CBI’s future to be decided in crunch vote today – business live | business

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Lord Karan Bilimoria, vice-president of the CBI, told the FT:

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“It has to be just over 50 per cent to carry but I’m confident it will be much higher than that.”

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CBI bosses are hoping a victory will convince ministers to end their embargo on engaging with it. That might not be an immediate change, though.

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As Neil Carberry, chief executive of the Recruitment & Employment Confederation, a trade association that is a CBI member, put it:

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“Tomorrow is about opening up a path back rather than switching on a light switch.

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CBI struggles to secure big public backing for its revamp https://t.co/DdCUsiA2ME

— FT UK Politics (@ftukpolitics) June 5, 2023

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Today’s vote is a “potentially existential referendum” on the CBI, says Sky News’s Paul Kelso.

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He writes:

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A simple majority of votes is required for the motion to be carried with the result, overseen by an independent body, expected to be announced after 4pm.

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Victory would give [director-general Rain] Newton Smith a mandate to institute changes to the board and the establishment of a people and culture sub-committee, and begin the task of restoring credibility among skeptical former members and rebuilding relations in Westminster.

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Defeat however would leave the CBI’s future in question.

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With income already hit by the fall in membership payments and a redundancy program announced to staff last week, the directors have already taken advice on winding up procedures if the organization is no longer viable.

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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

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The Confederation of British Industry will learn today if it has a future as the business lobby group’s members vote on a package of reforms, following sexual misconduct allegations revealed by the Guardian.

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The CBI is holding an Extraordinary General Meeting in London today, where a referendum on proposed changes to its structure, governance, and culture is being held.

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Voting on the CBI’s future closes today, having started last week, with one vote per member, regardless of size, after it put forward proposals to overhaul its culture and recruit a new president.

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Members have been asked to vote on the following resolution:

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“Do the changes we have made − and the commitments we have set out − to reform our governance, culture, and purpose give you the confidence you need to support the CBI?”

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But, companies that have quit the CBI since allegations of rape and sexual harassment at the business lobbying group will not be able to attend and vote today.

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New director general Rain Newton-Smith will call the meeting the “start of a new chapter”.

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She will tell CBI members:

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“I’m confident and determined this will be a turning point for us.

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“It’s so important to me, and for those who raised their voices, to put our people, our culture and our values front and centre.

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“This is a difficult but important journey. We’ve made great strides forward, but it will take real dedication. I am resolutely committed to leading that change and restoring the CBI to health.”CB

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CBI president Brian McBride has said today’s vote is a chance for the group to “regain our voice on the serious economic challenges the UK faces”. Writing in the Financial Times, McBride said the outcome of Tuesday’s vote “isn’t a given”, and the CBI needs its members support.

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How the meeting will work….

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The EGM event will be held from 12:00 with 90 minutes for presentations and Q&A. It will be followed by a lunch and the opportunity for more private questions for those attending in person.

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The result of the vote and next steps will be shared this afternoon once the vote has been verified, the CBI says.

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My colleague Anna Isaac reports that the backing of trade bodies could be crucial in the CBI’s future:

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Winning the backing of trade bodies, which span from farming to haulage, is seen as key to rebuilding ties with the government and the Labour party, according to CBI insiders. These bodies – rather than individual member companies – make up the vast bulk of the 190,000 firms the business lobby group has claimed to represent.

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Trade associations regarded as critical to the CBI’s survival include the National Farmers’ Union, which has about 50,000 members, and hauliers’ body Logistics UK, which has 20,000. Each trade association has one vote.

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But rival tanks may be eying up the CBI’s lawn.

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Yesterday, a new business lobby group backed by big companies including BP and Drax was launched by the British Chambers of Commerce (BCC).

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The BCC’s Business Council aims to bring together business leaders “who are looking for a different kind of representation”….

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The agenda

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• 7am BST: German factory orders for April

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• 8.30am BST: Eurozone construction PMI for May

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• 9.30am BST: UK construction PMI for May

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• Noon BST: The CBI’s Extraordinary General Meeting begins

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• 2.30pm BST: World Bank releases its half-yearly update on the world economy

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