Nestle chairman says philanthropy misuses funds
Nestle SA Chairman Peter Brabeck-Letmathe isn’t too keen on corporate philanthropy because it misuses shareholders’ money.
“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.
Follow our coverage on all things food here.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.