There was a regularly scheduled Board meeting of SIRA on Monday 21 October 2024 at 231 Elizabeth Street, Sydney.
An update was provided on the People Matter Employee Survey (PMES) results. The survey opened on Monday 19 August and closed on Friday 13 September 2024. SIRA received an extraordinary employee response rate of 98.31%. High level results expected later this month. This survey provides the Chief Executive and the organisation with an opportunity to listen to employee feedback and implement changes within the business to support employee wellbeing.
The Board noted strategic and operational updates across all key areas - notably strategy, finance, workers compensation regulation, home building compensation regulation and the Compulsory Third Party (CTP) Scheme. The Board also received and noted the SIRA CTP Premium Committee chair’s report.
The Board approved a revision to the TCorp Investment Risk Appetite Statement (IRAS), which followed a review that encompassed three workshops attended by SIRA executives. The Board noted that the changes are intended to simplify and clarify the IRAS and its metrics.
In addition, in line with the Board’s function to oversee the performance of activities within SIRA, the Board received an update from TCorp on the Insurer Guarantee Fund (IGF) performance.
Prepared by: Nicholas Whitlam
Chair, SIRA Board
Updated 9 January 2025