Our Board

In March 2024, we held a Board Risk Workshop on the 20th, and the Board meeting on the 25th.

The  Board  meeting  was  held  at  the  icare  offices  in  Wollongong,  where  Directors  had  the opportunity to participate in a call monitoring session with the icare Claims Team (Test and Learn) and share lunch with the staff present in the office.

The  Test  &  Learn  team  is  influencing  scheme  performance  through  identifying  areas  where minimum standards can be established by icare as part of its service provider arrangements (e.g. Professional Standards Framework) and using learnings to inform metrics that can be provided to Claims Service Providers as lead indicators for better outcomes.

During  the  meeting,  the  Board  received  updates  on  key  matters  through  the Work  Health  and Safety Due Diligence Report, the CEO report, and the Chief Risk Officer’s Report. Management also provided an update on the status of the Improvement Program which is coordinating icare wide improvement activities.

Some of the key matters on the agenda included consideration of the Reinsurance Management Strategy for the Treasury Managed Fund and Construction Risk Insurance Fund, and approval of the Treasury Managed Fund Workers Compensation Claims Model Business Case.

Other  matters  discussed  include  the  draft  FY25-34  Budget,  Premium  Filing  with  SIRA  for  the Bushfire Fighters Compensation Fund, Contribution Targets for the Treasury Managed Fund, and an update in relation to the activities of the Customer Advocate.

In February 2024, we held an Investment and Asset Committee, a People and Remuneration Committee, a Board Audit Committee, a Board Risk Committee, and our Board meeting. Our new Board members, Leah Fricke, and Mark Morey joined us for their first icare Board meeting.

The composition of our committees has changed slightly. Leah Fricke was appointed Chair of the Board Audit Committee and Member of the Board Risk Committee, while Mark Morey has joined the Investment and Asset Committee as a Member. Kirsten Armstrong joins the People and Remuneration Committee as a Member.

At the Board meeting, the Board received the Work Health and Safety Due Diligence Report, the CEO report (which included the Actuarial Monitoring Report), the Chief Risk Officer’s Report, and the Chief Financial Officer’s report which all provided updates from Management on relevant matters.

The Board heard from a representative from Promontory Australia, the Independent Assurer on the progress of icare’s Improvement Program. It was pleasing to hear that a total of 67 (of 107) recommendations have been closed to date and work continues to close off the remaining recommendations. A copy of Promontory’s Ninth Quarterly Update Report to icare is available on our website for viewing.

The Board approved the Nominal Insurer premium filing for 2024/25, the Workers Compensation Dust Diseases Authority Target Contribution requirement and funding to the Asbestos and Dust Diseases Research Institute for the purpose of providing essential research and practical support for individuals affected by silicosis.

The Board discussed and noted several updates including on the NSW Treasury Expense Review, the Net Asset Holding Level Policy Contributions for Insurance for NSW and the SIRA Treasury Managed Fund Review.

At the icare Board meeting held on Monday 27 November 2023 at 321 Kent Street, Sydney, the Board received the Work Health and Safety Due Diligence Report, CEO report(which included the Actuarial Monitoring Report) and CRO Report, which all provided updates from Management on relevant matters.

The Board received a progress update on the Enterprise Improvement Program, the Nominal Insurer Improvement Program, and had a discussion with the Independent Assurer, Promontory, ahead of the release of their Eighth Quarterly Update. A copy of the update is available on the icare website under the heading ‘Improvement at icare’.

Key items on the agenda included the TMF Workers Compensation 2025 Claims Service Provider Procurement Strategy, Dust Diseases Authority Fund Investment Review, FY24-FY33 Half Year Review of Budget and discussion on the outcome of the Request for Proposal for Reinsurance Services. After a good discussion, the Board approved all four items.

The Board also approved several Policies as endorsed by the Board Audit and Board Risk Committees.

The Board received updates from Management on the status of the Cyber Uplift Program, the Performance Audit being conducted by the Audit Office and received a live demonstration of the published Claims Service Provider Performance on the icare website. The Board found the live demonstration very insightful and commended Management on the progress and outcomes.

The Board discussed with NSW Treasury and TCorp representatives the objectives and proposed timelines of the Whole of Government Investment Fund.

Lastly, the Board received an update on the key discussions that took place at the relevant Board Sub-Committees during November, being the Board Audit Committee, Board Risk Committee, Investment and Asset Committee and the People and Remuneration Committee.

