A new set of industry standards has been launched for Business Improvement Districts, with LeedsBID one of the first to be awarded the kitemark.
The new standards, developed by The BID Foundation alongside governments and BIDs, encourage transparency and responsible governance in the sector.
Helping to inform levy payers and other stakeholders, the set of 11 industry standards cover key aspects of a BID’s structure and operations including its business plan, governance mechanisms and reporting, Directors and personal interests, and detail on ballot results.
LeedsBID Chief Executive Andrew Cooper, who is also Co-Vice Chair of The BID Foundation, said:
“Business Improvement Districts operate for the benefit of the levy payers they serve, and these new Industry Standards set by The BID Foundation, give reassurance to levy payers that BIDs are transparent, open and professionally operated. These 11 standards were achieved by LeedsBID, and we have been pleased to have been part of this initiative.”
Introducing industry standards for BIDs was a recommendation of recent research into the BID sector and its development in the UK, published last year by the Institute of Place Management.
The BID Foundation, a group of 95 Business Improvement Districts including LeedsBID, has developed the Industry Standards for all BIDs, highlighting information and documentation that should be made publicly accessible and easily identifiable by every BID.
Bill Addy, Chair of The BID Foundation Council and Chief Executive of the Liverpool BID Company, said: “This is a crucial piece of work to support BIDs. The Industry Standards further demonstrate the professionalism of BIDs that adopt them, and of the wider sector, which has stepped forward in 2020 to provide support to thousands of local businesses.”
The Industry Standards are awarded following a review process conducted by The BID Foundation, which is delivered with the support of the Institute of Place Management, the professional body for place managers and leaders, based at Manchester Metropolitan University.
The BID Foundation members have begun adoption of the standards, which award a kite mark to display to levy payers and other stakeholders.