The board of Insurance and Care NSW (icare) has set up a corporate governance committee, the remit of which will include reviewing icare’s response to issues thrown at the workers’ compensation insurer by both the Parliament and media.
The move comes nearly a month after icare was featured on investigative journalism programme Four Corners, which collaborated with The Age and the Sydney Morning Herald on a probe that has raised questions about the provider’s performance and management of the Nominal Insurer scheme.
On Monday (August 24), icare interim chief executive and managing director Don Ferguson and board chair Michael Carapiet, as well as board members David Plumb and Gavin Bell, attended a Parliamentary hearing as part of the 2020 review – which commenced in March – of the workers’ compensation scheme in New South Wales.
On the same day, icare released a ‘fact file’ containing details in respect of key matters that have been brought into the spotlight of late. Issues addressed in the fact file include icare’s contracts, the calculation of pre-injury average weekly earnings, as well as the organisation’s group executive remuneration.
Meanwhile it was noted that a corporate governance expert will be appointed by the new icare board committee. The expert, according to the insurer, will act as a standing advisor to the committee and independent third parties to assist with the board’s own evaluation.
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“The icare board recognises that good governance is critical for public confidence in the Nominal Insurer scheme and its management, and that it is critical to the success and sustainability of the scheme,” stated icare in a release.
“The board is deeply concerned about the issues raised and recognises the need for further action, notwithstanding the fact many of these matters have been the subject of thorough, independent reviews and investigations, including by appropriate authorities.”
A review of existing structures and policies will be undertaken, said icare, as the board acts to ensure that the highest standards are met. Board member Lisa McIntyre has been tapped to chair the corporate governance committee.
Earlier this month, NSW Treasurer Dominic Perrottet and Minister for Customer Services Victor Dominello announced a separate icare assessment headed by retired Supreme Court Judge, the Hon Robert McDougall QC. Findings of the thorough examination, according to The Australian, aren’t likely to be available until after a year.