The icare Board met on Monday, 30 October 2023 at 321 Kent Street, Sydney.

Prior to the meeting commencing, the Board had a session with The Hon Sophie Cotsis, Minister for Industrial Relations and Work Health and Safety, and Tom Craven, Senior Policy Advisor, where priority matters relating to icare were discussed.

The Board then received the Work Health and Safety Due Diligence Report, the CEO report and CRO Report, which all provided updates from Management on relevant matters.

The Board also received a progress update on the Enterprise Improvement Program and the Nominal Insurer Improvement Program, outlining the progress in addressing the McDougall and GAC Recommendations.

The key items on the agenda included consideration of the FY24-FY33 Half Year Review of Budget, Investment Strategy, and the 2023 Customer Service Conduct Principles Attestation. After a good discussion, the Board approved all three items.

The Board then received an update on the proposed Whole of Government Investment Fund, the activities of the Customer Advocate across the three areas of governance, advocacy and resolution, and the outcomes of the 2023 culture and engagement surveys.

Finally, the Board also received an update on the key discussions that took place at the relevant Board Sub-Committees during October, being the Investment and Asset Committee.

At the icare Board meeting held on Monday 25 September 2023 at 321 Kent Street, Sydney, the Board received the Work Health and Safety Due Diligence Report, CEO report (which included the Actuarial Monitoring Report) and CRO Report, which all provided updates from Management on relevant matters.

The Board also received a progress update on the Enterprise Improvement Program and the Nominal Insurer Improvement Program, including an update from the Independent Assurer, Promontory following the release of their Seventh Quarterly Update. A copy of the update is available on the icare website.

The key items on the agenda included the Financial Condition Report, the 2022/23 Year-end Financial Statements, Final FY2023-24 Enterprise Scorecard, and consideration of options for undertaking Actuarial Valuation. After a good discussion, the Board approved all four items.

The Board also approved the Nominal Insurer Business Plan and Home Builders Compensation Fund Business Plan, both of which need be submitted to the State Insurance Regulatory Authority. Several policies as well as Amendments to Part 1 of the Lifetime Care and Support Guidelines 2018 were also approved.

The Board received an update on the progress of icare’s customer experience maturity against the six pillars of customer centricity and took a deep dive into our customer understanding. This included an experiential session where the Board had the opportunity to walk the floor and view scheme customer experience artefacts for Insurance for NSW, Nominal Insurer (Workers Compensation) and Lifetime Schemes, while engaging with Staff. The Board then received an update on the icare brand strategy development and brand uplift.

The Board found this exercise very insightful and acknowledged the different stages of maturity across the Schemes.

The Board discussed the draft Annual Report, TMF Workers Compensation 2025 Claims Service Provider Procurement Strategy and the Market Allocation Model, providing feedback for Managements consideration,

The Board received an update on the key discussions that took place at the relevant Board Sub-Committees during September, being the Board Risk Committee, Board Audit Committee, People and Remuneration Committee, and the Dust Diseases Board.

At the icare Board meeting held on Monday 28 August 2023 at 92-100 Donnison Street, Gosford, the Board received the Work Health and Safety Due Diligence Report (WHS Report), CEO report and CRO Report, which all provided updates from Management on relevant matters.

The Board also received a progress update on the Enterprise Improvement Program and the Nominal Insurer Improvement Program.

The Board noted the submission to Treasury of the FY2023-24 to FY2032-34 forecasts for Self-Insurance Corporation and the Dust Diseases Authority.

Key items on the agenda included the Final FY2023-24 Statement of Business Intent and Business Plan, the Internal Audit and Risk Management Attestation Statement as well as the NSW Cyber Security Policy Annual Report Attestation Statement. After a good discussion, the Board approved all three items.

The Board also approved levies for Lifetime Care and Support and Motor Accident Injury Treatment and Care Benefits, the HBCF Premium Filing addendum as requested by SIRA and several policies.

The Board discussed the proposed icare Investment Strategy, Market Share Allocation Policy as well as the draft NI and HBCF Business Plans and provided feedback on the documents for Managements consideration.

The Board received an update on the key discussions that took place at the relevant Board Sub-Committees during August, being the Investment and Asset Committee, the People and Remuneration Committee, the Board Audit Committee, and the Board Risk Committee.

