Following is a letter sent to the Editor of the Financial Times.
Sir/Madam,
Rolf Breuer has been spending more time on the golf course this year, after having been ousted as Chairman of Deutsche Börse, (“Playing more golf after a tough year” FT December 21), although as Chairman of the Deutsche Bank supervisory board, I imagine that he is quite busy right now, with Josef Ackermann his CEO, being retried on the Mannesmann trial and the world awaiting his announcement on his possible resignation. It looks like Rolf Breuer will handle this situation as he has all his other roles.
If he sits on over 60 boards of charities and arts groups, in addition to his corporate responsibilities good governance is the loser. He has no time to provide governance of any sort, let alone good governance.
I would suggest that shareholders in the companies where he is on the Board, both corporate and charitable show Mr. Breuer the door. His presence on so many boards can only be of interest to them for the theoretical prestige he confers.
For him, the ability to waltz in may make him feel important but he should execute a final act of good governance and go.
Onésimo Alvarez-Moro
See article: Playing more golf after a tough year
Rolf Breuer has never been far from the heart of German capitalism and its drama. But the past year has been the most eventful in his long career.
Twelve months ago, he was riding high - as non-executive chairman of Deutsche Börse, as it prepared to acquire the London Stock Exchange; in the same role at Deutsche Bank, as it cemented its position as Germany's biggest and most successful bank; and as president of Germany's powerful banking association, the Bundesverband deutscher Banken.
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