Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Crisis-hit CBI cancels AGM over cash shortage

by September 20, 2023
September 20, 2023
Crisis-hit CBI cancels AGM over cash shortage

The CBI has been forced to postpone its annual general meeting, less than 24 hours before it was due to start, as it struggles with a financial crisis.

The troubled business group told members yesterday on the eve of the delayed meeting that it has “experienced some short-term cashflow challenges” but was in “positive dialogue over finalising financing options”.

The CBI said it was “confident that we will be able to resolve this short-term issue and secure the footing of an organisation that remains in a strong medium to long term position”.

The options are understood to include securing emergency funding from members while it explores a merger with MakeUK, a lobby group for the manufacturing sector.

The CBI, a 58-year-old royal charter organisation, was one of Britain’s most influential business membership groups but has been fighting for its future after a workplace misconduct scandal this year, including allegations of sexual misconduct and rape.

The crisis led to an exodus of some of Britain’s biggest companies in April, including Aviva, NatWest, KPMG and the John Lewis Partnership. The government also cut ties.

The CBI has been forced to close offices in the United States, India and China and cut about a third of its workforce. It is racing to raise £3 million and HSBC is said to be attempting to encourage members to support its efforts, however HSBC declined to comment.

The turmoil comes ahead of the political party conference season and the chancellor’s autumn statement, a key part of the calendar for the CBI.

The group which previously held its annual meeting in June, had been running a countdown to the event.

Members were set to vote on the election of the CBI’s auditors and board members and consider its 2022 annual report, outlining its finances and governance, which is yet to be published.

The CBI is still planning to update members today and to hold the annual meeting before the end of the year.

A spokesman said that “given the significant interest in the CBI right now, we are opening-up and refocusing our previously planned AGM”.

The CBI did not comment on what that meant or the discussions with members over securing financial support. One member, speaking confidentially, said they were probably targeting its president’s committee, which tends to include some of its biggest and wealthiest corporate members. The exodus this year, however, has included a number of FTSE 100 companies who were members of the committee.

Another member, also speaking confidentially, said this week that there was concern among trade associations over a potential merger with MakeUK, given its focus on the manufacturing sector.

They said the CBI might be seeking to secure a financial lifeline until January, when a large proportion of members traditionally renew subscriptions.

Read more:
Crisis-hit CBI cancels AGM over cash shortage

0
FacebookTwitterGoogle +Pinterest
previous post
New report finds older workers are the key to rebuilding the economy
next post
UK inflation rate shows unexpected fall to 6.7% in August

You may also like

UK pioneers space refuelling with £2m investment in...

July 23, 2024

Exploring the Security Features of Non Gamstop Casinos:...

September 26, 2024

How to do a great holiday handover

July 26, 2023

The dos and don’ts of selling to an...

April 5, 2024

Uncertainty over tax rises impacting consumer spending, warns...

October 4, 2024

UK to avoid recession but inflation won’t return...

April 28, 2023

Government pledges £100M for taskforce to help UK...

April 24, 2023

Employers say hiring workers is a struggle despite...

April 25, 2023

How is each train operator affected by the...

January 31, 2023

Business Champion Awards is a finalist in the...

May 22, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump wins over lifelong Democrat autoworker with ‘big, beautiful bill’ vehicle loan tax benefit

      June 27, 2025
    • EXCLUSIVE: Trump admin takes action after massive fraud uncovered at agency Dems tried to protect from DOGE

      June 26, 2025
    • FBI investigating Iran strike leaker, Leavitt says: ‘They should be held accountable’

      June 26, 2025
    • SMCI Stock Surges: How to Invest Wisely Now

      June 26, 2025
    • NEW! 5 Significant Additions to Our Professionally-Curated Market Summary Dashboard

      June 26, 2025
    • ‘Presidential incapacity’: Senate Republican seeks paper trail of Biden’s autopen use

      June 26, 2025

    Categories

    • Business (8,316)
    • Investing (2,074)
    • Politics (15,824)
    • Stocks (3,172)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved