Each year Welsh Government publishes a judgement on how well we are complying with the regulatory framework and meeting the performance standards set by Welsh Government.
Our 2018 Regulatory Judgement was published today (16 October).
Our judgement for Financial Viability remains at Standard, which is the highest ranking within the current regulatory framework and demonstrates our continuing financial strength.
However, the Welsh Government has identified some areas of concern relating to corporate governance and has downgraded our judgement to the level of intervention. The judgement cites risks around corporate governance; leadership and culture; and management failings within the organisation.
Nigel James, Chair of Hafod’s Board said:
“The Board fully accepts the Regulatory Judgement and we have entered into a voluntary undertaking with the Welsh Government Regulator, which clearly sets out their expectations for improvements and what we will do to address the issues.
We would like to stress that nothing in the judgement relates to our front line services. There is no impact on our tenancies or care packages. These are unaffected and our dedicated staff will continue to deliver high quality housing, care and support services.
The Board and Executive team are committed to learning from this judgement and we will work with the Regulator over the next few months to deliver the necessary improvements. A thorough review of governance, agreed with the Regulator, will start imminently.
Hafod is an ambitious and evolving organisation, committed to growth and innovation. We will ensure pace and progress with our change and improvement programme continues, but informed closely by the findings of our reviews and independent advice.”
You can view the Regulatory Judgement here:
*This judgement applies to the Hendre Group.