Wave energy company Aquamarine Power, which operates in Orkney, has resigned from the CBI (Confederation of British Industry) as a consequence of the CBI registering with the Electoral Commission as part of the No campaign against Scottish independence.

This move by the CBI comes following pressure from the pro-independence group Business For Scotland, which sees it as a significant victory.

Martin McAdam, Chief Executive Officer of wave energy company Aquamarine Power said:

'Businesses do not vote, people vote. The CBI has registered with the Electoral Commission as a NO campaign backer without consultation with its members. As a business Aquamarine Power has been firmly neutral on the matter of independence. We have adopted this view after consultation with our Board and Management Team and as a consequence we can no longer remain members of the CBI. Although Aquamarine Power’s staff and Board Members may have personal views on the matter of independence, this has no influence on our agreed company position.'

Other companies to leave the CBI so far include broadcaster STV and the Balhousie Care Group, as well as the government agencies Scottish Enterprise and Visit Scotland. Select, a body representing over 1,250 electrical companies, has written an open letter urging the CBI to reconsider its position. More companies are expected to re-evaluate their membership of the CBI over the coming week.

The CBI was also opposed to devolution in the 1990s.