World Economic Forum

World Economic Forum This 'independent, impartial, not-for-profit Foundation' began in 1970 as an informal gathering of CEOs from Europe's biggest businesses. It became the World Economic Forum in 1987. Its Annual Meeting in Davos 'is now considered the global summit which defines the political, and business agenda for the year'. This self-appointed elite 'acts in the spirit of entrepreneurship in the global public interest to further economic growth and social progress,' even though it is unelected and largely unaccountable. It boasts over 1000 members, including prime ministers, finance ministers and 'Global Leaders of Tomorrow', and has been a major force behind the liberalisation of the world economy. The rapid growth of global communications, information technology and international business in the second half of the twentieth century has increased the need for a common platform where the stakeholders of society could be brought together to consider and advance the key issues on the global agenda. The World Economic Forum is that platform. Over the course of three decades, the Forum has grown from humble beginnings as a European economic conference into a unique global institution capable of gathering world leaders in business, government and civil society to address the major challenges confronting humanity. In line with changing global needs, the Forum is now evolving from its role as a facilitator to a more active role as a catalyst, with an increasing focus on ongoing collaborative projects to address global issues and challenges. No other institution brings together the 'world's leadership team' way the Forum does. At the Annual Meeting in Davos, Switzerland, and at Regional Summits and meetings throughout the year, the main players on the global stage are asked to articulate the major problems facing the world, and to find solutions. They are brought together to form taskforces, to organize projects and to launch initiatives. They are fully engaged in the process of defining and advancing the global agenda. 1982 The first Informal Gathering of World Economic Leaders takes place on the occasion of the Annual Meeting in Davos, bringing together cabinet members of major countries with heads of international organizations (such as the World Bank, IMF, GATT). This serves as a model for similar initiatives in the global public interest, including: the Club of Media Leaders (editors-in-chief), annual Informal Gathering of heads of the world's foremost non- governmental economic research organizations, the Informal Gathering of Regional Leaders, the Informal Gathering of Global City Leaders, the Roundtable of Industry and International Organization Leaders. All take place on the occasion of the Annual Meeting in Davos. A special Informal Gathering of Trade Ministers from 17 countries is organized in Lausanne by the foundation, which spurs the launch of the Uruguay Round. 1983 Governors Meetings, integrating the chief executive officers of the world's most important corporations, are created in specific industry sectors. These 'CEO clubs' add an industry orientation to the foundation's well established country-related activities. Today, ten such industry groups exist with more than 400 Governors. 1993 In order to reinforce the club character of its networks, the foundation limits its activities to members and to their special guests only. The foundation starts the concept of Forum Fellows nominating some 300 top experts in the political, economic, social, cultural and technological fields as pertinent advisers and contributors to its activities. The Informal Gathering of Editorialists and Commentators is created to provide the media with its own networks and with the opportunity to interact intensively with the other constituents of the Forum. from WEF website (www.weforum.org/)