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1998 / 1999





















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
We have been guided by three principles:

1. Deeper engagement of our members and constituents

The Foundation is the creator and facilitator of the
world’s 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

2. Leading in the creation and application of interaction and
knowledge tools based on state-of-the-art

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
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 world’s 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.
in Swiss Francs

YEAR 1994/95 1995/96 1996/97 1997/98 1998/99

Total income, 32,681,090 36,347,457 42,074,397 51,890,452 51,306,002
out of which
members’ fees 13,537,250 14,887,600 16,047,893 18,761,000 20,915,531

Total expenditure
including R&D
and investments 32,293,679 35,783,161 41,432,138 51,047,818 50,380,441

Surplus to be
added to the
Foundation capital 387,411 564,295 642,259 842,633 925,560

Foundation capital 4,087,291 4,651,587 5,293,847 6,136,481 7,062,041


Full time 56 58 59 73 68

Part time 11 21 21 26 24

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 Forum’s
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 Forum’s strategic orientation to
increasingly become a knowledge and process-oriented

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 Forum’s 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.

One key aspect of this year’s 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 world’s 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 Forum’s 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 Forum’s 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 world’s 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 Forum’s 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.

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 Foundation’s 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 company’s
specialized knowledge about a region or industry to bring
added value to our activities. Hence we established the
scheme of ‘‘Knowledge 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 Knowledge 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 Knowledge Partners.

Finally, the number of Institutional Partners, which support
several of the Forum’s 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

As mentioned above, this year has been marked by a major
overhaul of the World Economic Forum’s 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 Kiosk, 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 Forum’s relationship

with its members and constituents, the servicing of our
members and our internal operations.

The key orientations of the newly formed Knowledge
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.
(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
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 world’s population.

Following the reaction to the IMF’s 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.

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
The MENA Business Initiative was host to a series of
constructive discussions on the need to better integrate the
region’s 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 region’s

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

• 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.

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 region’s 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 Forum’s 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.
(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 Asia’s 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.

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 India’s 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’’. 12
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 India’s

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.
(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.
(25 – 28 APRIL 1999)

The Forum’s 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 leadership’s longer-term and short-term economic
imperatives provided a backdrop for most of the
discussions. 14
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 China’s modernizing economy. The
complementary needs to deepen fixed-income markets,
further develop fund management industry and strengthen
the banking system’s 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.
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 Forum’s 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 15
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 region’s 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.

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 Kosovo
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 region’s
agenda. As in past years, President Thomas Klestil 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 Kosovo
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 Europe’s economic growth rates were
also taken into account.

Russia’s 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.
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. Nigeria’s 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

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 year’s Summit will
also feature the launch of our Africa Competitiveness
Report 2000.

In keeping with the World Economic Forum’s consistent
support of Russia’s 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.
Russia’s 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 Russia’s 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 meeting’s 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 Russia’s business and political leadership.

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 Forum’s 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

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.
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 20
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.
Business Community Responds To Kosovo
Refugee Crisis

As the severity of the Kosovo crisis increased at the end of
May 1999, 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 community into the
large-scale integrated humanitarian action.
The Forum’s membership responded quickly with personal
and corporate contributions of approximately US$ 1 million to
a special fund set up for the UNHCR. In addition, member
companies directly donated at least US$ 10 million in cash
and in kind to their respective in-country aid agencies working
in the Balkans. These donations showed that not only is the
civic responsibility of 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
community’s response to the Forum’s 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 only from
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 solidarity with 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.

KURT 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 Kong SAR

GUY FONTANET, Lawyer; Former President of the State Council of Geneva; Legal Adviser of the 22
Foundation Board

NOBUYUKI 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, Nestlé 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

KLAUS SCHWAB, President of the Foundation Board

MAURICE F. STRONG, Chairman, Earth Council, Canada; Former UN Undersecretary General

PETER SUTHERLAND, Chairman, Goldman Sachs International, United Kingdom; Co-Chairman, BP Amoco

PLC, United Kingdom

WILLIAM I. M. TURNER, Chairman and Chief Executive Officer, Exsultate Inc., Canada; Vice-President of
the Foundation Board

