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 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 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 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



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 forwardlooking 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.


KEY FIGURES in Swiss Francs







Total income, out of which members’ fees

32,681,090 13,537,250

36,347,457 14,887,600

42,074,397 16,047,893

51,890,452 18,761,000

51,306,002 20,915,531

Total expenditure including R&D and investments






Surplus to be added to the Foundation capital






Foundation capital







Full time Part time

56 11

58 21

59 21

73 26

68 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, outwardlooking, 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 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 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.


INDUSTRY AND MEMBERS’ AFFAIRS 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.



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 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 world’’.



KNOWLEDGE MANAGEMENT AT THE FORUM 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.



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 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.



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 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 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 intraregional 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.

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 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.

• •


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 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.



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 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’’. 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 liberalization and opening up of the economy to allow domestic and foreign investment to grow and contribute to India’s 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.



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.



CHINA BUSINESS SUMMIT, BEIJING AND SHANGHAI (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. 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.

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 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 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.



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 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 deliberations 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.



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 members and the international business community. Nigeria’s new VicePresident 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 economic 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 year’s Summit will also feature the launch of our Africa Competitiveness Report 2000.

RUSSIA MEETING, MOSCOW (4 – 5 DECEMBER 1998) 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.



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 decisionmakers 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 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.




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 peacemaking 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.


MEMBERS OF THE FOUNDATION BOARD 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 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



EXECUTIVE BOARD OF THE WORLD ECONOMIC FORUM Klaus Schwab, President and Founder Claude Smadja, Managing Director Gregory Blatt, Director Barbara Erskine, Director Frédéric Sicre, Director


COUNCIL OF THE WORLD ECONOMIC FORUM 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


MEMBER COMPANIES 3m Company A.T. Kearney Inc. ABB Ltd ABN Amro Bank NV ABSA Group Limited Accel Partners Achmea Group Acindar SA Ackermans & Van Haren Acnielsen Corporation Adecco Group Adira Adolf Würth GmbH & Co. KG Aegon NV Aerospatiale Matra Aga AB Agra Inc. Agrolimen SA Aicher Group Akebono Brake Industry Co. 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 Almazy Rossii-Sakha Company Ltd 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 Systems Inc. American Water Works Company Inc. Ameritech International Amrad Corporation Ltd Andersen Consulting André & 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 Company Ltd 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 Company BSC

Bain & Company Inc. 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 Handlowy W 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 Générale du Luxembourg SA Banque Internationale à Luxembourg SA Banque OBC Odier Bungener Courvoisier Banque Pasche SA Banque Privée 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 Company Plc 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 Proprietary Co. 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 Dépôts et Consignations Caisse Nationale de Crédit 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 Company Ltd China International Trust and Investment Corporation (CITIC) China State Construction Engineering Corporation Chiyoda Corporation Ciech SA Cigna Corporation Ciments Français 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 Financière 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) Corporación Nacional del Cobre de Chile (Codelco Chile) Corporación Zapata Cardenas SA de CV Cosco (Hong Kong) Group Limited



Council for Scientific and Industrial Research (CSIR) Coutts Bank (Switzerland) Ltd Cox Oil Inc. CPR Group Crédit Agricole Indosuez Crédit Suisse Group Crosby Holdings 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 Daily Mail & 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 Pury Pictet Turrettini & Co. Ltd DEG - German Investment and Development Company Delco Remy International Inc. Délégation 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 Börse 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 Doughty Hanson & Co. Dow Corning Corporation Dow Jones and Company Inc. 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 Electricité de France Elektra SA de CV Elf Aquitaine Eli Lilly and Company Elron Electronic Industries Ltd Emirates Bank International PJSC Emirates Group Emirates Holdings

Empire Company Limited Empresas Petroleo Ipiranga ENEL SpA Engen Ltd ENI SpA Enka Holding Investment Co. Enron Entertainment Media Ventures Inc. Entreprise Rhône-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 Company International EZZ Industries Fabrimetal Falck Group Federation of Korean Industries (FKI) 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 - Distribuição 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 Económico Mexicano SA de CV (FEMSA) Forbes Inc. Ford Motor Company Fortis Fortum Corporation Foundation Calouste Gulbenkian France Telecom Frank Russell Company Freshfields Fundación Invertir Argentina Future Pipe Industries B.V. Gafisa Participações SA Gaumont Gaz de France Gefinor Group Gembel European Sales NV Genbel Securities Ltd (Gensec) General Electric Company Plc (GEC) General Mills Inc. General Motors Corporation Generali (Switzerland) Holding Geodis Georg Fischer AG Georgsmarienhütte 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. Göteborgs 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 & Struggles International 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 Pty Ltd IHC Caland NV Ihlas Holding SA Corporación Impsa IMS - Health INA Wälzlager 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 Security Forum ING Group Ingosstrakh Insurance Company Ltd 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 Investicní a Postovní 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.


