A not-for-profit company manages the BID. The BID Steering Group established in April 2017 who have been involved with the development of the BID, formed the interim Board to allow for continuity.
We are always looking for volunteers to join the team. Any levy payer or voluntary contributor can stand to be elected onto the Board during this process. All Board member positions are voluntary and do not receive payment.
This Company is Limited by Guarantee, which means the members’ liability would be limited to £1.00 each. The Directors would have their regulatory liability covered by Directors & Officers insurance.
This structure ensures that the Board of Directors will be fully accountable to BID levy-payers and would be controlled by BID levy-paying organisations. It is anticipated that senior figures within the levy payers would form part of the management of the company. All the levy paying businesses would be entitled to become the members of the company and all registered members would be entitled to vote at the AGM and those meetings would include the appointment of the Board of Directors.
The Saffron Walden BID Steering Group have established a procedure for electing a formal Board which is made up of representatives of all levy paying businesses. Additional members may be co-opted, as required.
It is proposed that a Board would be 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 would meet at least six times per year and receive both management and financial reports at each meeting. They would communicate regularly with you as a levy-payer on key issues, particularly including progress against this Business Plan.
All BID levy-payers would be 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 representatives as required via elections