AICD’s ‘Directorship Opportunities’ | My Assignment Tutor

OIntroductionIn April 2020. you responded to an advertisement on the AICD’s‘Directorship Opportunities’ website for a non-executive director role atGR8Kare Limited (GR8Kare), a not-for-profit aged care provider. You havea long-term friend and former colleague who was previously a boardmember of GR8Kare. She encouraged you to apply for the positionfollowing a discussion with you about the company.Taking her advice, you applied for the position and following an interviewprocesses, you were excited to learn that you had been selected for theposition. You were invited to a follow-up meeting with the chair andManaging Director (MD) at GR 8Kare’s head office. Before the meeting, theMD, Graeme Butler arranged for you to receive, in confidence, a copy of theGR8Kare constitution, the latest annual report and minutes of the previoustwo board meetings. Also included in the pack were statements of thecompany’s vision and values, board charter, and the last five years offinancial statements. Extracts from this information pack are contained inAgenda Item 4.0 and Appendix A.Before agreeing to become a board member, you conducted research on theaged care industry and the opportunities and challenges it faces in Australia.Some of this information is contained in Appendix B.You joined the board in late May 2020. The GR Kare Board meets quarterly(March, June, September and December). The board meeting scheduled forFriday 18 September 2020 will be your second meeting. The June meetingprovided you with insight into the issues facing GR8Kare and you arelooking forward to making a positive contribution to the company.History of GR8Kare LtdGRSKare, a not-for-profit, residential aged-care provider, was founded inearly 2003 by a religious brotherhood, with a view to providing high-qualityaged care to parishioners. The brotherhood saw the opportunity to promotetheir message, while meeting an under-serviced community need. Theestablishment of GR Kare was driven primarily by two brothers (the Butlerbrothers) with careers in the property development industry, specifically inreal estate, property management and surveying. The Butler brothersprovided a detailed strategic and financial plan for the business, and theParish Diocese agreed to provide seed funding to establish the business andan ongoing funding/guarantees. The ongoing funding was to be provided forthe first 15 years, after which it was expected the company would be self-funding. This funding was provided primarily in the form of long-term loans.FundrySement2015

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