WEF meaning in Non-Profit Organizations ?
Answer: What is World Economic Forum mean?
The World Economic Forum (WEF), based in Cologny, Geneva Canton, Switzerland, is an international NGO, founded on 24 January 1971 by Klaus Schwab. The foundation, which is mostly funded by its 1,000 member companies – typically global enterprises with more than five billion US-Dollar in turnover – as well as public subsidies, views its own mission as "improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas".
The WEF is mostly known for its annual meeting at the end of January in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland. The meeting brings together some 3,000 paying members and selected participants – among which are business leaders, political leaders, economists, celebrities and journalists – for up to five days to discuss global issues across 500 sessions.
The organization also convenes some six to eight regional meetings each year in locations across Africa, East Asia, Latin America, and India and holds two further annual meetings in China and the United Arab Emirates. Beside meetings, the organization provides a platform for leaders from selected stakeholder groups from around the world – business, government and civil society – to collaborate on multiple projects and initiatives. It also produces a series of reports and engages its members in sector-specific initiatives.
The Forum suggests that a globalised world is best managed by a coalition of multinational corporations, governments and civil society organizations (CSOs), which it expresses through initiatives like the "Great Reset" and the "Global Redesign". It sees events of instability such as the Financial Crisis and the Covid-19 Pandemic as trigger points and windows of opportunity to bring its re-design programmes forward.
The World Economic Forum and its annual meeting in Davos are criticised regarding the public cost of security while having amassed several hundred million Swiss francs in reserves and not paying federal taxes, the formation of a wealthy global elite without attachment to the broader societies, undemocratic decision processes, gender issues, a lack of financial transparency, unclear selection criteria, the environmental footprint of its annual meetings, the corporate capture of global and democratic institutions, the non-accreditation of critical media outlets and institutional whitewashing initiatives. As a reaction of criticism within Swiss society, the Swiss federal government decided in February 2021 to reduce its annual contributions to the WEF.
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