ANNUAL REPORT

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MESSAGE FROM THE PRESIDENT 1
K EY FIGURES 3
INDUSTRY AND MEMBERS AFFAIRS 5
PARTNERSHIPS WITH THE WORLD ECONOMIC FORUM 6
K NOWLEDGE MANAGEMENT AT THE FORUM 7
THE ANNUAL MEETING IN DAVOS 8
MIDDLE EAST/ NORTH AFRICA BUSINESS INITIATIVE 9
REGIONAL ACTIVITIES AND RELATED SERVICES 10
EAST ASIA ECONOMIC SUMMIT, SINGAPORE 11
INDIA ECONOMIC SUMMIT, NEW DELHI, INDIA 12
USA MEETING, WASHINGTON DC 13
CHINA BUSINESS SUMMIT, BEIJING AND SHANGHAI 14
MERCOSUR ECONOMIC SUMMITS 15
CENTRAL AND EASTERN EUROPEAN ECONOMIC SUMMIT 16
SOUTHERN AFRICA ECONOMIC SUMMIT 17
RUSSIA MEETING 18
GLOBAL LEADERS FOR TOMORROW PROGRAMME 19
INITIATIVES 20
FOUNDATION BOARD 22
EXECUTIVE BOARD AND COUNCIL 23
MEMBER COMPANIES 24
K NOWLEDGE PARTNERS
AND INSTITUTIONAL PARTNERS 28
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Last year was another successful year for the World
Economic Forum. Nevertheless, it was also an appropriate
time to prepare for the new millennium. Thus, substantial
resources and energies have been invested in the creation
of the World Economic Forum for the 21st century. In close
cooperation with many of our members, particularly with our
Council, and assisted by the advice of some of the leading
consultancy companies, we have repositioned the
Foundation to expand and increase the value proposition
provided to our members. We will, of course, continue to
build on our past successes and ensure linkages and
complementarities between our different activities and
initiatives.
We have been guided by three principles:
1. Deeper engagement of our members and constituents
The Foundation is the creator and facilitator of the
worlds foremost community of political, business,
intellectual and other leaders of global society. Our
activities are member and constituent driven and will be
increasingly so in the future. We plan to deepen our
processes of engagement and leverage the new
technological opportunities for community building and
knowledge sharing. Some of our new efforts include
establishing Regional Councils to provide us with insights
and guidance in our efforts to extend and deepen the
role that the Forum has played in regional cooperation
and development. We will also form special Steering
Committees for each of our industry sectors to ensure
even more closeness to specific strategic challenges,
which our members have to face in a globalizing
economy.
2. Leading in the creation and application of interaction and
knowledge tools based on state-of-the-art
technologies
We have always been technological pioneers. In
particular, our Annual Meetings in Davos have been the
test place for a number of new communications
technologies. Now, we want to go a step further by
creating a knowledge backbone in all the areas where
we are active. As an example, we will introduce in each
of our industry sectors the tools and mechanisms that
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help to capture and share ideas regarding the key
concerns of our members. This will be implemented in
those areas where collaborative efforts of the industry
are necessary, for example in dealing with societal
expectations and challenges. We have tested the first of
these tools and feel confident that the Foundation can
become a major driving force and a pioneer in the
creation of the knowledge society .
3. Building a content and process orientation
The third principle in our refocused efforts is a logical
consequence of the application of the first two
principles: we will be much more content and
process-oriented in our activities, moving away from an
event approach . One of our new initiatives in this
respect is the Centre for the Global Agenda ( CGA)
which will serve as a catalyst in defining, monitoring and
driving the global agenda. It will act as a hub of
networks and alliances on important global issues and
will play a key role in the worlds international system.
The Centre for the Global Agenda will be forward-
looking and dynamic. It will be a global integrator of
people, ideas and knowledge relevant to defining and
shaping the key issues on the global agenda. The
Centre will bring together business, political, intellectual
and civic leaders in generating, advancing and sharing
solutions to key challenges that lie at the interface of
the public and private sectors. It will build upon the
strengths of the World Economic Forum adding process
and content components that reinforce the depth of all
Foundation activities.
All of these efforts will build upon our core activities and
enable us to further pursue our mission of being initiator,
catalyst and facilitator of the foremost global community of
business, political, intellectual and other leaders of society.
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K EY FIGURES
in Swiss Francs
YEAR
Total income,
out of which
members fees
Total expenditure
including R& D
and investments
Surplus to be
added to the
Foundation capital
Foundation capital
TOTAL STAFF
Full time
Part time
1996/ 97
42, 074, 397
16, 047, 893
41, 432, 138
642, 259
5, 293, 847
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1995/ 96
36, 347, 457
14, 887, 600
35, 783, 161
564, 295
4, 651, 587
58
21
1994/ 95
32, 681, 090
13, 537, 250
32, 293, 679
387, 411
4, 087, 291
56
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1997/ 98
51, 890, 452
18, 761, 000
51, 047, 818
842, 633
6, 136, 481
73
26
1998/ 99
51, 306, 002
20, 915, 531
50, 380, 441
925, 560
7, 062, 041
68
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In its transfer to a knowledge and process oriented organization, in 1998 the Forum invested particularly in its human
resources, which was reflected in an increase of personnel costs of 10. 90% .
As far as income is concerned, for political reasons the Middle East/ North Africa Summit could not be organized in 1998
and our income decreased from Sfr 51, 890, 452 to Sfr 51, 306, 002.
This accounting year has been marked by four major
developments with long-term implications for the future of
the World Economic Forum, putting in place some key
components of the 21st century.
First, we have moved to our new headquarters overlooking
Lake Leman in Geneva. It has been more than just a
physical move; this has been a development of major
significance. It has given the Foundation a clearly identifiable
physical presence in its Swiss and Geneva home base that
it didn t have until now a major step as the Foundation
approaches the 30th anniversary of its creation. It also sends
a very powerful message on what the World Economic
Forum strives to be open and transparent, outward-
looking, innovative and high-tech oriented. Above all, our
new premises will allow us to add the additional resources
needed to fulfil the development plans envisaged over the
next few years to make sure that the Forum will be able to
continue to expand its services to its members and
constituents to increase its relevance and usefulness to be
even more in a position to fulfil its commitment to improving
the state of the world.
The second development is the decision to create the Centre
for the Global Agenda, integrated into the World Economic
Forum but with its specific structures and resources. The
Centre will be the key instrument in making the Forum more
process and substance oriented. It will be in charge of
developing a number of projects and initiatives on issues of
priority interest to Forum members and constituents,
providing an inputting mechanism for all the Forums
activities. The Centre will function as a hub for global policy
networks. By providing a system of sustained contacts and
interactions with the top academic experts and the major
think tanks in the world, it will ensure that the Forum always
remains on the top edge of the knowledge creation and
integration process, thus increasing the value and relevance
of its activities to its members and constituents.
A third development has been the major overhaul and
expansion of our whole IT infrastructure. This has created
the much-needed in-house capability for a comprehensive
approach to the management of our relationship with our
members, and will allow the Forum to be an even more
member-driven organization. We now have the technological
capabilities not only to create a knowledge backbone
internally but also to become easily accessible to our
members and constituents. Such a development is an
important element in the Forums strategic orientation to
increasingly become a knowledge and process-oriented
organization.
The fourth development is the internal reorganization that
took place last spring. The regroupment of activities around
eight clusters has created a structure that will allow for
greater synergies inside the organization and contribute to
developing stronger leadership capabilities. This new
structure will also help to create clearer and more promising
career patterns inside the Forum. It will help to attract and
keep the new talents and additional resources needed to
implement the Forums strategy to enter the 21st century
as a knowledge based, input and process-oriented
organization, ever more capable of meeting the needs and
expectations of its members.
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INDUSTRY AND MEMBERS AFFAIRS
One key aspect of this years activities has been the
emphasis put on making the Forum an even more
member-driven organization. Our strategy remains to limit
Foundation membership to the worlds 1, 000 foremost global
corporations. Therefore we have continued our drive towards
improving and upgrading the quality and composition of
our membership in order to fully reflect the trends in
the global economy from a sectoral as well as a geographical
point of view.
In order to strengthen the notion that members are part of
an exclusive community of key decision-makers, and to
reinforce the relevance of the World Economic Forum as the
foremost global partnership of business, political, intellectual
and other leaders of society committed to improving the
state of the world, we have reinforced the implementation of
transparent membership criteria. We have also pursued our
policy of taking an even more selective approach with
companies applying for membership. At the same time we
have continued to separate from some companies which
have been part of our membership for historical reasons
but which no longer fulfil the criteria.
The Industry Affairs cluster is first and foremost responsible
for engaging Foundation members at the highest level in
the activities of the Forum. The cluster represents the key
engine in ensuring that the Forums activities and services
are responding to the present and, even more important,
future needs and expectations of member companies.