Klaus Schwab, President and Founder
Claude Smadja, Managing Director
Gregory Blatt, Director
Barbara Erskine, Director
Frédéric Sicre, Director


JOSEF ACKERMANN, Member, Managing Board, Deutsche Bank AG, Germany
KHALID 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 Kingdom
SIR JOHN BROWNE, Group Chief Executive, BP Amoco Plc, United Kingdom
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 Kong 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
JAAKKO IHAMUOTILA, Executive Director, Fortum Corporation, Finland
E. NEVILLE ISDELL, Chairman and Chief Executive Officer, Coca-Cola Beverages Plc, UK
DONALD R. KEOUGH, Chairman, Allen & Co., USA
NEMIR A. KIRDAR, President and Chief Executive Officer, Investcorp, Bahrain
YOH KUROSAWA, Chairman of the Board, Industrial Bank of Japan Ltd, Japan
SIR MARTIN LAING, Chairman, John Laing Plc, United Kingdom
G. LANGES-SWAROVSKI, Chairman, Daniel Swarovski Corporation, Austria
KENNETH L. LAY, Chairman and Chief Executive Officer, Enron Corporation, USA
CHRIS F. LIEBENBERG, Chairman, Nedcor Limited, South Africa

GEORGE W. MALLINCKRODT, President, Schroders Plc, United Kingdom
ARNE MARTENSSON, President and Group Chief Executive, Svenska Handelsbanken, Sweden
YUZABURO MOGI, President and Chief Executive Officer, Kikkoman Corporation, Japan
MARK MOODY-STUART, Chairman, Royal Dutch/Shell Group of Companies, United Kingdom
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
3m Company Bain & Company Inc. Bufete Industrial SA
A.T. Kearney Inc. Bajaj Auto Limited Buhrmann NV
ABB Ltd Bajaj Electricals Limited Bunge International
ABN Amro Bank NV Baker & McKenzie Burda Media
ABSA Group Limited Ballarpur Industries Ltd Bureau Veritas Group
Accel Partners Balli Group Plc Burger Soehne AG Burg
Achmea Group Baloise-Holding Business Council on National Issues
Acindar SA Banco Bilbao Vizcaya SA (BBV) Caisse des Dépôts et Consignations
Ackermans & Van Haren Banco del Desarrollo Caisse Nationale de Crédit Agricole
Acnielsen Corporation Banco Mercantil (CNCA)
Adecco Group Banco Santa Cruz SA Caixa d’Estalvis de Catalunya
Adira Banco Santander Central Hispano Caixabank
Adolf Würth GmbH & Co. KG Banco Union SA Caixa-Geral de Depositos Group
Aegon NV Bank Austria AG Caltex Corporation

Aerospatiale Matra Bank Handlowy W Warszawie SA Canadian National Railway
Aga AB Bank J. Vontobel & Co. AG Company
Agra Inc. Bank of America Canadian Pacific Limited
Agrolimen SA Bank of Bermuda Limited Canal Plus
Aicher Group Bank of Jerusalem Ltd Cantor Fitzgerald LP
Akebono Brake Industry Co. Ltd Bank of Montreal Capital Group Companies Inc.
Al Mulla Group of Companies Bank Saint Petersburg Plc Cargill Inc.
Al-Ahli Commercial Bank Banque Cantonale de Geneve Carl Zeiss
Alcan Aluminium Limited Banque de Luxembourg SA Carlo Gavazzi Holding AG
Alcatel Banque et Caisse d'Epargne Carlsmith Ball S.C.
Alfa de l'Etat Carlson Companies Inc.
Alinco Corporation Banque Générale du Caterpillar Inc.
Alliance Capital Management Luxembourg SA Cedel International
International Banque Internationale à Celanese Canada Inc.
Allied Bank of Pakistan Limited Luxembourg SA Celsa Group
Allied Irish Banks Plc (AIB) Banque OBC Odier Bungener Celsius Corporation
Courvoisier Cemex
Allstate Corporation
Banque Pasche SA Central Bank of the Republic of
Alma Media Corporation
Banque Privée Edmond Turkey
Almazy Rossii-Sakha Company Ltd de Rothschild SA
ALSO Holding AG Central Bank of Venezuela
Barclays Bank Plc Centrica Plc
Alusuisse Lonza Group AG Barco NV
Amcor Limited Centunion
Barrick Gold Corporation Ceres Hellenic Shipping
America Online Inc. Bass Plc
American Express Bank, Ltd Enterprises Ltd
Al Basti & Muktha Ltd Chargeurs
American Fiber Manufacturers Bata Schuh AG
Association The Charles Schwab Corporation
Baxter International Inc. Chase Manhattan Corporation
American General Corporation
Baybg Bayerische Beteiligungsges. Chevron Corporation
American Management Systems Inc. Mbh
American Water Works Chicago Mercantile Exchange (CME)
Bechtel Group Inc.
Company Inc. China Everbright Holdings
NV Bekaert SA Company Ltd

