The World Economic Forum (WEF) has declared its full backing for an independent investigation into alleged misconduct involving its founder, Klaus Schwab. These allegations surfaced in an article by the Wall Street Journal, citing a whistleblower’s letter which accused the 87-year-old Schwab, and his wife Hilde, of financial and ethical wrongdoing. The anonymous letter sent to the WEF board last week claims that the Schwab family misused Forum resources for their personal benefit.
In response, the Geneva-based organization stated on Tuesday that its board members, which include notable figures such as former U.S. Vice President Al Gore, Jordan’s Queen Rania, and European Central Bank President Christine Lagarde, unanimously endorsed a decision by the risk and audit committee to commence an investigation.
They emphasized in the statement that the allegations are unverified, and the Forum will refrain from making further comments until the investigation concludes. Attempts to contact Schwab for his comments have been unsuccessful thus far.
These accusations come just two days following the announcement of Schwab’s retirement from his position as chairman, effective immediately. Peter Brabeck-Letmathe, former chairman and CEO of Nestlé, has been appointed as the interim chairman in his place.
The World Economic Forum’s annual meeting in Davos has long been a high-profile event, drawing business leaders, politicians, academics, and cultural icons together to discuss pressing global issues, governmental strategies, and economic opportunities.