The idea is to enhance the Forums relevance and
sustainability by strengthening a real sense of stewardship
and involvement among key members.
The Industry Affairs cluster is structured on an industry
basis in order to enable the Forum to become a true
insider on major issues of particular relevance and
importance to the worlds most important and dynamic
corporations. The cluster encompasses five teams:
Communications, Services, Manufacturing, Mobility and
Consumer Goods. Much effort has been directed to ensuring
that the cluster develops a knowledge base on all
industry-relevant issues of strategic importance. The purpose
is to guarantee relevant and useful content for the
Governors Meetings and other industry related activities.
The Forums Governors Meetings continue to provide an
increasingly valuable mechanism, allowing top leaders from
different sectors to meet informally among themselves to
examine and discuss strategic options to challenges and
opportunities facing their sectors. At present, there are
14 Industry Governors Groups. At the Annual Meeting 2000
we will introduce a new Governors Meeting in the Chemical
Industry. In an effort to make these gatherings more process
oriented, and to reinforce their long-term club character,
several initiatives and gatherings focusing on issues of
paramount strategic importance to a given industry have
been developed outside the yearly meetings in Davos.
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PARTNERSHIPS WITH THE WORLD ECONOMIC FORUM
Over the last year, the Forum has seen a substantial
increase in the interest of our members to join the circle of
partner companies. While this positive response
demonstrates our great success with the partnership
offering, it has also caused us to reflect on our strategy.
The Foundations independent and impartial nature as a
membership organization is given highest priority when
determining partnership objectives. One of the basic
principles of the partnership opportunity is that the Forum
should be able to count on the partner companys
specialized knowledge about a region or industry to bring
added value to our activities. Hence we established the
scheme of K nowledge Partnership, which now provides
the framework for our relationship with a group of our
members. Over this last year, the Forum has streamlined
and simplified partnerships at our Regional Summits and
the Annual Meeting with the objective of providing a clear
and transparent system to ensure fairness among all
members and partners.
The advent of the K nowledge Partnership scheme has
allowed the Forum to embark with renowned businesses on
numerous research projects and initiatives in an effort to
bring thought-provoking data and approaches to our
membership on a variety of subjects. These subjects
include benchmarking of the truly global corporation, how
strategic leadership permeates an organization, corporate
performance, knowledge management or what is on the
mind of the CEO worldwide. Several important internal
projects ( for example, the development of a knowledge
database and the creation of a new IT infrastructure) that
are shaping the abilities of the Forum to move into the next
century have been initiated with key K nowledge Partners.
Finally, the number of Institutional Partners, which support
several of the Forums activities annually, have doubled
since this time last year. Several of our Institutional
Partners offer their infrastructure capabilities, which allow
participants to enjoy top-quality services during our
activities. We are pleased to recognize these companies
for their ongoing support and to thank them for their
respect of our mission of improving the state of the
world .
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K NOWLEDGE MANAGEMENT AT THE FORUM
As mentioned above, this year has been marked by a major
overhaul of the World Economic Forums entire IT
infrastructure. This also allowed us to offer new services
to Forum members and participants at the 1999 Annual
Meeting. On this occasion, we deployed important new
technologies to help participants make better use of the
many opportunities and services provided by the meeting.
Each participant carried a computer with network
capabilities actually hidden in his or her badge. This
significantly increased the capabilities for identification of
participants and the level of security in the Congress
Centre. The K iosk, the interactive information and
communication platform, allowed the participants to send
and receive e-mail, look up programme details and meeting
venues, create a personal agenda and search through the
electronic version of the participants booklet.
At the internal level, the core of our system, the
membership database and back-office system, has been
redesigned and reinforced with the help of Andersen
Consulting. We have now successfully implemented the
system with the clear target of higher standards and
improved performance in managing the Forums relationship
with its members and constituents, the servicing of our
members and our internal operations.
The key orientations of the newly formed K nowledge
Management cluster are based on the professionalism of
the IT environment and the related operations; the creation
of the necessary IT infrastructure for knowledge sharing
and integration within the Forum and with our members;
and the development of our relations with our partners
who help us to continually adjust and expand our IT
infrastructure. This strategy should allow the Forum to
benefit from the optimum internal infrastructure needed to
provide high-quality services to our members, allowing the
Forum to evolve into new directions like knowledge sharing
and integration for our members. This will also ensure that
our needs for new and evolving IT technologies can be
fulfilled with the help and involvement of our partners.
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THE ANNUAL MEETING IN DAVOS
( 28 JANUARY 2 FEBRUARY 1999)
Responsible Globality: Managing the Impact of Globalization
The sessions of the Annual Meeting focused around the
overall theme Responsible Globality: Managing the
Impact
of Globalization. Crucial discussions were held to look at
where globalization is taking us and how we can make it a
more responsible process. In the midst of the Asia crisis,
after the financial collapse in Russia and the Brazilian crisis,
as the world financial markets were still reeling from the
LTCM shock, it was clear that globalization and free markets
left to themselves do not always produce the desired or
necessary results for society at large. There was wide
agreement that although a free market system is the best
and most efficient, there are inequalities that government, in
new partnerships with other sectors of society, need to
address. Senior political leaders participating in the Annual
Meeting recognized the need for governments to evolve in
order to respond effectively to the challenges posed by
globalization and the growing backlash of large segments of
the worlds population.
Following the reaction to the IMFs reform plans in Asia,
the outcome of the 1999 Annual Meeting was to reinforce
the need for international organizations to adjust their modus
operandi and programmes to the new requirements created
by the global economic environment. In all discussions,
from Amartya Sen, Nobel Economic Prizewinner, to
Vice-President Al Gore, the need to address the concerns of
the individual facing the daunting challenges of globalization
was clear. From the business world, governments, academia
and the NGO community there was resounding momentum
to create the necessary partnerships and new mechanisms
to ensure that globalization has a human face.
If the discussions centred on the need for a responsible
globality had wide-ranging impact in the media and among
economic and political decision-makers, the same can be
said of those related to the emergence of the e-economy
and its implications for business strategies, economic
prospects and the way our societies will operate in the
future. Expanding on the trend of the last few years, the
Annual Meeting confirmed its major role as a provider of the
framework and the platform for discussing and sharing
insights on the e-economy in reshaping the way corporations
and national economies will have to perform.
Bringing together the key players from all sectors of society
including government, business, academia and the media,
the 1999 Annual Meeting confirmed its significant role and
impact in shaping the global agenda on key issues such as
the new world of e-commerce, the impact of the Internet,
the role of the US and Russia, and the challenges of the
euro. In addition, the Meeting in Davos served to highlight
key debates that are emerging between different regions of
the world about corporate governance, privacy, genetics and
differing visions of capitalism.
The 1999 Annual Meeting also reinforced the GLT Wake Up
Europe initiative, focusing on key reforms needed to ensure
European economic growth, and launched the GLT Transition
to Peace initiative involving South Africa, the Middle East,
Northern Ireland, and Bosnia and Herzegovina.
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MIDDLE EAST/ NORTH AFRICA BUSINESS INITIATIVE
In the absence of a full-fledged Middle East/ North Africa
Economic Summit, the Forum convened a special Middle
East/ North Africa Business Initiative in the context of the
1999 Annual Meeting. The objectives of this gathering,
which included 200 business leaders, were to highlight the
business potential of the MENA region to the international
business community; to examine the effects of globalization
on the region; to assist in making the region resistant to
the impact of global financial volatility; and to assess the
competitive position of the MENA region in the world
economy.
The MENA Business Initiative was host to a series of
constructive discussions on the need to better integrate the
regions economies into the mainstream of globalization.
Throughout the two-day gathering, participants discussed
how the MENA economies could better withstand the
compound pressures of the globalization process and low
commodity prices. There was also much deliberation on
how political obstacles and the stalled Middle East peace
process continue to have negative effects on the regions
prospects.
The MENA Business Initiative responded to a real need for
regional executives to stay in the forefront of the global
economy and to avoid a certain degree of economic and
commercial marginalization. The business-driven approach
of the discussions allowed for a greater focus on practical
and concrete opportunities, on prospects for joint ventures
and on possibilities for intra-regional trade.
A number of proposals were raised during the MENA
Business Initiative, including:
The Creation of a set of benchmarking standards to link
regional capital markets and coordination of financial
institutions. In this respect the group pledged to finance
a study on the liberalization of financial services in the
region.
A commitment and pledge from participants to create a
MENA Business Council to allow the private sector to bring
forth recommendations to governments on policies to
create a user-friendly business environment; to examine
scenarios for regional cooperation projects and intra-
regional trade; to identify new commercial opportunities and
to recommend structures and mechanisms to enhance
business networking and bridge-building between chief
executives and government representatives.
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REGIONAL ACTIVITIES AND RELATED SERVICES
In this era of time compression and ever-accelerating
changes, our member companies are revising their
corporate and development strategies on a regular basis.
