Our Board

Meet icare's Board of Directors

The Board is accountable to the Hon. Dominic Perrottet MP, NSW Treasurer.

The Board is a governing Board and all decisions relating to the functions of icare are to be made by or under the authority of the Board, including the appointment of the CEO. The CEO is a Director of the Board as well as Chief Executive of each Authority. The Board has ultimate authority over icare’s management and has delegated the day to day operations of the organisation to the CEO. The Board has delegated certain functions and responsibilities to its Committees as well as the CEO to assist in the oversight of the organisation and discharge of its responsibilities.

In addition to appointing the Board, the Minister along with the Treasurer approves icare’s annual Statement of Corporate Intent. The Minister may also give the Board written direction if it is in the public interest to do so after consulting with the Board.

The Board, consisting of eight Non-Executive Directors and the Chief Executive Officer, was appointed by the Minister under the State Insurance and Care Governance Act 2015.

The Non-Executive Directors are highly skilled and bring extensive experience to icare including insurance, customer experience, transformation, financial and investment management, healthcare, disability and care services, technology/digital and strategy.

As a governing Board, the objectives of the Board are to provide leadership and to determine and monitor:

  • the strategic direction, organisational objectives including the progress and performance of their implementation
  • the policy framework and icare’s general policies, providing direction to the CEO and governing the organisation’s operations.

The Board has established six committees to assist it with its oversight and governance responsibilities. The Investment and Asset Committee, People and Remuneration Committee, Customer, Innovation and Technology Committee and Audit and Risk Committee, Foundation Committee and Governance Committee each chaired by a Non-Executive Director of the Board and have a minimum of four Directors.

The Board and its Committees have established charters that outline their responsibilities as required by NSW Treasury’s Commercial Policy Framework and the NSW Government's Guidelines for Boards and Committees.

Meet icare's Board of Directors

    Board Communiqué

  • March 2021

    The Board received the icare Work Health and Safety (WHS) report, CEO report, CFO report and the CRO report, which provided updates from management on relevant matters.   

    The Board received a progress update from management on the McDougall Review, the Review and Remediation Program and management’s progress against the State Insurance Regulatory Authority (SIRA) 21-point action plan.  

    The Board received its monthly update on the progress of the Pre-Injury Average Weekly Earnings (‘PIAWE’) Remediation Program.  An update was provided about the planned approach for the FY21/22 Statement of Business Intent and Business Plan, as well as a discussion of an early draft of the FY21/22 Budget and Forward Estimates.  

    Management presented to the Board the FY22 Nominal Insurer Improvement Program which will focus on improving return to work performance and quality of claims management.  

    The NSW Treasurer addressed the Board, acknowledging the work underway on the PIAWE Remediation Program and the McDougall Review. The NSW Treasurer also noted that it was Mr David Plumb’s final Board meeting and acknowledged his significant contribution to icare.  

    The Board received an update about the key discussions that took place at the relevant Board sub-committees during March, being the Audit and Risk Committee and the People and Remuneration Committee.

  • February 2021

    The Board received the icare CEO report, CFO report and the CRO report, which provided updates from management on relevant matters.   

    The Board received a progress update from management on the McDougall Review, the Review and Remediation Program and management’s progress against the State Insurance Regulatory Authority (SIRA) 21-point action plan. This also included an update on the Culture, Governance and Accountability Review (‘CGA Review’).  

    The Board received its monthly update on the progress of the Pre-Injury Average Weekly Earnings (‘PIAWE’) and Remediation Program.  

    The Board discussed and approved the insurance liability valuation results as appropriate for inclusion in the entity accounts for the Nominal Insurer, Treasury Managed Fund, Lifetime Care, Dust Diseases Care, Home Building Compensation Fund, Pre-Managed Fund and Motor Accidents Injury Treatment and Care Benefits Fund. 

    The Board approved the Lifetime Care Scheme target levy, the Motor Accident Injury Treatment and Benefits levy and the Dust Diseases levy for FY2021/22 for submission to the State Insurance Regulatory Authority. 

    The Board approved the FY2021/22 Reinsurance Management Strategy in respect of its reinsurance program for the Treasury Managed Fund and the Construction Risk Insurance Fund, and a number of internal policies. 

    The NSW Treasurer addressed the Board via video conference, acknowledged the current McDougall Review that is underway and encouraged them to maintain their focus on the work they are doing for our customers.

    The Board received an update about the key discussions that took place at the relevant Board sub-committee during February, being the Investment and Asset Committee, the Customer, Innovation and Technology Committee, the Audit and Risk Committee, the Foundation Committee and the Governance Committee.  

