Big firms return to CBI after sexual misconduct scandal and overhaul
A number of major British companies have renewed their engagement with the Confederation of British Industry (CBI) as the lobby group looks to rebuild its membership after a sexual misconduct scandal last year.
Firms including FTSE 100 titans Astrazeneca, Unilever and GSK have reconnected with the CBI by taking up seats on the group’s committees after either suspending or terminating their engagements in 2023.
Drugmaker AstraZeneca, the most valuable London-listed firm, is represented on the CBI’s president’s committee, east of England council and taxation committee, according to a new list of its regional councils and standing committees.
Consumer goods giant Unilever sits on the taxation committee, while drugmaker GSK is on two committees.
JLL’s UK chief executive, Stephanie Hyde, now sits on the CBI’s top policy committee after her firm terminated its membership last year.
Other returning companies include power generation firm Drax and US tech group Cisco. The Times first reported the news.
A CBI spokesperson told City PM: “As part of our commitment to transparency around governance, the CBI has now published the membership of key committees.
“We have confidence in our financial plan. We have taken action to control our costs and continue to welcome returning and new members while we work to strengthen our relationships with the new government on their behalf.”
The news comes 16 months after a series of misconduct allegations led to dozens of the CBI’s biggest members suspending or withdrawing their membership. Big firms including Tesco and the John Lewis Partnership have not returned.
According to changes made to the CBI’s website, the number of businesses it claims to speak “on behalf of” fell by 20,000 to 170,000 in 2023. Last December, the CBI warned of “material uncertainty” over its future following a “considerable level of financial stress”.
The CBI overhauled its operations and leadership amid the crisis, bringing in City veteran Rupert Soames as president and Rain Newton-Smith, its former chief economist, as director-general to replace Tony Danker.
Danker stepped down last March and was ousted a month later after a junior female colleague at the business lobby group accused him of making unwanted comments that she considered sexual harassment. The CBI settled legal action brought by Danker earlier this year.