The
World Economic Forum (WEF) is a
Geneva-based
non-profit foundation best known for its Annual Meeting in
Davos,
Switzerland which brings together top business leaders, international political leaders, selected intellectuals and journalists to discuss the most pressing issues facing the world including health and the environment. The Forum also organizes the "Annual Meeting of the New Champions" in
China and a series of regional meetings throughout the year. It was founded in 1971 by
Klaus M. Schwab, a business professor in Switzerland.
[1] Beyond meetings, the Forum produces a series of research reports and engages its members in sector specific initiatives.
[2]The Forum is headquartered in Cologny, Geneva, Switzerland. In 2006 the Forum opened regional offices in Beijing, China and New York, USA. It is impartial and not-for-profit and is not tied to any political, partisan or national interests. It has observer status with the United Nations Economic and Social Council and is under the supervision of the Swiss Federal Government. Its highest governance body is the Foundation Board consisting of 22 members including former British Prime Minister Tony Blair and Queen Rania of Jordan. The Forum’s mission is "committed to improving the State of the World".[3]
The Forum is funded by its 1000 member companies. The typical member company is a global enterprise with more than five billion dollars in turnover, although the latter can vary by industry and region. In addition, 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. As of 2005, each member company pays a basic annual membership fee of CHF 42,500 and a CHF 18,000 Annual Meeting fee which covers the participation of its CEO at the Annual Meeting in Davos. Industry Partners and Strategic Partners pay CHF 250,000 and CHF 500,000 respectively allowing them to play a greater role in the Forum’s initiatives.[4][5]
The Forum’s flagship event is the Annual Meeting held every year at the end of January in Davos. The meeting in the Swiss alpine resort brings together CEOs from the Forum’s 1000 member companies as well as selected politicians, representatives from academia, NGOs, religious leaders and the media.[6] Participation at the Annual Meeting is by invitation only. Around 2200 participants gather for the five-day event and attend some 220 sessions in the official programme. The discussions focus around key issues of global concern (such as international conflicts, poverty and environmental problems) and possible solutions.[7] In all about 500 journalists from online, print, radio and TV take part in the Annual Meeting. The media has access to all of the sessions in the official program, some of which are also webcast live.[8]
