach home ownership has become for many,and now,even the availability of adequate rental housing is under significant stress.The high cost of living is also contributing to detrimen
12、tal effects on the wellbeing of our nation,as reflected in our most recent Australian Unity Wellbeing Index report.These challenges are guiding the board and our discussions on how Australian Unity can play a meaningful role in addressing the evolving needs of our members,customers and the community
13、,now and into the future.Reflecting on the outcome of the 2023 referendum,I remain a strong supporter of the need to continue the pathway towards unity with First Nations Peoples.I am proud that this support is reciprocated across our board and executive team,and the Group continues to demonstrate i
14、ts commitment through the delivery of our Reconciliation Action Plan(RAP).Our large Indigenous workforce and customer base also serve as a direct impetus for prioritising our reconciliation efforts.One of the highlights of my tenure as Chair,to date,was my visit to Dubbo for the launch of our Stretc
15、h RAP,which is the second highest level of endorsement within Reconciliation Australias RAP framework.It was a great pleasure to meet and talk with Aboriginal Home Health leaders and carers as well as many of the clients we serve at this important event.These events are opportunities for connection
16、and understanding that help us to be consistent with the work we undertake in the community and allow us to continue to listen and to learn.Chairs reportReflecting on our achievements and on the events of the past year,it is difficult not to conclude that we are living in a time of particularly rapi
17、d change.$2.01 billion in community and social value in FY2024*Value from 2024,reported in Our Impact (Released September 2024)3 Learning into actionMy future vision for Australian Unity is to be a recognised and respected purpose-driven organisation with reach and influence as an advocate for real
18、wellbeing in the wider community.We seek to be innovative,humanistic and a magnet for members,customers,employees and partners who align with our values of being bold,warm and honest.I feel that we have embarked wholeheartedly on this journey in the year under review,and I sincerely believe we are m
19、aking strong progress.From the game-changing acquisition of myHomecare Group(MHC),in March 2024 and the acquisition of Insignia Financial Ltds investment bonds business,IOOF Ltd,in July 2023(now known as Australian Unity Life Bonds Limited)to the planning for the next stages of the flagship Herston
20、Quarter Precinct development in Brisbane,it is a truly exciting,future-shaping time for the Group.Sitting at the core of these investments is our purpose to positively impact the wellbeing of millions.We do this by continuing to develop our capability,reach and impact.I am pleased to share that in F
21、Y2024,we calculate that Australian Unity delivered$2.01 billion in community and social value.While displayed as a financial value,the real value is felt across our key areas of impactlifelong wellness,economic empowerment and strong communities.Our Impact report describes the depth of this work in
22、greater detail,while describing our Community&Social Value Framework that is informed by the longstanding Australian Unity Wellbeing Index.I encourage you to access this report from the Australian Unity website(available at:.au/our-impact).As an organisation whose mission is to be Australias most tr
23、usted wellbeing company,we are committed to practising what we preach,and we continue to prioritise the wellbeing of our employees alongside our focus on the needs of those we serveour members,customers and the broader community.Our boardIt is an incredibly rewarding time to be leading our board.Tog
24、ether,we are leading Australian Unity through an important inflection point.This year,we have embarked on a detailed board governance review to ensure we are match-fit for the many challenges and exciting opportunities ahead,while pursuing our ambition to deliver best-in-class performance.We have al
25、so remained vigilant of our structured renewal program,which ensures our board remains best placed to achieve our vision.This year we welcomed non-executive director Kim Cheater,effective from 1 March 2024.Kim has held a number of roles with PwC,including as a partner for nearly 20 years and as a fo
26、rmer managing partner of the Adelaide office.He also led PwCs national Reconciliation Action Plan initiatives.Kim is the current chair of the South Australian Museum and Alwyndor Aged Care and a non-executive director of RAA Group,RAA Insurance and ReturnToWorkSA.I thank my board colleagues for thei
27、r support,commitment and wise counsel over the year.Serving on a board is a team sport,and I am proud to serve with them to advance our strategic priorities for the benefit of our stakeholders.Su McCluskey has notified her intention to retire as a director with effect from the conclusion of the Annu
28、al General Meeting scheduled for 30 October 2024.On behalf of my fellow directors,I would like to sincerely thank Su for the valuable contribution she has made to Australian Unity since 2015,particularly as a director of numerous subsidiaries,as Chair of the Risk&Compliance Committee and as a member
29、 of the Audit Committee and of the People,Culture&Remuneration Committee.We wish her well for the future.I also thank our Group Managing Director,Rohan Mead,and the executive and management teams for their enthusiasm in partnering with the board as we continue to work together to achieve our shared
30、purpose.I commend our FY2024 Annual Report to you,and I look forward with confidence to our future journey together.Lisa Chung AM Chair4Our vision aims to build an organisation that is an impact driven,social enterprise,at scaleoffering a range of sector-shaping and consumer-valued products in the a
31、reas of health,wealth and care,including social infrastructure.Since 2020,the Group has invested substantially to shape our portfolio so that our products and services are better aligned with the needs of our customers,members and the wider community.In the year to 30 June 2024,the Group reported Ad
32、justed EBITDA1 of$75.8 million and a statutory loss after tax of$22.7 million.This result included significant costs related to material acquisitions and integrations,business transformation and internal restructuring.In the context of these significant changes,the Group increased total revenue and
33、other income by$419.9 million to$2,173.0 million(30 June 2023:$1,753.1 million2).Insurance revenue remained steady,while other revenue and other income from operating businesses grew by$231.9 million.Investment earnings were$12.5 million above the prior corresponding period and benefit fund income w
34、as$174.9 million higher.During the year the Group allocated approximately$43.8 million to business model transformation and integration programs.This had an adverse impact on financial performance for the year,while being an important adjustment in support of more efficient and scalable growth,as we
35、ll as improved cash earnings for future periods.The year under review also included significant divestment and acquisition activities.We sold certain commercial property and fixed interest funds management operations,along with the Advice business.We also acquired Insignia Financial Ltds investment
36、bonds business,IOOF Ltd (now Australian Unity Life Bonds Limited-AULBL)and the myHomecare Group(MHC),both of which can significantly improve scale,cash earnings,and growth opportunities for the company.The Group acquired approximately$419 million of ongoing,annualised revenue through the acquisition
37、 of MHC and IOOF Ltd,and divested approximately$81 million of annualised revenue through the sale of the Groups Advice business.In addition to our financial results,and as mentioned by the Chair,in our role as a social enterprise we are focused on delivering and measuring impact against our communit
38、y and social value(CSV)targets.Reflecting on these targets,during the year we secured a$50 million Sustainability Linked Loan(SLL)facility from Westpac,with an interest rate linked to the delivery of CSV.This loan provides additional measurement and encouragement to make sure we put our CSV framewor
39、k to work at the heart of our decision making.Strategic and financial performance of our four business platformsIn the year under review,the Groups operations were conducted through four business platformsHome Health,Residential Aged Care,Retail,and Wealth&Capital Markets(W&CM).Home HealthThe Home H
40、ealth platform invested in transformational activity to enable more efficient and effective delivery of services to over 50,000 customers.The platform recorded a sound financial result with strong revenue growth,attributable to home care package pricing increases(supporting the Fair Work Commissions
41、 decision to increase wages across the aged-care sector).Also contributing to the solid revenue growth was the acquisition of MHC,which added$108.8 million to the segment revenue for the period post-settlement.The MHC acquisition contributed$1.6 million towards Home Healths Adjusted EBITDA,a combina
42、tion of$8.2 million of trading Adjusted EBITDA net of$6.6 million in integration costs.Group Managing Directors reportThe last year has been a year of transformation for our Group.We have continued to shape our portfolio of activities in line with our 10-year vision and have taken important steps du
43、ring the year in review designed to significantly grow our financial scale and social impact in the years ahead.$2.17b revenue and other income$75.8m adjusted EBITDA1 5 In addition to commencing the integration process for MHC,the business also continued to transform its operating model to meet the
44、growing needs and expectations of customersincluding materially advancing the design and development of a new core operating system to better support the delivery of integrated healthcare propositions in the world of increasing co-morbidities.Home Healths Adjusted EBITDA included$15.8 million of tra
45、nsformation expenses(30 June 2023:$7.8 million).After taking into consideration this business transformation and the part-year benefit of the MHC acquisition,Home Health achieved Adjusted EBITDA growth of 11.2 percent to$50.5 million(30 June 2023:$45.4 million).Residential Aged CareThe Residential A
46、ged Care platforms total segment revenue of$208.7 million(2023:$150.9 million)was strengthened by an uplift in daily accommodation payments and refundable accommodation deposit revenues.The improved revenue arose through higher occupancy levels over the year,which averaged 97.1 percent in mature hom
47、es 4.4 percentage points above the sector average of 92.7 percent3 and 2.3 percentage points above the sector top quartile along with the trade up of its two newest facilities at a stronger pace than projected for the year.RetailThe Retail platforms total segment revenue was higher than the prior ye
48、ar mainly due to higher interest income from the Banking business.The primary drivers of movement in Adjusted EBITDA were a return of Private Health Insurance claims experience to long-term trend levels and an improvement in the expected credit loss position for the Banking business,which broadly ca
49、ncel each other out.The private health insurance(PHI)fund delivered the third lowest premium increase in the sector for FY20244,at an average of 1.42 percent,compared to the sector average of 3.03 percent5.This lower increase for policyholders followed,and was in addition to,the 12-month deferral of
50、 the FY2023 premium increase of 3.76 percent.Despite the challenges faced within a competitive loan environment,Australian Unity Bank experienced solid lending growth with the gross loan portfolio increasing by 20.5 percent.Wealth&Capital Markets(W&CM)The W&CM platform recorded a 1.4 percent decreas
51、e in Adjusted EBITDA compared to the prior corresponding period largely relating to increased revenue from the acquisition of IOOF Ltd(now AULBL),offset by a reduction in joint venture EBITDA.During the year under review,the platform accelerated key portfolio opportunities including the$41.0 million
