Trust Ports Guide to Good Governance
Cowes Harbour is a Trust Port, an independent statutory body run for the benefit of stakeholders and the community in general.
Her Majesty’s Governments expects Cowes Harbour Commission (CHC) to run the port in accordance with standards and practices set out in the Department for Transport’s document Modernising Trust Ports (MTP) Second Edition published in 2009.
MTP reminds CHC that their primary duty is to safeguard the harbour as a valuable asset, and that CHC is responsible for handing on the harbour in the same or better condition for future generations.
MTP sets out CHC’s commercial accountability, and provides a target level of return of 6% to be ploughed back into the port or otherwise directed towards the interests of stakeholders. It stresses the importance of consultation with stakeholders, and provides a management framework establishing the principles of appointment to the Board of Commissioners and the standards to which the Board should adhere.
Finally, MTP establishes the requirement for accounts, audit, and reporting to achieve a high level of probity and regularity.