World Economic Forum
The World Economic Forum (WEF) is an international non-governmental organization based in Cologny, Canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineer Klaus Schwab.
"WEF" redirects here. For other uses, see WEF (disambiguation).Formation
24 January 1971
Influencing global agendas & decision making, lobbying for public-private cooperation
Cologny, Switzerland
Worldwide
English
Klaus Schwab
European Management Forum
The foundation's stated mission is "improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas".[1] The Forum states that the world is best managed by a self-selected coalition of multinational corporations, governments and civil society organizations (CSOs),[2] which it expresses through initiatives like the "Great Reset"[3] and the "Global Redesign".[4]
The foundation is mostly funded by its 1,000 member multi-national companies.[5]
The WEF is mostly known for its annual meeting at the end of January in Davos, a mountain resort in the eastern Alps region of Switzerland. The meeting brings together some 3,000 paying members and selected participants – among whom are investors, business leaders, political leaders, economists, celebrities and journalists – for up to five days to discuss global issues across 500 sessions.
Aside from Davos, the organization convenes regional conferences. It produces a series of reports, engages its members in sector-specific initiatives[6] and provides a platform for leaders from selected stakeholder groups to collaborate on projects and initiatives.[7]
The World Economic Forum and its annual meeting in Davos have received criticism over the years, including allegations of the organization's corporate capture of global and democratic institutions, institutional whitewashing initiatives, the public cost of security, the organization's tax-exempt status, unclear decision processes and membership criteria, a lack of financial transparency, and the environmental footprint of its annual meetings.
Controversies[edit]
Davos municipality[edit]
In June 2021, WEF founder Klaus Schwab sharply criticised what he characterized as the "profiteering", "complacency" and "lack of commitment" by the municipality of Davos in relation to the annual meeting. He mentioned that the preparation of the COVID-related meeting in Singapore in 2021/2022[180] had created an alternative to its Swiss host and sees the chance that the annual meeting will stay in Davos between 40 and 70 per cent.[181][182]
Usage of "Davos"[edit]
As there are many other international conferences nicknamed with "Davos" such as the "Davos of the Desert" event organised by Saudi Arabia's Future Investment Initiative Institute,[183] the World Economic Forum objected to the use of "Davos" in such contexts for any event not organised by them.[184][185][186][183] This particular statement was issued on 22 October 2018, a day before the opening of 2018 Future Investment Initiative (nicknamed "Davos in the desert") organised by the Public Investment Fund of Saudi Arabia.[185][186][183]
Alternatives[edit]
Open Forum Davos[edit]
Since the annual meeting in January 2003 in Davos, an Open Forum Davos,[187] which was co-organized by the Federation of Swiss Protestant Churches, is held concurrently with the Davos forum, opening up the debate about globalization to the general public. The Open Forum has been held in the local high school every year, featuring top politicians and business leaders. It is open to all members of the public free of charge.[188][189]
Public Eye Awards[edit]
The Public Eye Awards have been held every year since 2000. It is a counter-event to the annual meeting of the World Economic Forum (WEF) in Davos. Public Eye Awards is a "public competition of the worst corporations in the world." In 2011, more than 50,000 people voted for companies that acted irresponsibly. At a ceremony at a Davos hotel, the "winners" in 2011 were named as Indonesian palm oil diesel maker, Neste Oil in Finland, and mining company AngloGold Ashanti in South Africa.[190] According to Schweiz aktuell broadcast on 16 January 2015, a public presence during the WEF 2015, may not be guaranteed because the massively increased security in Davos. The Public Eye Award will be awarded for the last time in Davos: "Public Eyes says Goodbye to Davos", confirmed by Rolf Marugg (now Landrats politician), by not directly engaged politicians, and by the police responsible.[191]
