The British Property Federation has published a new code of governance for for-profit affordable housing providers.
The code establishes a set of standards which aim to promote good governance practice in the for-profit registered provider (FPRP) sector in England. Institutional investment – largely via FPRPs – plays a significant role in the provision of affordable housing, and the BPF’s members recognise the importance of good governance in safeguarding the interests of shareholders, customers, and other stakeholders, and in protecting the reputation of the sector.
The code has been a year in the making with the BPF working in conjunction with consultancy Campbell Tickell, who are experts in the field, and an advisory group of investors and advisors led by Rob Beiley, partner at law firm Trowers & Hamlins.
Greg Campbell, partner at Campbell Tickell, who drafted the code with colleague Ceri Victory-Rowe, said: “The existing codes of governance used by many organisations in the sector, such as the National Housing Federation Code, the UK Corporate Code and ecoDa, all have particular strengths. None of them however is quite right for FPRPs, in recognising the distinct elements of these organisations while ensuring a commitment to the highest standards in governance for the regulated social housing sector. This code is designed to fill that gap, and we are confident it will be welcomed by FPRPs.”
Ian Fletcher, director of policy at the BPF, said: “Housing is essential to the UK’s economic and social prosperity. Pension funds are a key source of new capital for delivering homes and, as we set out in our manifesto for housing, Building for Generations, our offer to the next government is to deliver a step change in the output of homes across all tenures, including affordable housing. The publication of a code of governance for for-profit registered providers provides a framework that will enable providers to demonstrate to stakeholders the highest standards of good governance and positive stewardship of affordable housing.”
Rob Beiley, chair of the BPF’s affordable housing committee and partner at law firm Trowers & Hamlins, who project managed the work, said: “The publication of a bespoke code for for-profit providers reflects the growing maturity of the sector. Given the acute need for affordable housing in England and the headwinds faced by the housing association sector in meeting that demand, institutional investment is likely to form a cornerstone of the next government’s delivery and this code demonstrates how the for-profit sector can not only provide the capital that is necessary but can do so in a way that embeds the principles of good governance.”