Our Regional Summits and Country Initiatives constitute an
integrated and consistent system of involvement in all the
key areas of economic activity of a specific region.
The unique methodology and services available at each
World Economic Forum gathering allow members and
constituents to:
share first-hand information and insights on the key trends
and developments affecting a regions outlook
benefit from an exclusive and direct interface with political
leaders of the region
investigate new business opportunities directly with
business leaders from the region, offering a privileged
framework for intensive business networking, forging new
partnerships and alliances
have an impact on key issues affecting the business
relationship between the region and its key partners around
the world
participate actively in creating a more dynamic and
investor-friendly environment.
The Regional Summits of the World Economic Forum are
recognized today as the most time efficient and productive
tool for senior executives wishing to consolidate or expand
their business horizons worldwide. In 1999 close to 7, 000
participants integrated our regional activities into their travel
and business plans, thus proving the net worth we always
seek to deliver to the top echelons of international business.
New mechanisms are currently being developed to provide
the Forum and its members with the opportunity of
following up on specific issues and strengthening the
impact of our activities. For example, 14 Business
Interaction Groups ( BIGs) were held over the last
12 months. Each BIG aims to deepen the process of
mutual interaction of policy-makers of developing countries
and leading multinational businesses. Members of the
World Economic Forum are invited to participate throughout
the year in one or several BIGs within their field of interest.
Discussions take place face to face with top political
leaders of countries concerned during the Annual Meeting
and are followed up at our relevant Regional Activities.
The Regional Activities are the Forums footprints around
the world and play a central role in creating more dynamic
and investor-friendly environments. These activities also
provide a mechanism whereby our regional constituencies
can be engaged in our global community of decision-makers.
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EAST ASIA ECONOMIC SUMMIT, SINGAPORE
( 13 15 OCTOBER 1998)
The seventh East Asia Economic Summit took place in an
atmosphere of soul-searching, as leaders from government,
business and academia met to define Asias new route
to come out of the crisis and ensure sustainable growth
and global competitiveness. A unique sense of realism
permeated the discussions, and resulted in a clear vision
of the weaknesses that fed the crisis, the policy measures
that were needed to correct these weaknesses and the
future shape of the new economic and business landscape.
As Philippine President Estrada noted during the Summit,
The crisis is an opportunity to do more than repair work.
Despite the fact that the crisis had not yet bottomed out,
the mood at the Summit was cautiously optimistic.
Government and business leaders comprehensively outlined
their plans for restructuring and reported on the progress
achieved to date. Business leaders unveiled responses to
the key challenges ahead for corporate renewal, with a
clear recognition that the old ways of doing business in the
region were no longer applicable.
Participants took the opportunity of the Summit to air their
concerns and make recommendations for solutions to the
problems facing the region. The Action Plan for Global
Growth and Reform of the World Financial System , a
blueprint drawn up by some participants for a coordinated
global response to the crisis, which included calls for action
from the US, Europe and Japan, had a significant impact
in the international media and among policy-makers. It was
one manifestation of the extent of open and proactive
dialogue that took place.
There can be no doubt that many of the thoughts and
ideas, as well as the opportunities, that surfaced at the
East Asia Economic Summit have contributed to the
renewed phase of expansion in the region. By bringing
together the key players in the Asian market, the Summit
proved to be an excellent catalyst for action.
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INDIA ECONOMIC SUMMIT, NEW DELHI, INDIA
( 29 NOVEMBER 1 DECEMBER 1998)
The India Economic Summit ( held in partnership with the
Confederation of Indian Industry) took place soon after
the new government presented its economic and financial
priorities and policies. Prime Minister Atal Bihari
Vajpayee stressed that Indias economic agenda is now
depoliticized in order to ensure that reforms are
irreversible. He then presented his 12-point programme to
enable India to face the challenges of full liberalization
and globalization .
In other major sessions, the Ministers of Finance, Industry
and Power, the Vice-Chairman of the State Planning
Commission as well as many senior government officials
presented their priorities and action plans and had intensive
debates with the 500 Indian and international business
participants taking part in the Summit. Other important
dimensions were sessions with four chief ministers from
major Indian States and a special seminar on investment
opportunities in Sri Lanka.
To conclude the Summit, the four co-chairmen presented
a list of recommendations to the Indian decision-makers,
the strongest of which was implement fast all the new
economic policies and laws announced towards liberaliza-
tion and opening up of the economy to allow domestic and
foreign investment to grow and contribute to Indias
prosperity .
Six months after the 1998 Summit, the government lost
a vote of confidence. New elections have since taken
place. The India Economic Summit 1999 will offer us the
occasion to meet the new government.
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USA MEETING, WASHINGTON DC
( 14 15 APRIL 1999)
This year' s USA Meeting offered over 200 senior business
leaders from some 27 countries a virtually unparalleled
perspective of the United States economy and its role in
the world. The theme of the meeting, Operating in the
New Global Market Place, focused on the impact that
globalization was having on the US economy, and how
firms both domestic and international were adapting.
Four members of the Cabinet and a host of other senior
government officials shared their insight with participants.
While there was general satisfaction with the current
strength of the US economy among members of the
Administration, they also stressed the need for other
regions of the world, in particular Europe and Japan, to
proceed urgently with structural reforms of their economies
in order to stimulate demand worldwide.
During the 24-hour gathering, participants also discussed
a number of management topics critical to maintain a
competitive edge in today' s unforgiving business
environment. These included a look at the future of industry
consolidations, the prospect for various currency regimes
and monetary policy in general, and the need to constantly
promote innovation in today' s companies.
The meeting reflected much of the ambivalence felt by
business leaders in today' s economy: an admiration for the
success of the US economy in the last decade, especially
the conduct of the Federal Reserve, but also concern about
some of the financial instability that persists worldwide and
the fragility of the global economy.
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CHINA BUSINESS SUMMIT, BEIJING AND SHANGHAI
( 25 28 APRIL 1999)
The Forums nineteenth China Business Summit was
organized in partnership with the State Economic and Trade
Commission and China Enterprise Confederation. It took
place in the context of general economic slowdown and
deepening deflationary pressures. The future of WTO
negotiations and the growing discrepancies between the
Chinese leaderships longer-term and short-term economic
imperatives provided a backdrop for most of the
discussions.
Several sessions were devoted to the renewed urgency to
reflate the economy and reinvigorate domestic demand.
A new fiscal boost, the viability of interest rate cuts and the
pros and cons of potential exchange rate adjustments were
among the hotly debated topics. Considerable attention was
also paid to the current state of the key economic reforms:
state enterprises, housing, insurance, the labour market
and the promotion of private business. Chinese business
participants engaged in networking with the members
of the World Economic Forum, discussing a range of
innovations and novel ideas in a series of sessions on
branding, R& D, e-commerce and corporate governance.
The second part of the Summit in Shanghai focused more
specifically on the development of the financial industry
as the backbone of Chinas modernizing economy. The
complementary needs to deepen fixed-income markets,
further develop fund management industry and strengthen
the banking systems intermediating role were stressed in
an interactive exchange between decision-makers, experts
and foreign participants. The Summit was an excellent
opportunity to meet the growing group of young, successful
Mainland entrepreneurs whose ideas and achievements will
undoubtedly mark the coming century.
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MERCOSUR ECONOMIC SUMMITS, BUENOS AIRES,
ARGENTINA ( 21 23 JULY 1998) AND SANTIAGO,
CHILE ( 5 7 MAY 1999)
The fourth and fifth Mercosur Summits took place within
the same fiscal year. They reflected the full commitment
of heads of state from the Mercosur region and associate
countries to support the Forums initiative to promote
the interface between senior executives from member
companies and regional political and business leaders.
The Mercosur Summit Davosito as it is known in Latin
America has now truly established itself as the major
yearly event in the region.
Our Summits in Buenos Aires and Santiago took place in
the context of two very different momenta in South
America. In Buenos Aires, key discussion leaders as well as
the business community debated the consequences of the
Asian crisis on the Mercosur economies and highlighted the
importance of promoting the regions competitiveness
through the improvement of physical infrastructure.
In Santiago, on the other hand, discussions focused on
the lessons learned from the Brazilian crisis and its efficient
management to avoid new shocks. The issues of political
stability in the region and the upcoming presidential
elections in the Southern Cone were also on the agenda.
Issues such as the Free Trade Agreement of the Americas
and the EU-Mercosur free trade negotiations were raised at
both Summits. The negotiation process for both initiatives
has advanced more slowly than expected, which is a source
of frustration for leaders in the Mercosur region. However,
the long-term strategy of cooperation with the two largest
integrated markets in the world is the best guarantee to
secure domestic and foreign investment as well as a step
towards stability.
