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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.
clipped from philanthropy.com
"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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