BPHA chair Stephen Hallett to step down

Mr Hallett had completed two successive three-year terms of office by the 2013 AGM. The group said he was asked to stay on for a seventh year to oversee the recruitment of a new CEO. 

Following the appointment of Kevin Bolt as CEO at the beginning of May 2014, Mr Hallett informed the BPHA board that he did not wish to be considered for further reappointment.

Mr Hallett said: “Over the last seven years BPHA has made significant progress. 

‘In particular there have been many achievements in the last 12 months which include the placement of BPHA’s first capital market bond, the move of the organisation’s head office and the appointment of Kevin Bolt as CEO.

‘Whilst it is with some sadness that I will be stepping down I believe that BPHA is now in excellent shape both operationally and financially and that who-ever succeeds me as chair will have the privilege of leading a great team of people and an organisation well placed for future success.’

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Mr Hallett is paid £50,000 per annum as chair of the board, according to the 2012/13 accounts. The total remuneration for non-executive members at BPHA was £167,000 per year.

The group, which owns and manages 17,000 homes, was given a G2 rating by the regulator amid concerns over transparency and compliance with the chosen code of conduct in the 2011/12 year. The regulator said it lacked assurance the board gave adequate consideration to remuneration in relation to BPHA’s size and complexity.

While the group has been informed by the regulator that it has secured a viability upgrade, it is waiting to hear the result of its latest governance review. The group said Mr Hallett’s departure is unrelated to the governance judgment.

The BPHA board said they are very grateful to Mr Hallett for his ‘drive, expertise, hard work and dedication’.

They listed his achievements including a board restructure, growth of the development programme, investment in existing stock and recruitment of commercial executive and non executive members, including CFO Paul Gray.

The group also highlighted its 45 per cent operating margin and AA- credit rating from Standard & Poor’s, and a debut bond issue of £200m of bonds in April 2014.

The 30-year debt was issued at 135 bps over the gilt and secured from 14 investors with an all-in cost of funds of 4.816 per cent.

The recruitment process for a new chair is expected to continue beyond the AGM, with vice chair, Fiona Gregory, set to act as interim chair of the association.

Click here to see more on BPHA’s bond and financials