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 Jerónimo Martins SGPS SA Joannou & Paraskevaides (Overseas) Ltd Johannesburg Stock Exchange John Laing Plc Johnson Matthey Plc Jones, Day, Reavis & Pogue Grupo Kahan Automotriz Kansai Electric Power Company Inc. 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 Company Limited Kirloskar Oil Engines Limited Klinge Stiftung und Co. Holding KG Koninklijke Hoogovens NV Konoike Construction Co. Ltd Korn/Ferry International 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 Dairy Company 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 Förderbank 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 Mary Kay Holding Corporation Mastercard International Incorporated Matav RT Mavesa SA Mayne Nickless Limited Maytag Corporation McCarthy Tetrault McDonald’s Corporation MCI Worldcom Inc. McKinsey & Company Inc. 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 Ministry of Finance and National Economy of Saudi Arabia Ministry of Industry, Commerce, Science and Technology of 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 Stanley Dean Witter & Co. Motorola Inc. MRH Mineraloel-RohstoffHandel 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 Activity of 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 Nestlé 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-Bührle Group The Olayan Group Old Mutual Olivetti SpA Oman National Investment Corporation Holding (Saog) Omega SA Omron Corporation Oracle Corporation Orbitex Investments Limited Organización Ardila Lulle Organización Ramírez 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 Century Group 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 Authority Antwerp Portucel Industrial SA Posten AB Pratt Industries Premier Automobiles Limited Premier Inc. PricewaterhouseCoopers Principality of 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 Remy Cointreau Renault Renault V.I. Repsol - YPF, SA République et Canton de Genève Reuters Group Plc Rheinmetall AG Compagnie Financière 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 Rossiyskiy Kredit Bank Rothschild & Cie Banque Roy M. 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


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 Family Foundation Sanlam The Sanmar Group Sanoma-Wsoy Oyj Santasalo-Jot Corporation Santos Ltd Sap AG Sappi Limited Sara Lee Corporation Sasol Limited Saudi American Bank (Samba) The Savola Company SCAC Fundações e Estruturas Ltda Scania AB Scarbroughs Schindler Holding Ltd Schlée Group AS J. Henry Schroder & Co. Limited Schroder Ventures Scor Seiko Instruments Inc. Seiko Seiki Co. Ltd Sema Group Plc Service Corporation International SG Holding AG SGS Société Générale 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. Société Belge des Bétons SA Société de la Bourse de Luxembourg Société Générale Société Générale de Financement du Québec Société Ivoirienne de Raffinage Sodexho Alliance Groupe Sofresa Softbank Corporation SOK Corporation Solvay SA Sonae Investimentos SGPS SA Sony Corporation 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) Swiss Life 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 Telefónica 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 Company SA 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 Privée Union Européenne de CIC Union Minière Unipart Group of Companies Unisys Corporation United Group Consultants United Pan-European Communications NV (UPC) United Parcel Service of America United Technologies Corporation University of 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 Anónima Vivendi VLSI Technology Inc. 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 Wünsche AG Württembergische 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 Zürcher Kantonalbank Zurich Financial Services Group


KNOWLEDGE PARTNERS Andersen Consulting A.T. Kearney Booz, Allen & Hamilton Deloitte Touche Tohmatsu Ernst & Young Korn/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/Kudelski Group Media Most Nortel Networks Novell Suez Lyonnaise des Eaux Sun Microsystems USWeb/CKS Volkswagen


as of 25 October 1999

World Economic Forum 91 - 93 route de la Capite CH -1223 Cologny/Geneva Switzerland Telephone (41 22) 869 1212 Fax (41 22) 786 2744 e-mail:

© Photo on page 1: J. Röhrscheid / FAZ-Magazin © 1999 World Economic Forum All rights reserved No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying or recording, or by any information storage and retrieval system. Design by Pentagram

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