Long-term Executive Director of NZ’s Retirement Village Association, John Collyns, emphasized to the summit the importance of 'social licence', which he defined as:
“The ability of an organisation (or industry) to carry on its business because of the confidence society has that it will behave in a legitimate, accountable and socially and environmentally acceptable way”.
“It does not just derive from a need for legal or regulatory compliance but takes into account the inputs from a wider group of stakeholders and a sense of transparency and accountability in its external reporting”.
“It is the foundation for acquiring operational certainty, realising future opportunities and lowering risk for the business.”
There has been plenty of evidence to inquiries carried out by both federal and state legislators that the Australian industry has failed retirees as to aspects of this 'social licence'.
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