The nomination of former Dexia CEO Axel Miller to lead the SFPIM, Belgium’s federal state investment company, has ignited a political firestorm, drawing sharp criticism over the appointment of a figure associated with one of the region’s most costly financial collapses. The move, which places the former head of Dexia as the potential leader of the Belgian sovereign fund, has sparked accusations of political patronage and a lack of accountability.
On March 25, 2026, Georges-Louis Bouchez, leader of the liberal MR party, announced the nomination. Bouchez defended the choice, citing Miller’s “extensive experience in the private sector and on the financial markets” as well as his recent tenure as a political chief of staff. According to Bouchez, these qualifications make Miller the ideal candidate to translate government strategy into effective economic management.
However, the appointment is fraught with tension due to Miller’s history. As CEO of Dexia in the early 2000s, Miller was at the helm during the 2008 global financial crisis when the bank collapsed. The subsequent rescue operation required approximately €3 billion in Belgian taxpayer funds to prevent a total failure. The controversy is further amplified by Miller’s intended mandate at the SFPIM: he is tasked with steering the partial privatization of Belfius, the state-owned bank that emerged from the ruins of Dexia’s Belgian operations. The Belgian government decided last year to sell approximately 20% of Belfius’s shares, an operation currently being prepared by the SFPIM.
The backlash from political and academic circles was immediate. Koen Schoors, the deputy chairman of the SFPIM and a Ghent-based economist, has threatened to resign if Miller’s appointment is finalized. Schoors described the nomination as the “sort of tricks you’d expect in a banana republic,” leading to reports that an administrator of the SFPIM would step down following Miller’s nomination. Similarly, Green party MP Meyrem Almaci labeled the proposal “outright perverse,” arguing that a former Dexia chief is fundamentally unfit to oversee the future of Belfius. Almaci has called for the government to reject the nomination and intends to question Finance Minister Jan Jambon on the matter.
The internal friction reflects a broader debate over how state-owned enterprises are managed. In response to the turmoil, the DéFI party has proposed a latest nomination procedure for the leadership of public companies to ensure greater transparency and meritocracy.
Despite the outcry, the government has moved forward. Reports indicate that Axel Miller has been confirmed as the chairman of the SFPIM by the De Wever government. In the face of mounting criticism, Georges-Louis Bouchez has remained defiant, suggesting he is the victim of a “demonization strategy” and stating, “I disturb a series of people who do not think like me.”
The decision to appoint Miller underscores the ongoing tension between the desire for high-level financial expertise and the political necessity of public trust in the management of state assets. As the SFPIM prepares for the Belfius share sale, the leadership transition remains a flashpoint for Belgian economic and political discourse.
