Why we are engaging with North Glasgow Housing Association Ltd (North Glasgow)
We are engaging with North Glasgow because it is a systemically important landlord.
Registered as North Glasgow Housing Association, North Glasgow is trading as ng homes.
We refer to a small number of RSLs as systemically important because of their stock size, turnover or level of debt or because of their significance within their area of operation. We need to maintain a comprehensive understanding of how their business models operate, and how they manage the risks they face and the impact these may have. So we seek some additional assurance each year through our engagement plans. Given North Glasgow’s size, we consider it to be systemically important.
What North Glasgow must do
North Glasgow must provide copies of its Board and audit committee minutes as they become available.
What we will do
- review the minutes of the Board and audit committee meetings and liaise as necessary;
- observe North Glasgow’s Board;
- meet with North Glasgow’s senior staff to discuss progress with the business plan and any risks to the organisation; and
- update our published engagement plan in the light of any material change to our planned engagement with North Glasgow.
North Glasgow 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.