Code of Governance
The National Houisng Federation Excellence in Governance (2010) is our chosen code of governance. We comply with the letter and the spirit of all of the main principles and provisions of the Code except:
- Provision D2 of the Code sets an overall maximum period for non-executive board membership of nine years. These accords with the lifetime aggregate in our Articles. However, the Board has decided against adopting Excellence in governance’s non-mandatory good practice guidance of setting a norm of two three year terms with any extension on an annual basis to a maximum of nine years for continuing and new Board members, including for any key roles. Our Board members may be appointed for a term of up to four years.
- Provision K6 of the Code puts a responsibility on the Group Audit and Assurance Committee to ensure that the Board receives adequate financial and business management reports. We do not believe that the Group Audit and Assurance Committee are responsible for ensuring that the Boards receive adequate financial and business management reports. The Scheme of Delegations provides for the Boards to receive regular monitoring reports or assurances. However, of course, if an audit indicated a shortfall or shortcomings in information or reporting to a Board, the Group Audit and Assurance Committee would alert the relevant Board.
The National Housing Federation Excellence in Governance Code has a ‘sister’ code Excellence in Standards of Conduct which underpins our probity policies.
We are regulated by the Homes and Communities Agency (HCA).
The HCA is responsible for maintaining the register of social housing providers and for setting the regulatory framework within which we must operate.
The HCA’s regulatory framework details standards that we are expected to adhere to, these are classified as either “economic” or “consumer”. The HCA engages with us to obtain assurance that it is meeting the economic standards.
Our Board is responsible for ensuring that it meets the consumer standards and the HCA will only get involved where non-adherence to one of the standards could lead to serious harm (detriment).
Further information on regulation is available on the HCA website.