REIDsteel statement – Membership of the Confederation of British Industry (CBI):
Simon Boyd, managing director of REIDsteel, said: “There have been some incredibly serious allegations about completely unacceptable behaviour at the CBI.
“It is shocking and of deep concern to us that such misconduct appears to have been allowed to happen over a number of years.
“There is absolutely no excuse for this type of behaviour at any organisation or business, whether in the City of London or elsewhere.
“It is emphatically at odds with what REIDsteel stands for as a company where values of respect and inclusivity for everyone are non-negotiable.
“Our initial reaction was to break all ties with the CBI, both in terms of our company membership and in my role as a founder member of its manufacturing council.
“However, we have been re-assured by the immediate and decisive action taken by the CBI’s president Brian McBride and its new director general Rain Newton-Smith. This has included a dismissal, suspension of employees and the launch of a root and branch review of its culture and governance.
“They have spoken to us and given us confidence that they are committed and able to tackle the very serious issues at hand. Had they not already taken firm action and given such assurances, we would have withdrawn our membership.
“For now we have been given enough encouragement to reserve judgement and see how the situation develops. I hope they are able to restore trust and confidence in the CBI while eliminating every trace of unacceptable behaviour and practices where it may exist within the organisation.”