Ameritech International
Bell Atlantic Corporation China International Trust and
Amrad Corporation Ltd
Bermuda Government Investment Corporation (CITIC)
Andersen Consulting
Bertelsmann AG China State Construction
André & Cie SA
Bestfoods Engineering Corporation
Anglo American Corporation
of South Africa Ltd BG Bank A/S Chiyoda Corporation
Anglogold Ltd BG Plc Ciech SA
Anglovaal Mining Limited Bharat Forge Limited Cigna Corporation
Aon Corporation BIG Bank Gdanski SA Ciments Français
Apasco SA de CV BIG Flower Holdings Inc. Cimpor - Cimentos de Portugal
Billiton Plc SGPS SA
Apax Partners & Co. AG
Binder-Optik Aktiengesellschaft Cisneros Group of Companies
Arabian Light Metals KSC
Biopharm/SAEG Citibank NA
Aracruz Celulose SA
Birkart Globistics CLT-UFA (RTL)
Arcor Saic
Biwater Plc The Coca-Cola Company
The Blackstone Group Coca-Cola Enterprises Inc.
Arrow Electronics Inc.
Bloomberg LP Coflexip Stena Offshore
Arthur Andersen
BMC Software Inc. Coinvertir - Corporacion Invertir en
Arthur D. Little Inc.
The Boeing Company Colombia
Artoc Group for Investment and
Development Bolsa Mexicana de Valores SA Cold Metal Products Company
ASB Greenworld de CV Colonial Limited
Ascom Management AG Bombardier Inc. Comalco Aluminium Limited
Ashanti Goldfields Company Ltd Bonlac Foods Limited Commonwealth Bank of Australia
Asian Paints (India) Limited Boots Company Plc Communications Capital Group
AT&T Company Booz, Allen & Hamilton Inc. Compagnie des Signaux
Atlantic Richfield Company (ARCO) Bordier et Cie Compagnie Financière Edmond de
Bossard Holding AG Rothschild Banque
The Boston Consulting Group Inc. Compaq Computer Corporation
Attias Holding SA
Bouygues SA Compass Group Plc
Atwood Richards Inc.
Bovis Construction Group Computer Associates
Audi AG International Inc.
Australia and New Zealand Banking BP Amoco Plc
Conseil Alain Aboudaram SA
Group Limited (ANZ) BRE Bank SA
Consolidated Contractors Company
Australia Post Bridas Corporation (CCC)
Autonomous Government of The Bristol Company Consoltex Group Inc.
Catalonia British Aerospace Plc Consultores Asset Management
Autosur SA British American Tobacco Plc Continental AG
AVL List GnbH British Columbia Hydro and Power Cookson Group Plc
Axa Authority
Corel Corporation
Axa UAP British Steel Plc
Coril Holdings Ltd
Axel Johnson AB Broadview
Corning Incorporated
Ayala Corporation Broken Hill Proprietary Co. Ltd
Corporacion Andina de
Ayala Land Inc. Brown Brothers Harriman and Co. Fomento (CAF)
Azizler Holding AS Brunswick Corporación Nacional del Cobre de
BAA Plc BSI-Banca della Svizzera Italiana Chile (Codelco Chile)
Babcock Borsig AG BT Plc Corporación Zapata Cardenas SA
Bacardi Limited BTG Plc de CV
Bahrain Petroleum Company BSC Budimex SA Cosco (Hong Kong) Group Limited
Council for Scientific and Industrial Empire Company Limited Groupe GTM
Research (CSIR) Empresas Petroleo Ipiranga Groupe Office Cherifien des
Coutts Bank (Switzerland) Ltd ENEL SpA Phosphates
Cox Oil Inc. Engen Ltd Grupo Embotelladoras Unidas SA
CPR Group ENI SpA de CV
Crédit Agricole Indosuez Enka Holding Investment Co. Grupo ICA SA de CV
Crédit Suisse Group Enron Grupo Industrial Bimbo SA de CV
Crosby Holdings Limited Entertainment Media Ventures Inc. Guardsmark Inc.
