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Audit and Risk Committee

The IGTO Audit and Risk Committee (ARC) is also an important element of the agency’s governance structure. The IGTO ARC is appointed by the AA pursuant to the PGPA Act. Its membership is fully independent of the Executive and governed by its own charter. The remuneration of the ARC is set by the AA in accordance with an internal policy. A copy of the ARC charter is available on the IGTO’s website using this link: https://www.igt.gov.au/sites/default/files/2020-09/IGT%20Audit%20and%20Risk%20Committee%20Charter.pdf.

The ARC provides advice and assurance by reporting to the AA. The ARC met on four occasions in FY20.

The current ARC comprises Mr Michael Stallworthy as Chair, and members, Mr David Barry, Ms Fiona Erhardt and Mr Peter McGee. Further details on each member are provided in Table 3.

Table 3: Details on the Audit and Risk Committee’s members

Qualifications, knowledge, skills or experience

Number of meetings attended / total number of meetings

Total annual remuneration

Michael Stallworthy (Commenced 16 May 2006)

Michael started his career in reinsurance in Lloyd’s of London. During the early 1990’s Michael emigrated to Australia and joined GIO of NSW Reinsurance as an international reinsurance underwriter. He was responsible for underwriting reinsurance from Europe, South Africa, SE Asia and Australia.

Michael then worked at the Australian Reinsurance Pool Corporation for 12 years as general manager of claims and audits. Subsequent to this Michael is now involved in property building management and is responsible for the running of multiple apartment blocks.

Michael has a Masters in Business Administration and is a Fellow of the Australia and New Zealand Insurance Institute.

3 out of 4


David Barry (Commenced 28 November 2012)

For the past twenty-five years, David has specialised in the financial services industry and developed an extensive knowledge of funds management, life insurance, financial planning, superannuation and retail banking. Currently the Chief Compliance Officer at AMP, David is providing risk and compliance management services to the AMP Board, Executive Management and key stakeholders.

4 out of 4


Fiona Erhardt (Commenced 6 September 2017)

Fiona has led finance teams at both an operational and corporate level in a big 4 accountancy firm, ASX listed companies and the not-for-profit sector.

4 out of 4


Peter McGee (Commenced 29 August 2011)

Peter has a management background in corporate governance, enterprise risk management, general insurance and internal audit. He has spent six years in the government sector and ten years in senior executive roles in AMP, focusing on risk management and governance, and 20 years in various general insurance roles.

4 out of 4