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It was founded on 24 January by German engineer Klaus Schwab. The foundation's stated 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". The foundation is mostly funded by its 1, member multi-national companies. The meeting brings together some 3, paying members and selected participants β among whom are investors, business leaders, political leaders, economists , celebrities and journalists β for up to five days to discuss global issues across sessions.
Aside from Davos, the organization convenes regional conferences. It produces a series of reports, engages its members in sector-specific initiatives [ 3 ] and provides a platform for leaders from selected stakeholder groups to collaborate on projects and initiatives. The World Economic Forum and its annual meeting in Davos have received criticism over the years, including allegations of the organization's corporate capture of global and democratic institutions, institutional whitewashing initiatives, the public cost of security, the organization's tax-exempt status, unclear decision processes and membership criteria, a lack of financial transparency, and the environmental footprint of its annual meetings.
In February , Schwab invited 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. The second European Management Forum in was the first meeting where a head of government featured as a speaker, Prime Minister Pierre Werner of Luxembourg.
Events in , including the collapse of the Bretton Woods fixed-exchange rate mechanism and the Yom Kippur War , saw the annual meeting expand its focus from management to economic and social issues, and, for the first time, political leaders were invited to the annual meeting in January Through the forum's first decade, it maintained a playful atmosphere, with many members skiing and participating in evening events.
Appraising the event, one attendee noted that "the forum offers a delightful vacation on the expense account. Political leaders soon began to use the annual meeting as venue for promoting their interests. The Davos Declaration was signed in by Greece and Turkey , helping them turn back from the brink of war. In , South African President F. Secretary of State Powell went to the forum to drum up sympathy for the global war on terrorism and the U. In January , the WEF published an article in its Global Agenda magazine titled " Boycott Israel ", which was distributed to all 2, participants of the annual meeting.