Overall legal and fiduciary responsibility for Mercian and for its subsidiaries (ART Homes Ltd and Zenith Development Partnership Ltd) is vested in the Board. This consists of between 7 and 18 members (11 as at 31 March 2008), elected by shareholders.
Tenants are encouraged to take up shareholding, and around 370 have currently done so. Up to one-third of Board membership (2 in total as at 31 March 2008) may be directly elected by tenants, the remainder are elected by “independent” shareholders.
Mercian Board is committed to fulfilling its main responsibilities of:
- Reviewing and determining the strategic vision of the Association, and providing unambiguous leadership in support of the Association’s purpose and values.
- Keeping under regular review the changing regulatory, social and institutional context affecting the provision of affordable housing.
- Ensuring that Board membership is kept under regular review, with a clear recognition of the need to maintain an appropriate balance of skills and stakeholders.
- Keeping up-to-date with the environment and the wider needs of the business through appropriate professional contact and personal training for its members.
- Supporting the Chief Executive and management team in the delivery of the Association’s objectives.
- In particular, establishing clear guidelines for priority, monitoring delivery and addressing contingency as it may arise.
Mercian Board Members are:
- Colin Small - Chairman
- F. David Brooks
- Alan Elkin
- Ed Ferrari
- Mandy Gannon
- David Hellier
- Gill Moore - Board Member who is also a tenant
- Susan Spencer
- Antoinette Thirbenny - Board Member who is also a tenant
- Hellen Miller
- Andrew Speight
Finance
Mercian work is underpinned by sound governance and finances. We have a full set of ‘green lights’ and low risk assessment from the Housing Corporation which confirm our strong position for the future.
Financial Highlights
- Mercian owns housing assets worth £150 million
- Our turnover for 2007/08 was £16.5 million
- Mercian has reserves of £13.5 million.
In 2007/08 we have invested £3.2 million of social housing grant in building new homes and spent almost £2.3 million on maintenance and improvement of our properties.