What's World Economic Forum, what happens at Davos summit?: Here is everything about WEF

The famous annual World Economic Forum (WEF) summit in Davos started this week. Every year hundreds of business delegates, government officials and civil society members gather at the highest peak of Alps to discuss the global issues priorities for the year ahead.

Here's all about the World Economic Forum on Davos.
What's World Economic Forum:
Established in 1971 by the German economist Klaus Schwab, WEF is an international non-governmental lobbying organisation based in Geneva, Switzerland. The foundation is mostly funded by its 1,000 member companies - typically global enterprises with more than $5 billion in turnover – as well as public subsidies


The Forum says that its own mission is "improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas."

When was the first meeting on WEF Davos happened?
The first meeting in 1971 was originally known as the European Management Forum, until it was changed to WEF in 1987.

In 1971, Schwab invited executives from European companies to the then tiny ski resort of Davos to create a forum for policymakers and top corporate executives to address major global issues and learn best practices for leadership and management.

What Happens At the WEF?
Delegates, some with sought-after white badges which given greater access, attend panels and speeches inside the Congress Centre from Tuesday through to Friday.

Much of the action, however, occurs outside. Bilateral meetings between heads of state and corporate chieftains take up much of their schedules.

On the main promenade of Davos, shop fronts and restaurants are taken over by companies and nations, becoming venues for parties and discussion panels that attract attendees and media.

The most exclusive gatherings often occur well off the main drag at dinner parties, fireside chats and cocktail receptions.

Who is Klaus Schwab
Klaus Schwab was born in Ravensburg, Germany in 1938. He is the pioneer promoter of the concept of “stakeholder capitalism.” According to him, “it is a form of capitalism in which companies do not only optimize short-term profits for shareholders, but seek long term value creation, by taking into account the needs of all their stakeholders, and society at large.”