The latest regulatory judgement from the Regulator of Social Housing - published today - regrades its previous published assessment of GreenSquare’s governance from G1 to G2.
The judgement notes that: "The provider meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance."
The publication of the regulatory judgement follows an in-depth assessment (IDA) by the regulator late last year.
Prior to the IDA process, GreenSquare had notified the regulator of concerns relating to its compliance with statutory health and safety requirements. After due consideration, the regulator concluded that GreenSquare had breached the requirements of the Home Standard and a regulatory notice was issued on 1 March 2019, setting out concerns in relation to fire safety, gas safety, and lift safety.
"The change to our governance grading is of course no surprise following the regulatory notice issued earlier this year," says Ruth Cooke, who was recently confirmed as GreenSquare's new chief executive.
"We have already apologised unreservedly for past failings in relation to health and safety, but I am quite clear that saying sorry is not enough. What's most important is ensuring that previous mistakes are not repeated.
"The regulator has noted the work we have done, and are doing, in this respect and the assurance we have given."
The regulator's judgement says: "GreenSquare has responded to the specific governance issues relating to health and safety compliance, it has committed to undertake a full governance and risk review, together with a lessons learnt exercise, to understand the causes of the health and safety issue, and assure itself that such issues are not more widespread."
The regulator's judgement says that its IDA team found that “there was a clear lack of leadership around health and safety issues”.
Robin Bailey, chair of the GreenSquare board, says: “GreenSquare has seen significant changes to its executive team in recent months, and further new appointments to our board have strengthened it further.
“Our new senior team is already determinedly focused on meeting our obligations to customers, colleagues and other stakeholders."
The regulator’s assessment of GreenSquare’s compliance with the viability elements of the Governance and Financial Viability standard is unchanged at V2.