Chief executives should not use shareholders' money for philanthropy, says Nestle Chairman Peter Brabeck-Letmathe, who instead focuses the world's biggest food maker on making money by doing good.
The growing corporate trend has been dubbed 'creating shared value' and Nestle now publishes an annual progress report on goals such as increasing the nutritional value of products and reducing its use of water and quantity of greenhouse gas emissions.
Brabeck spoke about the concept at the Council on Foreign Relations in New York last week. He said Nestle concentrates its efforts on rural development, water and nutrition. 'Creating shared value has a big attractiveness because it really takes into consideration the interests of both sides (business and society),' Brabeck told Reuters on Tuesday. 'We have integrated this now into the purpose of our company.
Read more at Reuters
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