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 Economic Forum Economic Forum strives to be impartial and is not tied to any political, partisan, or national interests. The foundation is "committed to improving the State of the World". Until 2012, it had observer status with the United Nations Economic and Social Council; it is under the supervision of the Swiss Federal Council. The foundation's highest governance body is the foundation board. The Forum 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. Members of the Board of Trustees