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IoD statement regarding media coverage

09 Mar 2018

IoD flag outside 116 Pall Mall, IoD HQ Update – March 13th 2018

At a meeting this afternoon, the Council of the Institute of Directors resolved that it was satisfied that Dame Joan Stringer, the Senior Independent Council Member, had acted entirely appropriately and in accordance with the Institute’s governing laws by commissioning an independent report into allegations made against the Institute’s former Chair and concluding that it was appropriate for the entire Council to receive and consider the executive summary of the report.

The Council also welcomed the appointment of Chris Walton as acting Chairman of the IoD Board.

Joint statement from Chris Walton, acting Chairman of the Board and Stephen Martin, Director General:

“Though the process has been painful, the IoD has followed necessary and proportionate procedure in investigating allegations made against its former Chair. The Council and Board will now begin the search for a new permanent Chair. We look forward to this new stage in the IoD’s history, where we will further strengthen our focus on supporting IoD members, whether they are experienced directors, or new company founders.

“The IoD has dramatically extended its reach among entrepreneurs in recent years, and has adapted membership to fit the needs of modern business leaders. We have recently launched a new training academy for directors, and welcomed thousands of business leaders into our London headquarters over the last two days for our first ever Open House event. Directors across the UK face challenges on many fronts, and the IoD is determined to be there to support and develop them.”

Update – March 12th 2018

Extract from the opening address at IoD Open House 2018: “As members of the IoD, I am sure you will have been alarmed to read of the allegations against senior members of the board. It would be inappropriate for me to discuss the matter in detail, but I do have a few thoughts to share with you.

Like all companies across the country, the IoD has a duty to its staff to investigate when serious allegations are made. We could not shy away from this duty, particularly given that over a dozen staff came forward with allegations. This showed real courage and strength from these employees.

The subsequent investigation was full and fair. An investigation in which everyone had the opportunity to be heard, including those accused of wrongdoing. We had expert guidance and this process was conducted to the highest standards by an independent firm.

That we have experienced a governance challenge will in the long-run make us stronger, and better able to advise others based on this experience. We will learn from this. And we will change as an organisation. I promise you that this will result in a better Institute of Directors.

I was a member of the IoD myself for 16 years before becoming Director General. I still see myself as a member and I passionately care about the Institute’s future.

I chose to take the position of DG because I believe in the organisation’s mission to promote good corporate governance. Despite the events of the last few days, I still very much believe in this mission. If anything, I now believe it even more.“

Speech continued…


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