The governing body of THCH is the Board.
The Board has overall responsibility for the affairs of THCH and directly monitors the company’s financial and development performance.
The Board has a committee structure designed to exercise effective control over THCH’s business. There are 4 Board Committees, detailed below:
Audit and Risk
Nominations and Remuneration
THCH has a profit making subsidiary THCH New Homes that builds homes, including for outright sale.
In December 2018 THCH had its governance upgraded by the Regulator of Social Housing (RSH) to a compliant G2 grading. This followed a Regulatory Downgrade to G3 in March 2016 that was due to a failure to:
- deliver an effective risk management and internal controls framework
- communicate with the Regulator in an accurate and timely manner
- publish a robust, transparent and accessible Value for Money self assessment for two years
The Regulator was subsequently notified by THCH of health and safety breaches relating to fire safety and asbestos.
Philip Sullivan, Chief Executive of THCH said in December 2018, ‘Returning to a compliant governance grading is a significant and positive milestone for THCH after a successful period of restructuring and culture change that has transformed THCH into a hugely different and improved organisation.
‘We very much appreciate the assistance that the RSH and other key stakeholders, particularly Tower Hamlets Council, have provided us through this vital period of change for THCH.
‘All levels of the THCH team have been strengthened including our board and executive team and we are now working hard to return to a G1 governance grading.’
‘This gives us a strong platform for THCH to focus on continuing to build connected communities in Tower Hamlets, creating vibrant places for people to live and giving those people support to achieve their aims in life where we can, underpinned by great value services.’