CBI races to raise cash as member walkout leaves ‘short-term’ finance challenges
A race to raise £3 million from remaining members looms over the Confederation of British Industry (CBI) ahead of its annual meeting on Wednesday, where its financial situation is expected to be discussed.
The CBI is meant to present its annual report and accounts to detail its financial position as well as hold votes for certain resolutions during its Wednesday meeting, the Times reported.
Hundreds of members have walked out since the Guardian revealed a slew of sexual misconduct, including two alleged rapes, in April, just weeks after former director general Tony Danker was deposed after sexual harassment allegations.
Though the CBI secured its future at an emergency general meeting, with director general Rain Newton-Smith securing a vote in favour of a new strategy, the body now faces a cash crunch.
The lobby ground acknowledged it had some “short-term” financing issues, whilst rumours continue to persist that the body may be looking at a merger with manufacturing trade body MakeUK.
A spokesperson for the lobby group told the Times: “As has been widely reported, the CBI has experienced some short-term cashflow challenges following an incredibly difficult year for the organisation.
“A number of options are being explored to resolve this issue and secure the footing of an organisation that remains in a strong medium to long-term position.”