A new set of industry standards has been launched for Business Improvement Districts, with FOR Cardiff 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.
FOR Cardiff Executive Director Adrian Field, who also sits on The BID Foundation Board, 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 FOR Cardiff, 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 FOR Cardiff, has developed the Industry Standards for all BIDs, highlighting information and documentation that should be made publicly accessible and easily identifiable by every BID.
Cliff Vanstone, Vice Chair of FOR Cardiff and Head of Branch at John Lewis said “The Board and I are delighted to see the hard work that the BID team have done over their first term acknowledged by the IPM in this accreditation. It is a testament that FOR Cardiff is a leading-edge BID in the industry and provides the assurance to our members of the due diligence and accountability in how our BID is operated. This being especially important at a time when we will be asking for our members support, as we embark upon securing a second term for our Capital City in June of this year.”
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.