Connexus receives G1/V1 upgrade for governance and viability
Connexus has received an upgrade to its governance and viability compliance ratings from the Regulator of Social Housing. Connexus now holds ratings of G1/V1 - the highest of four possible grades for governance and financial viability.
The change in grading follows an In-depth Assessment by the regulator which concluded earlier this year. The new ratings reflect significant improvement work which has taken place to change the organisation’s approach to health and safety, systems, and a number of processes.
In a regulatory judgement released today, the regulator confirmed the upgrade, citing a number of improvements made to key areas. The judgement states that Connexus has “strengthened its internal controls and improved board reporting and oversight of its key risks, including landlord health and safety,” and that it has “introduced new processes to ensure data integrity around health and safety compliance reporting.”
It added that “Connexus’ financial plans are consistent with, and support, its financial strategy. It has an adequately funded business plan, sufficient security in place, and is forecast to continue to meet its financial covenants under a wide range of adverse scenarios.”
John Barker, Chair of the Board said: “Today’s judgement is a really important moment for Connexus, and we want to use it as a springboard to continue improving services for our customers. We’ve listened to the regulator and worked closely with them over the past few years to strengthen our approach to governance, risk and health and safety. We knew that improvements were needed, and we’re pleased to have been able to demonstrate we’ve made significant progress.
“Although it’s a key achievement to achieve G1/V1 we still have lots of challenges, not least helping our communities to bounce back after the pandemic and support our customers through significant financial challenges as the cost-of-living crisis continues to bite.”
Chief Executive Richard Woolley said: “I’m really pleased that Connexus has received an upgrade to its governance and viability ratings. We’re proud of the improvements we’ve made and it’s great to see our new and more robust ways of working recognised with the highest level of compliance rating. Long-term stability is key for us, and we will continue to provide strong governance and financial arrangements to support this aim.”
“I hope the judgement gives our customers confidence in our approach too, as they are at the centre of our service. They can be assured that health and safety comes first, and that through our financial strength, we will continue to invest locally in new homes and services.”
Judgements are required for all housing providers who own 1,000 homes for social housing. They determine whether a provider is meeting the regulator’s governance and financial viability standards.