Our Corporate Governance
Functions of the icare Board
icare is a NSW Government Agency constituted under Section 4 of the State Insurance Care Governance Act 2015 (SICG Act) and is located within the NSW Treasury Cluster.
All decisions relating to the functions of icare are to be made by or under the authority of the icare Board. Any act, matter or thing done in the name of, or on behalf of, icare by or under the authority of the icare Board is taken to have been done by icare.
The icare Board has the following functions—
(a) to give the Minister any information relating to the activities of icare that the Minister requests,
(b) to keep the Minister informed of the general conduct of icare’s activities and of any significant development in icare’s activities,
(c) to determine general policies for icare and to give directions to the chief executive of icare in relation to icare’s activities,
(d) such other functions as are conferred or imposed on it by or under this or any other Act or law.
Our Board of Directors
NSW Treasury provides advice to the Minister on board appointments. TPG23-06 Board Appointments for State Owned Corporations and Other Commercial Government Businesses provides a framework for the board appointment process including guidelines to provide clarity for stakeholders and board candidates.
Additionally, TPG23-22 icare nominee director guidelines sets out the eligibility criteria and process for nominations and appointments relating to icare nominee board appointments.
The icare Board is to consist of the following directors –
(a) the Secretary of the Treasury, or an officer of the Treasury nominated by the Secretary of the Treasury to represent the Secretary,
(b) the following directors appointed by the Minister (the appointed directors)—
(i) 1 director nominated by an employee body,
(ii) 1 director nominated by an employer body,
(iii) up to 6 other directors.
The appointed directors are to be persons who, in the opinion of the Minister, together have skills and experience relevant to the administration of State insurance and care schemes and that will assist icare in exercising its functions.
Board Governance
The Board has adopted a charter which builds on the SICG Act. The Charter is reviewed biennially to ensure it remains consistent with icare’s objectives and best-practice corporate governance.
The Board has established four committees to assist it with its oversight and governance responsibilities. These are currently the, People and Remuneration Committee, the Board Audit Committee and the Board Risk Committee, each chaired by a Director of the Board. The Committees have each established charters that outline their purpose and role.
Commercial Policy Framework
The NSW Government has a significant investment in a portfolio of Government businesses and the NSW Treasury seeks to ensure that this investment is managed efficiently and effectively.
The Commercial Policy Framework is the suite of Treasury policies that apply to Government businesses. It includes policies related to the commercial circumstances of these Government businesses and also aims to replicate in Government businesses the disciplines and incentives that lead private sector businesses towards efficient commercial practices. Some of these policies apply to icare and can be viewed using the NSW Treasury link below.
View the NSW Treasury commercial policy framework
Board communiqués
Each communiqué outlines key decisions and matters discussed in the Board meeting.
