Our Corporate Governance

The icare Board met on Thursday 25 September 2025 at 321 Kent Street, Sydney.

Through the Chief Executive’s Report, Governance Risk and Compliance Report and the Work Health and Safety Report, Management gave the Board updates on several strategic and operational matters concerning the organisation.

The Board approved the 2024/25 Year-end financial statements as at 25 September 2025 for icare NSW, NSW Workers Insurance Scheme, NSW Self Insurance Corporation, Home Building Compensation Fund, Lifetime Care and Support Authority, Workers Compensation (Dust Diseases) Authority and Sporting Injuries Compensation Authority. The Board also approved a Workplace Adjustment Policy in response to a mandatory Direction that all Government Sector agencies must have one in place by 1 November 2025. The Policy is required to demonstrate legislative compliance with the Disability Discrimination Act 1992 and other associated legislation.

Other key matters on the agenda included approval of Business Plans for the Nominal Insurer(NI) and the Home Building Compensation Fund (HBCF). icare is required by legislation to submit these Business Plans to the State Insurance Regulatory Authority, describing the way the NI workers compensation and HBCF businesses are to be conducted.

The next Board meeting will be held on 27 October 2025 at 321 Kent Street, Sydney

The icare Board met on Thursday 28 August 2025 at 92-100 Donnison Street, Gosford.

Through the Chief Executive’s Report, Governance Risk and Compliance Report and the Work Health and Safety Report, Management gave the Board updates on several strategic and operational matters concerning the organisation.

The Board approved are aligned icare strategy, performance framework and the plan for organisational engagement. In addition to strategic clarity, the realigned strategy improves our alignment to icare’s principal objectives as outlined in the State Insurance and Care Governance Act 2015,and the Minister’s Statement of Expectations for icare.

There were other key matters for decision on the agenda. The Board approved the FY26 Business Plan and Statement of Business Intent, several policies and Levies for Lifetime Care and Motor Accident Injury Treatment and Care Benefit for the period 15 January 2026 to 14 January 2027. Now that these Levies have been approved, they will be submitted to the State Insurance Regulatory Authority (SIRA) to determine the collection methodology.

The Board considered the draft Nominal Insurer Business Plan for FY26 as well as the draft Home Building Compensation Fund Business Plan for FY26-28. It is a legislative requirement for icare to provide these Business Plans to SIRA every 12 months.

The Board participated in a call listening session facilitated by the Workers Compensation Claims Team, and shared lunch with the staff present at the Gosford Office.

The next Board meeting will be held on 25 September 2025 at 321 Kent Street, Sydney.

The icare Board met on Thursday 31 July 2025 at 321 Kent Street, Sydney.

Through the Chief Executive’s Report, Chief Financial Officer’s Report, Chief Risk Officer’s Update and the Work Health and Safety Report, Management gave the Board updates on several strategic and operational matters concerning the organisation, such as the finalisation of the Enterprise Scorecards and the goal setting for the organisation work that is on-going.

The Chief Executive and Group Executive Teams have spent time in every location conducting All-Team Town Halls speaking to icare employees about our purpose, our role as part of the NSW Government and our performance objectives.

There were several key matters for decision on the agenda. The Board approved the use of medical equipment arrangement under the HealthShare NSW Whole of Government (WofG) Medical Equipment Panel and considered the draft Insurance Liability Valuation Results.

The Board approved two key policies, being a revised Code of Conduct and Ethics Policy and a new Foreign Currency Transactions and Related Derivatives Policy.

As icare has commenced transacting in foreign currencies (aligning with the requirements of NSW Treasury Policy Paper 21-14 (TPP21-14) NSW Government Financial Risk Management Policy), a new accounting policy is required to guide the accounting of these transactions and derivatives.

This Treasury Policy also requires the management of material foreign currency exposures using hedge instruments (derivatives) with NSW Treasury Corporation’s (TCorp) assistance.The next Board meeting will be held on 28 August 2025, at 92-100 Donnison Street, Gosford.

There was a meeting of the icare Board held on Monday 26 May 2025, at 321 Kent Street, Sydney. Being National Sorry Day, the Chair acknowledged this, reflecting on how far on the reconciliation journey Australia has come as a Nation, and how far we still have to go.

The agenda of the day saw the Board receive an update from Management on the Government’s proposed changes to the legislation that governs the NSW workers compensation schemes.

