IoD press release It is no longer tenable for British people to hold board positions in Russian companies
In view of the existential crisis facing Ukraine as a result of the shocking and unlawful actions of the Russian Federation, the Institute of Directors is calling on all British board members to show their commitment to the principles of democracy and national self-determination.
Jonathan Geldart, Director General of the Institute of Directors, said:
“The Institute of Directors expresses its solidarity with Ukraine and its people, who are facing intolerable suffering.
“Although directors owe legal duties to the companies on whose boards they serve, they should also feel a stronger moral duty to uphold the fundamental values of freedom and democracy. We believe that it is no longer tenable for British directors to be involved in governance roles in the Russian economy. Therefore, we hope that they will now question the viability of their mandates in Russian and Belarusian companies.”
In a poll of its members and wider community, 86% are in support of the view that all British people should now resign their Russian board mandates.
In terms of its own activity, the Institute has made the decision to suspend all activities with Russia for the foreseeable future.