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BoE Governor pulls out of flagship dinner as pressure mounts on CBI

Published 05/04/2023, 11:29
Updated 05/04/2023, 12:11
© Reuters.  BoE Governor pulls out of flagship dinner as pressure mounts on CBI
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Proactive Investors - The governor of the Bank of England has pulled out of the CBI’s flagship dinner after fresh allegations of sexual misconduct at the UK’s most prominent business lobbying organisation.

Leading companies, including Rolls-Royce Holdings PLC (LON:RR) are also reviewing their membership after the Guardian revealed multiple claims of sexual misconduct by CBI staff.

The Guardian reported allegations from more than a dozen women who said that they had been victims of various forms of sexual misconduct by senior figures at the CBI.

This included an account from a woman who alleged she was raped at a staff party on a boat on the River Thames.

The latest allegations of misconduct by senior figures at the CBI are separate to those made about its director general, Tony Danker, last month.

The Bank of England governor, Andrew Bailey, was due to speak at the dinner in central London on 11 May, but withdrew from the event after the Guardian’s report.

The CBI said it had decided to cancel all events in light of the allegations.

A spokesperson commented: “In light of the very serious allegations that are currently subject to independent investigation, the CBI has decided to temporarily pause its external programme of events, including the annual dinner on 11 May.”

“After Easter, the board hopes to have preliminary findings and actions from the first phase of the investigation and, among other steps, will review this pause in event activity at that point.”

The Guardian reported it understood that the CBI received a phone call on Tuesday morning from the central bank, explaining that in light of the new allegations, it was no longer considered appropriate for Bailey to speak.

Insiders at the CBI say it was this phone call that caused the CBI to stop its events programme.

Last year’s dinner was attended by the then chancellor Rishi Sunak while this year’s dinner was due to be held at Old Billingsgate with tables of 10 selling for £4,900.

Some CBI members told the Guardian they were considering whether to retain their membership as result.

A spokesperson for the jet engines company Rolls-Royce said: “As a business that does not tolerate misconduct, the recent allegations are deeply concerning. We expect the CBI to thoroughly investigate and take real action on any findings from that investigation."

"We will await the outcome of the investigation before considering our membership.”

Marks and Spencer (LON:MKS) said it had written to the CBI interim director-general Matthew Fell to seek assurances that the allegations were being taken seriously, according to the Financial Times.

It added it was important the investigation process should be “transparent and thorough”.

The FT quoted Admiral, the insurer, which said it was “extremely shocked and concerned by the very serious allegations”.

Read more on Proactive Investors UK

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