Earlier this year, the Treasurer addressed Parliament outlining the Government’s intention to modernise the NSW workers compensations schemes, increase prevention, improve return to work outcomes, and ensure long-term sustainability. Development and passing of legislation is a matter for the NSW Government.

As it is icare’s role to operate the workers compensation schemes, the Board discussed with Management the current state of the Treasury Managed Fund (TMF) and Nominal Insurer workers compensation schemes, the likely impacts and implementation risks of legislative reforms to the schemes.

The Board also received a progress update on the transformation program currently underway in the TMF workers compensation scheme. When the legislation is passed, icare will work closely with the NSW Government and our stakeholders to implement any scheme changes.

There were several key matters for decision on the agenda. They included the Workers Compensation Insurance Fund Investment Strategy, the proposed Internal Audit plan for FY25/26 and the Conflicts of Interest Policy – all of which the Board approved.

The Board also approved the premium filings for the Home Building Compensation Fund and the Bushfire Fighters Compensation Fund, both of which are required to be filed with the State Insurance Regulatory Authority.

Management gave an update on the progress of development of icare’s Annual Business Plan and Statement of Business Intent, with the Board providing feedback for inclusion in the proposed draft and endorsing it for submission to Treasury for comment.

The Board noted strategic and operational updates across several key areas through the Chief Executive’s Report, Governance Risk & Compliance Report, Cyber Security and Data Governance Report, Work Health and Safety Report and activities of the Customer Advocate in relation to the governance of Those We Serve.

The Board met on Monday 31 March 2025 at our Kent Street Offices and it was here that we welcomed Geniere Aplin as the new Chief Executive of icare.

Geniere is a highly experienced leader with over 25 years of experience in insurance, financial services and the public sector. Her mandate is to continue driving icare’s transformation to improve outcomes for injured workers and all scheme participants, while building long-term financial sustainability. We look forward to working with Geniere.

The Board thanked Stuart Farquharson for leading the organisation as interim Chief Executive while the recruitment process was completed.

In terms of the agenda of the day, the Board made several key decisions at this meeting, including the approval of the Guidewire Cloud Upgrade Program and Business Case, amendments to the Lifetime Care Guidelines and approval of the Investment Strategy for the Special Liability Insurance Scheme.

Management took the opportunity to provide updates on key matters through the CEO Report, Work Health & Safety Report and the Chief Risk Officers update.

The Board also considered the draft budget for FY26-35, the draft Business Plan & Statement of Business Intent.These will be presented to the Board for approval at a future meeting.

All our committees met in February to commence the reporting period for the 2025 calendar year. Our Board also met, and welcomed the Treasury Secretary, Michael Coutts-Trotter as the newest member of the Board. Mr Coutts-Trotter’s appointment comes following amendment to the State Insurance and Care Governance Act 2015 (SICG Act) to;

• remove the Chief Executive from the board of directors of icare and as a Managing Director
• appoint the Treasury Secretary, or a nominated Treasury delegate, to the icare board
• require Ministerial approval for the appointment of a Chief Executive by the icare board; and
• require the tabling of the icare annual statement of business intent in Parliament from 1 January 2025 onwards.

These amendments provide for improved governance arrangements and transparency in relation to icare.

The SICG Act also allows the board to establish committees to give advice and assistance to the board in connection with any matter or function of the board. The board has established several committees and from time to time, reviews their structure and composition for effectiveness. At this meeting, the board considered its committee structure, appointed or re-appointed members to committees and approved their respective charters. The approved charters are available on the icare website, under the corporate governance heading.

Some of the key matters on our agenda for decision included the premium filing with SIRA for the Nominal Insurer, approval of the Dust Diseases Contribution and the Reinsurance Management Strategy for FY25/16. The board also approved several policies.

The Board received updates from Management through the Work Health and Safety Due Diligence Report, the Chief Executive Report, Actuarial Monitoring Report, Chief Risk Officer’s Report and the Chief Financial Officer’s Report. We also received an update on the performance of the Nominal Insurer Claims Model against its original objectives.

Promontory presented their Program Closure Memo (final report) as Independent Reviewer oficare’s activities on the Improvement Program, recognising that the Improvement Program represented a significant undertaking by icare, addressing 107 Recommendations and 63 initiatives across two Sub-Programs. All 107 Recommendations are now complete, and Promontory congratulated icare on achieving this significant milestone.

The Board thanked Promontory for their assurance activities on the Improvement Program.