News articles from around the Division:
Wednesday February 11, 2009
'Fat cats' aren't only in banking.
£183,309 salary for mis-managing 5,200 homes.
A troubled housing association in London (with approx. 5,200 homes) is due to merge with another association in the summer.
The association was placed under supervision by its regulator when it failed to convince them that it could generate enough income to cover its loan repayments.
This seeems to show a lamentable lack of control by the association's board of directors as does the increase in salary paid to the (now resigned) chief executive (CE).
Last year it was revealed that the CE had received one of the biggest increases in CE salaries. His total salary went up 29% from £141,293 in 2005/06 to £183,309 in 2007/08; nice work if you can get it. Bang your salary up and run your company into debt-sounds just like our big banks.
As a director of Selwood Housing I'm confident that the Selwood board is vigilant enough to prevent anything similar happening here.