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"
St. Petersburg International Economic Forum his post illegally. In June 2013, the post of Chair of the Organizing Committee went to new Minister of Economic Development of Russia Alexey Ulyukaev. However, organization of the Forum and development of its business programme were overseen by Deputy Minister Sergey Belyakov. In 2014, the St. Petersburg International Economic Forum found itself at the centre of controversy over the political crisis in Ukraine. Due to diplomatic tensions between Russia and a number of Western nations, heads of major corporations based in the US, Europe, and other regions declined to participate in the Forum. Speaking to reporters, an official White