  • January 2021 (Out of Session)

    The Board held an out of session meeting and received the CFO Report and the CRO Report, which provided updates from management on relevant matters.

    The Board received a progress update from management on the McDougall Review, the Remediation Program and management's progress against the SIRA 21-point action plan. This also included an update on the Culture, Governance and Accountability Review ('CGA Review').

    The Board received an updated on the Nominal Insurer (NI) and the Home Building Compensation Fund (HBCF) premium filings, to be submitted to the State Insurance Regulatory Authority (SIRA) for the policy period commencing 30 June 2021.

    The Board approved the proposed FY2020/21 revised budget and endorsed its submission to NSW Treasury in February, as required for NSW Treasury's Half-Yearly Review of icare.

    The Board also endorsed a new framework for the disclosure of directors' personal interests.

  • December 2020 (Out of Session)

    The Board held an out of session meeting.

    The Board received a progress update from management on the McDougall Review and Remediation Program, including the SIRA 21-Point Action Plan. Management also provided an update on the Culture, Governance and Accountability Review, which is being overseen by the Governance Committee. It was noted that an early view of the Review Report will be made available to the Board for feedback.

    The Board approved a number of items, including program funding for the Claims Data Migration, which will migrate all workers compensation claims data and associated claim file documentation from three scheme agent system sources onto icare's core operational platform. In addition to NSW Information and Communications Technology (ICT) Assurance Framework Gateway reviews, an independent assurance program will be commenced to provide regular reporting independent to the program to executive management and to the Board via the Customer, Innovation and Technology Committee.

  • November 2020

    The Board received the icare CEO Report, CFO Report, CRO Report and Actuarial Monitoring Report which provided updates from management on relevant matters.

    The Board received a progress update from management on the progress of the McDougall Review and management's progress against the SIRA 21-point action plan. This also included an update on the Culture, Governance and Accountability Review (the 'CGA Review').

    The Board received its monthly update on the progress of the Pre-Injury Average Weekly Earnings (PIAWE) and Remediation Program. SIRA continues to be engaged in the remediation approach and management will report on progress to both SIRA and NSW Treasury, in addition to the Board.

    The Board also approved a number of internal policies as part of its annual policy review and approved the Strategic Asset Allocation recommendation for the Workers Compensation Insurance Fund, the Lifetime Care and Support Authority Fund and the Dust Diseases Authority Fund.

    The Board received an update on icare's Work Health and Safety (WHS) performance for FY2019/2020 and the planned focus for FY2020/2021 and beyond.

    The Board met with EML about its recent actions taken to improve its performance, in light of the recent 12-month extension of icare's contract with EML ahead of a icare's formation of a new industry consultative group, the Nominal Insurer Advisory Committee and a new tender for claims providers to be held in 2021.

    The Board received an update about the key discussions that took place at the relevant Board sub-committee during October, being the Governance Committee, Audit & Risk Committee, Investment and Asset Committee, People and Remuneration Committee, Customer Innovation and Technology Committee and the Foundation Committee.

  • October 2020

    The Board received the icare CEO Report and CFO Report which provided updates from management on relevant matters.

    The Board received a progress update from management on the McDougall review and the SIRA21-point action plan. This also included an update on the Culture, Governance and Accountability Review (the ‘CGA Review’), noting that the State Insurance Regulatory Authority (SIRA) has been kept updated of its progress. It is anticipated that the McDougall Review will also engage with the independent consultant engaged to conduct the CGA Review and provide input into its scope.

    The Board received its monthly update on the progress of the Pre-Injury Average Weekly Earnings (PIAWE) and Remediation Program. SIRA continues to be engaged in the remediation approach and management will report on progress to both SIRA and NSW Treasury, in addition to the Board.

    Management presented to the Board the newly introduced annual attestation required to be provided to SIRA about compliance with SIRA’s Customer Service Conduct Principles. The Board approved the signing of the attestation by the Chair and CEO, subject to any qualifications being set out clearly in an appendix to the attestation.

    Management presented to the Board on its recent customer engagement activities over the COVID-19 period with TMF agencies and Care customers.

    The Board received a deep dive on medical costs and discussed the review conducted by Synapse (commissioned by SIRA) into medical costs. It was noted that SIRA and icare management have subsequently discussed the potential claims leakage estimated by Synapse and have found that, following case level reviews, the estimated claims leakage has been shown to be significantly lower than the estimates. The Board noted SIRA's progress on healthcare reform in the workers compensation scheme and the importance of ensuring that medical providers provide value-based care to injured workers.

    The Board received an update about the key discussions that took place at the relevant Board subcommittee during October, being the Governance Committee.

