He then founded the WEF as a nonprofit organization based in Geneva and drew European business leaders to Davos for the annual meetings each January. In February 1971, Schwab invited 450 executives from Western European firms to the first European Management Symposium held in the Davos Congress Centre under the patronage of the European Commission and European industrial associations, where Schwab sought to introduce European firms to American management practices. First named the European Management Forum, it changed its name to the World Economic Forum in 1987 and sought to broaden its vision to include providing a platform for resolving international conflicts. The WEF was founded in 1971 by Klaus Schwab, a business professor at the University of Geneva.
The WEF has also been the target of conspiracy theories. As a reaction to criticism within Swiss society, the Swiss federal government decided in February 2021 to reduce its annual contributions to the WEF. The World Economic Forum and its annual meeting in Davos have received criticism over the years, including the organization's corporate capture of global and democratic institutions, its 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.
NEW WORLD FORUM WINDOWS
It sees periods of global instability – such as the financial crisis of 2007–2008 and the COVID-19 pandemic – as windows of opportunity to intensify its programmatic efforts. The Forum suggests that a globalised world is best managed by a self-selected coalition of multinational corporations, governments and civil society organizations (CSOs), which it expresses through initiatives like the " Great Reset" and the "Global Redesign".
NEW WORLD FORUM SERIES
It furthermore produces a series of reports, engages its members in sector-specific initiatives and provides a platform for leaders from selected stakeholder groups to collaborate on multiple projects and initiatives. Next to Davos, the organization convenes regional conferences in locations across Africa, East Asia, Latin America, and India and holds two additional annual meetings in China and the United Arab Emirates. 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. 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 foundation, which is mostly funded by its 1,000 member companies – typically global enterprises with more than five billion US dollars in turnover – as well as public subsidies, views its own mission as "improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas".
It was founded on 24 January 1971 by German engineer and economist Klaus Schwab. The World Economic Forum ( WEF) is an international non-governmental and lobbying organisation based in Cologny, canton of Geneva, Switzerland.
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