Gentoo has been given a G1 governance rating by the Regulator of Social Housing (RSH) – three years on from being downgraded to a non-compliant G3 rating, after it was let down by former executives and board members over a payoff.
The Regulatory Judgement, which has today been issued alongside a V2 viability rating by the RSH following an In-Depth Assessment (IDA) this summer, commends Gentoo for the way in which it has transformed its organisation. The Group has made huge improvements following the turmoil it faced in 2017 following its Regulatory Downgrade to non-compliance.
The Group has driven forward a significant amount of positive change to ensure it has addressed the issues previously raised by the Regulator. This has involved transforming its culture, structure and strengthening its governance controls to provide comprehensive reassurance, that issues and concerns previously raised by the Regulator, could not, and will not, happen again.
The Group added that it continues to pursue legal action against the former executive who contributed to its downgrade.
Keith Loraine OBE, Group Chair at Gentoo, said:
“We are delighted with the outcome of the Regulatory Judgement. Today marks a monumental milestone for Gentoo following a three-year journey to achieve a G1 governance rating. The return to G1 compliance with the Regulator of Social Housing is a testament to colleagues who have worked tirelessly to address the issues and concerns caused by previous poor leadership and weak governance, while engaging openly and honestly with the Regulator of Social Housing during the process. We have refocussed on our core social purpose of serving our tenants in Sunderland and have made the necessary changes to strengthen governance and management. This has been key to us rebuilding trust and restoring faith in Gentoo”.
Nigel Wilson, Chief Executive Officer at Gentoo, commented:
“I am immensely proud of the way in which colleagues have worked to make so much positive progress for the organisation. I would like to take this opportunity to thank all colleagues and Board Members for their hard work and commitment, as without them, this achievement would not have been possible. Whilst this is a hugely important milestone for Gentoo, we recognise that we still have some challenges to overcome and we will continue to drive forward positive change for our tenants and for Sunderland.”