  • September 2020

    The Board received the icare CEO Report, CRO Report and CFO Report which provided updates from management on relevant matters. 

    The Board considered the Financial Condition Report and  approved the audited Annual Financial Statements for icare and the following schemes: the Nominal Insurer, the Treasury Managed Fund, the Lifetime Care and Support Authority, the Dust Diseases Authority, the Home Building Compensation Fund, the Sporting Injuries Compensation Authority and the Builders Insurance Guarantee Corporation, which were signed off by the Chair and the Interim CEO & Managing Director.

    The Board also approved the Management Representation Letter, which was subsequently signed by the Audit and Risk Committee Chair, acknowledging that the financial statements give a true and fair view in accordance with the Public Finance and Audit Act 1983 and Australian Accounting Standards.  

    The Board received an update from management on the McDougall Review, noting that a formal submission, based on the Terms of Reference of the Review, will be due from icare in the coming months.

    The Board also received an update on management’s progress against the SIRA 21-point action plan. The Board held a joint session with the SIRA Board, where key points of discussion covered issues including:  

    • SIRA–icare relationship: both icare and SIRA observed an improvement in their relationship and reiterated their commitment to continue strengthening this relationship, emphasising the importance of working constructively together.
    • Return to Work improvement: SIRA welcomed icare's alignment in RTW reporting with SIRA's and both icare and SIRA noted the overall priority to improve RTW outcomes.
    • The Culture, Governance and Accountability (CGA) Review: icare provided an update on progress and delivery timeframes for the CGA Review, which is a key action arising from SIRA's 21-Point Action Plan following the SIRA Review.  SIRA expressed its support for icare's approach to the CGA review.
    • SIRA's consultation on regulatory requirements for healthcare: SIRA provided icare with an update on its progress on its regulatory review of costs in the NSW workers compensation and CTP systems.
    • The financial position and valuation of the schemes: icare and SIRA discussed some issues raised recently regarding the financial sustainability of icare's schemes. icare raised its concerns about the perception from stakeholders that the financial sustainability of icare's schemes is at risk and the importance of maintaining public confidence in the schemes. It was noted that an unqualified audit opinion from the NSW Audit Office was received on icare's annual financial statements and icare offered SIRA a presentation of the key aspects of the Financial Condition Report.

    The Board noted management’s progress on the Annual Report and provided their feedback on the content. 

    The Board received an update from management on the pre-injury average weekly earnings (PIAWE) remediation plan and approved the plan for the next six months, noting the commitment to ongoing consultation with SIRA on the approach and progress.    

    Following endorsement from the Investment and Asset Committee, the Board approved:

    • The updated icare Investment Strategy, which comprises the Investment Strategy, Investment Beliefs, Investment Policy Statement and Investment Risk Appetite Statement.
    • The revised interim and Long-Term Strategic Asset Allocation for the Treasury Managed Fund for recommendation to the Treasurer.
    • In relation to the Sporting Injuries Fund, the new Investment Risk Appetite Statement and the Strategic Asset Allocation and investment in the TCorpIM Medium Term Growth Fund.

    The Board approved the Nominal Insurer Business Plan FY21 for submission to SIRA by 30 September 2020. 

    The Board received updates about the key discussions that took place at Board sub-committees during September, being the Audit and Risk Committee, the Customer, Innovation and Technology Committee and the Investment and Asset Committee. 

  • August 2020

    The Board received the icare CEO Report which provided updates from management on relevant matters.

    The Board approved, subject to minor amendments, the FY21 Budget, the Statement of Business Intent and the Business Plan FY20/21 and endorsed the proposed FY21 Performance Scorecard, which will, among other things, measure icare’s return-to-work (RTW) rate based on the same RTW measure as that used by the State Insurance Regulatory Authority, as well as a financial Fit-for-Work rate, which is linked to valuation results.

    The Board approved the following annual attestation statements, being the Internal Audit and Risk Management Statement and the Cyber Security Statement, following endorsement by the Audit and Risk Committee in July 2020.

    The Board approved the establishment of an icare legal panel through an open tender process to procure legal services for the management of claims and disputes across all icare schemes, noting the concurrence of NSW Procurement and Treasury to the establishment of the icare legal panel and that NSW Government agencies with teams involved in the claims process or those that have a high volume of claims, as well as General Counsels of lead agencies, have been engaged as part of the process.

    Mr Trowbridge presented the Board with an update on his work with the RTW model and Key Performance Indicators that could be used to measure the Nominal Insurer (NI) Scheme’s performance, which icare can use in its monitoring of the NI scheme’s health and performance.