Crossair Entreprise Rhône-Alpes Gulf Investment Corporation
Cultor Corporation International Gulfstream Aerospace Corporation
Cumberland Associates LLC Telefonaktiebolaget LM Ericsson PT Gunung Sewu Kencana
Grupo Cydsa SA de CV Ernst & Young LLP H.Y. Louie Co. Limited
Dabbagh Group Holding Co. Ltd Eskom Haarmann, Hemmelrath & Partner
Daewoo Corporation (Corporate) Espirito Santo Financial Group SA Halifax Plc
Dah Sing Financial Holdings Ltd Essar Group Hamza Alkholi Group
Hang Lung Development Company
Daily Mail & General Trust Plc
Daimlerchrysler AG
Damen Shipyards
European Finance Associates Ltd
Europe-Argentina Club
Harsco Corporation
HCL Corporation Ltd
Dana Corporation Executive Jet Inc. / Netjets
Danfoss A/S Head Tyrolia Mares
Exel Ltd
Dankner Group Heidrick & Struggles International Inc.
Export Development Corporation
Groupe Danone Heijmans NV
The Export-Import Bank of Japan
Danzas Holding Ltd Heineken NV
Exsultate Inc.
Dar Al-Maal Al-Islami (DMI) SA Hellman Worldwide Logistics
Exxon Company International GmbH & Co. KG
Darier Hentsch et Cie EZZ Industries Henkel KGAA
Dashwood Group Fabrimetal Heracles General Cement Co. SA
Dassault Aviation Falck Group Hero Group
Data General Corporation Federation of Korean Industries Heung Kong Group Ltd
The De Beers Group of Companies (FKI)
Hewlett-Packard Company
De Brauw Linklaters & Alliance Fedsure Holdings Ltd
Hilti Corporation
De La Rue Plc Felix Schoeller Holding GmbH &
Co. KG Hinduja Group of Companies
De Pury Pictet Turrettini & Co. Ltd
Ferrero SpA Hindustan Construction Co. Ltd
DEG - German Investment and
Development Company Ferrier Lullin et Cie SA Hochtief AG
Delco Remy International Inc. Ferrostaal AG Holderbank Cement
Délégation aux Investissements Grupo Ferrovial SA Honeywell Inc.
Internationaux France Hughes Space &
Festo AG Telecommunications International
Dell Computer Corporation Fiat SpA Inc.
Deloitte Touche Tohmatsu FIEL - Latin American Economic Hungarian Development Bank Ltd
Deme Group Research Foundation Hyatt Corporation
Den Danske Bank A/S Fima/ VG - Distribuição de Hydro-Quebec
Denel (Pty) Ltd Produtos Alimentares LDA Hymmen Group
DERA - Defence Evaluation and Fintraco Insaat Ve Ticaret AS
Research Agency Iberdrola
First Eastern Investment Group IBM Corporation
Deutsche Bank AG First Health
Deutsche Börse AG IBM Japan Ltd
Firstrand Ltd ICEP - Investments, Trade and
Deutsche Post AG
Flanders Tourism of Portugal
Deutsche Telekom AG
Fletcher Challenge Limited ICM Australia Pty Ltd
Deutscher Investment-Trust
FLS Industries A/S IHC Caland NV
Development Bank of Singapore
Fluor Corporation Ihlas Holding SA
Development Bank of Southern
Africa Fomento Económico Mexicano SA Corporación Impsa
de CV (FEMSA) IMS - Health
Forbes Inc. INA Wälzlager Schaeffler oHG
DHL Worldwide Network NV/SA
Ford Motor Company Inchcape Plc
Diethelm & Co. Ltd
Fortis Indian Oil Corporation Ltd
Dimension Data Holdings
Fortum Corporation Indian Petrochemicals
Disco Ahold International
Holdings NV Foundation Calouste Gulbenkian Corporation Ltd
Dogan Group of Companies France Telecom Indreco
Donaldson, Lufkin and Jenrette Frank Russell Company Industri Kapital Ltd
