Financial Statements 2018 financial statement- joomag | Page 6

The Board meets formally six to eight times a year in addition to a number of training and briefing sessions. Members also attend conferences and training courses where appropriate and where demonstrable added value is achieved. Accord is committed to the principles of good governance and a high standard of business integrity in everything it does; as a result Accord has adopted the NHF Code of Excellence in Governance. This Code sets out a number of principles outlined below, which the Accord Board assesses its compliance against: n Compliance with the code n Conduct of the Board and Committee business n Constitution and composition of the Board n Audit and risk n Essential functions of the Board and Chair n The Chief Executive n Board skills, renewal and review n Conduct, probity and openness The essential functions of the Board are formally recorded. They include the setting of strategy and monitoring of progress in achieving that strategy, the definition of values and objectives, approving policies, plans and budgets and monitoring performance of the business. By doing this the Board seeks to ensure that Accord does not take any undue risks and that affairs are conducted to the highest level of performance and propriety. The Board is also responsible for ensuring risks are understood, recorded, reported, managed and mitigated against. The Board and all Committees have responsibility for the implementation, monitoring and review of key policies and strategies that are relevant to their area of operation. The respective responsibilities of the Board and Committees are set out in the Standing Orders and Financial Regulations. The Board delegates day to day management of the activities to the Chief Executive and the Executive team who in turn are responsible for ensuring that the organisations have appropriate arrangements in place to meet their objectives and targets. Accord’s review against the NHF Code of Governance demonstrated high levels of continuing compliance. The Board is formed of members with wide-ranging, relevant and necessary skills and knowledge to effectively manage the business and understand and manage Accord’s key risks. Accord annually reviews its operations against the Regulator of Social Housing’s Governance and Financial Viability Standard and continues to demonstrate compliance. Accord received confirmation that the highest possible ratings for Governance and Viability (G1 & V1) had been retained following the Regulator’s Stability Check (November 2017). Details of the remuneration drawn by members of the Board during the year are set out in Note 6 of the Financial Statements. The total remuneration of non-executive members represents 0.1% (2017:0.1%) of turnover. Financial Statements 2018 5