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CENTRAL AND EASTERN EUROPEAN ECONOMIC
SUMMIT, SALZBURG, AUSTRIA ( 30 JUNE 2 JULY 1999)
The Central and Eastern European Economic Summit
convened for the fourth time in Salzburg, Austria, from
30 June 2 July 1999 in an atmosphere of hope and
cautious optimism. Hope that the end of the K osovo
conflict would lead to committed action for reconciliation
and reconstruction. Optimism because the crisis had
opened the possibility of a new beginning and a new focus
on the integration of the region. Above all, it had pointed
to the need to expand the scope of thinking about the
shape of a larger Europe.
The meeting brought together over 800 business and
political leaders, top experts and opinion-makers from the
media to discuss the burning issues on the regions
agenda. As in past years, President Thomas K lestil of
Austria extended his patronage to the Summit, which was
attended by most of the presidents and prime ministers of
the region. The overriding importance of the war in K osovo
as a defining moment in post Cold War history cast a new
light on questions such as accession to the European
Union, investor confidence in the transition economies and
security challenges of the next decade. For the first time,
issues relating to the whole of Europe, including the
prospects of Western Europes economic growth rates were
also taken into account.
Russias place in Europe was prominently highlighted by the
largest ever high-level representation from that country to
the Summit. Then Prime Minister Sergei Stepashin came
to deliver his first public speech in the West stressing his
new reform programme for Russia and the key role of
his country in Europe.
Very concrete business issues such as investment
opportunities in new privatizations, the battle against
corruption, the restructuring of the banking systems, the
prospects for stock market recoveries, the development of
information technologies and the financing of future
infrastructure projects remain the backbone of the delibera-
tions and were extensively discussed during the sessions.
They will be on the agenda again in 2000 when the
Summit will reconvene in Salzburg. The Summit has
become the unique annual meeting place for the business
and governments of the region and beyond. It is now firmly
established as an indispensable part of the calendar year.
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SOUTHERN AFRICA ECONOMIC SUMMIT, DURBAN,
SOUTH AFRICA ( 4 6 JULY 1999)
The ninth Summit was held under the theme Responsible
Leadership for Stability, Action and Growth. A
mere three weeks after the elections in South Africa the
entire South African Cabinet led by the new President,
Thabo Mbeki, was introduced for the first time to our mem-
bers and
the international business community. Nigerias new Vice-
President was our special guest along with 850 business
and political leaders from the region and abroad. Three
broad challenges were scrutinized and discussed with a
view of finding solutions and actions to bring about a new
dynamic to the business environment in Southern Africa:
The need for a comprehensive plan for regional integration.
South African President Thabo Mbeki engaged his
government to present a timetable and plan by June 2000.
The urgent need to increase capacities in all areas of eco-
nomic and political activities with the necessary institutions.
Devising new and better communication strategies with
the rest of the world, as it is clear that Africa does not yet
hold the place it should in the boardrooms of international
companies.
The World Economic Forum has built the strongest and
highest level network of international and regional leaders
committed to improving Southern Africa. This yearly
gathering has achieved global recognition as the must
meeting for those wishing to play a role in this desirable
objective. The world simply cannot afford to ignore Africa
and Africans cannot ignore the ever-accelerating pace of
change required to achieve and maintain a competitive
environment. The Summit and the process that it creates
allows all stakeholders in the region to explain their views
and objectives, their concerns and constraints and, more
importantly, to lock their brains together to seek solutions
that end up in win-win situations. The Summit also allows
us to confront perceptions with realities and, in so doing,
to create better understanding between those who are
ultimately charged with the responsibility of bringing
Southern Africa forward.
The Southern Africa Economic Summit 2000 will once
again take place in Durban ( from 21-23 June) allowing us
not only to see how much progress will have been achieved
in Southern Africa but also to investigate means and
processes through which a real African Renaissance can
be kick-started. In this respect, next years Summit will
also feature the launch of our Africa Competitiveness
Report 2000.
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RUSSIA MEETING, MOSCOW ( 4 5 DECEMBER 1998)
In keeping with the World Economic Forums consistent
support of Russias integration into the global economy,
the sixth Russia Meeting in Moscow was convened to give
the members of the World Economic Forum a first-hand
assessment of the critical economic and political crisis
following the drastic currency devaluation and sudden debt
moratorium that had shaken the country since August
1998. It was important for our member companies to be in
Russia to understand how the achievements of reform
could have been undone so quickly, whether they could be
salvaged and what useful action could be taken.
Russias most senior government, parliamentary and
business leaders outlined the state of the economy, its
prospects for the near future and the outlook for a
teetering banking system. As Russia headed into a year of
legislative and presidential elections, the various scenarios
for future political development were also considered. In his
opening statement, then Prime Minister Yevgeny Primakov
directly addressed some of the key concerns of foreign
investors including how the liquidity crisis would be tackled,
what would be the fate of the banking system, what the
future holds for Russias industrial structures and whether
the upcoming election period would bring increasing
instability. Specific measures were pledged to resolve the
severe financial crisis and specifically to reduce the federal
budget deficit, to reform taxes, to facilitate foreign
investment and to address the problem of capital flight.
Vladimir Ryzhkov, First Deputy Chairman of the State Duma,
stressed the need for political reform. Grigory Yavlinsky,
Head of the Yabloko Movement, pointed out that with all
the emphasis placed on economic change, the sociological
and political development of Russia had been tragically
ignored. Political parties, civil institutions and important
legislative measures had yet to be created.
In conclusion, the meetings one Russian and two
non-Russian co-chairmen specified seven key priorities for
immediate action. Taking place at a low point in investor
confidence in Russia, the meeting provided a unique
occasion for our members to re-establish relationships
and to engage in a meaningful exchange with a broad
spectrum of Russias business and political leadership.
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GLOBAL LEADERS FOR TOMORROW PROGRAMME
Major advances have been achieved in the Global Leaders
for Tomorrow ( GLT) programme over the past year. The
GLT network, for which 100 individuals are recruited each
year, represents the new generation of global decision-
makers from business, politics, civil society, academia and
the media.
The GLTs have been systematically incorporated into all the
World Economic Forums activities. During their meeting
in Davos in February they decided to launch a number
of initiatives and task forces on issues related to key
challenges that they have identified as we enter the
21st century. This move was a continuation of a process
launched with the Wake Up Europe initiative brought
forward by a group of European GLTs to assess and define
the success factors for a prosperous and stable Europe,
which has started a debate in Europe. The initiatives
decided in Davos ranged from launching a project to
establish criteria for measuring environmental performance
indicators to a Business of Cooperation initiative which
addresses the role of business in fostering political stability
and cooperation that in turn can benefit companies
financial bottom line. As another example, the initiative on
Technology to Alleviate Poverty is identifying the role
technology can take to help developing countries address
their problems. It was decided that these initiatives would
be reviewed during a GLT Summit in Paris ( 3-5 September
1999) .
The uniqueness of the GLT network will ensure that we
address the key challenges in an integrated and
interdisciplinary way, drawing on the diversity, creativity and
dynamism of the GLT network. The GLT initiatives will be
integrated into our programmes, providing the Foundation
and its members with an in-depth knowledge of some of
the key issues our society is facing by discussing these
issues with the new generation of leaders, the GLTs.
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Transition to Peace
At the 1999 Annual Meeting in Davos, 60 young leaders
from Bosnia and Herzegovina, the Middle East, Northern
Ireland and South Africa regions that have made political
breakthroughs in the transition to peace from conflict
gathered together under the framework of the Transition to
Peace Initiative. Jointly launched by the World Economic
Forum and the Peres Center for Peace, this initiative
provides an important vehicle for generating greater
interregional cooperation and exchange. It will also facilitate
economic relations and political dialogue between these
regions and the international community.
Since gathering in Davos, Transition to Peace participants
have continued to meet within each region. The World
Economic Forum integrated one such meeting into the
1999 Southern Africa Economic Summit held in Durban,
South Africa. Young South African business, civil society
and political leaders met for a day and a half prior to the
Summit to examine strategies for social and economic
development in their country. Leaders from the other
Transition to Peace regions joined the South Africans in
order to share the knowledge gained at the meeting with
colleagues in their home countries.
Transition to Peace participants are currently developing a
conceptual framework for peacebuilding that integrates the
common lessons each region has learned from their peace-
making efforts. A newly launched website will make this
information freely available to individuals and organizations
from areas experiencing similar transitions in addition to
everyone in the four participating regions. With this
initiative the World Economic Forum strengthens the global
community by assisting the political and economic
stabilization of post-conflict regions.
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Business Community Responds To Kosovo
Refugee Crisis
As the severityof the Kosovo crisis increased at the end of
May1999, the World Economic Forum initiated a unique
effort to assist the United Nations High Commissioner for
Refugees (UNHCR) in its work to coordinate the relief effort.
In a letter to members, Professor Klaus Schwab articulated
his personal concern for the crisis and offered to facilitate
the donations of the global business communityinto the
large-scale integrated humanitarian action.
