Regulator of Social Housing Governance Update
This week, the Regulator for Social Housing downgraded Trident Group’s governance rating from G1 to G2. This means that whilst we are still compliant with the Regulator’s governance standards there are some areas of improvement required.
Trident Group understands and accepts the decision by the Regulator and are committed to taking the steps required to regain the G1 rating.
Nigel Wilson, Trident’s new Chief Executive, stated: “When appointed by the Board of Trident Group I felt we needed to sharpen some historic governance practices and ensure that our relationship with the Regulator of Social Housing is a positive one. Clearly some recovery work is required and we are determined to collectively improve our work and regain the trust and confidence of our Regulator.”
Brian Carr, Chair of the Board, said “Whilst this is obviously disappointing news for us, we are committed to continuing at pace the improvement journey recently agreed by Board. We and the Executive Team are fully committed to taking the learning from this experience and working with the Regulator to continue to improve Trident’s practice. Since his arrival in September of this year, Nigel and I have initiated a full governance review as well as data analysis work which we’re pleased to say has been welcomed by the Regulator. We build forward from here.”
In the meantime, Trident wishes to reassure all our residents, service users, and partners, that we are taking this issue seriously and the Group Board, Executives, and our new Chief Executive are committed to working with the Regulator to regain our G1 status.
Chair and CEO’s Acknowledgement to the Regulator
We acknowledge the announcement of Trident’s downgrade from G1 to G2 and whilst still compliant with the standards we are determined to return to our previous G1 status as soon as we can.
The Board and Executive team are clear on the tasks in front of ourselves to provide the levels of assurance you, as our Regulator, require. It is disappointing to face this challenge but completely understand the reasons and rationale.
We appreciate the engagement to date and look forward to continuing to rebuild a constructive and positive dialogue with yourselves in the coming weeks and months.
We will keep you updated on our progress as we go along.
Brian Carr & Nigel Wilson