World Economic Forum its name to the World Economic Forum in 1987 and sought to broaden its vision to include providing a platform for resolving international conflicts. In the summer of 1971, Schwab invited 444 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. 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. Schwab developed the "stakeholder"
World Forum for Ethics in Business The Netherlands India Chamber of Commerce and Trade. The strategic partners of the World Forum for Ethics in Business are the World Bank Group and the International Association for Human Values. Among the organization’s main objectives are providing a platform for the promotion and defence of ethical approaches to business enterprise and corporate governance and facilitating global dialogue and fostering cooperation among the private sector, the academic world, government agencies, international organizations, the media, spiritual as well as secular communities and all other stakeholders. Through worldwide conferences, the World Forum for Ethics in Business brings together leaders from all sectors