"Invest in and deliver good governance"
A programme of enhancing governance arrangements continues and during the year included a review of board effectiveness by specialist advisors Altair.
The extensive brief for this work covered the Group and culminated in a report containing recommendations, all of which have now been acted on. This work followed the prior updating of key corporate documents and the Risk Management and Assurance Framework.
One element of Altair’s work was a whole board appraisal, which compliments the annual individual board member appraisals completed by the Chair, or in the case of the Chair, Vice Chair.
English Rural retains the highest available grading of V1 and G1 from The Regulator of Social Housing
As part of the refresh of the Business Strategy the Board and senior staff team undertook a review of risk tolerance for key matters relevant to English Rural. Updated risk tolerance levels have been agreed on and used to inform strategic direction.
The Audit & Risk Committee played a role in developing the approach to reviewing risk tolerance and, as with the separate standing Finance & Resources Committee, both continue to fulfil critical roles within the governance structure.
Both committees have enhanced membership and skills during the year through the recruitment of independent specialist members and representation from the NFVHA subsidiary. Work is underway with residents as part of the 'Together with Tenants' initiative to also increase resident voice and involvement within governance.
Alongside Altair who have been referenced, governance arrangements continue to benefit from the expertise of Beevers and Struthers (internal auditors), Mazars (external auditors) and ARK (treasury advisors).
Working with the Board and senior staff, these advisors complement a comprehensive framework that secures expert guidance, third-party assurance and delivers specialist advice when needed.
The year was an unusual one for board succession, with the tragic death of the Chair, Mark Tillson after a short illness part way through the year and natural retirement of two further Board Members. Careful planning had already been underway to manage board succession, and this has retained the skill-profile agreed on by the Board and successfully managed the transition to a new internal Chair, Pam Reynolds, being appointed.
Two further high-calibre Board Members, Henry Lee and Mark Pragnell, were successfully recruited during the year following an external competitive recruitment process. The planned programme of board training has further informed board decision making and knowledge.
Former Chair, Mark Tillson, who sadly passed away in 2020
Pam Reynolds was appointed English Rural's new Chair in 2020
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Retained V1 and G1 regulatory gradings
Successful succession around agreed skills for Board and Committees
Board effectiveness review completed and acted on
Further development towards enhancing resident voice within the governance structure
Refreshed intra-group agreements for subsidiary ER Homes Ltd, securing equivalence to those in-place with the subsidiary NFVHA
Affordable rural homes in North Cerney, Cotswolds, built by our Partner, Cirencester Housing
>> English Rural continues to attract high-calibre Board Members on a voluntary basis. Increasing the diversity of the Board is featuring as part of the wider work being considered by the equality, diversity and inclusion (EDI) working group.
>> Board succession plans should be designed to accommodate the unexpected and not automatically assume that Board Members will complete a full term.