The Forums membership responded quicklywith personal
and corporate contributions of approximatelyUS$ 1 million to
a special fund set up for the UNHCR. In addition, member
companies directlydonated at least US$ 10 million in cash
and in kind to their respective in-countryaid agencies working
in the Balkans. These donations showed that not onlyis the
civic responsibilityof business alive and well, but also the
value of strategic partnerships between the private sector and
humanitarian organizations.
UN High Commissioner Mrs Sadako Ogata, who participated
in the 1999 Annual Meeting in Davos and presented the
longer-term challenges to incorporating refugee issues into
the global business agenda, commended the business
communitys response to the Forums initiative. Mrs Ogata
commented, I hope this endeavour from the world' s business
leaders serves as an example for mobilizing private efforts
on behalf of refugees and displaced people not onlyfrom
Kosovo, but throughout the world. I have often noted that
the response to humanitarian problems as we move towards
globalization requires global solidarity. Thank you for
strengthening this solidaritywith your actions today.
The World Economic Forum highlighted the plight of refugees
and the Kosovo conflict in its June 1999 Central and Eastern
European Economic Summit in Salzburg, Austria. The Forum
will continue to address the Balkan situation and similar issues
in its forthcoming Summits in recognition of the positive role
that business plays on the international political stage.
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MEMBERS OF THE FOUNDATION BOARD
K URT ALIG, Chartered Accountant, Arcadia Treuhand, Switzerland; Secretary of the Foundation Board
PERCY BARNEVIK , Chairman of the Board, ABB Asea Brown Boveri, Switzerland; Chairman, Investor AB,
Sweden; Vice-President of the Foundation Board
RAYMOND BARRE, Former Prime Minister of France; Mayor of Lyon
RONNIE C. CHAN, Chairman, Hang Lung Development Company Ltd, Hong K ong SAR
GUY FONTANET, Lawyer; Former President of the State Council of Geneva; Legal Adviser of the
Foundation Board
NOBUYUK I IDEI, President and Representative Director, Sony Corporation, Japan
M. DOUGLAS IVESTER, Chairman and Chief Executive Officer, The Coca Cola Company, USA
HELMUT O. MAUCHER, Chairman of the Board, Nestl SA, Switzerland; Vice-President of the
Foundation Board
JEAN-MARIE MESSIER, Chairman and Chief Executive Officer, Vivendi, France
FERDINAND PIECH, Chairman of the Board of Management, Volkswagen AG, Germany
HEINRICH VON PIERER, President and Chief Executive Officer, Siemens AG, Germany
K LAUS SCHWAB, President of the Foundation Board
MAURICE F. STRONG, Chairman, Earth Council, Canada; Former UN Undersecretary General
PETER SUTHERLAND, Chairman, Goldman Sachs International, United K ingdom; Co-Chairman, BP Amoco
PLC, United K ingdom
WILLIAM I. M. TURNER, Chairman and Chief Executive Officer, Exsultate Inc. , Canada; Vice-President of
the Foundation Board
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EXECUTIVE BOARD OF THE WORLD ECONOMIC FORUM
K laus Schwab, President and Founder
Claude Smadja, Managing Director
Gregory Blatt, Director
Barbara Erskine, Director
Frdric Sicre, Director
COUNCIL OF THE WORLD ECONOMIC FORUM
JOSEF ACK ERMANN, Member, Managing Board, Deutsche Bank AG, Germany
K HALID A. ALIREZA, Executive Director, Xenel Industries Ltd, Saudi Arabia
ABIDIN AZIZAN, Chairman, Petronas, Malaysia
RAHUL BAJAJ, Chairman and Managing Director, Bajaj Auto Limited, India
FRANCO BERNABE, Member of the Board, Fiat, Italy
SIR JOHN BOND, Group Chairman, HSBC Holdings Plc, United K ingdom
SIR JOHN BROWNE, Group Chief Executive, BP Amoco Plc, United K ingdom
JOHN H. BRYAN, Chairman and Chief Executive Officer, Sara Lee Corporation, USA
HUBERT BURDA, Publisher and Chief Executive Officer, Burda Media, Germany
VICTOR L. L. CHU, Chairman, First Eastern Investment Group, Hong K ong SAR
BERTRAND COLLOMB, Chairman and Chief Executive Officer, Lafarge, France
M. SHAFIK GABR, Chairman and Managing Director, Artoc Group for Investment and Development, Egypt
JOSEPH T. GORMAN, Chairman and Chief Executive Officer, TRW Inc. , USA
JAAK K O IHAMUOTILA, Executive Director, Fortum Corporation, Finland
E. NEVILLE ISDELL, Chairman and Chief Executive Officer, Coca-Cola Beverages Plc, UK
DONALD R. K EOUGH, Chairman, Allen & Co. , USA
NEMIR A. K IRDAR, President and Chief Executive Officer, Investcorp, Bahrain
YOH K UROSAWA, Chairman of the Board, Industrial Bank of Japan Ltd, Japan
SIR MARTIN LAING, Chairman, John Laing Plc, United K ingdom
G. LANGES-SWAROVSK I, Chairman, Daniel Swarovski Corporation, Austria
K ENNETH L. LAY, Chairman and Chief Executive Officer, Enron Corporation, USA
CHRIS F. LIEBENBERG, Chairman, Nedcor Limited, South Africa
GEORGE W. MALLINCK RODT, President, Schroders Plc, United K ingdom
ARNE MARTENSSON, President and Group Chief Executive, Svenska Handelsbanken, Sweden
YUZABURO MOGI, President and Chief Executive Officer, K ikkoman Corporation, Japan
MARK MOODY-STUART, Chairman, Royal Dutch/ Shell Group of Companies, United K ingdom
HUGH M. MORGAN, Managing Director, WMC Limited, Australia
MINORU MUROFUSHI, Chairman, Itochu Corporation, Japan
HASSO PLATTNER, Co-Chairman and Chief Executive Officer, SAP AG, Germany
DAVID DE PURY, Chairman of the Board, De Pury Pictet Turrettini & Co. , Switzerland
JAMES J. SCHIRO, Chief Executive Officer, PricewaterhouseCoopers LLP, USA
PAULO D. VILLARES, Chairman of the Board, Industrias Villares SA, Brazil
LORENZO H. ZAMBRANO, Chairman and Chief Executive Officer, Cemex, Mexico
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3m Company
A.T. KearneyInc.
ABB Ltd
ABN Amro Bank NV
ABSA Group Limited
Accel Partners
Achmea Group
Acindar SA
Ackermans & Van Haren
Acnielsen Corporation
Adecco Group
Adira
Adolf Wrth GmbH & Co. KG
Aegon NV
Aerospatiale Matra
Aga AB
Agra Inc.
Agrolimen SA
Aicher Group
Akebono Brake IndustryCo. Ltd
Al Mulla Group of Companies
Al-Ahli Commercial Bank
Alcan Aluminium Limited
Alcatel
Alfa
Alinco Corporation
Alliance Capital Management
International
Allied Bank of Pakistan Limited
Allied Irish Banks Plc (AIB)
Allstate Corporation
Alma Media Corporation
AlmazyRossii-Sakha CompanyLtd
ALSO Holding AG
Alusuisse Lonza Group AG
Amcor Limited
America Online Inc.
American Express Bank, Ltd
American Fiber Manufacturers
Association
American General Corporation
American Management SystemsInc.
American Water Works
CompanyInc.
Ameritech International
Amrad Corporation Ltd
Andersen Consulting
Andr & Cie SA
Anglo American Corporation
of South Africa Ltd
Anglogold Ltd
Anglovaal Mining Limited
Aon Corporation
Apasco SA de CV
Apax Partners & Co. AG
Arabian Light Metals KSC
Aracruz Celulose SA
Arcor Saic
Arge
Arrow Electronics Inc.
Arthur Andersen
Arthur D. Little Inc.
Artoc Group for Investment and
Development
ASB Greenworld
Ascom Management AG
Ashanti Goldfields CompanyLtd
Asian Paints (India) Limited
AT& T Company
Atlantic Richfield Company(ARCO)
Atos
Attias Holding SA
Atwood Richards Inc.
Audi AG
Australia and New Zealand Banking
Group Limited (ANZ)
Australia Post
Autonomous Government of
Catalonia
Autosur SA
AVL List GnbH
Axa
Axa UAP
Axel Johnson AB
Ayala Corporation
Ayala Land Inc.
Azizler Holding AS
BAA Plc
Babcock Borsig AG
Bacardi Limited
Bahrain Petroleum CompanyBSC
Bain & CompanyInc.
