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World Economic Forum

December 27, 2022

"WEF" redirects here. For other uses, see WEF (disambiguation).

The World Economic Forum (WEF) is an international non-governmental and lobbying organisation[1] based in Cologny, canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineer and economist Klaus Schwab. 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".[2]

World Economic Forum
Headquarters in Cologny, Switzerland
FormationJanuary 1971; 51 years ago (1971-01)
FounderKlaus Schwab
TypeInternational NGO, lobbying organisation
Legal statusFoundation
PurposeDirectly influencing global agendas & decision making, lobbying for public-private cooperation
HeadquartersCologny, Switzerland
Region served
Worldwide
Official language
English
Klaus Schwab
President
Børge Brende
Websitewww.weforum.org
Formerly called
European Management Forum

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.

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. It furthermore produces a series of reports, engages its members in sector-specific initiatives[3] and provides a platform for leaders from selected stakeholder groups to collaborate on projects and initiatives.[4]

The Forum suggests that a globalised world is best managed by a self-selected coalition of multinational corporations, governments and civil society organizations (CSOs),[5][6] which it expresses through initiatives like the "Great Reset"[7] and the "Global Redesign".[8][9]

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. 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 WEF has also been the target of conspiracy theories.[10]

Klaus Schwab, founder and executive chairman, World Economic Forum

History

 
Professor Klaus Schwab opens the inaugural European Management Forum in Davos in 1971.
 
F. W. de Klerk and Nelson Mandela shake hands at the annual meeting of the World Economic Forum held in Davos in January 1992.
 
Henry Kissinger with former USSR leaders at the WEF Annual Meeting 1992
 
Børge Brende, managing director and current president of the World Economic Forum, at the opening press conference in 2008 in Cape Town, South Africa

The WEF was founded in 1971 by Klaus Schwab, a business professor at the University of Geneva.[11] 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.[12]

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.[13] 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.[14]

The second European Management Forum, in 1972, was the first meeting at which one of the speakers at the forum was a head of government, President Pierre Werner of Luxembourg.[15]

Events in 1973, including the collapse of the Bretton Woods fixed-exchange rate mechanism and the Yom Kippur War, saw the annual meeting expand its focus from management to economic and social issues, and, for the first time, political leaders were invited to the annual meeting in January 1974.[16]

Through the forum's first decade, it maintained a playful atmosphere, with many members skiing and participating in evening events. Appraising the 1981 event, one attendee noted that "the forum offers a delightful vacation on the expense account."[17]

Political leaders soon began to use the annual meeting as venue for promoting their interests. The Davos Declaration was signed in 1988 by Greece and Turkey, helping them turn back from the brink of war. In 1992, South African President F. W. de Klerk met with Nelson Mandela and Chief Mangosuthu Buthelezi at the annual meeting, their first joint appearance outside South Africa. At the 1994 annual meeting, Israeli Foreign Minister Shimon Peres and PLO chairman Yasser Arafat reached a draft agreement on Gaza and Jericho.[18]

In October 2004, the World Economic Forum gained attention through the resignation of its CEO[19] and executive director José María Figueres over the undeclared receipt of more than US$900,000 in consultancy fees from the French telecommunications firm Alcatel.[20] Transparency International had highlighted this incident in their Global Corruption Report in 2006.[21]

In January 2006, the WEF published an article in its Global Agenda magazine titled "Boycott Israel", which was distributed to all 2,340 participants of the Annual Meeting.[22] Following the publication, Klaus Schwab described the publication as "an unacceptable failure in the editorial process".[23]

In late 2015, the invitation was extended to include a North Korean delegation for the 2016 WEF, "in view of positive signs coming out of the country", the WEF organizers noted. North Korea has not been attending the WEF since 1998. The invitation was accepted.[24] However, WEF revoked the invitation on 13 January 2016, after the 6 January 2016 North Korean nuclear test, and the country's attendance was made subject to "existing and possible forthcoming sanctions".[25][26] Despite protests by North Korea calling the decision by the WEF managing board a "sudden and irresponsible" move, the WEF committee maintained the exclusion because "under these circumstances there would be no opportunity for international dialogue".[27]

In 2017, the WEF in Davos attracted considerable attention when, for the first time, a head of state from the People's Republic of China was present at the alpine resort. With the backdrop of Brexit, an incoming protectionist US administration and significant pressures on free trade zones and trade agreements, Paramount leader Xi Jinping defended the global economic scheme, and portrayed China as a responsible nation and a leader for environmental causes. He sharply rebuked the current populist movements that would introduce tariffs and hinder global commerce, warning that such protectionism could foster isolation and reduced economic opportunity.[28]

In 2018, Indian Prime Minister Narendra Modi gave the plenary speech, becoming the first head of government from India to deliver the inaugural keynote for the annual meet at Davos. Modi highlighted global warming (climate change), terrorism and protectionism as the three major global challenges, and expressed confidence that they can be tackled with collective effort.[29]

In 2019, Brazilian President Jair Bolsonaro gave the keynote address at the plenary session of the conference. On his first international trip to Davos, he emphasized liberal economic policies despite his populist agenda, and attempted to reassure the world that Brazil is a protector of the rain forest while utilizing its resources for food production and export. He stated that "his government will seek to better integrate Brazil into the world by mainstreaming international best practices, such as those adopted and promoted by the OECD".[30] Environmental concerns like extreme weather events, and the failure of climate change mitigation and adaptation were among the top-ranking global risks expressed by WEF attendees.[31]

The 2021 World Economic Forum was due to be held from 17 to 20 August in Singapore.[32][33][34] However, on 17 May the Forum was cancelled; with a new meeting to take place in the first half of 2022 instead with a final location and date to be determined later in 2021.[35]

In late December 2021, the World Economic Forum said in a release that pandemic conditions had made it extremely difficult to stage a global in-person meeting the following month; transmissibility of the SARS-CoV-2 Omicron variant and its impact on travel and mobility had made deferral necessary.[36] In early 2022, the annual meeting in Davos was rescheduled for 22 to 26 May 2022. Its themes include the Russo-Ukrainian War, climate change, energy insecurity and inflation. Ukraine's president Volodymyr Zelenskyy gave a special address at the meeting,[37] thanking the global community for its efforts but also calling for more support.[38] The 2022 Forum was marked by the absence of a Russian delegation for the first time since 1991, which The Wall Street Journal described as signalling the "unraveling of globalization."[39][40] The former Russia House was used to present Russia's war crimes.[41]

Organization

Headquartered in Cologny, the WEF also has offices in New York, Beijing and Tokyo. In January 2015, it was designated an NGO with "other international body" status by the Swiss Federal Government under the Swiss Host-State Act.[42]

On 10 October 2016, the WEF announced the opening of its new Center for the Fourth Industrial Revolution in San Francisco. According to the WEF, the center will "serve as a platform for interaction, insight and impact on the scientific and technological changes that are changing the way we live, work and relate to one another".[43]

The World Economic Forum claims to be impartial and that it is not tied to any political, partisan, or national interests. Until 2012, it had observer status with the United Nations Economic and Social Council, when it was revoked; it is under the supervision of the Swiss Federal Council. The foundation's highest governance body is the foundation board.[44]

The managing board is chaired by the WEF's president, Børge Brende, and acts as the executive body of the World Economic Forum. Managing board members are Børge Brende, Julien Gattoni, Jeremy Jurgens, Adrian Monck, Sarita Nayyar, Olivier M. Schwab, Saadia Zahidi, and Alois Zwinggi.[45]

Board of trustees

The WEF is chaired by founder and executive chairman Professor Klaus Schwab and is guided by a board of trustees that is made up of leaders from business, politics, academia and civil society. In 2010 the board was composed of: Josef Ackermann, Peter Brabeck-Letmathe, Kofi Annan, Victor L. L. Chu, Tony Blair, Michael S. Dell, Niall FitzGerald, Susan Hockfield, Orit Gadiesh, Christine Lagarde, Carlos Ghosn, Maurice Lévy, Rajat Gupta, Indra Nooyi, Peter D. Sutherland, Ivan Pictet, Heizo Takenaka, Ernesto Zedillo Ponce de Leon, Joseph P. Schoendorf, H.M. Queen Rania Al Abdullah.[12] Members of the board of trustees (past or present) include: Mukesh Ambani, Marc Benioff, Peter Brabeck-Letmathe, Mark Carney, Laurence D. Fink, Chrystia Freeland, Orit Gadiesh, Fabiola Gianotti, Al Gore, Herman Gref, José Ángel Gurría, André Hoffmann, Christine Lagarde, Ursula von der Leyen, Jack Ma, Yo-Yo Ma, Peter Maurer, Luis Alberto Moreno, Muriel Pénicaud, H.M. Queen Rania Al Abdullah of the Hashemite Kingdom of Jordan, L. Rafael Reif, David M. Rubenstein, Mark Schneider, Klaus Schwab, Tharman Shanmugaratnam, Jim Hagemann Snabe, Feike Sijbesma, Heizo Takenaka, Zhu Min.[46][47]

Membership

The foundation is funded by its 1,000 member companies, typically global enterprises with more than five billion dollars in turnover (varying by industry and region). These enterprises rank among the top companies within their industry and/or country and play a leading role in shaping the future of their industry and/or region. Membership is stratified by the level of engagement with forum activities, with the level of membership fees increasing as participation in meetings, projects, and initiatives rises.[48] In 2011, an annual membership cost $52,000 for an individual member, $263,000 for "Industry Partner" and $527,000 for "Strategic Partner". An admission fee costs $19,000 per person.[49] In 2014, WEF raised annual fees by 20 percent, bringing the cost for "Strategic Partner" from CHF 500,000 ($523,000) to CHF 600,000 ($628,000).[50]

Activities

Annual meeting in Davos

 
A sports shop has turned into a temporary informal reception location "Caspian week", WEF 2018.

