The BID recognises the importance of accountability and transparency within its governance arrangements.
It will aim to be certified through British BIDs Accreditation, an award in respect of internal quality management systems within its first term.
The number of Directors for the BID Company (the Board – maximum 12) will include representation from all business sectors to ensure inclusion. This may include some non-levy payers, although always in a minority. The Board will meet quarterly.
The Board shall appoint a Chair.
Their Chair will also act as Chair of the BID Advisory Group.
The BID Advisory Group, primarily made up of and representing levy payers, will advise on operational and service delivery issues, oversee performance measurement, and more generally act as the primary consultative and advisory body on BID Services as set out in the business plan. It will meet quarterly, prior to Board meetings.
Minutes from each BID Advisory Group meeting will form part of the information provided to the Board ahead of their meetings. In turn, minutes of Board meetings will be circulated to the BID Advisory Group.
Provided that the BID is meeting its overall objectives and subject to consultation with the BID Advisory Group, it shall have the ability to vary service delivery and expenditure allocation according to the changing demands of levy payers. However, any change to the BID boundary or to the headline levy rate would require an alteration ballot.
The BID Advisory Group will be made up of representatives of levy paying businesses and non-levy payers and will be elected periodically. Additional members may be co-opted, including representatives from partner organisations. The nominated representatives of Colchester Borough Council will be observers and will not be subject to re-election processes.
Levy paying businesses may be eligible to become Members of the BID Company.
The BID will file annual accounts compiled by independent accountants with Companies House. The accounts will be available to all levy payers. An annual report on activities, including finances, will be published. An Annual Meeting for Members and levy payers will be held. The BID will issue a statement every year to levy payers.
An Operating Agreement, which includes the Council’s Baseline services within the BID area, will be agreed with Colchester Borough Council.
A copy can be found at www.ourcolchester.co.uk
Notification of the intention to hold a ballot was sent to the Secretary of State on xxxx