52、 IOOF Ltd business acquisition,and$67.0 million invested into social infrastructure funds which included investment into the Australian Unity Healthcare Property Trust;acquisition of Stage 9 of Brisbanes health and innovation destination,Herston Quarter,to further optimise the precinct and build of
53、a 1,000-plus space Northern Car Park;and establishment of a student accommodation fund.Capital raisingOver the financial year,the Group also undertook a successful range of capital management activities,including a$118.7 million issue of mutual capital instruments(MCIs)through an entitlement offer a
54、nd institutional placement,along with debt issuance involving a simple corporate bond offer,and establishing the SLL.These activities strengthened the Groups balance sheet,allowed early refinancing of$82.9 million in Australian Unity Limited Series C Bonds(AYUHC),shifted the gearing ratio of the com
55、pany from 30 percent in December 2023 to 29 percent in June 2024,and helped finance the acquisition of MHC.Our board On behalf of the management team,I thank our Chair,Lisa Chung AM,and our Deputy Chair,Melinda Cilento,for their dedication to their roles on the board.I extend my appreciation to all
56、directors for their counsel over the year,including new director,Kim Cheater.Like the Chair,I also thank Su McCluskey,who will be retiring as a director at the conclusion of this years Annual General Meeting.Her contribution to the Group has been significant and her depth of experience invaluable.Du
57、ring the year,our board,executive and colleagues across the Group have worked collectively to execute on our ambitious agenda.Through this report,I hope you gain some insight into the outcomes of these efforts and on how we plan to continue to deliver meaningful social impact in the years ahead.I th
58、ank my management colleagues and all staff for their efforts and contributions to the year in review.Rohan Mead Group Managing Director&Chief Executive Officer1 In assessing the performance of its operating business segments,the Group uses a measure of adjusted earnings before interest,tax,depreciat
59、ion and amortisation(Adjusted EBITDA).As the name indicates,this measure excludes the effects of tax,depreciation and amortisation,interest on external borrowings and investment income.It also excludes Group overheads and other material non-recurring expenditure.A reconciliation between Adjusted EBI
60、TDA and profit/(loss)before income tax from continuing operations is set out in Note 1(c)(ii)of the consolidated financial statements.For the purposes of the financial performance in the Operating and Financial Review,the Group Adjusted EBITDA is the sum of the platform Adjusted EBITDA plus the Corp
61、orate Functions.2 FY2023 comparative information has been restated following adjustments made to prior year financial statements due to the implementation of AASB 17 Insurance Contracts.Further information about the nature and impact of the restatement is included in Note 40(d)of the consolidated fi
62、nancial statements.3 2024 07 Stewart Brown Aged Care Financial Performance Survey(March 2024):https:/.au/news-articles/26-aged-care/296-2024-07-stewartbrown-aged-care-financial-performance-survey-march-2024.4 Australian Department of Health and Aged Care,Average annual price changes in private healt
63、h insurance premiums:https:/www.health.gov.au/resources/publications/average-annual-price-changes-in-private-health-insurance-premiums.5 Australian Department of Health and Aged Care,PHI 16/24 Private Health Insurance Premium Round Announcement:https:/www.health.gov.au/news/phi-circulars/phi-1624-pr
64、ivate-health-insurance-premium-round-announcement.6Our purpose To positively impact the wellbeing of millionsOur vision To enable Real Wellbeing for our members,customers and community through our portfolio of commercial,sustainable businessesOur areas of operationHealth,Wealth&CareOur organisationa
65、l pillars In our endeavours to create positive and long-lasting impact,four organisational pillars direct our key growth efforts.Member and customer focusWe develop our products and services to support the changing wellbeing needs of our members and customers.Sustainable financial performanceThe str
66、ength and scale of our operations allows us to generate sustainable financial performance with a greater positive impact for the future.Community and social valueOur portfolio seeks to maximise positive community and social value.We are a trusted institution supported by our strong governance practi
67、ces.People,wellbeing and capabilityWe seek to ensure our people have the right skills,mindset,capability and culture to support our ambition and enable them by supporting their wellbeing.Our corporate reportsFind out more at .au/reports-presentationsAbout usOur Impact 2024Our 2024 Greenhouse Gas Inv
68、entory ReportOur 2024 Tax Transparency reportTax Transparency Report2024Australian Unity Annual Report 20247 Our portfolioAs a wellbeing company,weve built a diverse and thematically linked portfolio,delivering health,wealth and care products and services,organised under four customer-focused platfo
69、rms.Home HealthProviding a spectrum of home care,health services and mental health interventions.Residential Aged CareDelivering high-quality clinical,care and service offerings in a Better Together small household setting to ageing Australians.RetailHealth InsuranceSupporting customers to improve t
70、heir health and wellbeing outcomes through a range of health insurance options.BankingProviding a wide range of personalised banking services,such as owner-occupied and investor home loans,personal loans,credit cards,everyday transaction accounts,savings accounts and term deposits.Wealth&Capital Mar
71、kets*Social InfrastructureProviding broad real-estate sector investment exposure and managing the business retirement living and aged care development portfolio.LifeProviding investment bonds,funeral bonds and education savings plans.Funds ManagementProviding specialist investment propositions that
72、serve investors (including cash,fixed interest,listed property,Australian equities and Australian emerging companies)and managing the Groups investment portfolio.Trustee ServicesProviding estate administration,tax and executor assistance services.Portfolio structure as at 30 June 2024.*Effective fro
73、m December 2023,Australian Unity entered into a transaction and tripartite alliance with Australian Financial Services Licensee,Fortnum Private Wealth(Fortnum)and AZ NGA-owned professional advisory firm Nestworth Financial Strategists(Nestworth)for the sale of its financial advice(Advice)business.FY
74、2024 at a glance370,000+Members9,500+EmployeesRevenues($b)$2.46202320242022202120201.652.051.651.992.46Profit/(loss)after income tax($m)$(22.7)202320242022202120209.132.945.756.8(22.7)7.6Profit/(loss)before income tax($m)$(47.2)20232024202220212020-7.627.728.867.0(47.2)9.3Members funds($m)$1,245.982
75、02320242022*20212020709.6866.51,147.71,176.71,245.9 Revenues:comprise revenue and other income(shown as the bottom section of the bar chart)as shown in the Consolidated statement of comprehensive income in the Annual Report,excluding discontinued operations,plus life investment contract premium rece
76、ipts(shown as the top section of the bar chart).The latter receipts are recorded as movements in benefit fund policy liabilities in the balance sheet and not through the statement of comprehensive income.Profit before income tax:attributable to members of Australian Unity Limited.Members funds:net a
77、ssets of the Group attributable to members.2023 has been restated in accordance with the implementation requirements of AASB 17 Insurance Contracts to be on the same basis as 2024.This has resulted in 2023 profit after income tax reducing to$7.6 million on a restated basis rather than$56.8 million a
78、s reported in 2023.The movement was mainly an increased adjustment to opening 2023 retained earnings.*2022 Members funds as reported in 2022.Home Health$586.7m in total segment revenue (2023:$415.5m)$50.5m in Adjusted EBITDA (2023:$45.4m)205m Safe minutes of care delivered(2023:178m)Residential Aged
79、 Care$208.7m in total segment revenue (2023:$150.9m)$38.8m in Adjusted EBITDA (2023:$22.4m)97.1%Average occupancy levels in mature homes (2023:94.3%)Retail$765.2m in total segment revenue (2023:$744.0m)$57.2m in Adjusted EBITDA (2023:$58.5m)$1,393m Australian Unity Bank gross loan portfolio*(2023:$1
80、,156m)Wealth&Capital Markets$232.5m in total segment revenue (2023:$207.1m)$45.5m in Adjusted EBITDA (2023:$46.1m)$18.76b Gross funds under management,administration and advice (2023:$28.35b)$651.8mPrivate health insurance(PHI)gross claims(2023:$632.6m)Top 3 PHI claims by combined hospital and medic
81、al cost9 Total benefits paid by Australian UnityTotal length of stayDescription$208,11739Gastrointestinal surgery$138,99030Cardiac surgery$169,17420Spinal surgeryTop 3 PHI single day claims by costTotal benefits paid by Australian UnityDescription$59,137(including$41,609 prosthesis benefit paid)Inse
82、rtion of cardiac defibrillator$46,817(including$34,958 prosthesis benefit paid)Replacement of cardiac defibrillator generator$53,774(including$41,609 prosthesis benefit paid)Insertion of cardiac defibrillator In assessing the performance of its operating business segments,the Group uses a measure of
83、 adjusted earnings before interest,tax,depreciation and amortisation(Adjusted EBITDA).As the name indicates,this measure excludes the effects of tax,depreciation and amortisation,interest on external borrowings and investment income.It also excludes Group overheads and other material non-recurring e
84、xpenditure.A reconciliation between Adjusted EBITDA and profit/(loss)before income tax from continuing operations is set out in Note 1(c)(ii)to the consolidated financial statements.For the purposes of the financial performance in the Operating and Financial Review,the Group Adjusted EBITDA is the s
85、um of the platform Adjusted EBITDA plus the Corporate Functions.Across community and virtual care services.*Australian Unity Bank loan portfolio:gross loans before provision for doubtful debts.10GovernanceAustralian Unity must foster good corporate governance,with sound risk and conflict management
86、practices a fundamental part of its approach.The Corporate Governance Framework of Australian Unity Limited(the Company)has been developed to reflect the requirements of APRAs Prudential Standardsincluding those related to Governance,Remuneration,Fit and Proper and Risk Managementas well as key aspe
87、cts of the ASX Corporate Governance Councils Corporate Governance Principles and Recommendations(4th Edition)(Principles).Australian Unity acknowledges that the Principles do not apply to Australian Unity Limited as it is debt-listed on the Australian Securities Exchange(ASX).Notwithstanding,Austral
88、ian Unity considers the Principles to be a valued source of governance guidance and seeks to align itself with the Principles.Governance structure Australian Unity is governed by the Companys board.The board is supported by its committees including the Risk&Compliance(R&C)Committee,Audit Committee,P
89、eople,Culture&Remuneration(PC&R)Committee and Investment Committee.The Group Managing Director(GMD)reports to the board and,alongside the Group Leadership Team(GLT),is responsible for managing Australian Unitys day-to-day operations.The board has structures and processes to support the management of
90、 Australian Unity,including policies and procedures,risk and conflict management frameworks and internal controls,which are designed to promote effective,responsible and ethical conduct.Australian Unity Limited BoardGroup Managing DirectorGroup Leadership TeamNote:a very small percentage of business
91、es acquired by Australian Unity may have governance structures independent of Australian Unity(of which Australian Unity has oversight).Risk&Compliance CommitteeOversees the implementation and effectiveness of the Enterprise Risk Management Framework and monitors the Groups risk appetite and complia
