Joanna Bonnett and Matthew Blake have taken over as directors of Riverside Finance

Riverside has announced that Nigel Perryman, a board director of Riverside Finance.has stepped down effective 31 May.

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Riverside has appointed two new directors to replace the director of its finance company, who had served his full term

Perryman, who has served as a director of the housing association’s finance company since 2017, has been replaced as he has reached the end of his term.

Joanna Bonnett and Matthew Blake replaced Perryman as directors of Riverside Finance on 1 June. They have also both been appointed as members of the group treasury committee of the Riverside Group.

A spokesperson said the appointment of Bonnett and Blake aims to expand on the board’s expertise by increasing the number of members and incorporating their additional skills.

Riverside Finance acts as a special borrowing vehicle for its parent company Riverside Group, which is used to issue bonds and raise capital for its operations and housing developments. 

During his tenure, Perryman was responsible for corporate fundraising, capital markets and short-term bank financing, and overseeing Riverside’s merger with One Housing Group in December 2021.

Bonnett holds chair and non-executive director positions at the Association of Corporate Treasurers. Previously, she served as the director of treasury and banking at the Australian Department of Defence.

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She is currently the independent group treasurer and chief sustainability officer at the business consultancy firm BlueFrame.

In March, the Regulator of Social Housing upgraded Riverside’s governance rating after it improved its management of risk following its merger with One Housing Group.

One Housing, which reported a £25.5m pre-tax deficit for 2020/2021, joined Riverside as a subsidiary in December 2021 before fully amalgamating last year.

Following the 2021 merger, RSH said that One “held significant risks from longstanding, legacy business activities and decision making had not been consistently supported by accurate data”.

In the RSH’s judgement in March, it said it now has assurance that Riverside’s governance arrangements “enable it to adequately control the merged organisation”.