The flagship event of the World Economic Forum is the invitation-only annual meeting held at the end of January in Davos, Switzerland, bringing together chief executive officers from its 1,000 member companies, as well as selected politicians, representatives from academia, NGOs, religious leaders, and the media in an alpine environment. The winter discussions ostensibly focus around key issues of global concern (such as the globalization, capital markets, wealth management, international conflicts, environmental problems and their possible solutions).[3][51] The participants also take part in role playing events, such as the Investment Heat Map.[52] Informal winter meetings may have led to as many ideas and solutions as the official sessions.[53]

At the 2018 annual meeting, more than 3,000 participants from nearly 110 countries participated in over 400 sessions. Participation included more than 340 public figures, including more than 70 heads of state and government and 45 heads of international organizations; 230 media representatives and almost 40 cultural leaders were represented.[54]

As many as 500 journalists from online, print, radio, and television take part, with access to all sessions in the official program, some of which are also webcast.[55] Not all the journalists are given access to all areas, however. This is reserved for white badge holders. "Davos runs an almost caste-like system of badges", according to BBC journalist Anthony Reuben. "A white badge means you're one of the delegates – you might be the chief executive of a company or the leader of a country (although that would also get you a little holographic sticker to add to your badge), or a senior journalist. An orange badge means you're just a run-of-the-mill working journalist."[56] All plenary debates from the annual meeting also are available on YouTube[57] while photographs are available on Flickr.[58][59]

Overview of past annual meetings
Year Dates Theme
1988 The new state of the world economy
1989 Key developments in the 90s: implications for global business
1990 Competitive cooperation in a decade of turbulence
1991 The new direction for global leadership
1992 Global cooperation and megacompetition
1993 Rallying all the forces for global recovery
1994 Redefining the basic assumptions of the world economy
1995 Leadership for challenges beyond growth
1996 Sustaining globalization
1997 Building the network society
1998 Managing volatility and priorities for the 21st century
1999 Responsible globality: managing the impact of globalization
2000 New beginnings: making a difference
2001 25–30 January Sustaining growth and bridging the divides: a framework for our global future
2002 31 January – 4 February Leadership in fragile times (held in New York instead of Davos)
2003 21–25 January Building trust
2004 21–25 January Partnering for security and prosperity
2005 26–30 January Taking responsibility for tough choices
2006 25–29 January The creative imperative[60]
2007 24–28 January Shaping the global agenda, the shifting power equation
2008 23–27 January The power of collaborative innovation
2009 28 January – 1 February Shaping the post-crisis world
2010 27–30 January Improve the state of the world: rethink, redesign, rebuild
2011 26–30 January Shared norms for the new reality
2012 25–29 January The great transformation: shaping new models
2013 23–27 January Resilient dynamism[61]
2014 22–25 January The reshaping of the world: consequences for society, politics and business
2015 21–24 January New global context
2016 20–23 January Mastering the fourth industrial revolution
2017 17–20 January Responsive and responsible leadership
2018 23–26 January Creating a shared future in a fractured world
2019 22–25 January Globalization 4.0: shaping a global architecture in the age of the fourth industrial revolution
2020 20–24 January Stakeholders for a cohesive and sustainable world[citation needed]
2021 17–20 August canceled as a result of COVID-19 pandemic
2022 22–26 May History at a Turning Point: Government Policies and Business Strategies[62]

Individual participants

 
Juan Manuel Santos, president of Colombia, at the 2010 World Economic Forum

Some 3,000 individual participants joined the 2020 annual meeting in Davos. Countries with the most attendees include the United States (674 participants), the United Kingdom (270), Switzerland (159), Germany (137) and India (133).[63] Among the attendees were heads of state or government, cabinet ministers, ambassadors, heads or senior officials of international organizations) attended the annual meeting, including: Sanna Marin (prime minister of Finland), Ursula von der Leyen (president of the European Commission), Christine Lagarde (ECB president), Greta Thunberg (climate activist), Ren Zhengfei (Huawei Technologies founder), Kristalina Georgieva (managing director of the IMF), Deepika Padukone (Bollywood actress), George Soros (investor) and Donald Trump (president of the United States).[64]

An analysis by The Economist from 2014 found that the vast majority of participants are male and more than 50 years old. Careers in business account for most of the participants' backgrounds (1,595 conference attendees), with the remaining seats shared between government (364), NGOs (246) and press (234). Academia, which had been the basis of the first annual conference in 1971, had been marginalised to the smallest participant group (183 attendees).[65]

Corporate participants

Next to individual participants, the World Economic Forum maintains a dense network of corporate partners that can apply for different partnership ranks within the forum.[66] For 2019, Bloomberg has identified a total of 436 listed corporates that participated in the Annual Meeting while measuring a stock underperformance by the Davos participants of around -10% versus the S&P 500 during the same year. Drivers are among others an overrepresentation of financial companies and an underrepresentation of fast-growing health care and information technology businesses at the conference.[67] The Economist had found similar results in an earlier study, showing an underperformance of Davos participants against both the MSCI World Index and the S&P 500 between 2009 and 2014.[65]

Summer annual meeting

In 2007, the foundation established the Annual Meeting of the New Champions (also called Summer Davos), held annually in China, alternating between Dalian and Tianjin, bringing together 1,500 participants from what the foundation calls Global Growth Companies, primarily from rapidly growing emerging countries such as China, India, Russia, Mexico, and Brazil, but also including quickly growing companies from developed countries. The meeting also engages with the next generation of global leaders from fast-growing regions and competitive cities, as well as technology pioneers from around the globe.[68] The Premier of China has delivered a plenary address at each annual meeting.[citation needed]

Regional meetings

 
Prithviraj Chavan, chief minister of Maharashtra, India; Sudha Pilay, member-secretary, Planning Commission, India; and Ben Verwaayen, chief executive officer, Alcatel-Lucent, France, were the co-chairs of the India Economic Summit 2011 in Mumbai.
 
Felipe Calderón, President of Mexico, at the 2007 annual meeting of the World Economic Forum

Every year regional meetings take place, enabling close contact among corporate business leaders, local government leaders, and NGOs. Meetings are held in Africa, East Asia, Latin America, and the Middle East. The mix of hosting countries varies from year to year, but consistently China and India have hosted throughout the decade since 2000.[69]

Young Global Leaders

The group of Young Global Leaders[70] consists of 800 people chosen by the WEF organizers as being representative of contemporary leadership, "coming from all regions of the world and representing all stakeholders in society", according to the organization. After five years of participation they are considered alumni.

Social entrepreneurs

Since 2000, the WEF has been promoting models developed by those in close collaboration with the Schwab Foundation for Social Entrepreneurship,[71] highlighting social entrepreneurship as a key element to advance societies and address social problems.[72][73] Selected social entrepreneurs are invited to participate in the foundation's regional meetings and the annual meetings where they may meet chief executives and senior government officials. At the Annual Meeting 2003, for example, Jeroo Billimoria met with Roberto Blois, deputy secretary-general of the International Telecommunication Union, an encounter that produced a key partnership for her organization Child helpline international.[74]

Research reports

 
Two-time Academy Award winner, Pakistani journalist Sharmeen Obaid-Chinoy at WEF in 2013

The foundation also acts as a think tank, publishing a wide range of reports. In particular, "Strategic Insight Teams" focus on producing reports of relevance in the fields of competitiveness, global risks, and scenario thinking.

The "Competitiveness Team"[75] produces a range of annual economic reports (first published in brackets): the Global Competitiveness Report (1979) measured competitiveness of countries and economies; The Global Information Technology Report (2001) assessed their competitiveness based on their IT readiness; the Global Gender Gap Report examined critical areas of inequality between men and women; the Global Risks Report (2006) assessed key global risks; the Global Travel and Tourism Report (2007) measured travel and tourism competitiveness; the Financial Development Report (2008)[76] aimed to provide a comprehensive means for countries to establish benchmarks for various aspects of their financial systems and establish priorities for improvement; and the Global Enabling Trade Report (2008) presented a cross-country analysis of the large number of measures facilitating trade among nations.[77]

The "Risk Response Network"[78] produces a yearly report assessing risks which are deemed to be within the scope of these teams, have cross-industry relevance, are uncertain, have the potential to cause upwards of US$10 billion in economic damage, have the potential to cause major human suffering, and which require a multi-stakeholder approach for mitigation.[79]

In 2020, the forum published a report named: "Nature Risk Rising". In this report the forum estimated that approximately half of the global GDP is dependent highly or moderately on nature and 1 dollar spent on nature restoration yields 9 dollars in profit.[80][81]

Initiatives

Health

The Global Health Initiative was launched by Kofi Annan at the annual meeting in 2002. The GHI's mission was to engage businesses in public-private partnerships to tackle HIV/AIDS, tuberculosis, malaria, and health systems.[citation needed]

The Global Education Initiative (GEI), launched during the annual meeting in 2003, brought together international IT companies and governments in Jordan, Egypt, and India[82] that has resulted in new personal computer hardware being available in their classrooms and more local teachers trained in e-learning. The GEI model, which is scalable and sustainable, now is being used as an educational blueprint in other countries including Rwanda.

On 19 January 2017 the Coalition for Epidemic Preparedness Innovations (CEPI), a global initiative to fight epidemics, was launched at WEF in Davos. The internationally funded initiative aims at securing vaccine supplies for global emergencies and pandemics, and to research new vaccines for tropical diseases, that are now more menacing. The project is funded by private and governmental donors, with an initial investment of US$460m from the governments of Germany, Japan and Norway, plus the Bill & Melinda Gates Foundation and the Wellcome Trust.[83]

2020 meeting

Between 21 and 24 January 2020, at the early stages of the COVID-19 outbreak, CEPI met with leaders from Moderna to establish plans for a COVID-19 vaccine at the Davos gathering,[84] with a total global case number of 274 and total loss of life the virus at 16.[85]

The WHO declared a global health emergency 6 days later.[86]

Society

The Water Initiative brings together diverse stakeholders such as Alcan Inc., the Swiss Agency for Development and Cooperation, USAID India, UNDP India, Confederation of Indian Industry (CII), Government of Rajasthan, and the NEPAD Business Foundation to develop public-private partnerships on water management in South Africa and India.

In an effort to combat corruption, the Partnering Against Corruption Initiative (PACI) was launched by CEOs from the engineering and construction, energy and metals, and mining industries at the annual meeting in Davos during January 2004. PACI is a platform for peer exchange on practical experience and dilemma situations. Approximately 140 companies have joined the initiative.[87]

Environment

Further information: Business action on climate change

In the beginning of the 21st century, the forum began to increasingly deal with environmental issues.[88] In the Davos Manifesto 2020 it is said that a company among other:

  • "acts as a steward of the environmental and material universe for future generations. It consciously protects our biosphere and champions a circular, shared and regenerative economy."
  • "responsibly manages near-term, medium-term and long-term value creation in pursuit of sustainable shareholder returns that do not sacrifice the future for the present."
  • "is more than an economic unit generating wealth. It fulfils human and societal aspirations as part of the broader social system. Performance must be measured not only on the return to shareholders, but also on how it achieves its environmental, social and good governance objectives."[89]

The Environmental Initiative covers climate change and water issues. Under the Gleneagles Dialogue on Climate Change, the U.K. government asked the World Economic Forum at the G8 Summit in Gleneagles in 2005 to facilitate a dialogue with the business community to develop recommendations for reducing greenhouse gas emissions. This set of recommendations, endorsed by a global group of CEOs, was presented to leaders ahead of the G8 Summit in Toyako, Hokkaido, Japan held in July 2008.[90][91]

In 2016 WEF published an article in which it is said, that in some cases reducing consumption can increase well-being. In the article is mentioned that in Costa Rica the GDP is 4 times smaller than in many countries in Western Europe and North America, but people live longer and better. An American study shows that those whose income is higher than $75,000, do not necessarily have an increase in well-being. To better measure well-being, the New Economics Foundation's launched the Happy Planet Index.[92]