92、nce with legal and regulatory requirements including operational resilience and health and safety.People,Culture&Remuneration CommitteeProvides strategic direction and oversight regarding people,culture and remuneration activities.Upholds best practices in talent management,promotes a diverse and in
93、clusive workplace and needs to ensure that remuneration policies are fair and aligned with Australian Unitys goals.Audit CommitteeProvides challenge and oversight of financial reporting and auditing activities.Upholds the integrity of financial accounts,supervises external and internal audit functio
94、ns and promotes effective corporate governance and compliance with regulatory requirements.Investment CommitteeProvides challenge,oversight and governance to management in relation to investment activities.Promotes transparency and a robust risk culture in respect of investment activities.11 The boa
95、rd Board roles and responsibilities The boards responsibilities include approving Australian Unitys strategy,budget and operating plans,appointing and evaluating the performance of the GMD,setting and approving Australian Unitys Risk Appetite Statement(RAS)and Enterprise Risk Management Framework(ER
96、MF)and monitoring the effectiveness of Australian Unitys governance arrangements.The Australian Unity Limited Board Charter(Board Charter)is available on Australian Unitys website(.au)and describes the boards roles and responsibilities,including the matters reserved for the board.Board structure and
97、 composition As at 30 June 2024(year end),the board comprised nine directors eight non-executive directors(including the boards Chair)and the GMD(an executive director).Australian Unity has a written agreement with each non-executive director outlining the terms of their appointment.The boards Chair
98、,Lisa Chung AM,leads the board and is responsible for the efficient conduct of the boards meetings.As the boards Deputy Chair,Melinda Cilento supports the Chair and acts in that position when Ms Chung is absent or not available.More information on the roles of the Chair and Deputy Chair can be found
99、 in the Board Charter.Each directors biography as at year end,including their appointment date and tenure,can be found on the following page.All of the Companys board and member meetings are conducted in English,with its key corporate documents written in English.As all of the Companys directors are
100、 proficient in English,it is not presently necessary for Australian Unity to have in-place engagement processes for non-English-speaking directors.Board and committee meetings The board met ten times in the year under review,with the R&C Committee meeting six times and the Audit Committee,PC&R Commi
101、ttee and Investment Committee meeting four times.Director attendance at board and committee meetings throughout the year is set out in the Directors Report.Board and committee meetings are generally conducted over two-to-three consecutive days,with directors regularly meeting without management pres
102、ent to encourage independent discussion.Independence and re-election of directors As at year end,all non-executive directors are considered to be independent.A director is considered independent if they are free of any interest,position or relationship that could or could reasonably be perceived to
103、materially influence their ability to exercise independent judgement on board matters and act in the best interests of the Company as a whole.The criteria for assessing a directors independence are detailed in the Board Charter.Directors must continuously update their interests,positions,association
104、s and any potential conflicts.These updates are used to reassess each directors independence regularly.Directors are also required to abstain from discussions or voting on any matters where they may have an actual or perceived conflict of interest.Generally,directors(other than the GMD)serve three-y
105、ear terms,after which they must seek re-election at the Companys Annual General Meeting(AGM).Directors may serve for a maximum of 12 years,contingent on member re-election.However,extensions beyond this term may be granted in exceptional circumstances,as outlined in the Board Renewal and Evaluations
106、 Policy,which is available on our website.Additionally,all directors must meet the Fit and Proper criteria,as defined by the relevant regulatory frameworks applicable to Australian Unity,and must stand for re-election at the first AGM following their appointment.Board experience,skills and diversity
107、 The board comprises directors with a broad range of experience,expertise and diversity in background and gender.The board,led by the Chair with support from the PC&R Committee,regularly and at least annually considers the directors skills.During the reporting period,the board skills matrix was comp
108、rehensively reviewed and enhanced to ensure that the mix of skills aligns closely with Australian Unitys strategic ambitions.A summary of the board skills matrix follows on page 14.12Board of directorsLisa Chung AMLLB,FIML,FAICDChairMs Chung was appointed to the board of Australian Unity Limited on
109、30 June 2017 and appointed Chair on 26 October 2022.She is a director of a number of Australian Unity Limited subsidiaries and a member of the Audit Committee,Investment Committee,People,Culture&Remuneration Committee and Risk&Compliance Committee.Ms Chung is currently chair of The Front Project,a d
110、irector of AVJennings Limited,Warren and Mahoney Limited,Artspace/Visual Arts Centre,Sydney Community Foundation and the Committee for Sydney Limited and a trustee of the Art Gallery of NSW Foundation.Prior to this,Ms Chung was a partner specialising in commercial property and infrastructure at Madd
111、ocks Lawyers and at Blake Dawson(now Ashurst)where she also held various senior management roles and was an elected member of the firms board.Ms Chung completed the Advanced Management Program at INSEAD in France in 2004.She was previously chairman of The Benevolent Society and Urbis and a non-execu
112、tive director of APN Outdoor Limited.Ms Chung has not held any directorships of listed entities in addition to those set out above during the last three years.Melinda Cilento BA,BEc(Hons),MEc,GAICDDeputy ChairMs Cilento was appointed to the board of Australian Unity Limited on 1 May 2014 and appoint
113、ed Deputy Chair on 26 October 2022.She is a director of a number of Australian Unity Limited subsidiaries,Chair of the People,Culture&Remuneration Committee and a member of the Investment Committee and Risk&Compliance Committee.She is also co-chair of Reconciliation Australia and until 1 May 2019 wa
114、s a director of Woodside Petroleum.In addition to her directorships,Ms Cilento is the CEO of the Committee for Economic Development of Australia.She is a member of the Parliamentary Budget Office panel of expert advisors,the Australian Statistical Advisory Council and the Ministerial Advisory Commit
115、tee on Skilled Migration.She has previously been a commissioner with the Productivity Commission and worked for eight years with Australias leading CEOs at the Business Council of Australia,including four years as deputy chief executive.Prior to joining the Business Council of Australia,Ms Cilento w
116、as Head of Economics at Invesco Australia.Ms Cilento has also worked with the Federal Treasury and International Monetary Fund in Washington DC.She was a director of Wesfarmers General Insurance until June 2014.Ms Cilento has not held any directorships of listed entities in addition to those set out
117、 above during the last three years.Rohan MeadGroup Managing Director&CEO Mr Mead was appointed Group Managing Director of Australian Unity Limited on 1 July 2004.As Group Managing Director,he is a member of most subsidiary boards and several committees.Mr Mead is chair of the Business Council of Co-
118、Operatives and Mutuals Limited(BCCM).He is also chair of the Business Council of Australias Health and Care Economy Committee and a member of its Indigenous Engagement Committee.Mr Mead is a director of the Centre for Independent Studies(CIS)and Private Healthcare Australia Limited(PHA).Prior to joi
119、ning Australian Unity,Mr Mead was employed by Perpetual Trustees Australia Limited(19962003)in a range of senior roles.Mr Mead is not a director of any other listed entities and has not held any other directorships of listed entities during the last three years.Lucinda Brogden AMBCom,MOrgPsych,MAICD
120、Ms Brogden was appointed to the board of Australian Unity Limited effective from 8 September 2022.She is a member of the Audit Committee and the Risk&Compliance Committee.Ms Brogden served as a commissioner and chair of the National Mental Health Commission from 2014-2022.She is currently the chair
121、of the Diabetes Research Foundation,a director of Be Kind Sydney,Corporate Mental Health Alliance Australia and the National Film and Sound Archive.Ms Brogden is founder and Patron of the Sydney Womens Fund.Ms Brogden has over 30 years commercial experience and has held a number of roles including w
122、ith Macquarie Group and Ernst&Young.She has worked in trusted advisory roles with some of Australias leading CEOs,managing partners,ministers and chairs in investment banking,finance,law and government.Ms Brogden has not held any other directorships of listed entities in addition to those set out ab
123、ove during the last three years.Kim CheaterBEc,CA,FAICDKim Cheater was appointed to the board of Australian Unity Limited effective from 1 March 2024.Mr Cheater is an experienced non-executive director.He is currently chair of the South Australian Museum and Alwyndor Aged Care and a non-executive di
124、rector of RAA Group,RAA Insurance and ReturnToWorkSA.He is also a member of the Advisory Board for Sarah Constructions and for Sarah Group Holdings,a council member of Flinders University and the Independent Chair of the Audit,Risk&Investment Committee for Minda Inc.Mr Cheater is a Fellow of the Aus
125、tralian Institute of Company Directors and a Fellow of Chartered Accountants Australia and New Zealand.Mr Cheater was a partner at PwC for nearly 20 years and former managing partner of the Adelaide Office.He led the Governance,Risk and Cyber Security business of PwC in Adelaide as well as the Finan
126、cial Services practice.Mr Cheater also led PwCs national Reconciliation Action Plan initiatives.He was appointed by the South Australian Governor as an Ambassador for Aboriginal Employment and recognised as a Distinguished Alumnus by Flinders University for his contribution to business and reconcili
127、ation.Mr Cheater has not held any other directorships of listed entities in addition to those set out above during the last three years.13 Board of directorsPaul KirkBEc,CA,RITA,MAICDMr Kirk was appointed to the board of Australian Unity Limited on 1 February 2016.He is a director of a number of Aus
128、tralian Unity Limited subsidiaries and a member of the Investment Committee.Mr Kirk is currently managing director and founder of Collins Pitt Associates and is a director of the Noel&Carmel OBrien Family Foundation and holds a number of other private company directorships.He is a member of the Inve
129、stment Advisory Committee of Monash University.Mr Kirk was previously a director of the Melbourne Festival,Worksafe Victoria,Transport Accident Commission,St Kilda Football Club and the Victorian Registration and Qualifications Authority.Prior to this,Mr Kirk held a number of senior positions both o
130、verseas and in Australia with the major accountancy firm,PricewaterhouseCoopers,specialising in the area of corporate advice,turnaround and restructuring,profit improvement,M&A,strategic advice,risk and governance,forensic accounting and insolvency management.Following this,Mr Kirk worked for two ye
131、ars as special advisor for Lazard Australia.He has not held any directorships of listed entities in addition to those set out above during the last three years.Su McCluskey BComm,FCPA,FTSE,MAICD Ms McCluskey was appointed to the board of Australian Unity Limited on 1 September 2015.She is a director
132、 of a number of Australian Unity Limited subsidiaries,Chair of the Risk&Compliance Committee and a member of the Audit Committee and the People,Culture&Remuneration Committee.Ms McCluskey is a director of the Australasian Pork Research Institute and LiveCorp.Ms McCluskey is also the special represen
