The Regulator of Social Housing (RSH) has released its latest set of rulings.
According to reports, Gentoo Group has received an upgrade from a non-compliant G3 governance rating to a compliant G2 rating.
The news follows the Regulator issuing a downgrade to the group in 2017 due to a failure “at the most basic level” relating to payoffs to outgoing executives.
Gentoo reported that it has been working closely with the Regulator ever since to assure it is working in a compliant manner within the required standards for social housing providers.
In its regulatory judgement, the RSH recognised the efforts Gentoo had made to address the issues that led to its downgrade, adding that the group is now “establishing and embedding” its strengthened governance arrangements throughout the organisation.
The upgrade follows three other upgrades and accreditations for Gentoo in July, including a Gold Accreditation by Investors in People for its excellence in people management.
Commenting on the news, Keith Loraine OBE, chair of Gentoo Group, said: “We are obviously delighted that the Regulator has confirmed we are now compliant with the governance standards.
“This reflects the huge amount of work and priority given to rectifying the issues that led to the regulatory downgrade in October 2017.
“I would like to thank fellow board members and Gentoo colleagues for continuing to deliver an excellent service to our tenants throughout this process.
“We will continue to work with the Regulator to ensure that we complete our journey to G1, the highest level of compliance.”
Nigel Wilson, group CEO of Gentoo Group, added: “This is a great step forward for Gentoo and confirms my belief that this fundamentally is a strong organisation with committed colleagues and a customer-facing culture.
“Our tenants are at the heart of everything we do, and we will continue to progress with our business plan aspirations by investing £417m on improving our homes and providing an additional 900 homes for affordable rent in Sunderland by 2024.”