NSW state insurer icare has formed a corporate governance committee to examine performance issues raised in parliamentary inquiry hearings and in the media.

The committee will review the adequacy and operation of icare’s governance policies and structures, including its transparency, and regularly report to the board with recommendations for improvement.

“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,” the insurer says in a statement.

“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.”

Board member Lisa McIntyre will chair the committee, which includes Peeyush Gupta, Christine Bartlett and Elizabeth Carr.

The committee will appoint a corporate governance expert to act as a standing adviser and independent third parties to assist with the review.

State Insurance Regulatory Authority CEO Carmel Donnelly was highly critical of icare in testimony this month before a parliamentary workers’ compensation inquiry.

She said the insurer had failed to complete a governance and culture review that was recommended following an independent report last year.