133、tative for Agriculture.She was a member of the Charities Review,the Harper Review of Competition Policy and the Regional Telecommunications Review and a commissioner for the National COVID-19 Commission Advisory Board.Ms McCluskey was previously the CEO of the Regional Australia Institute and the ex
134、ecutive director of the Office of Best Practice Regulation.She has held senior positions with the Business Council of Australia,the National Farmers Federation and the Australian Taxation Office.She is also a beef cattle farmer.Ms McCluskey has not held any directorships of listed entities in additi
135、on to those set out above during the last three years.Dr Helen NottBSc(Hons),PhD,FAICDDr Nott was appointed to the board of Australian Unity Limited effective from 8 September 2022.She is a director of a number of Australian Unity Limited subsidiaries,Chair of the Audit Committee and a member of the
136、 Risk&Compliance Committee.Dr Nott is currently a board member of the New Zealand Accident Compensation Corporation(ACC),and is a director of the QBE Australia Pacific portfolio of entities including QBE Insurance(Australia)Limited,QBE Lenders Mortgage Insurance Limited and QBE Insurance(Internation
137、al)Pty Limited.She was previously vice president and director of Paralympics Australia Pty Ltd,a director of QBE Life(Australia)Limited and Healthdirect Australia.Dr Nott has extensive experience within the insurance industry,holding a number of senior roles with Insurance Australia Group and QBE Au
138、stralia and New Zealand.Prior to this,Dr Nott held roles with Booz Allen Hamilton(now PwC Strategy&),PwC Corporate Finance and Recovery and with CSIRO Mathematics and Information Sciences(now Data 61).She specialises in supporting executives and boards with corporate operational strategy and financi
139、al governance.Dr Nott has not held any directorships of listed entities in addition to those set out above during the last three years.Julien PlayoustBSc(Arch),BArch(Hons),MBA,FAICDMr Playoust was appointed to the board of Australian Unity Limited on 1 February 2020.He is Chair of the Investment Com
140、mittee and member of the Audit and Risk&Compliance Committees.He is a director of AEH Group,deputy chairman of the Art Gallery of NSW Foundation and chairman of the Finance Committee,member of the Advisory Board and chairman of the Investment Committee of The Nature Conservancy and a member of the A
141、lumni Leaders Group of the UNSW Business School.Past appointments include:non-executive director of ASX-listed Tatts Group Limited,MCM Entertainment Group Limited,and Australian Renewable Fuels Limited;director of TimeOut Group Australia and Ventura Health and;member of the UNSW Art&Advisory Board,a
142、nd the National Gallery of Australia Foundation Board.He has worked with AMP,NAB and Accenture.Mr Playoust is a Fellow of the Australian Institute of Company Directors.He holds a Master of Business Administration from UNSW(AGSM),Bachelor of Architecture(First Class Honours)and Bachelor of Science fr
143、om Sydney University,and a Company Director Course Diploma from the Australian Institute of Company Directors.Mr Playoust has not held any directorships of listed entities in addition to those set out above during the last three years.14Board skills matrix areasStrategy and leadershipExtensive leade
144、rship experience in publicly listed,APRA-regulated,aged care,mutual or not-for-profit entities;strategic thinking abilities including critical assessment of opportunities and threats,development and implementation of enterprise-wide strategies,and effective challenge of management on strategic objec
145、tives.Commercial Strong commercial expertise with experience in identifying,negotiating,structuring,assessing and executing mergers and acquisitions,or senior leadership experience within a large and multifaceted organisation with significant operational scope,diverse units and with diverse internal
146、 and external stakeholders.Australian Unitys operating sectors Experience in the areas that Australian Unity operates,including insurance,retirement communities,residential aged care,home care services,health care,community services,financial services,investments and funds management,and infrastruct
147、ure and property development.Proficiency in service coordination involving strategic planning and management of efficient systems to coordinate a broad range of services,ensuring timely and quality care for a diverse client base.Customer and member wellbeing Comprehensive understanding of digital tr
148、ansformation,artificial intelligence and cyber-security issues.Demonstrated ability to foster a strong,member-focused culture and achieve positive member and consumer outcomes.Additionally,experience in accessing and navigating care services personally,showing empathy,understanding and the capabilit
149、y to optimise quality of care.People wellbeingProficiency in safety management and occupational health,ensuring compliance and fostering a culture of safety.Expertise in setting and communicating corporate culture,motivating key talent,overseeing management and evaluating CEOs and key executives,alo
150、ng with a strong understanding of remuneration practices,legislative frameworks and executive incentive arrangements.Skilled in overseeing large corporate change programs,organisational psychology and in navigating complex organisational dynamics.Indigenous wellbeingProficiency in Indigenous culture
151、s and issues,with expertise in respectful engagement and tailored reconciliation strategies.Ability to build positive relationships with Indigenous communities and championing diversity,equity and inclusion while ensuring accountability in related initiatives.Financial acumenHigh-level financial acu
152、men regarding corporate finance,accounting,reporting and internal financial controls.Expertise in capital markets and funds management,encompassing corporate financing,equity and debt markets and portfolio management for retail and institutional investors.Proficiency in analysing financial statement
153、s,assessing investment proposals,overseeing budgets and staying current with regulatory changes and industry trends.Governance and risk management Sound knowledge of governance issues,particularly within the APRA-regulated and ASX-listed environment,and the ability to manage legal,compliance and rep
154、utational risks.Expertise in risk management frameworks,internal controls and contemporary risk management practices to ensure long-term value delivery.Regulatory and public policy Ability to influence public policy development and manage the implications of public and regulatory policy.Environment
155、and social responsibility Comprehensive commitment to environmental sustainability and social responsibility.Knowledgeable about environment regulations and sustainability practices,contributing to initiatives that minimise environmental impact,and ability to promote ethical business practices.15 Di
156、rector induction,training and continuing education Before formally joining the board,prospective directors undertake detailed due diligence and then,once appointed,an induction program is launched.The induction program includes inviting appointees to attend board meetings as an observer before appoi
157、ntment and the provision of broader and more detailed materials than those provided during due diligence,as well as meetings with all GLT members and other senior officers of Australian Unity.During the year,Kim Cheater was appointed as a director.Mr Cheater attended board and committee meetings bef
158、ore his appointment.The Company also conducted appropriate checks in relation to Mr Cheaters background and experience,including a Fit and Proper assessment under APRA Prudential Standard CPS 520 Fit and Proper.The background checks did not reveal any information of concern.Australian Unity also has
159、 a board training program,which provides the board with professional development opportunities in areas required to execute their roles.The program includes briefing sessions and workshops,conducted by a range of expert stakeholders,on matters such as regulatory change,external risks facing the Comp
160、any,compliance with key legislation and statutory reporting.The board has full and free access to the GMD and relevant Australian Unity records,with each director entering a deed of indemnity,insurance and access with the Company.Board and committee performance The PC&R Committee regularly assesses
161、the performance of the board and individual non-executive directors at least annually.Every three years,this assessment is conducted by an independent third party.In 2023,the board engaged an independent third party to perform a comprehensive review of the boards performance including its committees
162、.As part of the boards commitment to continuous improvement,opportunities to enhance operations were identified which have been incorporated into the boards governance agenda.Additionally,the board has engaged an external consultant to provide ongoing coaching to board members,aiming to refine perfo
163、rmance within the board and its interactions with the GLT.In the years where an independent third party is not engaged to conduct a performance assessment,the performance of the board,each committee and individual directors is evaluated through self-assessment.This process utilises a variety of tool
164、s,including questionnaires,workshops and interviews of committee members.Further details on the performance assessment process are outlined in the Board Renewal and Evaluations Policy,available on our website.Nominations mattersThe board,in collaboration with the PC&R Committee,oversees board renewa
165、l and nominations matters.The PC&R Committee assists the board in accordance with the Board Renewal and Evaluations Policy,which involves,amongst other things,reviewing the boards composition and considering board renewal at least annually.Both the board and the PC&R Committee are majority independe
166、nt directors and have an independent chairperson.Further details about Australian Unitys objectives of board renewal,considerations and appointments can be found in the Board Renewal and Evaluations Policy,available on our website.Board committees Each board committee comprises a majority of indepen
167、dent non-executive directors of the board and is chaired by an independent non-executive director(other than the Chair of the board).The experience of the members of each of the committees is outlined on pages 12 to 13.Each board committee has a charter which is available on our website.Impact repor
168、t Since 2021,Australian Unity has published an annual stand-alone sustainability report called Our Impact(Impact Report),detailing its performance against environmental,social and governance(ESG)criteria.In 2024 the report will focus on the companys Community&Social Value(CSV)framework and social im
169、pact value calculation.Australian Unitys external auditor provides an Independent Limited Assurance Report in relation to the Impact Report and CSV framework,a copy of which is provided in the report.A copy of the latest Impact Report and information around Australian Unitys CSV framework can be fou
170、nd at:.au/impact.16Board Committee Key responsibilitiesMembers as at year endRisk&Compliance CommitteeAssisting with and,where necessary,making recommendations to the board on:Australian Unitys Enterprise Risk Management Framework(ERMF)and Risk Appetite Statement(RAS),and associated policies Austral
171、ian Unitys Compliance Management Framework and associated policies Australian Unitys clinical governance frameworks Australian Unitys exposure to key risks,including environmental and social risks,alongside recommendations to manage such risks specific risk and compliance matters,such as health and
172、safety,whistleblower protection,modern slavery,operational resilience and anti-money laundering and counter-terrorism financing,and Australian Unitys operational structure to ensure that it facilitates effective risk-management.Su McCluskey(Chair)Dr Helen NottJulien Playoust Lisa Chung AMLucinda Bro
