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Good governance isn’t easy. Board members are often busy people with plenty of other interests outside social housing, and with a typical expectation of around two to three days a month member involvement, it’s challenging to keep up with the critical issues facing their housing organisation.
Yet the regulatory expectation, rightly, is that board members can, and should, be on top of their brief.
That’s why we’ve designed a toolkit to help you through the maze of obligations and best practice – to help you avoid the pitfalls and reap the benefits of good governance.
Created to be used in conjunction with the Regulator of Social Housing’s Regulatory Standards, particularly those relating to governance and financial viability, the HQN Governance Toolkit consists of the following sections:
- The purpose of governance
- Scrutiny and oversight
- Governance structures and frameworks
- Roles and responsibilities
- Board skills, renewal, and review
- Retaining and maintaining high quality board members
- Maximising the effectiveness of the board as a team
- Beyond the boardroom – what should happen between meetings?
- Supporting governance – the role of the company secretary
- What the Regulator expects
- The role of residents in governance
Users of the toolkit should also be aware that the Financial Reporting Council has recently published an updated UK Corporate Governance Code. The code applies to companies with a premium listing on the London stock exchange and governs:
- Board leadership and company purpose
- Division of responsibilities
- Composition, succession, and evaluation
- Audit, risk and internal control
As in many other things in the social housing world, nothing stays still for long in terms of governance. We already know that the Social Housing Green Paper is proposing far-reaching changes in regulation which will impact on this toolkit in due course, and best practice will evolve too. Watch this space…