R.R. Donnelley & Sons Company Freshfields Industrial Bank of Japan Ltd
Doughty Hanson & Co. Fundación Invertir Argentina Industrial Development Corporation
Dow Corning Corporation Future Pipe Industries B.V. of South Africa Ltd (IDC)
Dow Jones and Company Inc. Gafisa Participações SA Industrias Villares SA
Dresdner Bank AG Gaumont Information Security Forum
Dresdner Kleinwort Benson Gaz de France ING Group
DTZ Zadelhoff Gefinor Group Ingosstrakh Insurance
Gembel European Sales NV Company Ltd
Duchossois Industries Inc.
Genbel Securities Ltd (Gensec) Intel Corporation
The Dun and Bradstreet Corporation
General Electric Company Plc Intelsat
(GEC) Interbrew NV
Duratex SA
General Mills Inc. Inter-Europa Bank RT
E*Trade Group Inc.
General Motors Corporation Interface Inc.
E.A. Juffali and Brothers
Generali (Switzerland) Holding International Chamber of
Eastman Chemical Company Commerce
Eastman Kodak Company Geodis
Georg Fischer AG International Finance Corporation
Eaton Corporation (IFC)
Edelman PR Worldwide Georgsmarienhütte Holding GmbH
Interturbine Group of Companies
EDS (Electronic Data Systems) Gerling Group
Intuit Inc.
Corp. Gibson, Dunn & Crutcher
EFE Handels GmbH & Co. KG GKN Plc
Investec Bank Ltd
Egmont Group Glencore International AG
Investicní a Postovní Banka AS
Egon Zehnder International Global Telesystems Group Inc. (IPB)
Eicher Goodearth Limited Global Texas Investments Ltd Investor AB
EIH Limited Godrej & Boyce Mfg Co. Ltd Invicta SpA
Electricité de France Godrej Soaps Limited IPSCO Inc.
Elektra SA de CV Goldman Sachs & Co. Ispat Industries Limited
Elf Aquitaine Göteborgs Posten ISS-International Service
Eli Lilly and Company Government of Manitoba System A/S
Elron Electronic Industries Ltd Government of Ontario Italcementi SpA
Emirates Bank International PJSC Granaria Holdings BV ITC Limited
Emirates Group Grant Thornton LLP Itochu Corporation
Emirates Holdings Greaves Limited ITT Industries Inc.
J.B. Were & Son Merck & Co. Inc. Otis Elevator Company
J.K. Industries Limited Meritanordbanken Plc OTP National Savings and
J.P. Morgan & Co. Inc. Merloni Elettrodomestici SpA Commercial Bank Ltd
Jagatjit Industries Limited Merrill Lynch & Co. Inc. Outokumpu Oyj
Jamyco Holding Luxembourg SA Metsa-Serla Corporation Paccar Inc.
Japan National Oil Corporation Mexican Investment Board Pacific Century Group
Jcdecaux International Grupo Mexicano de Desarrollo SA Palliser Furniture Ltd
Jerónimo Martins SGPS SA MG Kailis Group Panamerican Beverages Inc.
Joannou & Paraskevaides Microsoft Corporation Paribas
(Overseas) Ltd Millennium Chemicals Inc. Parisbourse SBF SA
Johannesburg Stock Exchange Milliken & Company Partek Corporation
John Laing Plc Ministry of Finance and National Pathfinder Group
Johnson Matthey Plc Economy of Saudi Arabia Paul, Weiss, Rifkind, Wharton and
Jones, Day, Reavis & Pogue Ministry of Industry, Commerce, Garrison
Grupo Kahan Automotriz Science and Technology of Quebec Pearson Plc
Mitsubishi Electric Corporation Penske Corporation
Kansai Electric Power Company Inc.
Karl Steiner Holding AG
Keizai Doyukai
Mitsubishi Materials Corporation
Mobil Corporation
Pepsico Inc.
Peremba Group of Companies
Keramik Holding AG Laufen Grupo Modelo SA de CV Perot Systems Corporation
