Some of the UK’s biggest businesses are looking to spin out a major boardroom diversity campaign from the scandal-hit Confederation of British Industry, according to the Financial Times.
(Bloomberg) — Some of the UK’s biggest businesses are looking to spin out a major boardroom diversity campaign from the scandal-hit Confederation of British Industry, according to the Financial Times.
FTSE 100 companies including Aviva Plc and Schroders Plc as well as Big Four accounting firms Deloitte and EY are among business involved in talks to secure independence for the Change the Race Ratio campaign, the newspaper said, citing people familiar with the matter and private documents.
A CBI spokesperson said the organization is proud to have played a major role in setting up the campaign and confirmed that it will now be established as an independent entity, in line with a “an agreed long-term plan.” The lobby group will continue working to create more inclusive workplaces and leadership teams, the spokesperson added.
The move follows the CBI becoming the focus a sexual harassment scandal earlier this year involving two cases of rape allegations that left many of Britain’s biggest businesses withdrawing their membership from the London-based group, including Aviva, Schroders, EY and Deloitte.
The CBI won a reprieve in June when 93% of votes from members supported its efforts to continue to operate, though its outlook still looks uncertain. It has told staff its wage bill will be cut by a third due to falling membership fees and has taken advice from a law firm on potential insolvency.
The CBI launched the Change the Race Ratio campaign in late 2020 in an effort to increase racial and ethnic participation in senior leadership among British businesses. The campaign has since grown to 111 signatories in total across more than two-dozen sectors, according to its website.
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