In January 2017, WEF launched the Platform for Accelerating the Circular Economy (PACE), which is a global public private partnership seeking to scale circular economy innovations.[93][94] PACE is co-chaired by Frans van Houten (CEO of Philips), Naoko Ishii (CEO of the Global Environment Facility, and the head of United Nations Environment Programme (UNEP).[95] The Ellen MacArthur Foundation, the International Resource Panel, Circle Economy, Chatham House, the Dutch National Institute for Public Health and the Environment, the United Nations Environment Programme and Accenture serve as knowledge partners, and the program is supported by the UK Department for Environment, Food and Rural Affairs, DSM, FrieslandCampina, Global Affairs Canada, the Dutch Ministry of Infrastructure and Water Management, Rabobank, Shell, SITRA, and Unilever.[96]

The Forum emphasized its 'Environment and Natural Resource Security Initiative' for the 2017 meeting to achieve inclusive economic growth and sustainable practices for global industries. With increasing limitations on world trade through national interests and trade barriers, the WEF has moved towards a more sensitive and socially-minded approach for global businesses with a focus on the reduction of carbon emissions in China and other large industrial nations.[97]

Also in 2017, WEF launched the Fourth Industrial Revolution (4IR) for the Earth Initiative, a collaboration among WEF, Stanford University and PwC, and funded through the Mava Foundation.[98] In 2018, WEF announced that one project within this initiative was to be the Earth BioGenome Project, the aim of which is to sequence the genomes of every organism on Earth.[99]

The World Economic Forum is working to eliminate plastic pollution, stating that by 2050 it will consume 15% of the global carbon budget and will pass by its weight fishes in the world's oceans. One of the methods is to achieve circular economy.[100][101]

The theme of the 2020 World Economic Forum annual meeting was 'Stakeholders for a Cohesive and Sustainable World'. Climate change and sustainability were central themes of discussion. Many argued that GDP is failed to represent correctly the wellbeing and that fossil fuel subsidies should be stopped. Many of the participants said that a better capitalism is needed. Al Gore summarized the ideas in the conference as: "The version of capitalism we have today in our world must be reformed".[102]

In this meeting the World Economic Forum:

  • Launched the Trillion Tree Campaign an initiative aiming to "grow, restore and conserve 1 trillion trees over the next 10 years around the world - in a bid to restore biodiversity and help fight climate change". Donald Trump joined the initiative. The forum stated that: "Nature-based solutions – locking-up carbon in the world’s forests, grasslands and wetlands – can provide up to one-third of the emissions reductions required by 2030 to meet the Paris Agreement targets," adding that the rest should come from the heavy industry, finance and transportation sectors. One of the targets is to unify existing reforestation projects[103]
  • Discussed the issue of climate change and called to expanding renewable energy, energy efficiency change the patterns of consumption and remove carbon from the atmosphere. The forum claimed that the climate crisis will become a climate apocalypse if the temperature will rise by 2 degrees. The forum called to fulfill the commitments in Paris Agreement. Jennifer Morgan, the executive director of Greenpeace, said that as to the beginning of the forum, fossil fuels still get three times more money than climate solutions.[104]

At the 2021 annual meeting UNFCCC launched the 'UN Race-to-Zero Emissions Breakthroughs'. The aim of the campaign is to transform 20 sectors of the economy in order to achieve zero greenhouse gas emissions. At least 20% of each sector should take specific measures, and 10 sectors should be transformed before COP 26 in Glasgow. According to the organizers, 20% is a tipping point, after which the whole sector begins to irreversibly change.[105][106]

Coronavirus and green recovery

In April 2020, the forum published an article that postulates that the COVID-19 pandemic is linked to the destruction of nature. The number of emerging diseases is rising and this rise is linked to deforestation and species loss. In the article, there are multiple examples of the degradation of ecological systems caused by humans. It is also says that half of the global GDP is moderately or largely dependent on nature. The article concludes that the recovery from the pandemic should be linked to nature recovery.[80]

The forum proposed a plan for a green recovery. The plan includes advancing circular economy. Among the mentioned methods, there is green building, sustainable transport, organic farming, urban open space, renewable energy and electric vehicles.[107]

Global Future Councils

The Network of Global Future Councils meets annually in the United Arab Emirates and virtually several times a year.[108] The second WEF annual meeting was held in Dubai in November 2017, when there were 35 distinct councils focused on a specific issue, industry or technology.[109] In 2017 members met with representatives and partners of WEF's new Center for the Fourth Industrial Revolution.[110] Ideas and proposals are taken forward for further discussion at the World Economic Forum Annual Meeting in Davos-Klosters in January.[109]

Global Shapers Community

The Global Shapers Community, an initiative of World Economic Forum, selects young leaders below 30 years old based on their achievement and potential to be change agents in the world.[111] Global Shapers develop and lead their city-based hubs to implement social justice projects that advance the mission of World Economic Forum. Some critics see the WEF's increasing focus on activist areas such as environmental protection[112] and social entrepreneurship[113] as a strategy to disguise the true plutocratic goals of the organisation.[114][115][116]

Future of work

In regards to the future of work, the 2020 WEF set the goal of providing better jobs, access to higher quality education and skills to 1 billion people by 2030.[117]

The Great Reset

Main article: The Great Reset

In May 2020, the WEF and the Prince of Wales's Sustainable Markets Initiative launched "The Great Reset" project, a five-point plan to enhance sustainable economic growth following the global recession caused by the COVID-19 pandemic lockdowns.[118] "The Great Reset" was to be the theme of WEF's Annual Meeting in August 2021.[119]

According to forum founder Schwab, the intention of the project is to reconsider the meaning of capitalism and capital. While not abandoning capitalism, he proposes to change and possibly move on from some aspects of it, including neoliberalism and free-market fundamentalism. The role of corporations, taxation and more should be reconsidered. International cooperation and trade should be defended and the Fourth Industrial Revolution also.[120][121]

The forum defines the system that it wants to create as "Stakeholder Capitalism". The forum support Trade unions.[122]

Criticism

Physical protests

 
Protest march against the WEF in Basel, 2006

During the late 1990s, the WEF, as well as the G7, World Bank, World Trade Organization, and International Monetary Fund, came under heavy criticism by anti-globalization activists who claimed that capitalism and globalization were increasing poverty and destroying the environment. In 2000, about 10,000 demonstrators disrupted a regional WEF meeting in Melbourne, by obstructing the path of 200 delegates.[123] Small demonstrations are held in Davos on most but not all years, organised by the local Green Party (see Anti-WEF protests in Switzerland, January 2003) to protest against what have been called the meetings of "fat cats in the snow", a tongue-in-cheek term used by rock singer Bono.[124]

After 2014, the physical protest movement against the World Economic Forum largely died down, and Swiss police noted a significant decline in attending protesters, 20 at most during the meeting in 2016. While protesters are still more numerous in large Swiss cities, the protest movement itself has undergone significant change.[125] Around 150 Tibetans and Uighurs protested in Geneva and 400 Tibetans in Bern against the visit of China's paramount leader Xi Jinping for the 2017 meeting, with subsequent confrontations and arrests.[126]

Growing gaps in wealth

A number of NGOs have used the World Economic Forum to highlight growing inequalities and wealth gaps, which they consider not to be addressed extensively enough or even to be fortified through institutions like the WEF. Winnie Byanyima, the executive director of the anti-poverty confederation Oxfam International co-chaired the 2015 meeting, where she presented a critical report of global wealth distribution based on statistical research by the Credit Suisse Research Institute. In this study, the richest 1% of people in the world own 48% of the world's wealth.[127] At the 2019 meeting, she presented another report claiming that the gap between rich and poor has only increased. The report "Public Good or Private Wealth" stated that 2,200 billionaires worldwide saw their wealth grow by 12% while the poorest half saw its wealth fall by 11%. Oxfam calls for a global tax overhaul to increase and harmonise global tax rates for corporations and wealthy individuals.[128]

Formation of a detached elite

The formation of a detached elite, which is often co-labelled through the neologism "Davos Man", refers to a global group whose members view themselves as completely "international". The term refers to people who "have little need for national loyalty, view national boundaries as obstacles, and see national governments as residues from the past whose only useful function is to facilitate the elite's global operations" according to political scientist Samuel P. Huntington, who is credited with inventing the neologism.[129] In his 2004 article "Dead Souls: The Denationalization of the American Elite", Huntington argues that this international perspective is a minority elitist position not shared by the nationalist majority of the people.[130]

The Transnational Institute describes the World Economic Forum's main purpose as being "to function as a socializing institution for the emerging global elite, globalization's "Mafiocracy" of bankers, industrialists, oligarchs, technocrats and politicians. They promote common ideas, and serve common interests: their own."[131]

In 2019, the Manager Magazin journalist Henrik Müller argued that the "Davos Man" had already decayed into different groups and camps. He sees three central drivers for this development:[132]

  • Ideologically: the liberal western model is no longer considered a universal role model that other countries strive for (with China's digital totalitarianism or the traditional absolutism in the Persian Gulf as counter-proposals, all of which are represented by government members in Davos).
  • Socially: societies increasingly disintegrate into different groups, each of which evokes its own identity (e.g. embodied through the Brexit vote or congressional blockades in the USA).
  • Economically: the measured economic reality largely contradicts the established ideas of how the economy should actually work (despite economic upswings, wages and prices e.g. barely rise).

Public cost of security

 
The Swiss Civil Defense Police during the 2013 Annual Meeting in Davos

Critics argue that the WEF, despite having reserves of several hundred million Swiss francs and paying its executives salaries of around 1 million Swiss francs per year, would not pay any federal tax and moreover allocate a part of its costs to the public.[133] Following massive criticism from politicians and the Swiss civil society, the Swiss federal government decided in February 2021 to reduce its annual contributions to the WEF.[134]

As of 2018, the police and military expenditures carried by the Federal Government stood at 39 million Swiss francs.[135] The Aargauer Zeitung argued in January 2020 that the additional cost borne by the Kanton Graubünden stand at CHF 9 million per year.[136]

The Swiss Green Party summarised their criticism within the Swiss National Council that the holding of the World Economic Forum has cost Swiss taxpayers hundreds of millions of Swiss francs over the past decades. In their view, it was however questionable to what extent the Swiss population or global community benefit from these expenditures.[137]

Gender debate

Further information: Gender bias

Women have been broadly underrepresented at the WEF, according to some critics. The female participation rate at the WEF increased from 9% to 15% between 2001 and 2005. In 2016, 18% of the WEF attendees were female; this number increased to 21% in 2017, and 24% in 2020.[138][139]

Several women have since shared their personal impressions of the Davos meetings in media articles, highlighting that issues were more profound than "a quota at Davos for female leaders or a session on diversity and inclusion".[140][141][142] The World Economic Forum has in this context filed legal complaints against at least three investigative articles by reporters Katie Gibbons and Billy Kenber that were published by the British newspaper The Times in March 2020.[143][144][145][146]

Undemocratic decision making

According to the European Parliament's think tank, critics see the WEF as an instrument for political and business leaders to "take decisions without having to account to their electorate or shareholders".[147]