173、gden AMMelinda Cilento Kim CheaterAudit CommitteeAssisting with and,where necessary,making recommendations to the board on Australian Unitys:accounting policies and statutory and financial reporting processes,including the assessment of financial information operational structure in relation to acco
174、untability measures and internal controls annual and half-year financial statements community and social value framework,and audit processes,including the review of the terms of engagement and the performance and results of internal and external audits.Dr Helen Nott(Chair)Julien Playoust Lisa Chung
175、AMLucinda Brogden AMSu McCluskey Kim CheaterPeople,Culture&Remuneration CommitteeAssisting with and,where necessary,making recommendations to the board on:Australian Unitys organisational culture strategies and programs,concerning leadership,employee engagement,diversity and ethical business practic
176、e and risk culture Australian Unitys Remuneration Policy and its application,effectiveness and compliance with applicable legislative and regulatory standards nominations matters,including Australian Unitys strategy in relation to board/senior management succession planning and the appointment proce
177、ss of non-executive directors or candidates for the board election the remuneration of the GMD,direct reports of the GMD and other persons who,in the PC&R Committee and the boards opinion,may affect Australian Unitys financial soundness or as otherwise required by regulatory bodies,and Australian Un
178、itys performance measures and targets,including the performance assessment of individual and collective senior management as well as individual directors and the collective board and board committees.Melinda Cilento(Chair)Lisa Chung AMSu McCluskey Investment CommitteeAssisting the board by providing
179、 challenge,oversight and guidance to management regarding:investment management activities in relation to Australian Unitys Investable Assets and Assets Under Management,including consideration of management reports and monitoring investment performance delegations granted by the board as relevant t
180、o the investment management function investment management functions approach to supporting the Australian Unity Group effectively satisfying its various fiduciary obligations and licensing requirements,and in conjunction with the R&C Committee,provide oversight of market and investment risk.Julien
181、Playoust(Chair)Lisa Chung AMMelinda CilentoPaul KirkRohan MeadWilliam Whitford*Note:William Whitford is an external appointee.17 Our values and cultureWe recognise that responsible decision making,transparency and accountability in our governance practices are critical to fostering trust,ethical beh
182、aviour and societal impact.Our values of being bold,warm and honest in what we do,encapsulate how Australian Unity makes decisions,fulfils its purpose and meets its goals and guide how we relate to members,customers,communities,stakeholders and each other.Our values are reflected in our Code of Cond
183、uct,which sets out our moral and ethical standards and requires our directors,employees,contractors and consultants to behave ethically and with integrity in their dealings with stakeholders and each other.BoldWe think big,think it through,have a go,do it well and keep learning.WarmWe care about peo
184、ple,welcome difference,inspire each other,understand our customers and make people smile.HonestWe talk straight,do what we say,earn trust,take responsibility and strive to do whats right.A positive culture is fundamental to good governance and the board plays a crucial role in setting the right tone
185、 from the top.To form their own view on our corporate culture,our board steps outside the board room to observe how the organisations ethics and behaviours align with our values and goals.For instance,during the year,various directors:held several coffee with directorssessions with employees from ac
186、rossthe Group to hear first-hand whatis on their minds conducted individual skip meetingswith the Group Leadership Teamto hear their perspectives onGroup performance heard directly from our GroupLeadership Team who attendedmonthly board meetings to providedirect viewpoints and raise anyconcerns dire
187、ctly with the board andunderstand the boards expectationsfirst-hand received presentations from andengaged directly with our extendedsenior leadership at the annualboard strategy summit attended a number of sites acrossour business,spending time withour employees and customerssuch as The Alba Care S
188、uites,ourWalmsley Retirement Community,our Eastgardens Home Care branch,St Lukes Green Aged Care and theHerston Quarter redevelopment.Risk cultureWe are committed to fostering a strong risk culture throughout Australian Unity.We believe that by continuously improving and evolving our risk culture,we
189、 can better protect the interests of our customers,employees and stakeholders while fostering a culture of responsible risk management across the Group.This year we have made important changes to formalise our approach to the assessment and continuous improvement of risk culture.Some of the key achi
190、evements are shown below.We have:developed a board-approved RiskCulture Framework,consisting ofa risk culture model capturing thekey attributes of a positive riskculture;a maturity scale to supportassessment of our culture;anddevelopment of an action plan forthe next year and beyond further enhanced
191、 our risk culturemeasures to include a broader rangeof data and new risk-culture-alignedquestions in team member surveys provided reporting to help PeopleLeaders assess risk culture for theirteam members as part of the annualperformance assessment process,and continued to communicate withour people
192、consistently about theimportance of reporting incidents,sharing bad news quickly andutilising the whistleblower process.Group Leadership Team The GMD,with support from the GLT,manages Australian Unitys day-to-day operations.The biographical details of each GLT member as at year end can be found on p
193、ages 18 to 19.Not all GLT members are considered key management personnel(KMP).For those GLT members that are KMP,an overview of their compensation program and remuneration during the year under review is outlined in the Remuneration Report.Australian Unity has a written agreement with each GLT memb
194、er outlining the terms of their appointment,and appropriate checks are undertaken prior to and throughout appointment to ensure that the GLT member has the pertinent skills and expertise and is fit and proper for their relevant role.The review and assessment of performance of the GMDs direct reports
195、 is undertaken each year by the GMD with input by the board.The review and assessment of the GMDs performance is undertaken by the board.Each member of the GLT has had their performance reviewed in accordance with this process as at year end.Similar to the board,the GLT are provided with ongoing tra
196、ining opportunities.18Group Leadership TeamRohan MeadGroup Managing Director&CEOMr Mead was appointed Group Managing Director of Australian Unity Limited on 1 July 2004.As Group Managing Director,he is a member of most subsidiary boards and several committees.Mr Mead is chair of the Business Council
197、 of Co-Operatives and Mutuals Limited(BCCM).He is also chair of the Business Council of Australias Health and Care Economy Committee and a member of its Indigenous Engagement Committee.Mr Mead is a director of the Centre for Independent Studies(CIS)and Private Healthcare Australia Limited(PHA).Prior
198、 to joining Australian Unity,Mr Mead was employed by Perpetual Trustees Australia Limited(19962003)in a range of senior roles.Prue Bowden BA,MEmpLabRelLaw,GAICDGroup ExecutiveHome HealthMs Bowden joined Australian Unity in February 2017.Ms Bowden led the Groups transformation agenda to reshape the e
199、nterprise operating model,putting the customer front and centre and driving new and more efficient ways of working.In September 2018,Ms Bowden was appointed to Group ExecutivePeople&Culture.She was responsible for leading the Groups people function including culture and capability,performance and re
200、muneration,workplace health and safety,shared services and internal communications.Ms Bowden also led the Groups inclusion and diversity,workplace giving and employee wellbeing strategy.In July 2022,Ms Bowden became the Group ExecutiveHome Health,our integrated healthcare company to support Australi
201、ans to live and age well at home.Prior to joining Australian Unity,Ms Bowden was the director of People Solutions Group Pty Ltd,a boutique consulting firm focused on operating model design and transformational change.Ms Bowden brings to Australian Unity diverse industry experience,having successfull
202、y led and supported people functions in complex,commercial environments in banking,insurance,media and healthcare.Previous clients and employers include News Limited,Suncorp,ANZ and Ramsay Health Care.Dean Chesterman BBusGroup Executive People&CultureMr Chesterman joined Australian Unity in June 201
203、2.Mr Chesterman undertook senior roles in the People&Culture function before transitioning into a commercial role as General Manager for Branch Operations for almost five years.Mr Chesterman was also acting Executive General Manager for Home and Disability Services for a year during that time.In 202
204、2,Mr Chesterman was appointed as the Group ExecutivePeople&Culture.Prior to Australian Unity,Mr Chesterman held multiple senior roles with KPMG across People&Culture and Strategy.Mr Chesterman has a Bachelor of Business from Queensland University of Technology.Mark GayMEI,GAICDGroup ExecutiveTechnol
205、ogyMr Gay joined Australian Unity in 2022 with over 25 years of experience in global roles,spanning banking and financial services,logistics and education.His expertise includes digital transformation,technology strategy,enterprise architecture,program delivery and strategic outsourcing.Previously h
206、e was the chief information officer with QBE,the chief digital officer with BetEasy and chief information officer with ME Bank.He also had six years in senior technology roles with GE Capital.Mr Gay holds a Masters of entrepreneurship and innovation from Swinburne University of Technology and was na
207、med Finance CIO of the year in 2017 in the iTnews Benchmark Awards.19 Group Leadership TeamMelinda HonigBEcon,LLB,GAICD Group ExecutiveGovernance,General Counsel,Company Secretary and Chief Risk Officer Ms Honig joined Australian Unity in February 2016.In her role as Group ExecutiveGovernance,Ms Hon
208、ig is responsible for managing the Groups legal,compliance,risk,and secretariat function.She is also secretary for all Group subsidiary boards.Prior to joining Australian Unity,Ms Honig worked for GE for 15 years,five of those years with GE Capital in the role of general counsel,overseeing the provi
209、sion of legal services to GE Capitals commercial finance,consumer finance and insurance businesses in Australia and New Zealand.Ms Honig brings to Australian Unity her executive experience in legal,compliance and company secretary functions and has worked abroad as Counsel for GE Indonesia,in operat
210、ions which included transportation,energy and GE Capital.Prior to joining GE,Ms Honig was at KPMG for five years and undertook her legal training in tax at KPMG.Esther KerrBEc,BAsian Studies(Specialist),GAICDGroup Executive Wealth&Capital MarketsMs Kerr joined Australian Unity in September 2017 and
211、is the Group ExecutiveWealth&Capital Markets for the Australian Unity Group.She is responsible for all of Australian Unitys social infrastructure,financial services and investment activities,spanning investment management,trustee services,life investment bonds,as well as the Groups property,developm
212、ent and capital market activities.Ms Kerr is a board member of many of its operating entities,and in April 2024,she was appointed to the Financial Services Council(FSC)Board and is a member of the FSC Standards Oversight&Disciplinary Board Committee.Prior to joining Australian Unity in September 201
