‘No longer tenable for Brits to hold board positions in Russian firms’, IoD argues

The Institute of Directors (IoD) has argued that it is no longer tenable for British citizens to hold board positions in Russian companies.

In a statement today, the IoD said their new stance was prompted by the “shocking and unlawful actions of the Russian Federation” following their invasion of Ukraine, arguing that British board members must “show their commitment to the principles of democracy and national self-determination” by stepping down from such roles.

Jonathan Geldart, director general of the IoD, remarked today: “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 IoD members and wider community, 86 per cent supported the view that all British people should now resign their Russian board mandates.

The Institute has also made the decision to suspend all activities with Russia for the foreseeable future.