Pension companies Aviva and Phoenix Group have quit the Confederation of British Insurers (CBI) this morning, after new allegations of sexual misconduct at the business lobby group emerged.
The two insurers — which are both FTSE-100 listed companies — severed their ties with the scandal-hit organisation on Friday morning, with immediate effect.
In a statement Aviva said: “In light of the very serious allegations made, and the CBI’s handling of the process and response, we believe the CBI is no longer able to fulfil its core function – to be a representative voice of business in the UK. We have therefore regrettably terminated our membership with immediate effect.”
Meanwhile a spokesperson for Phoenix Group, which owns the Standard Life brand, said: “Further to the additional allegations reported this morning, we have taken the decision to resign our membership of the CBI with immediate effect.”
The two pension companies are the first major organisations to quit the CBI, raising questions about the CBI’s future viability if others follow suit. Sky News is reporting that FTSE fund manager Abrdn is also considering its membership.
This morning The Guardian reported a second allegation of rape by a woman working for the CBI, who went on to blame the working culture at the lobby group, and adding it had no effective support processes in place to deal with the incident.
In a completely separate incident the CBI director general Tony Danker was dismissed from the role last week after complaints about inappropriate conduct. Danker joined the CBI after these allegation of rape took place. He has subsequently complained to the BBC that his reputation has been ‘trashed’ and he has been set up as ‘the fall guy’ for these far more serious problems.