Since 2009, the WEF has been working on a project called the Global Redesign Initiative (GRI), which proposes a transition away from intergovernmental decision-making towards a system of multi-stakeholder governance. According to the Transnational Institute (TNI), the Forum is hence planning to replace a recognised democratic model with a model where a self-selected group of "stakeholders" make decisions on behalf of the people.[148]

Some critics have seen the WEFs attention to goals like environmental protection and social entrepreneurship as mere window dressing to disguise its true plutocratic nature and goals.[149] In a Guardian opinion piece, Cas Mudde said that such plutocrats should not be the group to have control over the political agendas and decide which issues to focus on and how to support them.[150] A writer in the German magazine Cicero saw the situation as academic, cultural, media and economic elites grasping for social power while disregarding political decision processes. A materially well-endowed milieu would in this context try to "cement its dominance of opinion and sedate ordinary people with maternalistic-paternalistic social benefits, so that they are not disturbed by the common people when they steer".[151] The French Les Echos furthermore concludes that Davos "represents the exact values people rejected at the ballot box".[152]

Lack of financial transparency

Further information: Financial transparency

In 2017, the former Frankfurter Allgemeine Zeitung journalist Jürgen Dunsch criticized that financial reports of the WEF were not very transparent since neither income nor expenditures were broken down. In addition, he outlined that the foundation capital was not quantified while the apparently not insignificant profits would be reinvested.[153]

Recent annual reports published by the WEF include a more detailed breakdown of its financials and indicate revenues of CHF 349 million for the year 2019 with reserves of CHF 310 million and a foundation capital of CHF 34 million. There are no further details provided to what asset classes or individual names the WEF allocates its financial assets of CHF 261 million.[154]

The German newspaper Süddeutsche Zeitung criticised in this context that the WEF had turned into a "money printing machine", which is run like a family business and forms a comfortable way to make a living for its key personnel. The foundation's founder Klaus Schwab draws a salary of around one million Swiss francs per year.[153]

Unclear selection criteria

In a request to the Swiss National Council, the Swiss Green Party criticised that invitations to the annual meeting and programmes of the World Economic Forum are issued according to unclear criteria. They highlight that "despots" such as the son of the former Libyan dictator Saif al-Islam al-Gaddafi had been invited to the WEF and even awarded membership in the club of "Young Global Leaders".[137] Even after the beginning of the Arab spring in December 2010 and related violent uprisings against despot regimes, the WEF continued to invite Gaddafi to its annual meeting.[155]

Environmental footprint of annual meetings

Critics emphasise that the annual meeting of the World Economic Forum is counterproductive when combating pressing problems of humanity such as the climate crisis. Even in 2020, participants travelled to the WEF annual meeting in Davos on around 1,300 private jets while the total emissions burden from transport and accommodation were enormous in their view.[156][137]

Corporate capture of global and democratic institutions

The World Economic Forum's "Global Redesign" report suggests to create "public-private" United Nations (UN) in which selected agencies operate and steer global agendas under shared governance systems.[6] It says that a globalised world is probably best managed by a coalition of multinational corporations, governments and civil society organizations (CSOs),[6] which it expresses through initiatives like the "Great Reset"[7] and the "Global Redesign".[9]

In a 2017 interview, Schwab said that Russian President Vladimir Putin had been recognized as a Young Global Leader, and also mentioned Canadian Prime Minister Justin Trudeau: "I have to say, when I mention now names, like Mrs. (Angela) Merkel and even Vladimir Putin, and so on, they all have been Young Global Leaders of the World Economic Forum. But what we are very proud of now is the young generation like Prime Minister (Justin) Trudeau … We penetrate the cabinet. So yesterday I was at a reception for Prime Minister Trudeau and I know that half of his cabinet, or even more than half of his cabinet, are actually Young Global Leaders."[157]

In September 2019, more than 400 civil society organizations and 40 international networks heavily criticised a partnership agreement between WEF and the United Nations and called on the UN Secretary-General to end it.[158] They see such an agreement as a "disturbing corporate capture of the UN, which moved the world dangerously towards a privatised global governance".[159] The Dutch Transnational Institute think tank summarises that we are increasingly entering a world where gatherings such as Davos are "a silent global coup d'état" to capture governance.[148]

In December 2021, the Dutch government published its past correspondence with representatives of the World Economic Forum, showing extensive interaction between the WEF and the Dutch government.[160] The documents were officially made available by the Dutch government.[161]

Non-accreditation of critical media outlets

In 2019, the Swiss newspaper WOZ received a refusal of its accreditation request for the Annual Meeting with the editors and subsequently accused the World Economic Forum of favoring specific media outlets. The newspaper highlighted that the WEF stated in its refusal message that it [the Forum] prefers media outlets it works with throughout the year. WOZ deputy head Yves Wegelin called this a strange idea of journalism because in "journalism you don't necessarily have to work with large corporations, but rather critique them".[162]

Institutional initiatives

In addition to economic policy, the WEF's agenda is in recent years increasingly focusing on positively connotated activist topics such as environmental protection[88] and social entrepreneurship,[163] which critics see as a strategy to disguise the organisation's true plutocratic goals.[164][165][166]

In a December 2020 article by The Intercept, author Naomi Klein described that the WEF's initiatives like the "Great Reset" were simply a "coronavirus-themed rebranding" of things that the WEF was already doing and that it was an attempt by the rich to make themselves look good. In her opinion, "the Great Reset is merely the latest edition of this gilded tradition, barely distinguishable from earlier Davos Big Ideas.[167]

Similarly, in his review of COVID-19: The Great Reset, ethicist Steven Umbrello makes parallel critiques of the agenda. He says that the WEF "whitewash[es] a seemingly optimistic future post-Great Reset with buzz words like equity and sustainability" while it functionally jeopardizes those goals.[168]

A study published in the Journal of Consumer Research investigated the sociological impact of the WEF. It concluded that the WEF do not solve issues such as poverty, global warming, chronic illness, or debt. The Forum has, according to the study, simply shifted the burden for the solution of these problems from governments and business to "responsible consumers subjects: the green consumer, the health-conscious consumer, and the financially literate consumer."[169]

Appropriation of global crises

In December 2021, the Catholic Cardinal and former Prefect of the Congregation for the Doctrine of the Faith (CDF) Gerhard Ludwig Müller criticised in a controversial interview that people like WEF founder Schwab were sitting "on the throne of their wealth" and were not touched by the everyday difficulties and sufferings people face e.g. due to the COVID-19 pandemic. On the contrary, such elites would see crises as an opportunity to push through their agendas. He particularly criticised the control such people would exercise on people and their embracement of areas such as transhumanism.[170][171] The German Central Council of Jews condemned this criticism, which is also linked to Jewish financial investors, as anti-Semitic.[172]

Controversies

Controversy with Davos municipality

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[173] 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.[174][175]

Controversy on usage of Davos name

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,[176] the World Economic Forum objected to the use of "Davos" in such contexts for any event not organised by them.[177][178][179][176] 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.[178][179][176]

Alternatives

Open Forum Davos

Since the annual meeting in January 2003 in Davos, an Open Forum Davos,[180] 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.[181][182]

Public Eye Awards

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.[183] 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.[184]

