Why we are engaging with Cadder Housing Association Ltd (Cadder)
We are engaging with Cadder about its governance and financial management.
Cadder told us that its Chair was re-elected after serving a tenure of five years because no members of the governing body wished to succeed the post. The Regulatory Standards of Governance and Financial Management (the Regulatory Standards) require landlords to formally and actively plan to ensure orderly succession to governing body places and sustainability of the governing body. Cadder has identified a new Chair via its succession planning process, with plans for them to take up post at the next Annual General Meeting.
Cadder identified governance weaknesses following an independent investigation. It developed an improvement plan to address the findings and has almost completed its programme of improvements. The remaining element of the improvement work, a culture change programme, is being delivered as part of Cadder’s operational plan and will be monitored by the governing body.
Cadder is making changes to its business operations following a wide-ranging review including changes to how its community centre is managed and operated.
What Cadder must do
- update us on the outcome of its succession process for electing a new Chair;
- inform us of the outcomes of the ongoing culture change programme; and
- keep us up to date with the outcome of the review of the community centre.
What we will do
- liaise with Cadder to monitor progress with its succession process, culture change programme and the outcome of its review of the community centre; and
- update our published engagement plan in light of any material change to our planned engagement with Cadder.
Cadder must provide us with the following annual regulatory returns and alert us to notifiable events as appropriate:
- Annual Assurance Statement;
- audited financial statements and external auditor’s management letter;
- loan portfolio return;
- five year financial projections; and
- Annual Return on the Charter.
It should also notify us of any material changes to its Annual Assurance Statement, and any tenant and resident safety matter which has been reported to or is being investigated by the Health and Safety Executive or reports from regulatory or statutory authorities or insurance providers, relating to safety concerns.