In an interview with The Daily Telegraph, Jorgen Buhl
Rasmussen said activity by some hedge funds was "value
destructive" and that regulators should look at imposing
controls on a global basis. He warned that such a move would,
however, be "close to impossible".
Warning that Carlsberg would have to raise its prices this year
to cope with poor harvests in Russia and eastern Europe, Mr
Rasmussen also suggested the brewer could introduce a more
radical change to cope with commodity price moves.
"We have to get used to more volatility on commodity prices,
simply based on climate change," he said. "How to manage that in
terms of consumer pricing is a new challenge. We can't have
prices going up and down in line with commodities. Hedging is a
key part of it, but also you maybe need to build in margin to
allow for fluctuation."
Building in profit margin would be likely to hit Carlsberg's
bottom line in the medium term and Rasmussen's willingness to
raise the idea underlines the challenge facing companies hit by
climate change and commodity price volatility.
Carlsberg's chief executive said that while poor harvests were
to blame for some of the recent pricing volatility, speculators
should also shoulder some of the blame.
"It's a combination. The trigger is clearly a bad harvest, but
on top of that you get speculation," he said. "Some of the hedge
funds, especially those short-selling, I do not see as
contributing to value creation. Sometimes it's more
value-destructive for businesses, but also for the
macro-economies.
"That's why we never talk to analysts about how much we've
hedged or not hedged, because that can sometimes trigger even
more speculation," he added.
Mr Rasmussen called for global regulators to study potential
regulations but appeared doubtful that much could be done.
"It's something we should certainly look at, but it has to be
global. And that's why it's so difficult, and close to
impossible."
Carlsberg has set up a centre in Switzerland, staffed with a
"significant number" of experts looking into commodity pricing
trends.
In a wide-ranging interview, Mr Rasmussen also warned against
any move to introduce a minimum price for alcohol in the UK, as
is being considered by the Coalition.
"As a principle, I don't think a minimum price is right. I
don't think politicians should start interfering in a free
market," he said.