See also

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December 27, 2022
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remove this template message Learn how and when to remove this template message The World Economic Forum WEF is an international non governmental and lobbying organisation 1 based in Cologny canton of Geneva Switzerland It was founded on 24 January 1971 by German engineer and economist Klaus Schwab 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 2 World Economic ForumHeadquarters in Cologny SwitzerlandFormationJanuary 1971 51 years ago 1971 01 FounderKlaus SchwabTypeInternational NGO lobbying organisationLegal statusFoundationPurposeDirectly influencing global agendas amp decision making lobbying for public private cooperationHeadquartersCologny SwitzerlandRegion servedWorldwideOfficial languageEnglishExecutive ChairmanKlaus SchwabPresidentBorge BrendeWebsitewww wbr weforum wbr orgFormerly calledEuropean Management ForumThe 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 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 It furthermore produces a series of reports engages its members in sector specific initiatives 3 and provides a platform for leaders from selected stakeholder groups to collaborate on projects and initiatives 4 The Forum suggests that a globalised world is best managed by a self selected coalition of multinational corporations governments and civil society organizations CSOs 5 6 which it expresses through initiatives like the Great Reset 7 and the Global Redesign 8 9 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 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 WEF has also been the target of conspiracy theories 10 Klaus Schwab founder and executive chairman World Economic Forum Contents 1 History 2 Organization 2 1 Board of trustees 2 2 Membership 3 Activities 3 1 Annual meeting in Davos 3 1 1 Individual participants 3 1 2 Corporate participants 3 2 Summer annual meeting 3 3 Regional meetings 3 4 Young Global Leaders 3 5 Social entrepreneurs 3 6 Research reports 3 7 Initiatives 3 7 1 Health 3 7 1 1 2020 meeting 3 7 2 Society 3 7 3 Environment 3 7 3 1 Coronavirus and green recovery 3 8 Global Future Councils 3 9 Global Shapers Community 3 10 Future of work 3 11 The Great Reset 4 Criticism 4 1 Physical protests 4 2 Growing gaps in wealth 4 3 Formation of a detached elite 4 4 Public cost of security 4 5 Gender debate 4 6 Undemocratic decision making 4 7 Lack of financial transparency 4 8 Unclear selection criteria 4 9 Environmental footprint of annual meetings 4 10 Corporate capture of global and democratic institutions 4 11 Non accreditation of critical media outlets 4 12 Institutional initiatives 4 13 Appropriation of global crises 5 Controversies 5 1 Controversy with Davos municipality 5 2 Controversy on usage of Davos name 6 Alternatives 6 1 Open Forum Davos 6 2 Public Eye Awards 7 See also 8 References 9 Sources 10 External linksHistory Edit Professor Klaus Schwab opens the inaugural European Management Forum in Davos in 1971 F W de Klerk and Nelson Mandela shake hands at the annual meeting of the World Economic Forum held in Davos in January 1992 Henry Kissinger with former USSR leaders at the WEF Annual Meeting 1992 Borge Brende managing director and current president of the World Economic Forum at the opening press conference in 2008 in Cape Town South Africa The WEF was founded in 1971 by Klaus Schwab a business professor at the University of Geneva 11 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 12 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 13 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 14 The second European Management Forum in 1972 was the first meeting at which one of the speakers at the forum was a head of government President Pierre Werner of Luxembourg 15 Events in 1973 including the collapse of the Bretton Woods fixed exchange rate mechanism and the Yom Kippur War saw the annual meeting expand its focus from management to economic and social issues and for the first time political leaders were invited to the annual meeting in January 1974 16 Through the forum s first decade it maintained a playful atmosphere with many members skiing and participating in evening events Appraising the 1981 event one attendee noted that the forum offers a delightful vacation on the expense account 17 Political leaders soon began to use the annual meeting as venue for promoting their interests The Davos Declaration was signed in 1988 by Greece and Turkey helping them turn back from the brink of war In 1992 South African President F W de Klerk met with Nelson Mandela and Chief Mangosuthu Buthelezi at the annual meeting their first joint appearance outside South Africa At the 1994 annual meeting Israeli Foreign Minister Shimon Peres and PLO chairman Yasser Arafat reached a draft agreement on Gaza and Jericho 18 In October 2004 the World Economic Forum gained attention through the resignation of its CEO 19 and executive director Jose Maria Figueres over the undeclared receipt of more than US 900 000 in consultancy fees from the French telecommunications firm Alcatel 20 Transparency International had highlighted this incident in their Global Corruption Report in 2006 21 In January 2006 the WEF published an article in its Global Agenda magazine titled Boycott Israel which was distributed to all 2 340 participants of the Annual Meeting 22 Following the publication Klaus Schwab described the publication as an unacceptable failure in the editorial process 23 In late 2015 the invitation was extended to include a North Korean delegation for the 2016 WEF in view of positive signs coming out of the country the WEF organizers noted North Korea has not been attending the WEF since 1998 The invitation was accepted 24 However WEF revoked the invitation on 13 January 2016 after the 6 January 2016 North Korean nuclear test and the country s attendance was made subject to existing and possible forthcoming sanctions 25 26 Despite protests by North Korea calling the decision by the WEF managing board a sudden and irresponsible move the WEF committee maintained the exclusion because under these circumstances there would be no opportunity for international dialogue 27 In 2017 the WEF in Davos attracted considerable attention when for the first time a head of state from the People s Republic of China was present at the alpine resort With the backdrop of Brexit an incoming protectionist US administration and significant pressures on free trade zones and trade agreements Paramount leader Xi Jinping defended the global economic scheme and portrayed China as a responsible nation and a leader for environmental causes He sharply rebuked the current populist movements that would introduce tariffs and hinder global commerce warning that such protectionism could foster isolation and reduced economic opportunity 28 In 2018 Indian Prime Minister Narendra Modi gave the plenary speech becoming the first head of government from India to deliver the inaugural keynote for the annual meet at Davos Modi highlighted global warming climate change terrorism and protectionism as the three major global challenges and expressed confidence that they can be tackled with collective effort 29 In 2019 Brazilian President Jair Bolsonaro gave the keynote address at the plenary session of the conference On his first international trip to Davos he emphasized liberal economic policies despite his populist agenda and attempted to reassure the world that Brazil is a protector of the rain forest while utilizing its resources for food production and export He stated that his government will seek to better integrate Brazil into the world by mainstreaming international best practices such as those adopted and promoted by the OECD 30 Environmental concerns like extreme weather events and the failure of climate change mitigation and adaptation were among the top ranking global risks expressed by WEF attendees 31 The 2021 World Economic Forum was due to be held from 17 to 20 August in Singapore 32 33 34 However on 17 May the Forum was cancelled with a new meeting to take place in the first half of 2022 instead with a final location and date to be determined later in 2021 35 In late December 2021 the World Economic Forum said in a release that pandemic conditions had made it extremely difficult to stage a global in person meeting the following month transmissibility of the SARS CoV 2 Omicron variant and its impact on travel and mobility had made deferral necessary 36 In early 2022 the annual meeting in Davos was rescheduled for 22 to 26 May 2022 Its themes include the Russo Ukrainian War climate change energy insecurity and inflation Ukraine s president Volodymyr Zelenskyy gave a special address at the meeting 37 thanking the global community for its efforts but also calling for more support 38 The 2022 Forum was marked by the absence of a Russian delegation for the first time since 1991 which The Wall Street Journal described as signalling the unraveling of globalization 39 40 The former Russia House was used to present Russia s war crimes 41 Organization EditHeadquartered in Cologny the WEF also has offices in New York Beijing and Tokyo In January 2015 it was designated an NGO with other international body status by the Swiss Federal Government under the Swiss Host State Act 42 On 10 October 2016 the WEF announced the opening of its new Center for the Fourth Industrial Revolution in San Francisco According to the WEF the center will serve as a platform for interaction insight and impact on the scientific and technological changes that are changing the way we live work and relate to one another 43 The World Economic Forum claims to be impartial and that it is not tied to any political partisan or national interests Until 2012 it had observer status with the United Nations Economic and Social Council when it was revoked it is under the supervision of the Swiss Federal Council The foundation s highest governance body is the foundation board 44 The managing board is chaired by the WEF s president Borge Brende and acts as the executive body of the World Economic Forum Managing board members are Borge Brende Julien Gattoni Jeremy Jurgens Adrian Monck Sarita Nayyar Olivier M Schwab Saadia Zahidi and Alois Zwinggi 45 Board of trustees Edit The WEF is chaired by founder and executive chairman Professor Klaus Schwab and is guided by a board of trustees that is made up of leaders from business politics academia and civil society In 2010 the board was composed of Josef Ackermann Peter Brabeck Letmathe Kofi Annan Victor L L Chu Tony Blair Michael S Dell Niall FitzGerald Susan Hockfield Orit Gadiesh Christine Lagarde Carlos Ghosn Maurice Levy Rajat Gupta Indra Nooyi Peter D Sutherland Ivan Pictet Heizo Takenaka Ernesto Zedillo Ponce de Leon Joseph P Schoendorf H M Queen Rania Al Abdullah 12 Members of the board of trustees past or present include Mukesh Ambani Marc Benioff Peter Brabeck Letmathe Mark Carney Laurence D Fink Chrystia Freeland Orit Gadiesh Fabiola Gianotti Al Gore Herman Gref Jose Angel Gurria Andre Hoffmann Christine Lagarde Ursula von der Leyen Jack Ma Yo Yo Ma Peter Maurer Luis Alberto Moreno Muriel Penicaud H M Queen Rania Al Abdullah of the Hashemite Kingdom of Jordan L Rafael Reif David M Rubenstein Mark Schneider Klaus Schwab Tharman Shanmugaratnam Jim Hagemann Snabe Feike Sijbesma Heizo Takenaka Zhu Min 46 47 Membership Edit The foundation is funded by its 1 000 member companies typically global enterprises with more than five billion dollars in turnover varying by industry and region These enterprises rank among the top companies within their industry and or country and play a leading role in shaping the future of their industry and or region Membership is stratified by the level of engagement with forum activities with the level of membership fees increasing as participation in meetings projects and initiatives rises 48 In 2011 an annual membership cost 52 000 for an individual member 263 000 for Industry Partner and 527 000 for Strategic Partner An admission fee costs 19 000 per person 49 In 2014 WEF raised annual fees by 20 percent bringing the cost for Strategic Partner from CHF 500 000 523 000 to CHF 600 000 628 000 50 Activities EditAnnual meeting in Davos Edit A sports shop has turned into a temporary informal reception location Caspian week WEF 2018 The flagship event of the World Economic Forum is the invitation only annual meeting held at the end of January in Davos Switzerland bringing together chief executive officers from its 1 000 member companies as well as selected politicians representatives from academia NGOs religious leaders and the media in an alpine environment The winter discussions ostensibly focus around key issues of global concern such as the globalization capital markets wealth management international conflicts environmental problems and their possible solutions 3 51 The participants also take part in role playing events such as the Investment Heat Map 52 Informal winter meetings may have led to as many ideas and solutions as the official sessions 53 At the 2018 annual meeting more than 3 000 participants from nearly 110 countries participated in over 400 sessions Participation included more than 340 public figures including more than 70 heads of state and government and 45 heads of international organizations 230 media representatives and almost 40 cultural leaders were represented 54 As many as 500 journalists from online print radio and television take part with access to all sessions in the official program some of which are also webcast 55 Not all the journalists are given access to all areas however This is reserved for white badge holders Davos runs an almost caste like system of badges according to BBC journalist Anthony Reuben A white badge means you re one of the delegates you might be the chief executive of a company or the leader of a country although that would also get you a little holographic sticker to add to your badge or a senior journalist An orange badge means you re just a run of the mill working journalist 56 All plenary debates from the annual meeting also are available on YouTube 57 while photographs are available on Flickr 58 59 Overview of past annual meetings Year Dates Theme1988 The new state of the world economy1989 Key developments in the 90s implications for global business1990 Competitive cooperation in a decade of turbulence1991 The new direction for global leadership1992 Global cooperation and megacompetition1993 