Nestle chairman says philanthropy misuses funds

Nestle SA Chairman Peter Brabeck-Letmathe isn't too keen on corporate philanthropy because it misuses shareholders' money.

From Bloomberg:

"I'm personally very much against corporate philanthropy," Brabeck said in a television interview in London. "You shouldn't do good with money which doesn't belong to you. What you do with your own money, this is absolutely fine." Nestle's strategy in corporate and social responsibility focuses on areas that are key to its own business strategy and that boost shareholder value as well as helping society, 65- year-old Brabeck said.

Brabeck-Letmathe said the government, business and civic groups should take the lead on philanthropy. The Switzerland-based company said its main areas of action include boosting productivity, reducing use of water and creating products that are more nutritious.

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Daryl Paranada is the associate web producer for Marketplace overseeing all daily website content and production, as well as producing multimedia features -- including the popular economic explainer series Whiteboard -- and special projects. Follow him on Twitter @darylparanada.

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