Kesko Corporation Modi Enterprises Petroleo Brasileiro SA Petrobras
Khemka UK Limited Moet Hennessy Petroleos de Venezuela SA
Khimji Ramdas Group Molex Incorporated Petronas (Petroliam Nasional
Kikkoman Corporation Mondial International Berhad)
Kimball International Inc. Monitor Group Pfizer Inc.
Kirloskar Electric Company Limited Monsanto Company Pharos
Kirloskar Oil Engines Limited Monteiro Aranha SA Philip Morris Companies Inc.
Klinge Stiftung und Co. Holding KG Moore Corporation Limited Philipp Holzmann AG
Koninklijke Hoogovens NV Moquet Borde & Associes Phillips Petroleum Company
Konoike Construction Co. Ltd Morgan Stanley Dean Witter & Co. Phoenix Overseas Limited
Motorola Inc. Pictet & Cie Private Bankers
Korn/Ferry International
MRH Mineraloel-Rohstoff- Pilkington Plc
Kotak Mahindra Finance Ltd
Handel GnbH Pirelli SpA
Koyo Seiko Co. Ltd
MSX International Placer Dome Inc.
Mue-Li AG Plate Glass & Shatterprufe
Kraft Foods International Industries Limited
Mukand Limited
Kudelski SA Empresas Polar (Food Division)
Murray & Roberts Holdings Ltd
Kumpulan Guthrie Berhad Port Authority Antwerp
Mutual of America
Kuoni Travel Holding Ltd Portucel Industrial SA
Nabisco Group Holdings Corp.
Kuwait Industries Co. Holding Posten AB
Nahas Enterprises Group
Kuwait International Investment Co. Pratt Industries
Nanyang Commercial Bank Ltd
Kuwait Investment Authority SAR Premier Automobiles Limited
Kuwaiti Danish Dairy Company Nasdaq Stock Market Inc. Premier Inc.
National Australia Bank Ltd PricewaterhouseCoopers
Kuwaiti Interests for Financial
Investments KSC National Bank for Foreign Principality of Monaco
Economic Activity of the Republic Procter & Gamble Co.
KWV (Pty) Ltd of Uzbekistan
Lafarge Profabril Consulplano Group (PCG)
National Bank of Egypt Prosieben Media AG
Lahoud Engineering Co. Ltd National Council of Youth and
Landesbank Rheinland-Pfalz Proudfoot Consulting Plc
Larsen & Toubro Limited Publicis Group
National Power Plc
Lazard Creditcapital Ltd Pulsar Internacional SA de CV
National Reserve Bank
Lear Corporation Qatar National Bank Saq
National Swedish Pension Fund
Legler Holding SpA R. Bourgeois SA
National Westminster Bank Plc
Lehman Brothers Inc. Raiffeisen Zentralbank Oesterreich
Nationwide Insurance Enterprise AG (RZB)
Lend Lease Corporation Ltd NCC AB Rajshree Group of Companies
Leo A. Daly Nedcor Limited Rao Ees Rossii
Leonia Plc Neftekhimprom Financial Industrial Refco Group Ltd
LFA Förderbank Bayern Group
Reliance Industries Limited
LGT Bank in Liechtenstein AG Nestlé SA
Remy Cointreau
The LNM Group New Corange Ltd
Loeff Claeys Verbeke New York Stock Exchange Inc.
Renault V.I.
Loews Corporation Newmont Mining Corporation
Repsol - YPF, SA
Lohr SA NGK Insulators Ltd
République et Canton de Genève
Lombard, Odier et Cie Nicco Corporation Ltd
Reuters Group Plc
London Stock Exchange Nihon Keizai Shimbun Inc. (Nikkei)
Rheinmetall AG
Lyonnaise de Banque Niki SA Marinopoulos
Compagnie Financière Richemont AG
Magna International Inc. NKT Holding A/S
Ringier AG
Manpower Inc. Nomura Securities Co. Ltd
Rio Algom Limited
Mantrac Nortel Networks
Rio Tinto Plc
Manufacturers’ Association of Israel Nova Chemicals Corporation