    The Board received updates about the key discussions that took place at Board sub-committees during August, being the Audit and Risk Committee, the People and Remuneration Committee, the Investment and Asset Committee and the newly-formed Governance Committee.

  • July 2020

    The Board received the icare CEO Report, CRO Report and CFO Report, which provided updates from management on relevant matters, including the progress of the Pre-Injury Average Weekly Earnings (PIAWE) remediation program, icare's engagement with the Information Privacy Commissioner (IPC) in relation to disclosure of contracts under the Government Information (Public Access) Act 2009 and the COVID-19 impact on icare's financial results.

    The Board received an overview from the Nominal Insurer (NI)’s independent scheme Actuary, Finity, and management of the key themes arising from the June 2020 Insurance Liability Valuation of the NI. The Board also discussed the valuation results for icare's other schemes (Treasury Managed Fund, Lifetime Care and Support Authority, Dust Diseases Authority, Home Building Compensation Fund, Pre-Managed Fund, Motor Accidents Injury Treatment and Care Benefits Fund and the Construction Risk Insurance Fund). The Board approved the Insurance Liability Valuation results as appropriate for inclusion in the entity accounts.

    The Board approved icare's voluntary adoption of an Australian Prudential Regulatory Authority requirement to implement an Actuarial Advice Framework, which intended to clarify the role of the appointed Actuary, what constitutes actuarial advice and which business decisions should seek actuarial advice.

    The Board also approved proposed changes to the capital management policies for the NI and the Lifetime Care Scheme to reflect the long-tail nature of the schemes. It should be noted that no changes to the Target Operating Zones for the schemes were proposed.

    The Board approved the proposed change to the Probability of Adequacy (PoA) measure used by icare for the NI, effective from 1 July 2020. The change to the PoA will bring the NI in line with other state-based workers compensation systems, as well as being consistent with the measure used by State Insurance Regulatory Authority in determining the NI's funding ratio.

    The NSW Treasurer addressed the Board and management, encouraged them to maintain their focus on the work they are doing for our customers and acknowledged the valuable contribution of recently departing director, Mark Lennon, particularly as a strong voice for injured workers to the icare Board and its predecessor Boards.

    The Board approved the updated Risk Appetite Statement and Risk Appetite Framework.

    The Board received an update from Mr John Trowbridge on his progress of his proposed Return to Work (RTW) model and his work in assisting both the icare and State Insurance and Regulatory Authority (SIRA) Boards to develop a set of Key Performance Indicators (KPIs) to better monitor the health of the Nominal Insurer Scheme.

    The Board discussed the draft FY21 Budget and provided feedback to management, noting that the final Budget will be submitted for consideration and approval in August 2020.

    The Board received updates about the key discussions that took place at Board sub-committees during July, being the Audit and Risk Committee, the Customer, Innovation and Technology Committee and the Investment and Asset Committee.

  • June 2020 (Out of Session)

    At its June out of session Board meeting, the Board received an update from management about key issues arising as part of the year-end Financial Statements for FY20, including the impact of the COVID-19 pandemic and the NSW bushfires, which took place earlier in the year. The year-end Financial Statements are scheduled to be approved by the Board in September 2020 after completion of the audit.

    The Board received an update from Mr John Trowbridge on his progress of his proposed Return to Work (RTW) model and his work in assisting both the icare and State Insurance and Regulatory Authority (SIRA) Boards to develop a set of Key Performance Indicators (KPIs) to better monitor the health of the Nominal Insurer Scheme.

    The Board made a provisional decision, pending additional information being received, to amend icare's Investment Risk Appetite Statement to reflect the lower expected outcomes faced by the current Strategic Asset Allocation for the Workers Compensation Insurance Fund. It was noted that this change may necessitate a reduction in return expectations outlined in the icare investment strategy documents and that the reduced return objectives will impact pricing and actuarial valuations. The Board also provisionally agreed to provide a direction to the NSW Treasury Corporation (TCorp), being icare's mandated investment manager, to work towards increasing growth assets in the portfolio in the longer term.

    The Board approved the extension of the current panel of debt recovery legal services and premium collections services providers until September 2021 for third party premium collection renewals and endorsed the commencement of the procurement process for new collection providers, which will be initiated at the conclusion of a six-month transition period to the new model with Revenue NSW.

    The Board received a general management update on a number of matters, including the recent Claims Audit report completed by SIRA, the final submission of documents to the NSW Legislative Council under the Standing Order 52 passed on 13 May 2020 and management’s return to office plan.

  • May 2020

    In line with restrictions due to COVID-19, the May 2020 Board meeting was held remotely, via videoconference.

