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 conferences joined forces and established a new independent organization, the World Forum for Ethics in Business (WFEB). An initiative of the World Forum for Ethics in Business, the World Youth Forum is part of the annual conferences as an open platform for youth to voice their message to the world’s decision makers in today’s global economic and political environment and to the world community at large. Every year, WFEB confers the Ethics in Business Award to honour individuals and companies that have demonstrated the importance of human values and ethics in life and in the business arena. World Forum for