Financial Statements 2020 | 29
Governance
Code of Governance
Accord has chosen to use the National Housing Federation Code of Governance in assessing its key governance delivery and performance and in adhering to good , strong governance principles .
Accord complies fully with the Code of Governance and an annual review of the code is undertaken to ensure ongoing compliance .
The code does not conflict with the governing documents of the organisation and Accord ’ s rules were updated in 2016 and directly reflect the requirements of the code .
An annual assessment of compliance against the code is conducted to ensure that governance arrangements are effective and our latest review concluded that Accord continues to demonstrate full and robust compliance and assurance that all key principles are met including :
n Audit & risk
n Board skills , renewal & review
n Compliance with the code
n Conduct of the Board & Committee
n Constitution & composition of the Board
n Essential functions of the Board & Chair
n The Chief Executive .
The essential functions of the Accord 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 .