    The Board received the icare CEO Report, CRO Report and CFO Report, which provided updates from management on relevant matters. A key area of discussion was the impact of COVID-19 on icare’s operations, as well as the potential impact on icare schemes’ financial position, premiums and claims performance.

    The Board received a presentation from Mr John Trowbridge on his independent report into icare’s return-to-work (RTW) metrics and the Nominal Insurer’s RTW performance.

    Mr Trowbridge also presented to the Board his work on a proposed predictive RTW model, which could assist in providing insights about the running of the scheme.

    The Boards of SIRA and icare held a productive joint session. Key points of discussion included an update on the financial position of the Nominal Insurer (NI) scheme, return to work measures and performance, an update on how the new claims model is progressing and other operational updates, and areas in which icare and SIRA can work together to provide leadership and encourage labour force participation, particularly for injured workers and those with a disability. Both Boards agreeing to set shared key performance indicators which could be monitored by both organisations.

    Management of Employers Mutual Limited (EML), one of icare’s key service providers, presented to the Board on its progress and performance.

    The Board approved, for recommendation to the Treasurer, the revised Investment Strategy for the Home Building Compensation Fund.

    The Board also approved the FY20-22 Strategic Plan.

    The Board received updates about the key discussions that took place at Board sub-committees during May, being the People and Remuneration Committee, the Audit and Risk Committee, the Customer, Innovation and Technology Committee, the Investment and Asset Committee and the Foundation Committee.

  • April 2020 (Out of Session)

    In line with restrictions due to COVID-19, the April 2020 Board meeting was held remotely, via videoconference.

    The Board received updates from management in the icare CEO Report and CFO Report, as well as specific updates on the impact of COVID-19 on icare’s operations, customers, workforce, and schemes overall.

    Management provided an update on the current funding ratio of each of icare’s schemes, noting that icare continues to keep the State Insurance Regulatory Authority (SIRA) and NSW Treasury informed about the developing impact to the schemes’ financial results.

    Management is developing an action plan in respect of the funding ratio, in line with the Capital Management Policies for the Workers Compensation Nominal Insurer and Lifetime Care and Support Authority and provided an update on its work on the plan. An updated Budget and Liability Valuation will be presented to the Board in May and June 2020, respectively, taking into account the potential impact of COVID-19 on icare’s schemes.

    Management provided an update on the impact of COVID-19 to date on claims performance and icare’s financial results. It was noted that management is preparing a framework around how to report the COVID-19 impact on the annual financial results, in consultation with EY (on behalf of the NSW Audit Office) and the NSW Productivity Commissioner. The agreed methodology is expected to be used in the annual report.

    The Board received a verbal update from management about regulatory matters, including that findings are expected shortly from SIRA’s recent audit into icare’s claims management systems and processes.

  • March 2020

    In line with restrictions due to COVID-19, the March 2020 Board meeting was held remotely, via videoconference.

    The Board received the icare CEO Report, CRO Report and CFO Report, which provided updates from management on relevant matters. In particular, the Board discussed the impacts of COVID-19 on icare’s workforce, customers and schemes.

    The Board received an update on the Nominal Insurer (NI) and the Home Building Compensation Fund (HBCF) premium filings submitted to the State Insurance Regulatory Authority (SIRA) for approval for the policy period commencing 30 June 2020.

    icare’s FY20/21 Strategic Plan was presented to the Board for feedback and endorsement, with the final document being submitted to the Board for approval at its May 2020 meeting. An update was provided about the planned approach for the FY20/21 Statement of Business Intent and Business Plan, as well as a discussion of an early draft of the FY20/21 Budget and Forward Estimates, noting that the impact of COVID-19 developments needs to be further considered.

    The Board approved the FY20/21 Reinsurance Management Strategy in respect of its reinsurance program for the Treasury Managed Fund and the Construction Risk Insurance Fund.

    The NSW Treasury Chief Economist, Stephen Walters, provided an economic update to the Board about the current uncertain economic environment and the potential impacts of COVID-19 on Australia and globally. The Treasury Corporation also provided an update to the Board about the icare funds’ investments'.

    The Board reviewed and approved minor changes to the Board Charter and the Charters for each of its sub-committees, as part of its annual Charter review process.

    The Board received updates about the key discussions that took place at Board sub-committees during March, being the Audit and Risk Committee and the People and Remuneration Committee.

  • February 2020

    The Board received the icare CEO Report and CFO Report, which provided updates from management on relevant matters in the previous month.

    The Board noted and approved the Insurance Valuation Liability results as appropriate for inclusion in the entity accounts for the Nominal Insurer, the Treasury Managed Fund, Lifetime Care, Dust Diseases Care, the Home Building Compensation Fund, the Pre-Managed Fund and the Construction Risk Insurance Fund.