213、7,Ms Kerrs experience covered financial services,infrastructure and human services design and delivery.Darren MannBCom,CAGroup Executive Finance&Strategy and Chief Financial OfficerMr Mann joined Australian Unity in April 2012.He is currently the Group ExecutiveFinance&Strategy and Chief Financial O
214、fficer,having previously been the Deputy Head of Finance and Group Treasurer.Mr Mann has oversight of the Groups statutory,management and tax reporting along with strategy,treasury and capital management.Mr Mann also has oversight of the Residential Aged Care business.Prior to joining Australian Uni
215、ty,Mr Mann worked in the United Kingdom for ten years on large-scale migration projects for Lloyds TSB,Royal Bank of Scotland and Merrill Lynch Investment Managers.Mr Mann commenced his professional career,becoming a chartered accountant while working at KPMG Melbourne and also Fosters Group Limited
216、.Mr Mann has completed the Harvard Business School Advanced Management Program.Rebecca Windsor BCom,DipFP,GAICDGroup ExecutiveHealth InsuranceMs Windsor joined Australian Unity in July 2002,undertaking several senior roles spanning governance,commercial operations,strategy and advocacy across the Gr
217、oups financial services,health insurance and group operations.In 2022,Ms Windsor was appointed to the role of EGMHealth Insurance,overseeing the health insurance business,and more recently to the role of Group ExecutiveHealth Insurance in 2024.Ms Windsor is a passionate advocate on health reform,foc
218、using on enhancing affordability,ensuring sector sustainability and strengthening the health system for Australian Unitys members.Prior to Australian Unity,Ms Windsor held roles in financial services.Ms Windsor has a Bachelor of Commerce and a Diploma of Financial Planning.Christine Yates was Group
219、ExecutiveRetail until 18 March 2024.David Lumb was Group ExecutiveSpecialist Care until 1 January 2024.20Company Secretary As at year end,Melinda Honig and Catherine Visentin were Company Secretaries of the Company.The Company Secretary is accountable to the board,through the Chair,for matters relat
220、ing to the proper functioning of the board.The board has full access to the Company Secretary,and an overview of the roles and responsibilities of the Company Secretary is provided in the Board Charter.Remuneration Australian Unity recognises that remuneration is important for attracting and retaini
221、ng high-quality employees and is also a key driver of culture.Australian Unitys Remuneration Policy,which is approved by the board on the advice of the PC&R Committee,sets the framework for rewarding Australian Unitys directors,officers and employees who pursue the growth and success of Australian U
222、nity in line with our values and risk appetite.The GLTs remuneration comprises both fixed and variable components,including short-term and long-term variable compensation.The structure seeks to ensure a balance between individual compensation and Australian Unitys long-term sustainability,while also
223、 meeting applicable regulatory expectations.The short-term variable compensation program(provided as cash)operates on an annual basis with each GLT member being eligible to receive up to a percentage of their fixed compensation as additional compensation where both individual and Group financial and
224、 non-financial performance goals are met.The long-term variable compensation program(provided as rights to mutual capital instruments(MCI)also operates on an annual basis with eligible employees receiving an invitation to participate.The board determines the award quantum under the program with part
225、icipants receiving rights over MCIs,which vest after four years,subject to the employee remaining employed with Australian Unity and other relevant conditions being met.Under the Remuneration Policy and compliant with relevant legislative and regulatory requirements,employees are prohibited from hed
226、ging any rights to MCIs granted to them or limiting the exposure to the economic risk relating to unvested MCIs,ensuring alignment of the interests of nominated executives with the interests of our members and Australian Unitys sustainable performance.The board has the discretion to decide that an i
227、ndividuals variable compensation for current or prior years is reduced to zero or subject to malus or clawback,with such determinations being made if the individual has failed to comply with their accountabilities.The Companys non-executive directors are paid a fee for their services,with the aggreg
228、ate fees paid to non-executive directors remaining within the annual sum last approved by members at an AGM(as outlined in Rule 4.14 of the Companys constitution).Further information about the remuneration arrangements of Australian Unitys KMP including non-executive directors is outlined in the Rem
229、uneration Report.PolicySummaryKey provisionsCode of ConductThe Code of Conduct sets out Australian Unitys moral and ethical standards and provides the core values that guide the behaviour of directors,employees,contractors,consultants and volunteers in a way thats beneficial for our members,our cust
230、omers,our people and Australian Unity as a whole.The R&C Committee are informed of any material breaches of the Code of Conduct.All new employees are required to undertake training and existing employees complete an annual attestation that they understand their obligations and responsibilities under
231、 the Code of Conduct.Requires directors,employees,contractors,consultants and volunteers to behave ethically and with integrity in a manner that:complies with legislative and regulatory directions,including internal policies aligns with Australian Unitys core values of bold,warm and honest promotes
232、health,safety and wellbeing fosters a respectful culture which accords with professional standards protects confidential information and privacy encourages individuals to speak up if they see something that is not right,and respects cultural,gender and religious differences.Key policiesThe following
233、 key policies can be found on our website:21 PolicySummaryKey provisionsWhistleblower Protection PolicyThe Whistleblower Protection Policy represents Australian Unitys commitment to establishing a culture of honesty and openness.It establishes what is reportable conduct,the protections available to
234、whistleblowers and the process of disclosure that ensures fair,efficient and independent resolutions.The R&C Committee receives high-level numbers and themes of whistleblower incidents,and the Audit Committee receives reporting on the outcomes of whistleblower investigations.The outcome of any inves
235、tigations may also be referred to the board or other board committees.All employees receive information relating to the Whistleblower Protection Policy and processes as part of the Code of Conduct training.Sets out the following key information:eligible whistleblowers,including employees,directors,o
236、fficers and suppliers reportable conduct which a whistleblower suspects is fraudulent,illegal,dangerous,abusive or unethical protections available to whistleblowers,including anonymity,liability immunity and compensation entitlements,and processes for effecting disclosure,including key roles and res
237、ponsibilities.Continuous Disclosure and External Communications PolicyThe Continuous Disclosure and External Communications Policy ensures the Companys compliance with its continuous disclosure obligations as an ASX-listed entity.This policy provides a mechanism for the Company to consider and annou
238、nce matters that may have a material effect on the price of its securities(Price Sensitive Information).Sets out the following key information:Australian Unitys obligation to notify the ASX of any Price Sensitive Information the processes to determine if information is Price Sensitive Information ex
239、ceptions to disclosure processes for effecting disclosure,including key roles and responsibilities,and protocols on internal and external communications regarding Price Sensitive Information.Anti-Bribery Fraud and Corruption PolicyThe Anti-Bribery Fraud and Corruption Policy outlines Australian Unit
240、ys zero tolerance to bribery,fraud and corruption.It ensures that directors,employees and officers conduct business with high standards of honesty and integrity.The Audit Committee is informed of any material breaches of the Anti-Bribery Fraud and Corruption Policy.All employees are alerted to the r
241、equirements of the Anti-Bribery Fraud and Corruption Policy as part of the Code of Conduct training.Requires directors,officers,employees,consultants and contractors to:not offer or accept payments,secret commissions or gifts which are improper and/or could lead to an actual or perceived conflict of
242、 interest not engage in corrupt business practices not obtain an advantage by way of dishonest or fraudulent conduct,and ensure records of dealings with third parties and any expenditures are maintained.Welcoming Difference PolicyThe Welcoming Difference Policy represents Australian Unitys commitmen
243、t to supporting and celebrating a diverse and inclusive workplace.It ensures that directors,employees and officers engage in discrimination-free,equal opportunity and respectful dealings in the conduct of business,including candidate selection.Sets out the following key information:diversity areas k
244、ey roles and responsibilities in effecting compliance,and employee diversity data monitoring and reporting methods.22Financial reportingThe preparation of our full-year and half-year statutory accounts is overseen by the Audit Committee,audited by our external audit firm(KPMG),and ultimately approve
245、d by the board.Pursuant to section 295A of the Corporations Act 2001(Cth)(Act),the board received a declaration from the Chief Executive Officer and the Chief Financial Officer for both the 2023 and 2024 full year financial reports,attesting to the matters required by the Act.The board received a de
246、claration analogous to a section 295A declaration for the half-year 2024 financial reports.Annual General Meeting(AGM),investor presentations and member engagement Australian Unity holds an AGM in October each year,with the 2023 AGM held on 25 October 2023.The Chair generally calls a poll for items
247、considered at the meeting.Australian Unitys Notice of AGM clearly outlines how members can participate at the AGM,with options including attending the AGM in person,submitting questions to Australian Unitys member team,direct voting prior to the event or appointing a proxy.Australian Unitys 2023 AGM
248、 was held in-person and streamed online,with online participants being able to view but not otherwise participate in proceedings.The GMD and Chairs AGM presentations are published via the ASX and on Australian Unitys website before the start of the meeting.Australian Unitys members can nominate to r
249、eceive communications,such as notices of meetings and annual reports,electronically.Australian Unity delivers investor presentations after the release of its half-year and full-year results,with the presentation invites(with dial-in details)and materials being published via the ASX and on Australian
250、 Unitys website before the presentation.Australian Unitys member team organises member events,such as the AGM,and are available to assist with member queries.AuditExternal audit KPMG(External Auditor)has been appointed to conduct an audit of the Financial Report and to report to members in accordanc
251、e with the requirements set out in the Act for the year under review.KPMGs Auditors Report is provided at the end of the Financial Report.A representative from the External Auditor attends Australian Unitys AGM each year to answer any questions from members on the conduct of the audit,the preparatio
252、n and content of the Auditors Report,accounting policies adopted in the preparation of the financial statements and their independence in relation to the conduct of the audit of Australian Unitys financial statements.Internal audit Australian Unity has an internal audit team(Group Audit)with the pur
253、pose of providing independent and objective assurance and consulting services to Australian Unitys operations.Group Audit assesses whether Australian Unitys network of risk management,control and governance processes are adequate and functioning in a manner that supports various aims,including:the a
