CBI makes emergency cash call to members
Business lobby group the CBI is hoping to raise £3 million to shore up its finances after an exodus of members left it short of cash.
A number of high profile companies, including Aviva, NatWest and Virgin Media resigned or put their membership on hold following allegations of misbehaviour by CBI staff. Director-general Tony Danker was dismissed.
Ahead of its annual meeting next week it is asking members to provide funds, according to The Times, while it explores a merger with MakeUK, the lobby group for the manufacturing sector.
The CBI said: “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.”
It is understood that HSBC is encouraging CBI members to support the cash call. One of its non-executive directors is Dame Carolyn Fairbairn, a former director-general of the CBI.
In April, shortly after the scandal broke, it brought back its former chief economist Rain Newton-Smith to replace Mr Danker and July the CBI was invited back to meetings in Westminster.