Bajaj Auto Limited
Bajaj Electricals Limited
Baker & McKenzie
Ballarpur Industries Ltd
Balli Group Plc
Baloise-Holding
Banco Bilbao Vizcaya SA (BBV)
Banco del Desarrollo
Banco Mercantil
Banco Santa Cruz SA
Banco Santander Central Hispano
Banco Union SA
Bank Austria AG
Bank HandlowyW Warszawie SA
Bank J. Vontobel & Co. AG
Bank of America
Bank of Bermuda Limited
Bank of Jerusalem Ltd
Bank of Montreal
Bank Saint Petersburg Plc
Banque Cantonale de Geneve
Banque de Luxembourg SA
Banque et Caisse d' Epargne
de l' Etat
Banque Gnrale du
Luxembourg SA
Banque Internationale
Luxembourg SA
Banque OBC Odier Bungener
Courvoisier
Banque Pasche SA
Banque Prive Edmond
de Rothschild SA
Barclays Bank Plc
Barco NV
Barrick Gold Corporation
Bass Plc
Al Basti & Muktha Ltd
Bata Schuh AG
Baxter International Inc.
Baybg Bayerische Beteiligungsges.
Mbh
Bechtel Group Inc.
NV Bekaert SA
Bell Atlantic Corporation
Bermuda Government
Bertelsmann AG
Bestfoods
BG Bank A/ S
BG Plc
Bharat Forge Limited
BIG Bank Gdanski SA
BIG Flower Holdings Inc.
Billiton Plc
Binder-Optik Aktiengesellschaft
Biopharm/ SAEG
Birkart Globistics
Biwater Plc
The Blackstone Group
Bloomberg LP
BMC Software Inc.
The Boeing Company
Bolsa Mexicana de Valores SA
de CV
Bombardier Inc.
Bonlac Foods Limited
Boots CompanyPlc
Booz, Allen & Hamilton Inc.
Bordier et Cie
Bossard Holding AG
The Boston Consulting Group Inc.
Bouygues SA
Bovis Construction Group
BP Amoco Plc
BRE Bank SA
Bridas Corporation
The Bristol Company
British Aerospace Plc
British American Tobacco Plc
British Columbia Hydro and Power
Authority
British Steel Plc
Broadview
Broken Hill ProprietaryCo. Ltd
Brown Brothers Harriman and Co.
Brunswick
BSI-Banca della Svizzera Italiana
BT Plc
BTG Plc
Budimex SA
Bufete Industrial SA
Buhrmann NV
Bunge International
Burda Media
Bureau Veritas Group
Burger Soehne AG Burg
Business Council on National Issues
Caisse des Dpts et Consignations
Caisse Nationale de Crdit Agricole
(CNCA)
Caixa d Estalvis de Catalunya
Caixabank
Caixa-Geral de Depositos Group
Caltex Corporation
Canadian National Railway
Company
Canadian Pacific Limited
Canal Plus
Cantor Fitzgerald LP
Capital Group Companies Inc.
Cargill Inc.
Carl Zeiss
Carlo Gavazzi Holding AG
Carlsmith Ball S.C.
Carlson Companies Inc.
Caterpillar Inc.
Cedel International
Celanese Canada Inc.
Celsa Group
Celsius Corporation
Cemex
Central Bank of the Republic of
Turkey
Central Bank of Venezuela
Centrica Plc
Centunion
Ceres Hellenic Shipping
Enterprises Ltd
Chargeurs
The Charles Schwab Corporation
Chase Manhattan Corporation
Chevron Corporation
Chicago Mercantile Exchange (CME)
China Everbright Holdings
CompanyLtd
China International Trust and
Investment Corporation (CITIC)
China State Construction
Engineering Corporation
Chiyoda Corporation
Ciech SA
Cigna Corporation
Ciments Franais
Cimpor - Cimentos de Portugal
SGPS SA
Cisneros Group of Companies
Citibank NA
CLT-UFA (RTL)
The Coca-Cola Company
Coca-Cola Enterprises Inc.
Coflexip Stena Offshore
Coinvertir - Corporacion Invertir en
Colombia
Cold Metal Products Company
Colonial Limited
Comalco Aluminium Limited
Commonwealth Bank of Australia
Communications Capital Group
Compagnie des Signaux
Compagnie Financire Edmond de
Rothschild Banque
Compaq Computer Corporation
Compass Group Plc
Computer Associates
International Inc.
Conseil Alain Aboudaram SA
Consolidated Contractors Company
(CCC)
Consoltex Group Inc.
Consultores Asset Management
Continental AG
Cookson Group Plc
Corel Corporation
Coril Holdings Ltd
Corning Incorporated
Corporacion Andina de
Fomento (CAF)
Corporacin Nacional del Cobre de
Chile (Codelco Chile)
Corporacin Zapata Cardenas SA
de CV
Cosco (Hong Kong) Group Limited
MEMBER COMPANIES
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Council for Scientific and Industrial
Research (CSIR)
Coutts Bank (Switzerland) Ltd
Cox Oil Inc.
CPR Group
Crdit Agricole Indosuez
Crdit Suisse Group
CrosbyHoldings Limited
Crossair
Cultor Corporation
Cumberland Associates LLC
Grupo Cydsa SA de CV
Dabbagh Group Holding Co. Ltd
Daewoo Corporation (Corporate)
Dah Sing Financial Holdings Ltd
DailyMail & General Trust Plc
Daimlerchrysler AG
Damen Shipyards
Dana Corporation
Danfoss A/ S
Dankner Group
Groupe Danone
Danzas Holding Ltd
Dar Al-Maal Al-Islami (DMI) SA
Darier Hentsch et Cie
Dashwood Group
Dassault Aviation
Data General Corporation
The De Beers Group of Companies
De Brauw Linklaters & Alliance
De La Rue Plc
De PuryPictet Turrettini & Co. Ltd
DEG - German Investment and
Development Company
Delco RemyInternational Inc.
Dlgation aux Investissements
Internationaux France
Dell Computer Corporation
Deloitte Touche Tohmatsu
Deme Group
Den Danske Bank A/ S
Denel (Pty) Ltd
DERA - Defence Evaluation and
Research Agency
Deutsche Bank AG
Deutsche Brse AG
Deutsche Post AG
Deutsche Telekom AG
Deutscher Investment-Trust
Development Bank of Singapore
Development Bank of Southern
Africa
Dexia
DHL Worldwide Network NV/ SA
Diethelm & Co. Ltd
Dimension Data Holdings
Disco Ahold International
Holdings NV
Dogan Group of Companies
Donaldson, Lufkin and Jenrette
R.R. Donnelley& Sons Company
DoughtyHanson & Co.
Dow Corning Corporation
Dow Jones and CompanyInc.
Dresdner Bank AG
Dresdner Kleinwort Benson
DTZ Zadelhoff
Duchossois Industries Inc.
The Dun and Bradstreet Corporation
DuPont
Duratex SA
E*Trade Group Inc.
E.A. Juffali and Brothers
Eastman Chemical Company
Eastman Kodak Company
Eaton Corporation
Edelman PR Worldwide
EDS (Electronic Data Systems)
Corp.
EFE Handels GmbH & Co. KG
Egmont Group
Egon Zehnder International
Eicher Goodearth Limited
EIH Limited
Electricit de France
Elektra SA de CV
Elf Aquitaine
Eli Lillyand Company
Elron Electronic Industries Ltd
Emirates Bank International PJSC
Emirates Group
Emirates Holdings
Empire CompanyLimited
Empresas Petroleo Ipiranga
ENEL SpA
Engen Ltd
ENI SpA
Enka Holding Investment Co.
Enron
Entertainment Media Ventures Inc.
Entreprise Rhne-Alpes
International
Telefonaktiebolaget LM Ericsson
Ernst & Young LLP
Eskom
Espirito Santo Financial Group SA
Essar Group
European Finance Associates Ltd
Europe-Argentina Club
Eutelsat
Executive Jet Inc. / Netjets
Exel Ltd
Export Development Corporation
The Export-Import Bank of Japan
Exsultate Inc.
Exxon CompanyInternational
EZZ Industries
Fabrimetal
Falck Group
Federation of K orean Industries
( FK I)
Fedsure Holdings Ltd
Felix Schoeller Holding GmbH &
Co. KG
Ferrero SpA
Ferrier Lullin et Cie SA
Ferrostaal AG
Grupo Ferrovial SA
Festo AG
Fiat SpA
FIEL - Latin American Economic
Research Foundation
Fima/ VG - Distribuio de
Produtos Alimentares LDA
Fintraco Insaat Ve Ticaret AS
First Eastern Investment Group
First Health
Firstrand Ltd
Flanders
Fletcher Challenge Limited
FLS Industries A/ S
Fluor Corporation
Fomento Econmico Mexicano SA
de CV (FEMSA)
Forbes Inc.
Ford Motor Company
Fortis
Fortum Corporation
Foundation Calouste Gulbenkian
France Telecom
Frank Russell Company
Freshfields
Fundacin Invertir Argentina
Future Pipe Industries B.V.
Gafisa Participaes SA
Gaumont
Gaz de France
Gefinor Group
Gembel European Sales NV
Genbel Securities Ltd (Gensec)
General Electric CompanyPlc
(GEC)
General Mills Inc.
