Late last night (Monday 4th August 2020) following a sensational upper house NSW Parliamentary Inquiry, icare CEO John Nagle has resigned and has had his bonus stripped.
As reported by the Sydney Morning Herald “icare boss quits after failing to adequately declare wife’s involvement“, John Nagle icare CEO has sensationally resigned following intense Parliamentary inquiry asked questions regarding numerous aspects relating to mismanagement, under-performance, poor governance and conflict of interest issues.
In a statement late Monday night, NSW Treasurer Dominic Perrottet advised of Mr Nagle’s decision to resign.
In amongst everything else, we were able to watch the live stream of much of the Parliamentary Inquiry and it was apparent following the recent joint Four Corners and SMH feature identifying is icare a Looming Financial Disaster, that icare senior executives were unable to adequately answer simple questions such what their salaries were, having to “take it on notice” to respond at a later stage. There were also questions regarding possible conflicts of interest regarding the investment icare made in system provider Guidewire.
During the Parliamentary Inquiry, the State Insurance Regulatory Authority (SIRA) – which is responsible for the oversight of icare and NSW workers compensation – CEO, Carmel Donnelly, “continued to have grave concerns about the agency’s functioning”. Ms Donnelly also confirmed SIRA was actively investigating other important icare related breaches of the workers compensation legislation.
This is a rapidly evolving situation and one we at ABILITY GROUP hope leads to a fairer more equitable scheme where sustainable return to work and workers compensation premiums are achieved.
Should you have any questions, please contact ABILITY GROUP Directors Julie or Marc to discuss.
Further information:
Source: Sydney Morning Herald
Title: Icare boss quits after failing to adequately declare wife’s involvement
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