Riverside Manufacturing Company
Grupo Marhnos Novartis AG
Robeco Group
Marinopoulos Brothers Novell Inc.
Robert Bosch GmbH
Marks & Spencer Plc Novo Nordisk AS
Roche Holding Ltd
Marquard & Bahls AG NTT Corporation
Roemmers S.A.I.C.F.
Marsh Supermarkets Inc. Obo Bettermann GmbH & Co.
Roland Berger & Partners
Marubeni Corporation Oce NV International Management
Marval, O’Farrell & Mairal Oerlikon-Bührle Group Consultants GmbH
Mary Kay Holding Corporation The Olayan Group Roscontract
Mastercard International Old Mutual Rosewood Corporation
Incorporated Olivetti SpA Rossiyskiy Kredit Bank
Matav RT Oman National Investment Rothschild & Cie Banque
Mavesa SA Corporation Holding (Saog) Roy M. Huffington Inc.
Mayne Nickless Limited Omega SA Royal Ahold
Maytag Corporation Omron Corporation Royal Boskalis Westminster NV
McCarthy Tetrault Oracle Corporation Royal Dutch/Shell Group of
McDonald’s Corporation Orbitex Investments Limited Companies
MCI Worldcom Inc. Organización Ardila Lulle Royal IBC
McKinsey & Company Inc. Organización Ramírez Royal Numico NV
Media Most Ormat Industries Ltd Royal Packaging Industries
Medtronic Inc. Osaka Gas Co. Ltd Van Leer NV
Memorial Sloan-Kettering Cancer Oscar de la Renta Ltd RPG Enterprises Ltd
Center Otava Publishing Company Ruhrgas AG
Rustenberg Wine Estate Steigenberger Hotels AG UHC / Bon Appetit
S.W.I.F.T. Stena AB United Export-Import Bank
Sabic - Saudi Basic Industries Sterling Software (Unexim Bank)
Corp. Sto AG Unibanco Holdings SA
Sadia Group Stock Exchange Executive Council Unibank AS
Sairgroup (SEEC) Unicco Service Company
Salam Holdings Co. WLL Stora Enso Oyj Unigestion Holding
Same Deutz-Fahr SpA Stork NV Unilever NV
Samsung Corporation Strategic Investment Management Union Bancaire Privée
Samuel Group of Companies Suez Lyonnaise des Eaux Union Européenne de CIC
San Miguel Corporation Sulzer Limited Union Minière
Sandoz Family Foundation Sun Microsystems Inc. Unipart Group of Companies
Sanlam Svedala Industri AB Unisys Corporation
The Sanmar Group Svenska Handelsbanken United Group Consultants
Sanoma-Wsoy Oyj Swarovski Gruppe United Pan-European
Communications NV (UPC)
Santasalo-Jot Corporation
Santos Ltd
Sap AG
Foreningssparbanken AB
Swiss Exchange (SWX)
United Parcel Service of America
United Technologies Corporation
University of British Columbia
Sappi Limited Swiss Life Insurance and Pension Co.
Sara Lee Corporation Swiss Post Unocal Corporation
Sasol Limited Swiss Re Upm - Kymmene Corporation
Saudi American Bank (Samba) Swisscom AG Uralmash Zavody
The Savola Company Tad Fin SpA US West Inc.
SCAC Fundações e Estruturas Ltda Taib Bank EC USHA (India) Ltd
Scania AB Tallard BV VA Technologie AG
Scarbroughs Ta-Media AG Valmet Automotive Inc.
Schindler Holding Ltd Tata Iron and Steel Co. Ltd Valora Holding AG
Schlée Group AS Technip F. Van Lanschot Bankiers NV
J. Henry Schroder & Co. Limited Technobank The Vancouver Board of Trade
Telecom Argentina Velox Group
Schroder Ventures
Telecom Eireann Vereins- und Westbank AG
Telecom Italia Vienna Airport Plc
Seiko Instruments Inc.
Telefonica de Argentina Vimpex Handelsgesellschaft Mbh
Seiko Seiki Co. Ltd
Telefónica SA Visa International