General Motors Corporation
Generali (Switzerland) Holding
Geodis
Georg Fischer AG
Georgsmarienhtte Holding GmbH
Gerling Group
Gibson, Dunn & Crutcher
GKN Plc
Glencore International AG
Global Telesystems Group Inc.
Global Texas Investments Ltd
Godrej & Boyce Mfg Co. Ltd
Godrej Soaps Limited
Goldman Sachs & Co.
Gteborgs Posten
Government of Manitoba
Government of Ontario
Granaria Holdings BV
Grant Thornton LLP
Greaves Limited
Groupe GTM
Groupe Office Cherifien des
Phosphates
Grupo Embotelladoras Unidas SA
de CV
Grupo ICA SA de CV
Grupo Industrial Bimbo SA de CV
Guardsmark Inc.
Gulf Investment Corporation
Gulfstream Aerospace Corporation
PT Gunung Sewu Kencana
H.Y. Louie Co. Limited
Haarmann, Hemmelrath & Partner
Halifax Plc
Hamza Alkholi Group
Hang Lung Development Company
Limited
Harsco Corporation
HCL Corporation Ltd
Head Tyrolia Mares
Heidrick & StrugglesInternational Inc.
Heijmans NV
Heineken NV
Hellman Worldwide Logistics
GmbH & Co. KG
Henkel KGAA
Heracles General Cement Co. SA
Hero Group
Heung Kong Group Ltd
Hewlett-Packard Company
Hilti Corporation
Hinduja Group of Companies
Hindustan Construction Co. Ltd
Hochtief AG
Holderbank Cement
Honeywell Inc.
Hughes Space &
Telecommunications International
Inc.
Hungarian Development Bank Ltd
Hyatt Corporation
Hydro-Quebec
Hymmen Group
Iberdrola
IBM Corporation
IBM Japan Ltd
ICEP - Investments, Trade and
Tourism of Portugal
ICM Australia PtyLtd
IHC Caland NV
Ihlas Holding SA
Corporacin Impsa
IMS - Health
INA Wlzlager Schaeffler oHG
Inchcape Plc
Indian Oil Corporation Ltd
Indian Petrochemicals
Corporation Ltd
Indreco
Industri Kapital Ltd
Industrial Bank of Japan Ltd
Industrial Development Corporation
of South Africa Ltd (IDC)
Industrias Villares SA
Information SecurityForum
ING Group
Ingosstrakh Insurance
CompanyLtd
Intel Corporation
Intelsat
Interbrew NV
Inter-Europa Bank RT
Interface Inc.
International Chamber of
Commerce
International Finance Corporation
(IFC)
Interturbine Group of Companies
Intuit Inc.
Investcorp
Investec Bank Ltd
Investicn a Postovn Banka AS
(IPB)
Investor AB
Invicta SpA
IPSCO Inc.
Ispat Industries Limited
ISS-International Service
System A/ S
Italcementi SpA
ITC Limited
Itochu Corporation
ITT Industries Inc.
26
J.B. Were & Son
J.K. Industries Limited
J.P. Morgan & Co. Inc.
Jagatjit Industries Limited
Jamyco Holding Luxembourg SA
Japan National Oil Corporation
Jcdecaux International
Jernimo Martins SGPS SA
Joannou & Paraskevaides
(Overseas) Ltd
Johannesburg Stock Exchange
John Laing Plc
Johnson MattheyPlc
Jones, Day, Reavis & Pogue
Grupo Kahan Automotriz
Kansai Electric Power CompanyInc.
Karl Steiner Holding AG
Keizai Doyukai
Keramik Holding AG Laufen
Kesko Corporation
Khemka UK Limited
Khimji Ramdas Group
Kikkoman Corporation
Kimball International Inc.
Kirloskar Electric CompanyLimited
Kirloskar Oil Engines Limited
Klinge Stiftung und Co. Holding KG
Koninklijke Hoogovens NV
Konoike Construction Co. Ltd
Korn/ FerryInternational
Kotak Mahindra Finance Ltd
Koyo Seiko Co. Ltd
KPMG
Kraft Foods International
Kudelski SA
Kumpulan Guthrie Berhad
Kuoni Travel Holding Ltd
Kuwait Industries Co. Holding
Kuwait International Investment Co.
Kuwait Investment Authority
Kuwaiti Danish DairyCompany
WLL
Kuwaiti Interests for Financial
Investments KSC
KWV (Pty) Ltd
Lafarge
Lahoud Engineering Co. Ltd
Landesbank Rheinland-Pfalz
Larsen & Toubro Limited
Lazard Creditcapital Ltd
Lear Corporation
Legler Holding SpA
Lehman Brothers Inc.
Lend Lease Corporation Ltd
Leo A. Daly
Leonia Plc
LFA Frderbank Bayern
LGT Bank in Liechtenstein AG
The LNM Group
Loeff Claeys Verbeke
Loews Corporation
Lohr SA
Lombard, Odier et Cie
London Stock Exchange
Lyonnaise de Banque
Magna International Inc.
Manpower Inc.
Mantrac
Manufacturers Association of Israel
Grupo Marhnos
Marinopoulos Brothers
Marks & Spencer Plc
Marquard & Bahls AG
Marsh Supermarkets Inc.
Marubeni Corporation
Marval, O Farrell & Mairal
MaryKayHolding Corporation
Mastercard International
Incorporated
Matav RT
Mavesa SA
Mayne Nickless Limited
Maytag Corporation
McCarthyTetrault
McDonalds Corporation
MCI Worldcom Inc.
McKinsey& CompanyInc.
Media Most
Medtronic Inc.
Memorial Sloan-Kettering Cancer
Center
Merck & Co. Inc.
Meritanordbanken Plc
Merloni Elettrodomestici SpA
Merrill Lynch & Co. Inc.
Metsa-Serla Corporation
Mexican Investment Board
Grupo Mexicano de Desarrollo SA
MG Kailis Group
Microsoft Corporation
Millennium Chemicals Inc.
Milliken & Company
Ministryof Finance and National
Economyof Saudi Arabia
Ministryof Industry, Commerce,
Science and Technologyof Quebec
Mitsubishi Electric Corporation
Mitsubishi Materials Corporation
Mobil Corporation
Grupo Modelo SA de CV
Modi Enterprises
Moet Hennessy
Molex Incorporated
Mondial International
Monitor Group
Monsanto Company
Monteiro Aranha SA
Moore Corporation Limited
Moquet Borde & Associes
Morgan StanleyDean Witter & Co.
Motorola Inc.
MRH Mineraloel-Rohstoff-
Handel GnbH
MSX International
Mue-Li AG
Mukand Limited
Murray& Roberts Holdings Ltd
Mutual of America
Nabisco Group Holdings Corp.
Nahas Enterprises Group
Nanyang Commercial Bank Ltd
SAR
Nasdaq Stock Market Inc.
National Australia Bank Ltd
National Bank for Foreign
Economic Activityof the Republic
of Uzbekistan
National Bank of Egypt
National Council of Youth and
Future
National Power Plc
National Reserve Bank
National Swedish Pension Fund
National Westminster Bank Plc
Nationwide Insurance Enterprise
NCC AB
Nedcor Limited
Neftekhimprom Financial Industrial
Group
Nestl SA
New Corange Ltd
New York Stock Exchange Inc.
Newmont Mining Corporation
NGK Insulators Ltd
Nicco Corporation Ltd
Nihon Keizai Shimbun Inc. (Nikkei)
Niki SA Marinopoulos
NKT Holding A/ S
Nomura Securities Co. Ltd
Nortel Networks
Nova Chemicals Corporation
Novartis AG
Novell Inc.
Novo Nordisk AS
NTT Corporation
Obo Bettermann GmbH & Co.
Oce NV
Oerlikon-Bhrle Group
The Olayan Group
Old Mutual
Olivetti SpA
Oman National Investment
Corporation Holding (Saog)
Omega SA
Omron Corporation
Oracle Corporation
Orbitex Investments Limited
Organizacin Ardila Lulle
Organizacin Ramrez
Ormat Industries Ltd
Osaka Gas Co. Ltd
Oscar de la Renta Ltd
Otava Publishing Company
Otis Elevator Company
OTP National Savings and
Commercial Bank Ltd
Outokumpu Oyj
Paccar Inc.
Pacific CenturyGroup
Palliser Furniture Ltd
Panamerican Beverages Inc.
Paribas
Parisbourse SBF SA
Partek Corporation
Pathfinder Group
Paul, Weiss, Rifkind, Wharton and
Garrison
Pearson Plc
Penske Corporation
Pepsico Inc.
Peremba Group of Companies
Perot Systems Corporation
Petroleo Brasileiro SA Petrobras
Petroleos de Venezuela SA
Petronas (Petroliam Nasional
Berhad)
Pfizer Inc.
Pharos
Philip Morris Companies Inc.