254、ppropriate identification,reporting and management of risks;the accuracy,reliability and relevance of financial,managerial and operating information;and the compliance of employees actions with policies,standards,procedures and applicable laws and regulations.Group Audit is led by the Chief of Audit
255、,who is supported by a team of appropriately qualified internal auditors and data analysts.Group Audit is governed by the Group Audit Charter,which outlines the teams mission and scope of work.To ensure independence,Group Audit is accountable to the Audit Committee and reports functionally to the Ch
256、air of the Audit Committee.Group Audit has unrestricted access to the board and all of Australian Unitys records,property and personnel.Group Audits methodology conforms to the International Standards for the Professional Practice of Internal Auditing.Risk management Australian Unity seeks to identi
257、fy,manage and mitigate risk throughout its business.A positive risk culture and the implementation of and adherence to effective risk management frameworks and practices are core areas of focus for Australian Unity and the board.The board is responsible for setting and monitoring Australian Unitys E
258、nterprise Risk Management Framework(ERMF)the systems,structures,policies,processes and people that identify,assess,mitigate and monitor risks that could have a material impact on Australian Unitys operations.The board is responsible for setting the risk appetite within which management is expected t
259、o operate and for establishing Australian Unitys Risk Management Strategy,which defines Australian Unitys key risk areas and how they are managed.The underpinning processes of the ERMF are consistent with the principles of the Australian Standard(AS/NZS ISO 31000)and APRA Prudential Standard CPS 220
260、 Risk Management.Australian Unitys businesses regularly review risks and develop treatment plans to manage these risks to within risk appetites.Risk profiles are regularly reviewed and higher-rated risks are reported to the R&C Committee quarterly.The R&C Committee also receives reporting on emergin
261、g risks and risk mitigation strategies(including their implementation status).Business-related proposals to be considered by the board require the identification and assessment of key risks and plans to treat these risks.Project risk registers are maintained,and any potential risks delivered 23 to b
262、usiness operations are tracked,treated or accepted in line with risk appetite.Policies and processes are in place to manage specific areas of risk,such as capital management,business continuity,information security and the management of incidents and compliance obligations.Australian Unitys risks ar
263、e also managed by the purchase of appropriate insurances.Australian Unitys ERMF and RAS are reviewed regularly to reflect an evolving approach to risk management,ensure the risk appetite settings remains appropriate,facilitate consistent management of risk across the business and allow the R&C Commi
264、ttee and the board to satisfy itself that the program remains effective.The ERMF and RAS were last reviewed in May 2024.Compliance with and effectiveness of the ERMF is also reviewed annually by Group Audit,and it is comprehensively reviewed every three years by qualified independent consultants.A s
265、ummary of Australian Unitys material risks is outlined in the Directors Report.Tax transparency The Company is the head of Australian Unitys Tax Consolidated Group and is a signatory to the Board of Taxations Register in respect of the Voluntary Tax Transparency Code(Tax Transparency Code).The Tax T
266、ransparency Code supports greater tax disclosure in Australia and reflects Australian Unitys commitment to compliance and governance.At the end of each financial year,the Company publishes its approach to tax strategy and details of the tax contributions made during the year.In accordance with the n
267、ew corporate tax transparency requirements,the Company has incorporated the updated disclosure of subsidiaries,focusing on tax residency in its financial statements for the year ended 30 June 2024.This approach ensures that the Company meets the updated disclosure obligations required for public com
268、panies.A copy of Australian Unitys 2024 Tax Transparency Report can be found on our website.Diversity and inclusion Australian Unity is committed to building an inclusive and diverse workplace which reflects and is relevant to the communities in which we operate.We recognise the value of harnessing
269、the unique capabilities and perspectives of all people,including those from First Nations,multicultural and diverse communities.Australian Unitys Welcoming Difference Policy outlines Australian Unitys policy position on diversity and inclusion,with the policy being supported by the Our Inclusive and
270、 Diverse Workplace Standard and Our Equal Opportunity Workplace Standard.Our Welcoming Difference Policy and Our Inclusive and Diverse Workplace Standard are available on our website.From a gender perspective,the Welcoming Difference Policy outlines Australian Unitys aim to achieve a meaningful bala
271、nce of women across all levels of the organisation,with gender pay parity and compensation practices being consistently reviewed to screen for gender bias in decision-making.Additionally,the Our Equal Opportunity Workplace Standard outlines Australian Unitys focus on achieving a critical mass of wom
272、en across all levels of management,with critical mass being defined as commencing at approximately 25 percent.As at year end,Australian Unity had 9,563 employees after the acquisition of myHomecare Group(MHC)added 1,577 additional employees.Not including MHC employees,Australian Unity had 7,986 empl
273、oyees(FY2023:7,657).Two of the Companys subsidiaries are relevant employers under the Workplace Gender Equality Act 2012(Cth)(WGEA),being Australian Unity Group Services Pty Ltd(AUGS)and Australian Unity Care Services Pty Ltd(AUCS).AUGS latest WGEA report is available on our website.In Australian Un
274、itys latest WGEA report,as at 29 February 2024 and prior to the MHC acquisition,80 percent of employees were women,which is consistent with FY2023(FY2023:80%).Other key statistics on Australian Unitys gender balance as at that date are as follows:the Group Leadership Team isgender balanced(50 percen
275、t female:50 percent male)(FY2023:44%female)the Australian Unity Limitedboard is skewed to higher femalerepresentation(62.5 percentfemale)*with a female representingboth the Chair and Deputy Chairroles(FY2023:62.5%)46 percent of Australian Unityssenior leaders are women.Seniorleaders include those wh
276、o areBand 8 to 10 senior managementand executive employees(FY2023:43%).*Following the appointment of Kim Cheater as a director on 1 March 2024,55.5 percent of board directors are female.24All new and existing employees undertake diversity and inclusion training including a dedicated module on Reconc
277、iliation.We are committed to implementing our endorsed Stretch Reconciliation Action Plan and delivering on three core areascultural learning,meaningful careers and business support and growth.Our meaningful careers focus area seeks to create meaningful careers for Aboriginal and Torres Strait Islan
278、der people across the entire organisation.We are moving the dial on the proportion of Australian Unitys permanent workforce(prior to the MHC acquisition)that identifies as Aboriginal and Torres Strait Islander with 5.3%as at year end,a 0.3%increase from the prior year (FY2023:5.0%).Of these employee
279、s,91%are women,and 13.7%are in positions of influence or leadership by managing direct reports(FY2023:11.9%).SummaryAs a wellbeing company,Australian Unity is focused on its members,customers and the broader community and helping people thrive.Australian Unity is proud of its strong social focus and
280、 presencebuilt on the foundations of corporate governance and sound risk management practices,which are a fundamental part of Australian Unitys organisational culture and fabric.5.3%of our workforce identify as Aboriginal and Torres Strait Islander91%of our Aboriginal and Torres Strait Islander work
281、force are women13.7%of our Aboriginal and Torres Strait Islander workforce are people leaders25 Australian Unity Annual Report 2024Meeting our future environmental sustainability reporting requirementsAs we anticipate forthcoming regulatory changes,Australian Unity is taking proactive steps to align
282、 with the Australian Governments proposed climate-related financial disclosures(CRFD)framework,expected to apply from FY2026.In preparation for these anticipated reporting obligations,we have undertaken several key initiatives:Greenhouse Gas(GHG)emissionsestimate:We have established a framework form
283、easuring and reporting our GHGemissions,based on the GreenhouseGas Protocol.We continue toexplore opportunities to enhancedata capture processes,ensuringthe completeness and accuracy ofour GHG emissions calculations.On the following page,we outlineour estimated scope 1 and scope 2emissions for FY202
284、4 Assurance readiness:To support our future engagementin external limited assurance of ouremissions estimates,we obtainedan external assurance readinessassessment of our GHG emissionsframework.Further details aboutthis assessment can be found onthe following page Energy services engagement:We have e
285、ngaged an energy servicesadvisor to assist not only with theprocurement of energy across ourGroup but also to provide a reportingplatform.This platform will assistwith the collection and collation ofemissions data and help identifyinitiatives to further reduce ouremissions Environmental,Social andGo
286、vernance(ESG)Forum:Established in FY2023,our ESGForum serves as the central bodyfor overseeing and coordinatingour sustainability initiatives.Reporting to the Groups Risk&Compliance Executive Committee,it is responsible for settingsustainability governance andreporting standards,implementinga Group-
287、wide ESG andSustainability Policy,endorsingESG goals and frameworks,andoverseeing ESG measurement,reporting,and sustainability-related targets Climate risk assessments:We have completed risk workshopsto evaluate climate-related risks andopportunities across our business,conducted in accordance witho
288、ur Enterprise Risk ManagementFramework.This process involvesidentifying physical and transitionrisks,assessing their impact onour business and strategy,andevaluating our resilience.Our goal isto pinpoint the most material risksand develop effective managementstrategies.What are scope 1,2 and 3 emiss
289、ions?Scope 1 emissions are greenhouse gas(GHG)emissions that are released to the atmosphere as a direct result of an activity,or series of activities (also known as direct emissions).Scope 2 greenhouse gas emissions are the emissions released to the atmosphere from the indirect consumption of an ene
290、rgy (indirect emissions).Scope 3 relate to indirect greenhouse gas emissions other than scope 2 emissions that are generated within our value chain,for example,by suppliers,customers and investee organisations(financed emissions).Source:Clean Energy Regulator:https:/cer.gov.au/schemes/national-green
291、house-and-energy-reporting-scheme/about-emissions-and-energy-data/emissionsEnvironment As we strive to be Australias most trusted wellbeing company,we are committed to having a positive impact on our members,customers and community.This extends to understanding,managing and actively reducing our env
292、ironmental impactboth now and for future generations.26Corporate Functions Home HealthResidential aged careRetirement communitiesTotalScope 1Mobile combustionn/a772n/an/a772Stationary combustion5211,0581091,220Fugitive emissionsn/aScope 2Purchased electricity9425428,5632,59512,642Total emmisions9941
293、,3159,6212,70414,634For more information on how we have calculated our emissions estimates,organisational boundary,methodology and data capture processes,please see our GHG Inventory Report available on our website at .au/about-us/our-impact/environmentA step forward:estimating our FY2024 scope 1 an
