"Invest in and deliver good governance"
English Rural remains committed to maintaining the highest standards of governance, accountability and probity. This commitment was validated through an external board effectiveness review conducted during the year. The review examined our governance structure and approach, identifying both strengths and areas for improvement. Overall, it confirmed our strong governance credentials, which is further evidenced by our retained G1 grading for governance from the Regulator of Social Housing.
The review provided valuable recommendations that have been implemented. These include ongoing management of board and committee succession to ensure we maintain the right skills mix, developing our approach to individual and collective board appraisal, and increasing resident input in governance processes. We also recognise the need to evolve our equity, diversity and inclusion plans to achieve the progress we aspire to.
During the year, we continued our work to consolidate subsidiaries within the Group by transferring them into English Rural as the parent organisation. This simplifies our governance structure and secures long-term efficiencies that will enhance value for money and deliver more effective services to our residents. The consolidation process is now complete, with only ER Homes Ltd remaining as a subsidiary to support development activity through the provision of market homes and plots.
We undertook a review of our Business Strategy during the year, reflecting on the material changes in our operational environment. This review has led to a reshaped development programme and a greater emphasis on working with residents, incorporating their input. The updated strategy also evolved to consider our V2 regulatory regrading and the prioritisation of financial resources, ensuring they are invested in ways that secure the greatest value and impact against our agreed purpose. Environmental enhancements and sustainability have emerged as more prominent themes in our strategic thinking.
Throughout these governance activities, we have maintained our focus on residents and investing in current homes. We recognise that this is strategically crucial, and our governance structures and decisions consistently reflect this priority.
Our commitment to exemplary governance was affirmed this year through an external review and maintained G1 rating. We completed subsidiary consolidation, streamlining operations, and undertook a Business Strategy review emphasising resident focus and sustainability. We remain dedicated to board diversity and amplifying resident voices.
Throughout, our governance structures continue to prioritise resident needs and investment in existing homes, ensuring we deliver on our core mission effectively and responsibly.
Our commitment to robust governance underpins everything we do, ensuring we can effectively deliver on our Strategic Ambitions for our residents and rural communities. By continuously refining our governance structures and processes, we're better equipped to navigate challenges and seize opportunities that benefit those we serve.
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Completed an external board effectiveness review, with recommendations being implemented
Further consolidated subsidiaries to achieve business efficiencies
Maintained highest regulatory governance grading of G1
Continued to attract high-calibre Board and Committee Members consistent with succession plans
Roger Mortlock, Chief Executive of CPRE, the countryside charity, and English Rural Board Member, Rebecca Murphy, discussing the importance of great design when building affordable rural homes,
>> As English Rural becomes more complex and the regulatory and compliance landscape becomes increasingly rigourous, relying on our reputation alone to attract Board and Committee Members is likely to become more challenging.
>> Securing an effective resident voice at board level will need to rely on a broader framework than before and is likely to present a challenge given the limited appetite for board level engagement from the current resident base.