Rallying all the forces for global recovery1994 Redefining the basic assumptions of the world economy1995 Leadership for challenges beyond growth1996 Sustaining globalization1997 Building the network society1998 Managing volatility and priorities for the 21st century1999 Responsible globality managing the impact of globalization2000 New beginnings making a difference2001 25 30 January Sustaining growth and bridging the divides a framework for our global future2002 31 January 4 February Leadership in fragile times held in New York instead of Davos 2003 21 25 January Building trust2004 21 25 January Partnering for security and prosperity2005 26 30 January Taking responsibility for tough choices2006 25 29 January The creative imperative 60 2007 24 28 January Shaping the global agenda the shifting power equation2008 23 27 January The power of collaborative innovation2009 28 January 1 February Shaping the post crisis world2010 27 30 January Improve the state of the world rethink redesign rebuild2011 26 30 January Shared norms for the new reality2012 25 29 January The great transformation shaping new models2013 23 27 January Resilient dynamism 61 2014 22 25 January The reshaping of the world consequences for society politics and business2015 21 24 January New global context2016 20 23 January Mastering the fourth industrial revolution2017 17 20 January Responsive and responsible leadership2018 23 26 January Creating a shared future in a fractured world2019 22 25 January Globalization 4 0 shaping a global architecture in the age of the fourth industrial revolution2020 20 24 January Stakeholders for a cohesive and sustainable world citation needed 2021 17 20 August canceled as a result of COVID 19 pandemic2022 22 26 May History at a Turning Point Government Policies and Business Strategies 62 Individual participants Edit Juan Manuel Santos president of Colombia at the 2010 World Economic Forum Some 3 000 individual participants joined the 2020 annual meeting in Davos Countries with the most attendees include the United States 674 participants the United Kingdom 270 Switzerland 159 Germany 137 and India 133 63 Among the attendees were heads of state or government cabinet ministers ambassadors heads or senior officials of international organizations attended the annual meeting including Sanna Marin prime minister of Finland Ursula von der Leyen president of the European Commission Christine Lagarde ECB president Greta Thunberg climate activist Ren Zhengfei Huawei Technologies founder Kristalina Georgieva managing director of the IMF Deepika Padukone Bollywood actress George Soros investor and Donald Trump president of the United States 64 An analysis by The Economist from 2014 found that the vast majority of participants are male and more than 50 years old Careers in business account for most of the participants backgrounds 1 595 conference attendees with the remaining seats shared between government 364 NGOs 246 and press 234 Academia which had been the basis of the first annual conference in 1971 had been marginalised to the smallest participant group 183 attendees 65 Corporate participants Edit Next to individual participants the World Economic Forum maintains a dense network of corporate partners that can apply for different partnership ranks within the forum 66 For 2019 Bloomberg has identified a total of 436 listed corporates that participated in the Annual Meeting while measuring a stock underperformance by the Davos participants of around 10 versus the S amp P 500 during the same year Drivers are among others an overrepresentation of financial companies and an underrepresentation of fast growing health care and information technology businesses at the conference 67 The Economist had found similar results in an earlier study showing an underperformance of Davos participants against both the MSCI World Index and the S amp P 500 between 2009 and 2014 65 Summer annual meeting Edit In 2007 the foundation established the Annual Meeting of the New Champions also called Summer Davos held annually in China alternating between Dalian and Tianjin bringing together 1 500 participants from what the foundation calls Global Growth Companies primarily from rapidly growing emerging countries such as China India Russia Mexico and Brazil but also including quickly growing companies from developed countries The meeting also engages with the next generation of global leaders from fast growing regions and competitive cities as well as technology pioneers from around the globe 68 The Premier of China has delivered a plenary address at each annual meeting citation needed Regional meetings Edit Prithviraj Chavan chief minister of Maharashtra India Sudha Pilay member secretary Planning Commission India and Ben Verwaayen chief executive officer Alcatel Lucent France were the co chairs of the India Economic Summit 2011 in Mumbai Felipe Calderon President of Mexico at the 2007 annual meeting of the World Economic Forum Every year regional meetings take place enabling close contact among corporate business leaders local government leaders and NGOs Meetings are held in Africa East Asia Latin America and the Middle East The mix of hosting countries varies from year to year but consistently China and India have hosted throughout the decade since 2000 69 Young Global Leaders Edit The group of Young Global Leaders 70 consists of 800 people chosen by the WEF organizers as being representative of contemporary leadership coming from all regions of the world and representing all stakeholders in society according to the organization After five years of participation they are considered alumni Social entrepreneurs Edit Since 2000 the WEF has been promoting models developed by those in close collaboration with the Schwab Foundation for Social Entrepreneurship 71 highlighting social entrepreneurship as a key element to advance societies and address social problems 72 73 Selected social entrepreneurs are invited to participate in the foundation s regional meetings and the annual meetings where they may meet chief executives and senior government officials At the Annual Meeting 2003 for example Jeroo Billimoria met with Roberto Blois deputy secretary general of the International Telecommunication Union an encounter that produced a key partnership for her organization Child helpline international 74 Research reports Edit Two time Academy Award winner Pakistani journalist Sharmeen Obaid Chinoy at WEF in 2013 The foundation also acts as a think tank publishing a wide range of reports In particular Strategic Insight Teams focus on producing reports of relevance in the fields of competitiveness global risks and scenario thinking The Competitiveness Team 75 produces a range of annual economic reports first published in brackets the Global Competitiveness Report 1979 measured competitiveness of countries and economies The Global Information Technology Report 2001 assessed their competitiveness based on their IT readiness the Global Gender Gap Report examined critical areas of inequality between men and women the Global Risks Report 2006 assessed key global risks the Global Travel and Tourism Report 2007 measured travel and tourism competitiveness the Financial Development Report 2008 76 aimed to provide a comprehensive means for countries to establish benchmarks for various aspects of their financial systems and establish priorities for improvement and the Global Enabling Trade Report 2008 presented a cross country analysis of the large number of measures facilitating trade among nations 77 The Risk Response Network 78 produces a yearly report assessing risks which are deemed to be within the scope of these teams have cross industry relevance are uncertain have the potential to cause upwards of US 10 billion in economic damage have the potential to cause major human suffering and which require a multi stakeholder approach for mitigation 79 In 2020 the forum published a report named Nature Risk Rising In this report the forum estimated that approximately half of the global GDP is dependent highly or moderately on nature and 1 dollar spent on nature restoration yields 9 dollars in profit 80 81 Initiatives Edit Health Edit The Global Health Initiative was launched by Kofi Annan at the annual meeting in 2002 The GHI s mission was to engage businesses in public private partnerships to tackle HIV AIDS tuberculosis malaria and health systems citation needed The Global Education Initiative GEI launched during the annual meeting in 2003 brought together international IT companies and governments in Jordan Egypt and India 82 that has resulted in new personal computer hardware being available in their classrooms and more local teachers trained in e learning The GEI model which is scalable and sustainable now is being used as an educational blueprint in other countries including Rwanda On 19 January 2017 the Coalition for Epidemic Preparedness Innovations CEPI a global initiative to fight epidemics was launched at WEF in Davos The internationally funded initiative aims at securing vaccine supplies for global emergencies and pandemics and to research new vaccines for tropical diseases that are now more menacing The project is funded by private and governmental donors with an initial investment of US 460m from the governments of Germany Japan and Norway plus the Bill amp Melinda Gates Foundation and the Wellcome Trust 83 2020 meeting Edit Between 21 and 24 January 2020 at the early stages of the COVID 19 outbreak CEPI met with leaders from Moderna to establish plans for a COVID 19 vaccine at the Davos gathering 84 with a total global case number of 274 and total loss of life the virus at 16 85 The WHO declared a global health emergency 6 days later 86 Society Edit The Water Initiative brings together diverse stakeholders such as Alcan Inc the Swiss Agency for Development and Cooperation USAID India UNDP India Confederation of Indian Industry CII Government of Rajasthan and the NEPAD Business Foundation to develop public private partnerships on water management in South Africa and India In an effort to combat corruption the Partnering Against Corruption Initiative PACI was launched by CEOs from the engineering and construction energy and metals and mining industries at the annual meeting in Davos during January 2004 PACI is a platform for peer exchange on practical experience and dilemma situations Approximately 140 companies have joined the initiative 87 Environment Edit Further information Business action on climate change In the beginning of the 21st century the forum began to increasingly deal with environmental issues 88 In the Davos Manifesto 2020 it is said that a company among other acts as a steward of the environmental and material universe for future generations It consciously protects our biosphere and champions a circular shared and regenerative economy responsibly manages near term medium term and long term value creation in pursuit of sustainable shareholder returns that do not sacrifice the future for the present is more than an economic unit generating wealth It fulfils human and societal aspirations as part of the broader social system Performance must be measured not only on the return to shareholders but also on how it achieves its environmental social and good governance objectives 89 The Environmental Initiative covers climate change and water issues Under the Gleneagles Dialogue on Climate Change the U K government asked the World Economic Forum at the G8 Summit in Gleneagles in 2005 to facilitate a dialogue with the business community to develop recommendations for reducing greenhouse gas emissions This set of recommendations endorsed by a global group of CEOs was presented to leaders ahead of the G8 Summit in Toyako Hokkaido Japan held in July 2008 90 91 In 2016 WEF published an article in which it is said that in some cases reducing consumption can increase well being In the article is mentioned that in Costa Rica the GDP is 4 times smaller than in many countries in Western Europe and North America but people live longer and better An American study shows that those whose income is higher than 75 000 do not necessarily have an increase in well being To better measure well being the New Economics Foundation s launched the Happy Planet Index 92 In January 2017 WEF launched the Platform for Accelerating the Circular Economy PACE which is a global public private partnership seeking to scale circular economy innovations 93 94 PACE is co chaired by Frans van Houten CEO of Philips Naoko Ishii CEO of the Global Environment Facility and the head of United Nations Environment Programme UNEP 95 The Ellen MacArthur Foundation the International Resource Panel Circle Economy Chatham House the Dutch National Institute for Public Health and the Environment the United Nations Environment Programme and Accenture serve as knowledge partners and the program is supported by the UK Department for Environment Food and Rural Affairs DSM FrieslandCampina Global Affairs Canada the Dutch Ministry of Infrastructure and Water Management Rabobank Shell SITRA and Unilever 96 The Forum emphasized its Environment and Natural Resource Security Initiative for the 2017 meeting to achieve inclusive economic growth and sustainable practices for global industries With increasing limitations on world trade through national interests and trade barriers the WEF has moved towards a more sensitive and socially minded approach for global businesses with a focus on the reduction of carbon emissions in China and other large industrial nations 97 Also in 2017 WEF launched the Fourth Industrial Revolution 4IR for the Earth Initiative a collaboration among WEF Stanford University and PwC and funded through the Mava Foundation 98 In 2018 WEF announced that one project within this initiative was to be the Earth BioGenome Project the aim of which is to sequence the genomes of every organism on Earth 99 The World Economic Forum is working to eliminate plastic pollution stating that by 2050 it will consume 15 of the global carbon budget and will pass by its weight fishes in the world s oceans One of the methods is to achieve circular economy 100 101 The theme of the 2020 World Economic Forum annual meeting was Stakeholders for a Cohesive and Sustainable World Climate change and sustainability were central themes of discussion Many argued that GDP is failed to represent correctly the wellbeing and that fossil fuel subsidies should be stopped Many of the participants said that a better capitalism is