icare announces changes to executive remuneration framework

The icare Board has reviewed the design of the executive remuneration framework in line with recommendations from the 2021 McDougall Review.

icare Chairman John Robertson today announced the outcome of a Board review into icare's executive remuneration framework.

Robert McDougall KC recommended the icare Board “give careful consideration to the design of remuneration and incentive structures to ensure that they are aligned to achieving the statutory objectives of the schemes that icare manages."

Mr Robertson said setting an effective remuneration framework is a key responsibility of the Board and is essential for ensuring icare is able to continue to progress its ambitious change program and deliver improved outcomes for the people of NSW.

"icare is one of the largest and most complex insurance businesses in Australia. To operate effectively and attract talented employees, we must compete against businesses including insurance, financial and professional services.

"The Board has undertaken a comprehensive review of icare's remuneration framework to ensure it remains fit for purpose and is fair, competitive and transparent.

"Taking into consideration the reset of the icare strategy, recent public reviews and stakeholder feedback, the Board has decided to remove performance incentives from all reward arrangements at icare.

"This is the right thing to do as we continue to deliver on our commitment to building the open and accountable culture expected of a public sector agency."

To ensure that remuneration remains fair and appropriate, fixed pay for employees impacted by this change will be adjusted. The total reward has been set with close reference to external market benchmarks to confirm reward is appropriate and not excessive.

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