The Confederation of British Industry has suspended all membership and policy activity until June following allegations of rape and sexual misconduct.

Corporations quit the membership body in droves following Guardian reports which detailed accusations by more than a dozen women against men at the CBI, including two rapes. The police are investigating misconduct allegations against CBI managers, while it has passed details of the latest rape allegation to police.

The CBI, founded by royal charter in 1965 and which claimed to represent 190,000 businesses – 1,500 of them directly – prior to the exodus, will hold an extraordinary meeting in June at which members will vote on its future and purpose.

Over the last three days more than 50 companies cut ties – including Accenture, Arup, Aviva, BMW, Fidelity International, Jaguar Land Rover, Kingfisher, Phoenix Group, Sage, Tesco and Virgin Media O2 – as well as the Labour Party.

Last week, the City of London police began investigating a series of misconduct allegations made by over a dozen women towards CBI managers.

The future of its more than 300 staff is now uncertain.

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“The CBI shares the shock and revulsion at the events that have taken place in our organisation, and at past failures that allowed these events to happen. We are deeply sorry and express our profound regret to the women who have endured these horrific experiences,” the CBI stated.

“We have listened carefully to what our colleagues, members and stakeholders have said over recent days and weeks. We have heard loud and clear a demand for far-reaching change.

“This work and the cultural reform will be the entire and urgent focus of the organisation over the coming weeks.

“We are taking steps to address our failings but recognise these are not yet sufficient to sustain the confidence of our colleagues, members and of the broader business community.

“We know it will take time to rebuild trust in our purpose and culture. And to give our team and former colleagues the space to heal.”

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