A not-for-profit Company manages the BID. We are looking for volunteers to join the team. Any levy payer or voluntary contributor can stand to be elected onto the Board. All Board member positions are voluntary and do not receive payment.
This Company is Limited by Guarantee, which means the members’ liability is limited to £1.00 each. The Directors have their regulatory liability covered by Directors & Officers insurance.
This structure ensures that the Board of Directors is fully accountable to BID levy-payers and is controlled by BID levy-paying organisations. All the levy paying businesses are entitled to become the members of the company and all registered members are entitled to vote at the AGM and those meetings include the appointment of the Board of Directors.
A suitable rotation policy has been developed. Additional members may be co-opted, as required.
The Board is elected from the members to create a representative, business-led group to oversee the financial, managerial and operational activities of the BID.
Subject to consultation with the businesses, the Board shall have the ability to vary service delivery and expenditure allocation according to changing demands of the levy payers or when substantial changes to economic circumstances impact on the BID area. However, any change to the BID boundary or to the levy rate would require an additional ‘alteration’ ballot.
The Board meets at least six times per year and receive both management and financial reports at each meeting. They communicate regularly with levy-payers on key issues, particularly including progress against the Business Plan.
All BID levy-payers are entitled to attend meetings of the Board to raise any matter and the Board would also follow industry best-practice in the following areas:
- Being subject to independent, accredited, external audit, leading to the production and submission of an Annual Report, annual accounts and the submission of statutory financial and corporation tax returns
- Producing regular updates to BID levy payers
- Allowing the rotation of Board represntatives as required via elections