Nestle Chairman Criticizes Corporate Philanthropy

Peter Brabeck-Letmathe has been leading the Nestlé Group since 1997, when he was appointed Chief Executive Officer of Nestlé S.A.. In 2001 he also became vice-chairman of the Board. Since April 2005, Peter Brabeck-Letmathe has been Chairman and CEO of Nestlé.

Born in 1944 in Austria, Peter Brabeck-Letmathe graduated from the University of World Trade in Vienna with a degree in Economics. After joining the Nestlé Group in 1968, he spent a significant part of his career in Latin America, moving from sales manager and marketing director in Chile, to head of marketing first in Ecuador and then in Venezuela.
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"Most social problems are extremely complex," Mr. Brabeck says. "You think at first glance you solve a problem here, but the reality is you're just creating another one somewhere else."
The chairman of Nestle told a television interviewer in London that he opposes corporate philanthropy, saying companies should not use shareholders' money in such a way, according to Bloomberg.
Peter Brabeck-Letmathe said Nestle's corporate philanthropy aims at furthering the company's business strategy. The food company's microfinance program gave $27-million to its farmers and suppliers in 2009, Bloomberg reports.
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