The governing Francophone liberals of MR are putting former Dexia CEO Axel Miller forward as chairman of the Belgian state investment company SFPIM. The announcement immediately drew criticism. The investment company’s deputy chair Koen Schoors has even threatened to resign.
Home News
Controversial political appointment: former Dexia CEO Axel Miller proposed as chair of Belgian investment company
Colin Clapson
Published:
MR leader Georges-Louis Bouchez announced the appointment on X yesterday. According to him, Miller’s “extensive experience in the private sector and on the financial markets, combined with his recent background as a political chief of staff”, make him the ideal candidate. Miller earlier served as Bouchez’s chief of staff.
As chair of the SFPIM, Miller will be tasked with helping to steer the partial privatisation of the state-owned bank Belfius. This has attracted comment, as Miller was at the helm of the bank’s Belgian branch – then still known as Dexia – serving as CEO in the early 2000s.
He stepped down at the end of 2008 after Dexia ran into difficulties during the global financial crisis. Keeping the bank afloat required €3 billion of Belgian taxpayers’ money.
The SFPIM is the federal investment company that invests in strategic sectors and companies on behalf of the Belgian state. At the end of last year, the government decided to sell 20 per cent of Belfius’s shares. The SFPIM is currently preparing for this operation.
Deputy chair threatens to resign amid 'Banana Republic' claims
Koen Schoors, vice-chairman of the SFPIM, says he will step down if Miller actually becomes chairman. “What on earth are we doing? These are the sort of tricks you’d expect in a banana republic,” says the Ghent-based economist and professor.
Schoors refers to Axel Miller’s track record, claiming he was partly responsible for the collapse of Dexia, but also caused havoc at VW importer D’Ieteren and investment house Degroof Petercam. “And we’re now going to make someone like that responsible for the government’s investments? I think that as a society we need to say a clear ‘no’.”
According to Schoors, there have been no consultations as yet within the SFPIM regarding Miller’s possible appointment, but his decision is final. “I want nothing to do with it and will resign.”