A key objective of The BID Foundation (TBF) is to increase the transparency, accountability and professionalism of the industry. Developing a set of simple standards was one of 13 recommendations suggested by the Institute of Place Management (IPM) in a state-of-the-art review of the industry.
The IPM advised all BIDs to publish important information about their management and governance on their website, for levy payers and wider stakeholders to have confidence in their operations.
The Industry Standards have been developed through consultation with members of TBF Council, the British Retail Consortium, Ministry for Housing, Communities and Local Government, Scottish Towns Partnership and Welsh Government.
The TBF Industry Standards
The TBF Industry Standards state that the following information must be easily accessible through a BIDs website:
- The contact details for the CEO/BID Manager, and all other staff funded through the BID.
- The current BID business plan.
- The most recent BID ballot result by percentage for number and Rateable Value, including percentage turnout and total number of eligible voters.
- The names of BID Board Directors and the name of their business and/or the sector they represent.
- Details of the BID’s governance structure - these must cover rules for the election of Directors and Terms of Reference for the Board.
- A mechanism or contact details for levy payers to request minutes of Board meetings.
- An explanation on how levy payers can provide feedback to the BID. For example details of an AGM and/or other regular meetings and/or specified contact route
- A published procurement policy and minutes of all decisions made at Board meetings regarding expenditure of the BID levy.
- A register of all pecuniary and personal interests updated at every Board meeting (to be made available upon request).
- The annual billing leaflet sent to levy payers detailing how funds have been spent and the income received.
- An annual report detailing the BIDs achievements and its value to levy payers including annual accounts.
These standards are freely available and we encourage all BIDs to meet them, however the assessment and accreditation of the standards are only available for paid members of The BID Foundation.
Members of the BID Foundation are also expected to meet these standards and their compliance is independently audited by The Institute of Place Management. The BID Foundation we will be working with Member BIDs throughout 2021 to support their adoption of the standards.
If you are interested in becoming compliant with our Industry Standards please browse the documents below and get in contact with us via firstname.lastname@example.org