Why we are engaging with Rutherglen & Cambuslang
We are engaging with Rutherglen & Cambuslang about its governance.
COVID-19 has significantly impacted the services provided by social landlords in 2020 and will continue to influence how services are provided in 2021. We will continue to monitor, assess and report upon how each landlord is responding and we will keep our regulatory engagement under review so that we can continue to respond to the challenges of COVID-19.
Rutherglen & Cambuslang has told us that nine out of 12 of its governing body members have served for more than nine years. The Regulatory Standards of Governance and Financial Management (the Regulatory Standards) require landlords to formally and actively plan to ensure orderly succession of governing body places to ensure the sustainability of the governing body. Rutherglen & Cambuslang is carrying out some work to review its succession planning and ensure it is meeting regulatory requirements.
What Rutherglen & Cambuslang must do
Rutherglen & Cambuslang must:
- send us details of the work it plans to do to ensure that it is meeting regulatory requirements.
What we will do
- review the information it provides us with and engage as necessary; and
- update our published engagement plan in light of any material change to our planned engagement with Rutherglen & Cambuslang.
Rutherglen & Cambuslang 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.