    The Board approved the Dust Diseases, Lifetime Care and Motor Accident Injury Treatment and Care Benefits levies for FY2020/21, noting the State Insurance Regulatory Authority’s written request for the expected total amount of the FY2020/21 LTCSA and MAITCB levies.

    The Board noted the draft implementation plan for the actions arising from the SIRA Compliance and Performance Review of the Nominal Insurer, which had also been discussed at the Audit and Risk Committee meeting in February. The Board also noted the findings and recommendations of the inaugural Customer Advocate Report, as well as icare’s response to, and its proposed actions arising from, the Report.

    The Board noted the NSW 2040 Economic Blueprint issued by NSW Treasury, outlining the NSW Government’s future roadmap, and discussed the emerging considerations for icare going forward.

    The Board received updates about the key discussions that took place at Board sub-committees during February, being the Customer, Innovation and Technology Committee, the Investment and Asset Committee, the Foundation Committee and the Audit and Risk Committee.

  • November 2019

    The Board received the icare CEO Report, Chief Risk Officer Report and CFO Report, which provided updates from management on relevant matters in the previous month.The Board received the latest Actuarial Report, noting the recent claims and premium experience over the last quarter.

    The Board approved the following HR policies (reviewed as part of an annual cycle and endorsed or Board approval by the People and Remuneration Committee), noting that there were no material changes to any of the policies:

    • the Code of Conduct and Ethics Policy,
    • the Discrimination, Harassment and Bullying Policy,
    • the Grievance Handling Policy,
    • the Managing Misconduct Policy,
    • the Managing Performance Policy and
    • the Work Health and Safety Policy.

    The Board approved the following Pricing and Levy Setting Policies, which were endorsed for Board approval by the Audit and Risk Committee:

    • the icare Workers Insurance Pricing Policy,
    • the icare Lifetime Care and Support Scheme Levy Policy and
    • the icare Dust Diseases Care Levy Policy,

    The Board approved the annual Strategic Asset Allocation for the Workers Compensation Insurance Fund. The Board noted that there was no change recommended to the Strategic Asset Allocation for the Sporting Injury Fund, which means that the current Strategic Asset Allocation for that Fund remains in place.

    The Board received updates about the key discussions that took place at Board sub-committees during November, being the People and Remuneration Committee, Customer, Innovation and Technology Committee, Investment and Asset Committee, Foundation Committee and the Audit and Risk Committee.

  • October 2019

    The Board received the icare CEO Report, Chief Risk Officer Report and CFO Report, which provided updates from management on relevant matters in the previous month.

    The Board approved the proposed FY2019/20 revised budget and updated forward estimates for FY2020/21 - FY2023/24 for all icare entities and endorsed its submission to the NSW Treasury in November, as required for NSW Treasury’s Half-Yearly Review of icare.

    The Board approved icare FY2018/19 Annual Report which will be submitted to the NSW Treasurer in October, which will be tabled in both Houses of Parliament.The Board approved the annual Strategic Asset Allocation for the Lifetime Care & Support Authority Fund and the Workers Compensation (Dust Diseases) Authority Fund.

    The Board received updates about the key discussions that took place at Board sub-committees during October, being the Investment and Asset Committee and the Audit and Risk Committee.

  • September 2019

    The Board received the icare CEO Report, Chief Risk Officer Report and Finance Report, which provided updates from management on relevant matters in the previous month.

    The Board considered the Financial Condition Report and approved the Audited Financial Statements for icare’s Funds. It should be noted that the Board’s approval of the Audited Financial Statement for the Home Building Compensation Fund (HBCF) is subject to obtaining a letter from the NSW Treasurer to guarantee ongoing government support for the HBCF.

    The Board approved the revised Strategic Asset Allocation for the Treasury Managed Fund, for recommendation to the NSW Treasurer, and which will be submitted for noting to the NSW Treasury Asset & Liability Committee.

    The Board noted the annual review of icare’s Foundation’s performance for FY2018-19, as well as the outcomes of the inaugural Social and Economic Impact Report, conducted by Urbis. A key finding of this report is that 12 of 13 of the Foundation’s completed social investments have returned positive cost-benefit ratios, beyond direct benefits to icare’s Schemes.

    The Board received a deep dive from management on the issue of rising medical costs in the Workers Compensation Nominal Insurer scheme, noting management’s actions to mitigate the rise of controllable medical costs in the scheme.

    The Board received updates about the key discussions that took place at Board sub-committees during September, being the, Audit and Risk Committee and the Customer, Innovation and Technology Committee.