294、d scope 2 GHG emissionsThis year,weve taken a positive step to reducing our environmental impact by estimating our FY2024 scope 1and scope 2 GHG emissions.Using our GHG emissions framework(based on the Greenhouse Gas Protocol),we estimated our FY2024 emissions footprint in the table above,expressed
295、as tonnes of CO2 equivalent emissions.We engaged KPMG to check whether conditions are present to conduct a future assurance engagement over our scope 1 and 2 GHG emissions.The purpose of this engagement is not to provide assurance on the information nor guarantee an unmodified assurance conclusion i
296、n the future.Its purpose is to determine whether the subject matter and criteria is appropriate,and whether we have objective documentation to support our emissions for a future assurance engagement.We have considered the findings reported to us and are working to address them and we intend to seek
297、limited assurance conclusion over our FY25 GHG emissions inventory.Further work is ongoing to identify and address data gaps across the organisation,with the goal of enhancing the completeness and accuracy of our emissions estimates.Our aim is to obtain external limited assurance for our scope 1 and
298、 2 emissions estimates in FY2025.Scope 3 emissions We have conducted an initial review of our scope 3 emissions to identify the areas of our operations that have the most significant impact on emissions generated throughout our supply chain.Having identified these preliminary emissions hotspots,we a
299、re now focused on capturing more comprehensive data in these areas.This will enable us to explore and implement effective strategies to address and reduce those emissions.27 Australian Unity Annual Report 2024Directors reportThe directors present their report on the consolidated entity(referred to h
300、ereafter as Australian Unity or the Group)consisting of Australian Unity Limited(Parent entity or Company)and the entities it controlled at the end of,or during,the year ended 30 June 2024 and the report of the auditor thereon.DirectorsThe following persons were directors of Australian Unity Limited
301、 during the financial year and up to the date of this report(unless otherwise stated):Lisa Chung,ChairMelinda Cilento,Deputy ChairRohan Mead,Group Managing Director&CEO Lucinda Brogden,Non-executive DirectorKim Cheater,Non-executive Director(appointed 1 March 2024)Paul Kirk,Non-executive DirectorSu
302、McCluskey,Non-executive Director Helen Nott,Non-executive Director Julien Playoust,Non-executive DirectorCompany secretariesMelinda Honig and Catherine Visentin were company secretaries of Australian Unity Limited at 30 June 2024.Principal activitiesDuring the year,the Groups principal continuing ac
303、tivities involved providing a range of products and services to support the health,wealth and care needs of its members and customers.These activities included offering health and life insurance,investments,banking and loan facilities,estate administration,home care and health services,as well as re
304、sidential aged care and retirement living facilities.The Group focused on delivering these products and services in a sustainable manner to address the needs of its members,customers,and the broader community.During the year the group divested its Financial Advice business.DividendsDividends paid to
305、 the holders of Australian Unity Mutual Capital Instruments(MCI)during the financial year were as follows:2024$0002023$000Dividend for the 2024 financial year of$2.5068 per MCI paid on 15 April 20248,608-Dividend for the 2024 financial year of$2.5068 per MCI paid on 16 October 20238,608-Dividend for
306、 the 2023 financial year of$2.4932 per MCI paid on 17 April 2023-8,562Dividend for the 2023 financial year of$2.5068 per MCI paid on 17 October 2022-8,60817,21617,170Operating and financial reviewIn the year to 30 June 2024,the Australian Unity Group reported Adjusted EBITDA1 of$75.8 million and a s
307、tatutory loss after tax of$22.7 million.This result included significant costs related to material acquisitions and integration,business transformation and internal restructuring which are consistent with the Groups trading update published on 3 June 2024.This activity is planned to enhance financia
308、l sustainability and recurring cash profits over the medium term,while maximising Community and Social Value(CSV)contributions over the long term.In the context of these significant changes,the Group increased total revenue and other income by$419.9 million to$2,173.0 million (30 June 2023:$1,753.1
309、million2).Insurance revenue remained steady,while other revenue and other income from operating businesses grew by$231.9 million.Investment earnings were$12.5 million above the prior corresponding period and benefit fund income was$174.9 million higher.Total expenses,excluding financing costs,increa
310、sed by$388.5 million to$2,038.6 million(30 June 2023:$1,650.1 million2).Employee costs were up$126.5 million,client care costs were$77.8 million higher,banking operation interest expenses were up$21.3 million,while gross health insurance claims were$19.2 million higher.Benefit fund expenses increase
311、d by$115.0 million.During the year the Group allocated approximately$43.8 million to business model transformation and integration programs.This had an adverse impact on financial performance for the year,while being an important adjustment in support of more efficient and scalable growth,as well as
312、 improved cash earnings for future periods.The year under review also included significant divestment and acquisition activities.The Group sold certain commercial property and fixed interest funds management operations,along with the Advice business.The Group acquired Insignia Financial Ltds investm
313、ent bonds business,IOOF Ltd(now Australian Unity Life Bonds Limited-AULBL)and the myHomecare Group(MHC).More than$6.9 million in transaction costs were associated with these initiatives.The Group acquired approximately$419 million of ongoing,annualised revenue through the acquisition of MHC and IOOF
314、 Ltd(now AULBL)and divested approximately$81 million of annualised revenue through the sale of the Groups Advice business.Summary of financial performance-Australian Unity GroupYear to 30 June 2024$millionYear to 30 June 2023(restated)2$millionVariance%Revenue and other income2,173.01,753.124.0Expen
315、ses excluding finance costs(2,038.6)(1,650.1)(23.5)Adjusted EBITDA175.893.1(18.6)Operating profit109.790.621.2Net profit/(loss)after income tax(22.7)7.6n/aIncluded in the profit after tax result was a profit from discontinued operations of$0.5 million.Excluding this impact,the Groups result for the
316、period from continuing operations was a loss after tax of$23.3 million(30 June 2023:$18.4 million profit)2.The business model transformation agenda undertaken in the year under review,continues in the current financial year-along with the integration of AULBL and MHC.Together,these activities are pl
317、anned to support the return to higher levels of financial performance with an improved mix of future earnings.Over the financial year,the Group also undertook a successful range of capital management activities,including a$118.7 million issue of mutual capital instruments(MCIs)through an entitlement
318、 offer and institutional placement,along with debt issuance involving a simple corporate bond offer and a sustainability linked loan.These activities strengthened the Groups balance sheet,allowed early refinancing of$82.9 million in 28Australian Unity Limited Series C Bonds(AYUHC),shifted the gearin
319、g ratio of the company from 30 percent in December 2023 to 29 percent in June 2024,and helped finance the acquisition of MHC.In November 2023,the Group announced an issue of Series E Simple Corporate Bonds with a 5-year maturity,raising$255.8 million effectively supporting the refinancing of the maj
320、ority of the$115.0 million Series C Bonds(due to mature in December 2024)and Retirement Village Investment Notes(RVINs)(matured or due to mature in December 2023 and 2024).In July 2023,the Group secured a$50.0 million sustainability linked loan facility from Westpac Banking Group,with an interest ra
321、te linked to the delivery of Community and Social Value(CSV).The Group implemented AASB 17 Insurance Contracts from 1 July 2023.In accordance with the implementation requirements of the standard,all comparative period financial information has been restated to the same basis.One noticeable impact of
322、 AASB 17 is that benefit fund insurance premium receipts and claim payments are no longer recorded through profit and loss.The Groups operations were conducted through four business platforms in the period:Home Health;Residential Aged Care;Retail and Wealth&Capital Markets(W&CM).Reporting highlights
323、 for each platform are provided below.Home HealthThe Home Health platform provides a range of in-home health services across both community and virtual settings that are designed to meet the ongoing needs of our customers and support them to live independently and age well at home.Financial performa
324、nceYear to 30 June 2024$millionYear to 30 June 2023(restated)2$millionVariance%Total segment revenue586.7415.541.2Operating expenses(536.2)(370.1)(44.9)Adjusted EBITDA150.545.411.2The Home Health platform invested in transformational activity to enable more efficient and effective delivery of servic
325、es to over 50,000 customers.The platform recorded a sound financial result with strong revenue growth attributable to home care package pricing increases(supporting the Fair Work Commissions decision to increase wages across the aged-care sector).Also contributing to the solid revenue growth was the
326、 acquisition of myHomecare Group(MHC)which added$108.8 million to the segment revenue for the period post-settlement.On 28 March 2024,Australian Unity settled the acquisition of MHC,adding scale with some 20,000 customers and expansion across location and product offerings,in particular in self-mana
327、ged home care services.This acquisition contributed$1.6 million towards Home Healths Adjusted EBITDA,a combination of$8.2 million of trading Adjusted EBITDA net of$6.6 million in integration costs.In addition to commencing the integration process for MHC,the business also continued to transform its
328、operating model to meet the growing needs and expectations of customersincluding materially advancing the design and development of a new core operating system to better support the delivery of integrated healthcare propositions in the world of increasing co-morbidities.Home Healths Adjusted EBITDA
329、included$15.8 million of transformation expenses(30 June 2023:$7.8 million).Safe minutes of careSafe minutes of care is the key operating measure of Home Health,which reflects the volume of services delivered to customers,taking into consideration any safety incidents for the Home Health workforce.A
330、s a result of growth across all key operating metrics,Home Health delivered 205 million safe minutes of care for the year,an increase of 15.3 percent.This growth includes the benefit of the MHC acquisition,which delivered 11.7 million safe minutes of care for the period post-settlement.Included in t
331、his delivery,the Aboriginal Home Care business provided approximately 15.1 million safe minutes of care to Indigenous customers,an increase of 14.1 percent on the prior period (30 June 2023:13.2 million).Year to 30 June 2024Year to 30 June 2023Variance%Safe minutes of care*205 million178 million15.3
332、Home care packages*23,82010,785120.9Home care customer numbers*56,94532,96272.8Healthcare workers*4,6753,25943.5Hospital substitution programs delivered6,9546,973-Mental Health interactions via calls,webchats and emails205,554205,961(0.2)*Totals include benefit of MHC acquisition from 28 March 2024
333、to 30 June 2024 including 11.7 million safe minutes of care,13,007 home care packages,19,736 home care customer numbers and 989 healthcare workers.Residential Aged CareThe Residential Aged Care platform provides aged care services across12 facilities in New South Wales,Victoria and Queensland.Financial performanceYear to 30 June 2024$millionYear to 30 June 2023(restated)2$millionVariance%Total seg
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