Sema Group Plc
Teleglobe Inc. Visteon Automotive Systems
Service Corporation International
Telegraph Group Plc Vitro Sociedad Anónima
SG Holding AG
Telekurs Holding AG Vivendi
SGS Société Générale de
Grupo Televisa SA VLSI Technology Inc.
Surveillance Holding SA
Telkom SA Limited Vnesheconombank Bank for
Sicpa Holding SA Foreign Economic Affairs
Sidmar NV Tengelmann Gruppe
Tetra Laval Group Volkswagen AG
Siemens AG AB Volvo
Sigdo Koppers SA Tetra Pak International SA
Texaco Inc. Von Roll Holding Ltd
Silicon Graphics Inc. (SGI) VTG Vereinigte Tanklager und
Sino Group Texmaco
Transportmittel GmbH
Sixt AG Textron Inc.
Walchandnagar Industries Ltd
SK Corporation The Mcgraw-Hill Companies
Warburg Dillon Read
Skadden, Arps, Slate, Meagher and The Tribune Company
Warner-Lambert Company
Flom LLP Thominvest Oy
Warsaw Stock Exchange
Skandinaviska Enskilda Banken Thomson Multi Media
Watson Wyatt & Company
Skanska AB Tiedemanns Group
SKB Banka DD Tiger Management Llc
Weirton Steel Corporation
Smith & Nephew Plc Til Limited
Weitnauer Holding Ltd
Smithkline Beecham Plc Tilleke & Gibbins Rop
Wesfarmers Limited
SNC-Lavalin Group Inc. Time Warner Inc.
West Merchant Bank Limited
Société Belge des Bétons SA Tirtamas Group
Westdeutsche Landesbank
Société de la Bourse de Titan Cement Company SA Girozentrale (WestLB)
Luxembourg The Titan Industrial Corporation Westfield Holdings Ltd
Société Générale TNT Post Group (TPG) White & Case LLP
Société Générale de Financement Tokai Asia Ltd Wilhelm E.H. Biesterfeld
du Québec Tolaram Group Willett International Ltd
Société Ivoirienne de Raffinage The Tongaat-Hulett Group Ltd Willis Corroon Group Limited
Sodexho Alliance Toshiba Corporation Wimm-Bill-Dann
Groupe Sofresa Total WMC Limited
Softbank Corporation Toyota Motor Corporation WPP Group Plc
SOK Corporation Trader.Com Wünsche AG
Solvay SA Transneft Württembergische
Sonae Investimentos SGPS SA Transnet Ltd Hypothekenbank AG
Sony Corporation Trans-World Group Plc Xenel / Saudi Cable Company
Soros Fund Management The Travel Corporation Xenel / Saudi Services and
South African Breweries Plc Trevira Operation Co.
South African Reserve Bank Grupo Tribasa SA de CV XL Capital Ltd
Southcorp Ltd Triveni Engineering & Industries Ltd Yoshinoya D&C Co. Ltd
Souza Cruz SA TRW Inc. Young and Rubicam Inc.
Standard Bank Investment Tunisian Travel Service YPF SA
Corporation (Stanbic) Ltd Turk Dis Ticaret Bankasi AS Yusuf Bin Ahmed Kanoo
Standard Chartered Bank (Disbank) ZF Friedrichshafen AG
Standard Life Assurance Company Turner Steiner International LLC Ziff-Davis Inc.
State Bank of Mauritius Limited TV Azteca Zuellig Group
State Farm Insurance Group Tyumen Oil Company Zumtobel AG
State Power Corporation of China UB Group Zürcher Kantonalbank
Statoil Group UBS AG Zurich Financial Services Group

Andersen Consulting
A.T. Kearney
Booz, Allen & Hamilton
Deloitte Touche Tohmatsu
Ernst & Young
Korn/Ferry International

ABB Asea Brown Boveri
BP Amoco
The Coca-Cola Company
Compaq Computer Corporation
DHL Worldwide Express

Intelegis/Kudelski Group
Media Most
Nortel Networks
Suez Lyonnaise des Eaux
Sun Microsystems


as of 25 October 1999
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