  • August 2019

    The Board received the icare CEO Report, Chief Risk Officer Report and Finance Report, which provided updates from management on relevant matters in the previous month.

    The Board received an overview of the 2019 results of the annual People Matter Employee Survey (PMES).The survey provides an opportunity for almost 400,000 NSW Public Sector employees to provide feedback about their workplace with the purpose of generating actionable insights to continuously improve employee engagement.

    The Board discussed the draft icare FY18/19 Annual Report and noted the requirement for the Report to be submitted to the responsible Treasurer in October, under the Annual Reports (Statutory Bodies) Act 1984.

    The Board noted the quarterly work health and safety report which provides the Board with information to enable Directors to fulfil their duties under the Work Health Safety Act 2011 in relation to due diligence.

    The Board received updates about the key discussions that took place at Board sub-committees during August, being the, Investment and Asset Committee, Audit and Risk Committee, People and Remuneration Committee and Foundation Committee.

  • July 2019

    The Board received the icare CEO Report, Chief Risk Officer Report and Finance Report, which provided updates from management on relevant matters in the previous month.

    The Board reviewed and approved the 30 June Insurance Liability Valuation results for inclusion in the entity accounts for the Nominal Insurer, Treasury Managed Fund, Lifetime Care and Support Authority, Dust Diseases Authority, Home Building Compensation Fund, Pre-Managed Fund and the Construction Risks Insurance Fund.

    The Board received an update on customer outcomes delivered to date. Since icare’s creation, it has successfully delivered initiatives which have changed the way in which customers receive and utilise support services.

    The Board received updates about the key discussions that took place at Board sub-committees during July, being the Audit and Risk Committee, Investment and Asset Committee and the Customer, Innovation and Technology Committee.

  • May 2019

    The Board received the icare CEO Report, Chief Risk Officer Report and Finance Report, which provided an update from management on relevant matters in the previous month.

    The Board received an update on the progress of icare’s strategic cybersecurity and privacy-related initiatives and controls, as part of its quarterly Cybersecurity and Privacy Report. Management indicated that it will continue to implement improvements.

    The Board approved the revised FY20-22 Strategic Plan, outlining icare’s strategic objectives for the next three years.

    The Board received and reviewed the recent employee Net Promoter Score (eNPS) results, which is run by icare to measure its employees’ experience. The Board noted management’s proposed steps for addressing and actioning the feedback it had received. It was noted that the People Matter Employee Survey (PMES), facilitated by the Public Service Commission, opens in June, which will measure employee sentiment across NSW government. The results of the PMES will be presented to the Board later in the year. The Board also noted management’s quarterly Work, Health and Safety Report.

    The Board received updates about the key discussions that took place at Board sub-committees during May, being the Customer Innovation and Technology Committee, the Audit and Risk Committee and the People and Remuneration Committee.

  • March 2019

    The Board received the icare CEO Report, Chief Risk Officer Report and Finance Report, which provided an update from management on relevant matters in the previous month.

    The Board approved the financial components of the Statement of Business Intent for FY2019/20.

    The Board approved the Lifetime Care and Support Authority Fund and Motor Accident Injury Treatment and Care Benefits levy requirements for FY2019/20.

    The Board reviewed and approved minor changes to the Board Charter and the Charters for each of its sub-committees, as part of its annual Charter review process.

    The Board also undertook its annual review of icare’s Risk Appetite Statement, Risk Management Strategy and Risk Management Handbook.

    The Board received updates about the key discussions that took place at Board sub-committees during March, being the Audit and Risk Committee and the People and Remuneration Committee.

  • February 2019

    The Board received the icare CEO Report, Chief Risk Officer Report and Finance Report, which provided an update from management on relevant matters in the previous month.

    The Board approved the insurance liability valuations completed by the external actuaries for 31 December 2018.

    The Board hosted the State Insurance Regulatory Authority (SIRA) Board and discussions were held around the approach of working together to achieve positive customer outcomes. The Secretary of the Department of Finance, Services and Innovation (DFSI), Mr Martin Hoffman, was also in attendance.

    Management provided both Boards with a demonstration of the Claims Core Portal (R2.1B), which is now live for employers and injured workers to lodge workers compensation claims and access claim information electronically.

    The Board received an update on icare’s cybersecurity controls and initiatives, as well as the communication and engagement activities underway to raise community awareness about the benefits icare is delivering.

    The Board received updates about the key discussions that took place at Board sub-committees during February, being the Audit and Risk Committee, the Customer, Innovation and Technology Committee, the Foundation Committee and the Investment and Asset Committee.

  • November - December 2018

    The Board received the icare CEO Report, Chief Risk Officer Report and Finance Report, which provided an update from management on relevant matters in the previous month.