During the day, the Board participated in a call monitoring session facilitated by the Claims Support Services Team, who are the frontline claims management function for both the Nominal Insurer and Treasury Managed Fund workers insurance. Each Director had the opportunity to monitor incoming calls that came through the Claims Support Service queue or dedicated outgoing calls Case Managers made to the participants in their portfolio. The Board found this exercise very insightful and acknowledged the engagement, experience, and passion of the Case Managers.

Finally, to build closer connections between the Board and Teams across icare, the Board participated in employee engagement activities, which included having a casual lunch and afternoon tea with the staff present at the Gosford office.

The Board received the Work Health and Safety Due Diligence Report (WHS Report), CEO report and CRO Report, which all provided updates from Management on relevant matters. The Board also received the CFO Report, which included the Insurance Liability Valuation Results.

The Board received a progress update on the Enterprise Improvement Program and the Nominal Insurer Improvement Program.

The Board approved the execution of the Investment Services Agreement between icare and TCorp and the proposed Master Financial Services Agreement fees for FY2024 and FY2025.

The Board approved the Home Building Compensation Fund (HBCF) Business Case, Data Governance Framework and a Salesforce Contract extension until 30 June 2024.

The Board held a deep dive on customer, received an update from the Customer Advocate, and the work currently happening in the Innovation and Partnerships Team.

The Board received an update on the recent culture and engagement survey results as well as on key discussions that took place at the relevant Board Sub-Committees during June.

The Board noted the Governance Report.

The Board received the Work Health and Safety Report (WHS Report), CEO report and CRO Report, which all provided updates from Management on relevant matters.

The Board received a progress update on the Enterprise Improvement Program and the Nominal Insurer Improvement Program., including an update from the Independent Assurer, Promontory.

The Board approved the Dust Diseases Care Transformation Program Business Case, the Treasury Managed Fund (TMF) Workers Compensation Transformation Business Case and the Home Building Compensation Fund (HBCF) Distribution.

The Board approved the final Budget, Statement of Business Intent (SBI) and Business Plan, including their submission to NSW Treasury.

The Board approved the Risk Appetite Statement, FY23/24 Internal Audit Plan and several Policies.

The Board received an update on the Catholic Church Insurance announcement that they would no longer be providing workers compensation insurance in NSW from 29 June 2023.

The Board received an update on the key discussions that took place at the relevant Board Sub-Committees during May, being the Investment and Asset Committee, the People and Remuneration Committee, the Board Audit Committee, and the Board Risk Committee.

The Board noted the Governance Report.

The Board received the CEO report, CRO Report and Work Health and Safety Due Diligence Report (WHS Report), which all provided updates from Management on relevant matters.

The Board received a progress update on the Enterprise Improvement Program and the Nominal Insurer Improvement Program.

The Board approved the Premium Filing with SIRA for the Nominal Insurer Premium Filing 2023/24.

The Board approved the Indexation Remediation for the Nominal Insurer and Treasury Managed Fund (TMF) and granted procurement approval for Application Delivery and Support Services Tender.

The Board received an update on the requirements for the Preliminary FY2023-24 Statement of Business Intent (SBI) and Business Plan (BP), and Preliminary FY24-FY33 Budget.

The Board held a session with Simon Cohen, Independent Review Officer, which included updates from both the icare Board and Simon Cohen.

The Board received updates on the Dust Diseases Care Transformation Program and TMF Workers Compensation Transformation Program.

The Board discussed the Quarterly Customer Advocate Report and took a deep dive into Customer.

The Board noted the Governance Report.

The Board noted the Board Performance Evaluation Report, reviewed its Board Committee Structure and Composition and approved the revised Board and Committee Charters.

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

The Board received a progress update from Promontory on the Enterprise Improvement Program and the Nominal Insurer Improvement Program.

The Board approved the Premium Filing with SIRA for the Home Building Compensation Fund and the Dust Diseases Care Levy.

The Board approved the Reinsurance Management Strategy and FY24 Placement and the Lifetime Care & Support Authority Fund Investment Strategy Review.

The Board held a session with NSW Treasury Secretary, Dr Paul Grimes, which included updates from both the icare Board and Dr Grimes.

The Board approved several revised policies and the decommissioning of the Purchase to Pay policy.

The Board noted the Quarterly Regulator Report, icare Stakeholder update and the Cybersecurity Communications Strategy.

The Board received an update on the key discussions that took place at the relevant Board Sub-Committees during February, being the Investment & Asset Committee, People and Remuneration Committee, Board Audit Committee and Board Risk Committee.

The Board noted the Governance Report and the Significant Litigation Update.