needed Al Gore summarized the ideas in the conference as The version of capitalism we have today in our world must be reformed 102 In this meeting the World Economic Forum Launched the Trillion Tree Campaign an initiative aiming to grow restore and conserve 1 trillion trees over the next 10 years around the world in a bid to restore biodiversity and help fight climate change Donald Trump joined the initiative The forum stated that Nature based solutions locking up carbon in the world s forests grasslands and wetlands can provide up to one third of the emissions reductions required by 2030 to meet the Paris Agreement targets adding that the rest should come from the heavy industry finance and transportation sectors One of the targets is to unify existing reforestation projects 103 Discussed the issue of climate change and called to expanding renewable energy energy efficiency change the patterns of consumption and remove carbon from the atmosphere The forum claimed that the climate crisis will become a climate apocalypse if the temperature will rise by 2 degrees The forum called to fulfill the commitments in Paris Agreement Jennifer Morgan the executive director of Greenpeace said that as to the beginning of the forum fossil fuels still get three times more money than climate solutions 104 At the 2021 annual meeting UNFCCC launched the UN Race to Zero Emissions Breakthroughs The aim of the campaign is to transform 20 sectors of the economy in order to achieve zero greenhouse gas emissions At least 20 of each sector should take specific measures and 10 sectors should be transformed before COP 26 in Glasgow According to the organizers 20 is a tipping point after which the whole sector begins to irreversibly change 105 106 Coronavirus and green recovery Edit In April 2020 the forum published an article that postulates that the COVID 19 pandemic is linked to the destruction of nature The number of emerging diseases is rising and this rise is linked to deforestation and species loss In the article there are multiple examples of the degradation of ecological systems caused by humans It is also says that half of the global GDP is moderately or largely dependent on nature The article concludes that the recovery from the pandemic should be linked to nature recovery 80 The forum proposed a plan for a green recovery The plan includes advancing circular economy Among the mentioned methods there is green building sustainable transport organic farming urban open space renewable energy and electric vehicles 107 Global Future Councils Edit The Network of Global Future Councils meets annually in the United Arab Emirates and virtually several times a year 108 The second WEF annual meeting was held in Dubai in November 2017 when there were 35 distinct councils focused on a specific issue industry or technology 109 In 2017 members met with representatives and partners of WEF s new Center for the Fourth Industrial Revolution 110 Ideas and proposals are taken forward for further discussion at the World Economic Forum Annual Meeting in Davos Klosters in January 109 Global Shapers Community Edit The Global Shapers Community an initiative of World Economic Forum selects young leaders below 30 years old based on their achievement and potential to be change agents in the world 111 Global Shapers develop and lead their city based hubs to implement social justice projects that advance the mission of World Economic Forum Some critics see the WEF s increasing focus on activist areas such as environmental protection 112 and social entrepreneurship 113 as a strategy to disguise the true plutocratic goals of the organisation 114 115 116 Future of work Edit In regards to the future of work the 2020 WEF set the goal of providing better jobs access to higher quality education and skills to 1 billion people by 2030 117 The Great Reset Edit Main article The Great Reset In May 2020 the WEF and the Prince of Wales s Sustainable Markets Initiative launched The Great Reset project a five point plan to enhance sustainable economic growth following the global recession caused by the COVID 19 pandemic lockdowns 118 The Great Reset was to be the theme of WEF s Annual Meeting in August 2021 119 According to forum founder Schwab the intention of the project is to reconsider the meaning of capitalism and capital While not abandoning capitalism he proposes to change and possibly move on from some aspects of it including neoliberalism and free market fundamentalism The role of corporations taxation and more should be reconsidered International cooperation and trade should be defended and the Fourth Industrial Revolution also 120 121 The forum defines the system that it wants to create as Stakeholder Capitalism The forum support Trade unions 122 Criticism EditThis section may lend undue weight to certain ideas incidents or controversies Please help improve it by rewriting it in a balanced fashion that contextualizes different points of view November 2020 Learn how and when to remove this template message Physical protests Edit Protest march against the WEF in Basel 2006 During the late 1990s the WEF as well as the G7 World Bank World Trade Organization and International Monetary Fund came under heavy criticism by anti globalization activists who claimed that capitalism and globalization were increasing poverty and destroying the environment In 2000 about 10 000 demonstrators disrupted a regional WEF meeting in Melbourne by obstructing the path of 200 delegates 123 Small demonstrations are held in Davos on most but not all years organised by the local Green Party see Anti WEF protests in Switzerland January 2003 to protest against what have been called the meetings of fat cats in the snow a tongue in cheek term used by rock singer Bono 124 After 2014 the physical protest movement against the World Economic Forum largely died down and Swiss police noted a significant decline in attending protesters 20 at most during the meeting in 2016 While protesters are still more numerous in large Swiss cities the protest movement itself has undergone significant change 125 Around 150 Tibetans and Uighurs protested in Geneva and 400 Tibetans in Bern against the visit of China s paramount leader Xi Jinping for the 2017 meeting with subsequent confrontations and arrests 126 Growing gaps in wealth Edit A number of NGOs have used the World Economic Forum to highlight growing inequalities and wealth gaps which they consider not to be addressed extensively enough or even to be fortified through institutions like the WEF Winnie Byanyima the executive director of the anti poverty confederation Oxfam International co chaired the 2015 meeting where she presented a critical report of global wealth distribution based on statistical research by the Credit Suisse Research Institute In this study the richest 1 of people in the world own 48 of the world s wealth 127 At the 2019 meeting she presented another report claiming that the gap between rich and poor has only increased The report Public Good or Private Wealth stated that 2 200 billionaires worldwide saw their wealth grow by 12 while the poorest half saw its wealth fall by 11 Oxfam calls for a global tax overhaul to increase and harmonise global tax rates for corporations and wealthy individuals 128 Formation of a detached elite Edit The formation of a detached elite which is often co labelled through the neologism Davos Man refers to a global group whose members view themselves as completely international The term refers to people who have little need for national loyalty view national boundaries as obstacles and see national governments as residues from the past whose only useful function is to facilitate the elite s global operations according to political scientist Samuel P Huntington who is credited with inventing the neologism 129 In his 2004 article Dead Souls The Denationalization of the American Elite Huntington argues that this international perspective is a minority elitist position not shared by the nationalist majority of the people 130 The Transnational Institute describes the World Economic Forum s main purpose as being to function as a socializing institution for the emerging global elite globalization s Mafiocracy of bankers industrialists oligarchs technocrats and politicians They promote common ideas and serve common interests their own 131 In 2019 the Manager Magazin journalist Henrik Muller argued that the Davos Man had already decayed into different groups and camps He sees three central drivers for this development 132 Ideologically the liberal western model is no longer considered a universal role model that other countries strive for with China s digital totalitarianism or the traditional absolutism in the Persian Gulf as counter proposals all of which are represented by government members in Davos Socially societies increasingly disintegrate into different groups each of which evokes its own identity e g embodied through the Brexit vote or congressional blockades in the USA Economically the measured economic reality largely contradicts the established ideas of how the economy should actually work despite economic upswings wages and prices e g barely rise Public cost of security Edit The Swiss Civil Defense Police during the 2013 Annual Meeting in Davos Critics argue that the WEF despite having reserves of several hundred million Swiss francs and paying its executives salaries of around 1 million Swiss francs per year would not pay any federal tax and moreover allocate a part of its costs to the public 133 Following massive criticism from politicians and the Swiss civil society the Swiss federal government decided in February 2021 to reduce its annual contributions to the WEF 134 As of 2018 the police and military expenditures carried by the Federal Government stood at 39 million Swiss francs 135 The Aargauer Zeitung argued in January 2020 that the additional cost borne by the Kanton Graubunden stand at CHF 9 million per year 136 The Swiss Green Party summarised their criticism within the Swiss National Council that the holding of the World Economic Forum has cost Swiss taxpayers hundreds of millions of Swiss francs over the past decades In their view it was however questionable to what extent the Swiss population or global community benefit from these expenditures 137 Gender debate Edit Further information Gender bias Women have been broadly underrepresented at the WEF according to some critics The female participation rate at the WEF increased from 9 to 15 between 2001 and 2005 In 2016 18 of the WEF attendees were female this number increased to 21 in 2017 and 24 in 2020 138 139 Several women have since shared their personal impressions of the Davos meetings in media articles highlighting that issues were more profound than a quota at Davos for female leaders or a session on diversity and inclusion 140 141 142 The World Economic Forum has in this context filed legal complaints against at least three investigative articles by reporters Katie Gibbons and Billy Kenber that were published by the British newspaper The Times in March 2020 143 144 145 146 Undemocratic decision making Edit According to the European Parliament s think tank critics see the WEF as an instrument for political and business leaders to take decisions without having to account to their electorate or shareholders 147 Since 2009 the WEF has been working on a project called the Global Redesign Initiative GRI which proposes a transition away from intergovernmental decision making towards a system of multi stakeholder governance According to the Transnational Institute TNI the Forum is hence planning to replace a recognised democratic model with a model where a self selected group of stakeholders make decisions on behalf of the people 148 Some critics have seen the WEFs attention to goals like environmental protection and social entrepreneurship as mere window dressing to disguise its true plutocratic nature and goals 149 In a Guardian opinion piece Cas Mudde said that such plutocrats should not be the group to have control over the political agendas and decide which issues to focus on and how to support them 150 A writer in the German magazine Cicero saw the situation as academic cultural media and economic elites grasping for social power while disregarding political decision processes A materially well endowed milieu would in this context try to cement its dominance of opinion and sedate ordinary people with maternalistic paternalistic social benefits so that they are not disturbed by the common people when they steer 151 The French Les Echos furthermore concludes that Davos represents the exact values people rejected at the ballot box 152 Lack of financial transparency Edit Further information Financial transparency In 2017 the former Frankfurter Allgemeine Zeitung journalist Jurgen Dunsch criticized that financial reports of the WEF were not very transparent since neither income nor expenditures were broken down In addition he outlined that the foundation capital was not quantified while the apparently not insignificant profits would be reinvested 153 Recent annual reports published by the WEF include a more detailed breakdown of its financials and indicate revenues of CHF 349 million for the year 2019 with reserves of CHF 310 million and a foundation capital of CHF 34 million There are no further details provided to what asset classes or individual names the WEF allocates its financial assets of CHF 261 million 154 The German newspaper Suddeutsche Zeitung criticised in this context that the WEF had turned into a money printing machine which is run like a family business and forms a comfortable way to make a living for its key personnel The foundation s founder Klaus Schwab draws a salary of around one million Swiss francs per year 153 Unclear selection criteria Edit In a request to the Swiss National Council the Swiss Green Party criticised that invitations to the annual meeting and programmes of the World Economic Forum are issued according to unclear criteria They highlight that despots such as the son of the former Libyan dictator Saif al Islam al Gaddafi had been invited to the WEF and even awarded membership in the club of Young Global Leaders 137 Even after the beginning of the Arab spring in December 2010 and related violent uprisings against despot regimes the WEF continued to invite Gaddafi to its annual meeting 155 Environmental footprint of annual meetings Edit Critics emphasise that the annual meeting of the World Economic Forum is