Special Coverage of the World Economic Forum 2020 in Davos
Caproasia | Davos 26th January 2020
On the 21st to 24th of January 2020, the world’s rich and powerful gathered at the World Economic Forum 2020 in Davos, Switzerland for its 50th annual meeting.
” THe World’s Rich & Powerful at the 50th World Economic Forum 2020 in Davos, Switzerland “
Founded in 1971, the World Economic Forum is held annually at the beginning of every year in Davos. It brings together leaders in politics, business and society to engage in collaborative activities to shape global, regional and industry agendas.
United States President Donald J. Trump
Attending and speaking at the events include world leaders United States President Donald Trump, Vice-Premier of the People’s Republic of China Han Zheng, President of the European Commission, Ursula von der Leyen and President of European Central Bank, Christine Lagarde.
The theme of the 2020 meeting is: “Stakeholders for a Cohesive and Sustainable World.”
- Special Coverage of the World Economic Forum 2020 in Davos
- Exclusive Photos from the World Economic Forum 2020 in Davos
#1 The World Economics Forum 2020 in Davos
At the World Economics Forum 2020, Professor Klaus Schwab announces a new Davos Manifesto 2020 to reimagine the purpose and scorecards for companies and governments for the next 50 years (2021 to 2070).
” People are revolting against the economic ‘elites’ they believe have betrayed them “
Professor Klaus Schwab, Founder and Executive Chairman at the World Economic Forum 2020 highlighted the world is at a critical crossroad with people revolting against the economic “elites” they believed have betrayed them. Efforts to keep global warming limited to 1.5°C are also falling dangerously short.
Davos Manifesto for the Next 50 years (2021 to 2070)
Davos Manifesto for the Next 50 years (2021 to 2070)
Professor Klaus Schwab: “With the world at such critical crossroads, this year we must develop a ‘Davos Manifesto 2020’ to reimagine the purpose and scorecards for companies and governments. It is what the World Economic Forum was founded for 50 years ago, and it is what we want to contribute to for the next 50 years”
” Companies should pay their fair share of taxes “
The World Economics Forum will release a new Davos Manifesto – which states that companies should pay their fair share of taxes, show zero tolerance for corruption, uphold human rights throughout their global supply chains, and advocate for a competitive level playing field.
This year’s Annual Meeting also see the publication of a universal “ESG scorecard” by the Forum’s International Business Council, which is currently chaired by Brian Moynihan, Chief Executive Officer of Bank of America.
~ ESG stands for Environmental, Social and Governance
- People are revolting against the economic “elites”
- Global warming at 1.5°C target is failing
- New Davos Manifesto for the Next 50 years
- Launch of Universal ESG Scorecard
The Forum’s first meeting in 1971 was established to further the idea put forward by Professor Klaus Schwab that business should serve all stakeholders – customers, employees, communities, as well as shareholders. He created the “stakeholder theory” which means that company should serve all its stakeholders including employees, suppliers, and the community it is part, and not just only its shareholders. This “stakeholder capitalism” became the guiding principle of the World Economic Forum.
Since the founding in 1971, the World Economic Forum had been held annually in Davos, Switzerland. (In 2002, the forum was held in New York as respect and support for United States and the victims of the 911 terror attack) Davos is a town in Switzerland, and is home to one of the largest & most popular ski resort in the Swiss Alps & Switzerland.
#2 Quotes from the World Economic Forum 2020
” When I started (1987), there were 250 private equity firm in the world. Now there’s 8,500 private equity firm in the world “
~ David Rubenstein, Carlyle Group Founder & CEO
” Rate of return have come down. It used to be in private equity, people wanted net internal rate of return of 20%. Today if you can get net internal rate of return of 15% per annum, people were happy with that because interest rates are so low “
~ David Rubenstein, Carlyle Group Founder & Co-Executive Chairman
” This is the end of the Boom-Bust cycle. Cycles and growth are caused by the boom and bust in credit expansion credit contraction. And those expansions and contraction and credit are largely driven by changes in monetary policy.
~ Bob Prince Co-Chief Investment Officer at Bridgewater Associates
” Capitalism as we have known it is dead. This obsession with maximising profits for shareholders alone has lead to a climate emergency ”
~ Marc Benioff, Chairman and Co-Chief Executive Officer of Salesforce
” Companies should pay their fair share of taxes, show zero tolerance for corruption ”
~ Professor Klaus Schwab, World Economic Forum Chairman & Founder
#3 Photos from the World Economic Forum 2020
Photo of President Donald J. Trump Special Address
Credits: World Economic Forum, Bloomberg, CNBC
About the World Economic Forum
The World Economic Forum
The World Economic Forum is the International Organization for Public-Private Cooperation. Established in 1971 as a not-for-profit foundation and headquartered in Geneva, Switzerland, it is independent, impartial and not tied to any special interests.
In the early 1970s, the Cold War between United States and Russia had split the world while the Vietnam war split America. With a growing oil crisis in 1970s, a German economics professor and engineer founded the World Economic Forum.
The World Economic Forum was founded by Professor Klaus Schwab, an engineer and economist in 1971. He created the “stakeholder theory” which means that company should serve all its stakeholders including employees, suppliers, and the community it is part, and not just only its shareholders. The vision for this socially responsible “stakeholder capitalism” became the guiding principle of the World Economic Forum.
He chose Davos as the home for the annual meeting for the escape from the everyday that the mountains represent in Swiss and German culture. This year in 2020, the World Economic Forum in Davos, Switzerland held its 50th annual meeting.