    The Board approved the Strategic Asset Allocation for the Workers Compensation Insurance Fund, Lifetime Care & Support Authority Fund, Workers Compensation (Dust Diseases) Authority Fund and the Sporting Injuries Authority Fund.

    The Board approved a new Workplace Giving and Volunteering policy for icare staff. This will encourage icare people to use their time, skills and talents for the benefit of others in the NSW community by volunteering with registered charitable organisations.

    The Board noted the results for the Public Sector People Matter Employee Survey. icare achieved a score of 76%, which is 10 percentage points above the public-sector result. The Group Leadership Team have an action plan in place to address the feedback from the survey.

    The Board received updates about the key discussions that took place at Board sub-committees in November, being the Audit and Risk Committee, the People and Remuneration Committee, the Customer, Innovation and Technology Committee and the Investment and Asset Committee.

  • October 2018

    The Board received the icare CEO Report, Chief Risk Officer Report and Finance Report, which provided an update from management on relevant matters in the previous month.

    The Board approved the proposed FY19 revised budget and forward estimates FY20-FY23 as part of its half yearly review of FY19 financials, which will be submitted to the NSW Treasury in November. The Board also approved icare FY17/18 Annual Report out of session.

    The Board received an update from management on the progress icare Foundation has made in the last 12 months. Management reported on the investments actively being delivered in the portfolio over the year. Investment focus is spread across a range of areas pertinent to icare with workplace mental health, return to work, treatment and recovery and improving quality of life being recurring themes.

    The Board discussed the identified priorities for icare in delivering the 2020 Strategy. The Board provided guidance for management on the topics to be discussed at the Board Strategy Day in December.

    The Board noted the Interim Report of the Royal Commission tabled in Federal Parliament on 28 September 2018. Management updated the Board on the measures currently in place which address the concerns raised in the Royal Commission.

    The Board received updates on key items considered by recent meetings of a number of the Board Sub-Committees, being the Audit and Risk Committee, Customer, Innovation and Technology Committee, and the Investment and Asset Committee.

  • August 2018

    The Board received the icare CEO Report, Chief Risk Officer Report and Finance Report, which provided an update from management on relevant matters in the previous month.

    The Board noted that a mandatory e-learning essentials module, ‘Preventing and Responding to Sexual Harassment’ had been launched across icare in July. The Board approved HR policies relating to Work Health and Safety, Managing Performance and Managing Misconduct. Management had undertaken a consultation process with a number of stakeholders on the policies, including the Public Service Association and icare’s Health and Safety Committee. Management advised that these HR policies would be supported with training and tools for icare’s employees.

    The Board also approved the annual Audit and Risk Management Attestation Statements and the Digital Information Security Annual Attestation Statement, in compliance with the NSW Government policies.

    The Board received an update from management on the Motor Accident Injuries Treatment and Care Benefit Fund in relation to the new Motor Accident Injuries Act 2017.

    The Board received updates about the key discussions that took place at Board sub-committees in July, being the Audit and Risk Committee, Customer, Innovation and Technology Committee, Investment and Asset Committee and the People and Remuneration Committee.

  • July 2018

    The Board received the icare CEO Report, Chief Risk Officer Report and Finance Report, which provided an update from management on relevant matters in the previous month.

    The Board received an update from management on the Workers Insurance Industry Model. The Model has been developed by icare to enhance its engagement with employers, based on industry segmentation. icare is investing in greater communication with employers, and this is enhancing industry sector and regional satisfaction scores. icare is also working alongside the State Insurance Regulatory Authority’s (SIRA’s) work safety unit.

    The Board received a presentation from management about its Social Connections project, which is designed to build a culture of safety to avoid injury, enhance the provision of social support for injured people and develop networks to support return to work.

    The Board received updates about the key discussions that took place at Board sub-committees in July, being the Audit and Risk Committee, Customer, Innovation and Technology Committee and the Investment and Asset Committee.

  • June 2018

    The Board received the icare CEO Report, Chief Risk Officer Report and Finance Report, which provided an update from management on relevant matters in the previous month.

    The Board noted that the Government Sector Finance Bill 2018 was before the Parliament.  The Board also noted that the annual People Matter Employee Survey had commenced on 1 June 2018 and was intended to allow all icare people to have their say about the organisation. Results are expected to be received in late August 2018.

    The Board reviewed and approved a number of HR policies and a quarterly report from management about its compliance with work health and safety (WHS) requirements.

    The Board received updates about the key discussions that took place at Board sub-committees in June, being the Customer, Innovation and Technology Committee and the Investment and Asset Committee.