counterproductive when combating pressing problems of humanity such as the climate crisis Even in 2020 participants travelled to the WEF annual meeting in Davos on around 1 300 private jets while the total emissions burden from transport and accommodation were enormous in their view 156 137 Corporate capture of global and democratic institutions Edit The World Economic Forum s Global Redesign report suggests to create public private United Nations UN in which selected agencies operate and steer global agendas under shared governance systems 6 It says that a globalised world is probably best managed by a coalition of multinational corporations governments and civil society organizations CSOs 6 which it expresses through initiatives like the Great Reset 7 and the Global Redesign 9 In a 2017 interview Schwab said that Russian President Vladimir Putin had been recognized as a Young Global Leader and also mentioned Canadian Prime Minister Justin Trudeau I have to say when I mention now names like Mrs Angela Merkel and even Vladimir Putin and so on they all have been Young Global Leaders of the World Economic Forum But what we are very proud of now is the young generation like Prime Minister Justin Trudeau We penetrate the cabinet So yesterday I was at a reception for Prime Minister Trudeau and I know that half of his cabinet or even more than half of his cabinet are actually Young Global Leaders 157 In September 2019 more than 400 civil society organizations and 40 international networks heavily criticised a partnership agreement between WEF and the United Nations and called on the UN Secretary General to end it 158 They see such an agreement as a disturbing corporate capture of the UN which moved the world dangerously towards a privatised global governance 159 The Dutch Transnational Institute think tank summarises that we are increasingly entering a world where gatherings such as Davos are a silent global coup d etat to capture governance 148 In December 2021 the Dutch government published its past correspondence with representatives of the World Economic Forum showing extensive interaction between the WEF and the Dutch government 160 The documents were officially made available by the Dutch government 161 Non accreditation of critical media outlets Edit In 2019 the Swiss newspaper WOZ received a refusal of its accreditation request for the Annual Meeting with the editors and subsequently accused the World Economic Forum of favoring specific media outlets The newspaper highlighted that the WEF stated in its refusal message that it the Forum prefers media outlets it works with throughout the year WOZ deputy head Yves Wegelin called this a strange idea of journalism because in journalism you don t necessarily have to work with large corporations but rather critique them 162 Institutional initiatives Edit In addition to economic policy the WEF s agenda is in recent years increasingly focusing on positively connotated activist topics such as environmental protection 88 and social entrepreneurship 163 which critics see as a strategy to disguise the organisation s true plutocratic goals 164 165 166 In a December 2020 article by The Intercept author Naomi Klein described that the WEF s initiatives like the Great Reset were simply a coronavirus themed rebranding of things that the WEF was already doing and that it was an attempt by the rich to make themselves look good In her opinion the Great Reset is merely the latest edition of this gilded tradition barely distinguishable from earlier Davos Big Ideas 167 Similarly in his review of COVID 19 The Great Reset ethicist Steven Umbrello makes parallel critiques of the agenda He says that the WEF whitewash es a seemingly optimistic future post Great Reset with buzz words like equity and sustainability while it functionally jeopardizes those goals 168 A study published in the Journal of Consumer Research investigated the sociological impact of the WEF It concluded that the WEF do not solve issues such as poverty global warming chronic illness or debt The Forum has according to the study simply shifted the burden for the solution of these problems from governments and business to responsible consumers subjects the green consumer the health conscious consumer and the financially literate consumer 169 Appropriation of global crises Edit In December 2021 the Catholic Cardinal and former Prefect of the Congregation for the Doctrine of the Faith CDF Gerhard Ludwig Muller criticised in a controversial interview that people like WEF founder Schwab were sitting on the throne of their wealth and were not touched by the everyday difficulties and sufferings people face e g due to the COVID 19 pandemic On the contrary such elites would see crises as an opportunity to push through their agendas He particularly criticised the control such people would exercise on people and their embracement of areas such as transhumanism 170 171 The German Central Council of Jews condemned this criticism which is also linked to Jewish financial investors as anti Semitic 172 Controversies EditControversy with 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 173 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 174 175 Controversy on usage of Davos name 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 176 the World Economic Forum objected to the use of Davos in such contexts for any event not organised by them 177 178 179 176 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 178 179 176 Alternatives EditOpen Forum Davos Edit Since the annual meeting in January 2003 in Davos an Open Forum Davos 180 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 181 182 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 183 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 184 See also Edit Business and economics portal Switzerland portal Politics portal World portal Bilderberg meeting Event 201 World Youth Forum 2009 Davos incident Asian Leadership Conference Boao Forum for Asia Davos process Antalya Diplomacy Forum Eurofi European Business Summit Horasis International Transport Forum St Petersburg International Economic Forum World Knowledge Forum World Social ForumReferences Edit World Economic Forum LobbyFacts Our Mission World Economic Forum a b Pigman pp 41 42 Platforms World Economic Forum Buxton Nick 18 January 2016 Davos and its danger to Democracy Transnational Institute a b c Martens Jens 2020 The Role of Public and Private Actors and Means in Implementing the SDGs Reclaiming the Public Policy Space for Sustainable Development and Human Rights In Kaltenborn M Krajewski M Kuhn H eds Sustainable Development Goals and Human Rights Interdisciplinary Studies in Human Rights Interdisciplinary Studies in Human Rights Vol 5 Cham Springer pp 207 220 doi 10 1007 978 3 030 30469 0 12 ISBN 978 3 030 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Gibbons Katie Kenber Billy 23 March 2020 Davos investigation At parties and events men tried to get sex The Times Retrieved 6 May 2022 a href Template Cite news html title Template Cite news cite news a CS1 maint url status link Kenber Billy Gibbons Katie 24 March 2020 Davos investigation Champagne flowed and music played as women greeted guests The Times Retrieved 6 May 2022 a href Template Cite news html title Template Cite news cite news a CS1 maint url status link Kenber Billy Gibbons Katie 23 March 2020 Client offered me prostitutes at Davos party says consultant The Times Retrieved 6 May 2022 a href Template Cite news html title Template Cite news cite news a CS1 maint url status link The World Economic Forum Influential and controversial European Parliament Think Tank 19 January 2016 Retrieved 19 May 2020 a b Davos and its danger to Democracy Transnational Institute 18 January 2016 Retrieved 17 August 2021 Meyer Frank A 26 May 2021 Meinungsherrschaft Ziemlich verstiegen Cicero Online in German Mudde Cas 25 January 2020 The high priests of plutocracy all meet at Davos What good can come from that The Guardian Retrieved 24 September 2021 Meyer Frank A 26 May 2021 Meinungsherrschaft Ziemlich verstiegen Cicero Online in German Davos un forum remis en question Les Echos in French 18 January 2017 a b Busse Caspar 17 January 2017 Das Weltwirtschaftsforum ist zu einer Geldmaschine geworden The World Economic Forum has become a money machine Suddeutsche Zeitung in German Annual Report 2018 2019 PDF World Economic Forum 2019 Retrieved 9 July 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Gaddafi s son to get WEF invitation We can t trust the billionaires of Davos to solve a climate crisis they created Payal Parekh TheGuardian com 24 January 2020 Corcoran Terence 18 February 2022 Terence Corcoran In Canada follow the money the ideas Financial Post Retrieved 13 April 2022 Corporate capture of global governance The World Economic Forum WEF UN partnership agreement is a dangerous threat to UN System www cognitoforms com WEF takeover of UN strongly condemned fian org Nader antwoord op vragen van het lid Van Houwelingen over het karakter van en de relaties van kabinetsleden met het World Economic Forum naar aanleiding van antwoorden op eerdere vragen Fact Check World Economic Forum letters show 51st Annual Meeting invites Reuters 21 December 2021 Weltwirtschaftsforum in Davos Keine Akkreditierung fur kritische Wochenzeitung Deutschlandfunk in German Schwab Foundation for Social Entrepreneurship Home Schwabfound org The high priests of plutocracy all meet in Davos What good can come from that The Guardian 25 January 2020 Retrieved 24 September 2021 Steven Umbrello 17 February 2021 Should We Reset Eine Rezension von Klaus Schwab und Thierry Mallerets COVID 19 The Great Reset The Journal of Value Inquiry in German pp 1 8 doi 10 1007 s10790 021 09794 1 ISSN 1573 0492 PMC 7886645 Dominion of Opinion Quite Degenerate Cicero Online Klein Naomi 8 December 2020 The Great Reset Conspiracy Smoothie The Intercept Archived from the original on 13 December 2020 Retrieved 14 December 2020 Writing about The Great Reset is not easy It has turned into a viral conspiracy theory purporting to expose something no one ever attempted to hide most of which is not really happening anyway some of which actually should Umbrello Steven 17 February 2021 Should We Reset A Review of Klaus Schwab and Thierry Malleret s COVID 19 The Great Reset The Journal of Value Inquiry 1 8 doi 10 1007 s10790 021 09794 1 ISSN 1573 0492 PMC 7886645 Giesler Markus Veresiu Ela 28 August 2021 Creating the Responsible Consumer Moralistic Governance Regimes and Consumer Subjectivity Blick Vol 41 no 3 pp 840 857 doi 10 1086 677842 JSTOR 10 1086 677842 The Rio Times 14 December 2021 Vatican Court judge criticizes Bill Gates George Soros and Klaus Schwab for using Covid to impose total control on population The Rio Times Cardinal Muller and the conspiracy myths 13 December 2021 Jansen Thomas Zentralrat der Juden wirft Kardinal Muller antisemitische Chiffren vor Statement on Corona pandemic Central Council of Jews accuses Cardinal Muller of anti Semitic ciphers Faz net in German Retrieved 19 December 2021 Bosley Catherine 17 May 2021 WEF Cancels Singapore Meeting as Pandemic Haunts Global Event Bloomberg Poschl Fabian 25 June 2021 WEF Chef Klaus Schwab droht Davos wegen uberrissener Preise 20 Minuten in German WEF Grunder Klaus Schwab kritisiert Davos scharf Blick in German 24 June 2021 a b c Hassan Aisha 23 October 2018 The organizers of Davos want nothing to do with Saudi Arabia s Davos in the Desert Quartz Quartz Media Retrieved 24 October 2018 World Economic Forum Objects to Misuse of the Davos Brand Press release World Economic Forum 22 October 2018 Retrieved 24 October 2018 a b Jakab Spencer 22 October 2018 The Davos of Public Relations Disasters The Wall Street Journal Dow Jones amp Company Retrieved 24 October 2018 a b Bosley Catherine 22 October 2018 WEF Condemns Use of Davos Label One Day Before Saudi Summit Bloomberg News Retrieved 24 October 2018 Open Forum Davos Schweizerischer Evangelischer Kirchenbund Openforumdavos ch Archived from the original on 2 February 2010 Retrieved 7 March 2010 Pigman p 130 Open Forum YouTube Retrieved 7 March 2010 Lang Olivia 28 January 2011 BBC Davos Day three BBC News Retrieved 29 November 2011 Gianluca Galgani WEF ohne Kritiker Archived 4 August 2016 at the Wayback Machine Schweizer Radio und Fernsehen 16 January 2016 Retrieved 20 January 2015 Sources EditBornstein David 2007 How to Change the World Social Entrepreneurs and the Power of New Ideas Oxford University Press New York City ISBN 978 0 19 533476 0 358 pages Kellerman Barbara 1999 Reinventing Leadership Making the Connection Between Politics and Business State University of New York Press Albany New York ISBN 978 0 7914 4071 1 268 pages Moore Mike 2003 A World Without Walls Freedom Development Free Trade and Global Governance Cambridge University Press Cambridge England New York City ISBN 978 0 521 82701 0 292 pages Pigman Geoffrey Allen 2007 The World Economic Forum A Multi Stakeholder Approach to Global Governance Routledge London England New York City ISBN 978 0 415 70204 1 175 pages Rothkopf David J 2008 Superclass The Global Power Elite and the World They Are Making Farrar Straus and Giroux New York City ISBN 978 0 374 27210 4 376 pages Schwab Klaus M Kroos Hein 1971 Moderne Unternehmensfuhrung im Maschinenbau Verein Dt Maschinenbau Anst e V Maschinenbau Verl Frankfurt om Main Germany OCLC 256314575 Wolf Michael 1999 The Entertainment Economy How Mega Media Forces Are Transforming Our Lives Random House New York City ISBN 978 0 8129 3042 9 336 pages Behind the Scenes at Davos broadcast 14 February 2010 on 60 Minutes How to Open the World Economic Forum Matthias Lufkens in Interview with 99FACES tv Everybody s Business Strengthening International Cooperation in a More Interdependent World launched May 2010 Doha QatarExternal links EditListen to this article 20 minutes source source This audio file was created from a revision of this article dated 29 January 2016 2016 01 29 and does not reflect subsequent edits Audio help More spoken articles WEF Board of Trustees Media related to World Economic Forum at Wikimedia Commons Official website Klaus Schwab and Prince Charles on why we need a Great Reset at World Economic Forum Klaus Schwab in A Conversation with Henry Kissinger on the World in 2017 at World Economic Forum Retrieved from https en wikipedia org w index php title World Economic Forum amp oldid 1128759936, wikipedia, wiki, book, books, library,

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