Philipp Holzmann AG
Phillips Petroleum Company
Phoenix Overseas Limited
Pictet & Cie Private Bankers
Pilkington Plc
Pirelli SpA
Placer Dome Inc.
Plate Glass & Shatterprufe
Industries Limited
Empresas Polar (Food Division)
Port AuthorityAntwerp
Portucel Industrial SA
Posten AB
Pratt Industries
Premier Automobiles Limited
Premier Inc.
PricewaterhouseCoopers
Principalityof Monaco
Procter & Gamble Co.
Profabril Consulplano Group (PCG)
Prosieben Media AG
Proudfoot Consulting Plc
Publicis Group
Pulsar Internacional SA de CV
Qatar National Bank Saq
R. Bourgeois SA
Raiffeisen Zentralbank Oesterreich
AG (RZB)
Rajshree Group of Companies
Rao Ees Rossii
Refco Group Ltd
Reliance Industries Limited
RemyCointreau
Renault
Renault V.I.
Repsol - YPF, SA
Rpublique et Canton de Genve
Reuters Group Plc
Rheinmetall AG
Compagnie Financire Richemont AG
Ringier AG
Rio Algom Limited
Rio Tinto Plc
Riverside Manufacturing Company
Robeco Group
Robert Bosch GmbH
Roche Holding Ltd
Roemmers S.A.I.C.F.
Roland Berger & Partners
International Management
Consultants GmbH
Roscontract
Rosewood Corporation
RossiyskiyKredit Bank
Rothschild & Cie Banque
RoyM. Huffington Inc.
Royal Ahold
Royal Boskalis Westminster NV
Royal Dutch/ Shell Group of
Companies
Royal IBC
Royal Numico NV
Royal Packaging Industries
Van Leer NV
RPG Enterprises Ltd
Ruhrgas AG
27
Rustenberg Wine Estate
S.W.I.F.T.
Sabic - Saudi Basic Industries
Corp.
Sadia Group
Sairgroup
Salam Holdings Co. WLL
Same Deutz-Fahr SpA
Samsung Corporation
Samuel Group of Companies
San Miguel Corporation
Sandoz FamilyFoundation
Sanlam
The Sanmar Group
Sanoma-WsoyOyj
Santasalo-Jot Corporation
Santos Ltd
Sap AG
Sappi Limited
Sara Lee Corporation
Sasol Limited
Saudi American Bank (Samba)
The Savola Company
SCAC Fundaes e Estruturas Ltda
Scania AB
Scarbroughs
Schindler Holding Ltd
Schle Group AS
J. HenrySchroder & Co. Limited
Schroder Ventures
Scor
Seiko Instruments Inc.
Seiko Seiki Co. Ltd
Sema Group Plc
Service Corporation International
SG Holding AG
SGS Socit Gnrale de
Surveillance Holding SA
Sicpa Holding SA
Sidmar NV
Siemens AG
Sigdo Koppers SA
Silicon Graphics Inc. (SGI)
Sino Group
Sixt AG
SK Corporation
Skadden, Arps, Slate, Meagher and
Flom LLP
Skandinaviska Enskilda Banken
Skanska AB
SKB Banka DD
Smith & Nephew Plc
Smithkline Beecham Plc
SNC-Lavalin Group Inc.
Socit Belge des Btons SA
Socit de la Bourse de
Luxembourg
Socit Gnrale
Socit Gnrale de Financement
du Qubec
Socit Ivoirienne de Raffinage
Sodexho Alliance
Groupe Sofresa
Softbank Corporation
SOK Corporation
SolvaySA
Sonae Investimentos SGPS SA
SonyCorporation
Soros Fund Management
South African Breweries Plc
South African Reserve Bank
Southcorp Ltd
Souza Cruz SA
Standard Bank Investment
Corporation (Stanbic) Ltd
Standard Chartered Bank
Standard Life Assurance Company
State Bank of Mauritius Limited
State Farm Insurance Group
State Power Corporation of China
Statoil Group
Steigenberger Hotels AG
Stena AB
Sterling Software
Sto AG
Stock Exchange Executive Council
(SEEC)
Stora Enso Oyj
Stork NV
Strategic Investment Management
Suez Lyonnaise des Eaux
Sulzer Limited
Sun Microsystems Inc.
Svedala Industri AB
Svenska Handelsbanken
Swarovski Gruppe
Foreningssparbanken AB
(Swedbank)
Swiss Exchange (SWX)
SwissLife Insurance and Pension Co.
Swiss Post
Swiss Re
Swisscom AG
Tad Fin SpA
Taib Bank EC
Tallard BV
Ta-Media AG
Tata Iron and Steel Co. Ltd
Technip
Technobank
Telecom Argentina
Telecom Eireann
Telecom Italia
Telefonica de Argentina
Telefnica SA
Teleglobe Inc.
Telegraph Group Plc
Telekurs Holding AG
Grupo Televisa SA
Telkom SA Limited
Tengelmann Gruppe
Tetra Laval Group
Tetra Pak International SA
Texaco Inc.
Texmaco
Textron Inc.
The Mcgraw-Hill Companies
The Tribune Company
Thominvest Oy
Thomson Multi Media
Tiedemanns Group
Tiger Management Llc
Til Limited
Tilleke & Gibbins Rop
Time Warner Inc.
Tirtamas Group
Titan Cement CompanySA
The Titan Industrial Corporation
TNT Post Group (TPG)
Tokai Asia Ltd
Tolaram Group
The Tongaat-Hulett Group Ltd
Toshiba Corporation
Total
Toyota Motor Corporation
Trader.Com
Transneft
Transnet Ltd
Trans-World Group Plc
The Travel Corporation
Trevira
Grupo Tribasa SA de CV
Triveni Engineering & Industries Ltd
TRW Inc.
Tunisian Travel Service
Turk Dis Ticaret Bankasi AS
(Disbank)
Turner Steiner International LLC
TV Azteca
Tyumen Oil Company
UB Group
UBS AG
UHC / Bon Appetit
United Export-Import Bank
(Unexim Bank)
Unibanco Holdings SA
Unibank AS
Unicco Service Company
Unigestion Holding
Unilever NV
Union Bancaire Prive
Union Europenne de CIC
Union Minire
Unipart Group of Companies
Unisys Corporation
United Group Consultants
United Pan-European
Communications NV (UPC)
United Parcel Service of America
United Technologies Corporation
Universityof British Columbia
Unocal Corporation
Upm - Kymmene Corporation
Uralmash Zavody
US West Inc.
USHA (India) Ltd
VA Technologie AG
Valmet Automotive Inc.
Valora Holding AG
F. Van Lanschot Bankiers NV
The Vancouver Board of Trade
Velox Group
Vereins- und Westbank AG
Vienna Airport Plc
Vimpex Handelsgesellschaft Mbh
Visa International
Visteon Automotive Systems
Vitro Sociedad Annima
Vivendi
VLSI TechnologyInc.
Vnesheconombank Bank for
Foreign Economic Affairs
Volkswagen AG
AB Volvo
Von Roll Holding Ltd
VTG Vereinigte Tanklager und
Transportmittel GmbH
Walchandnagar Industries Ltd
Warburg Dillon Read
Warner-Lambert Company
Warsaw Stock Exchange
Watson Wyatt & Company
Wavin
Weirton Steel Corporation
Weitnauer Holding Ltd
Wesfarmers Limited
West Merchant Bank Limited
Westdeutsche Landesbank
Girozentrale (WestLB)
Westfield Holdings Ltd
White & Case LLP
Wilhelm E.H. Biesterfeld
Willett International Ltd
Willis Corroon Group Limited
Wimm-Bill-Dann
WMC Limited
WPP Group Plc
Wnsche AG
Wrttembergische
Hypothekenbank AG
Xenel / Saudi Cable Company
Xenel / Saudi Services and
Operation Co.
XL Capital Ltd
Yoshinoya D& C Co. Ltd
Young and Rubicam Inc.
YPF SA
Yusuf Bin Ahmed Kanoo
ZF Friedrichshafen AG
Ziff-Davis Inc.
Zuellig Group
Zumtobel AG
Zrcher Kantonalbank
Zurich Financial Services Group
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K NOWLEDGE PARTNERS
Andersen Consulting
A. T. K earney
Booz, Allen & Hamilton
Deloitte Touche Tohmatsu
Ernst & Young
K orn/ Ferry International
PricewaterhouseCoopers
INSTITUTIONAL PARTNERS
ABB Asea Brown Boveri
Ascom
Audi
Barco
BP Amoco
The Coca-Cola Company
Compaq Computer Corporation
DHL Worldwide Express
DuPont
Intelegis/ K udelski Group
Media Most
Nortel Networks
Novell
Suez Lyonnaise des Eaux
Sun Microsystems
USWeb/ CK S
Volkswagen
as of 25 October 1999
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1999 World Economic Forum
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