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World Economic Forum

Annual Report 2006/2007
World Economic Forum Annual Report 2006/2007 

This report is available online at www.weforum.org
World Economic Forum Annual Report 2006/2007 

Contents
Executive Chairman’s statement 02
Our major successes and achievements 06
New strategic endeavours 08
Shaping the global agenda 10
Shaping the regional agenda 14
Shaping the industry agenda 20
Building public–private partnerships 24
Creating knowledge networks 28
Engaging our communities and constituencies 32
Working with our members and partners 35
Our organization 38
The Forum community 40
World Economic Forum USA 42
Our financial results 44
Our mission and values 45

The World Economic Forum
is an independent international
organization committed to
improving the state of the world
by engaging leaders in
partnerships to shape global,
regional and industry agendas.
World Economic Forum Annual Report 2006/2007 

Professor Klaus Schwab,
Founder and Executive Chairman of the World Economic Forum
World Economic Forum Annual Report 2006/2007 

Executive Once again the World Economic Forum has expertise and influence were as assured, and
shown itself to be an innovative, dynamic invaluable to members, as those of our regional
Chairman’s and insightful organization. Acting as a and global perspectives.
statement catalyst for global change, we have delivered
concrete results that reinforce our mission to In this context, I’m pleased that the concept of
Professor Klaus Schwab improve the state of the world. We achieved Corporate Global Citizenship is evolving from a
this at a time when we continue to expand poorly understood slogan to a key principle and
and evolve to meet the changing needs of strategic cornerstone of responsible businesses.
our partners and members worldwide. Corporations have not only a licence to operate
in a global space, but also a ‘civic duty’ to
contribute to the sustainable health of this global
2006/2007 saw a number of key strategic space in cooperation with governments and civil
challenges and opportunities – many of which society. It is for this reason that Corporate Global
we share with our members. We have continued Citizenship remains at the very heart of the
to work closely with our members and partners Forum’s activities.
as well as with other key stakeholders from
government and civil society in our mission to The increased engagement of members
shape the global agenda in a positive way. As demonstrates the value they place in the Forum
part of this mission we have all had to address and its continuing evolution. In 2006/2007, I am
the increasing prominence of Asia in the global very pleased to report, our number of Strategic
economy and polity. In addition we have a range Partners increased by 18%, as further member
of emerging global companies that will take their companies signalled their closer commitment
place in the global economy in the near future. to the Forum by joining the programme.
We have also addressed the growing
importance of online communities both in the One-third of our staff, in 14 sector teams, are
way we do business, how the Forum itself now dedicated industry experts and, in 2007, our
works, and the way we conduct our lives. North American office, World Economic Forum
And we have continued to give prominence to USA, became firmly established as the global
identifying and understanding a new generation headquarters for our Centre for Global Industries
of global leaders. and for our Industry Partners programme, thus
developing unbeatable strategic perspectives
The Forum shares with all its members and and a platform to support the concerted action
partners a responsibility and an obligation to of our diverse stakeholders. Our Industry
reduce its impact on the environment and search Partnership community continues to grow. We
for sustainable solutions. As part of this focus, increased the number of active members working
this year the Forum is sending all members a in a number of tight-knit communities on a range
condensed print version of this annual report, of industry and cross-industry projects by 95%.
while offering the full version on our website at
www.weforum.org/annualreport. We hope that The Forum’s international expansion with an
you understand and welcome this move. The established office in Beijing and now new
annual report is also available in Arabic, Chinese, premises for our New York headquarters, and the
French, German, Japanese and Spanish. Inaugural Annual Meeting of the New Champions,
this year in Dalian in China, has extended our
Shaping the global agenda: footprint but has not diminished the Forum’s
a new global alliance cohesion and unity of purpose. We remain one
For many years, the Forum was a relatively organization, with a common mission and culture.
lone voice in its passionate advocacy of a
multistakeholder approach to global issues. Asia and the rise of the New Champions
British Prime Minister Tony Blair, whom I was It has become an established fact that the rising
delighted to welcome as a member of our economies of Asia are poised to equal those of
Foundation Board in June, captured this the West, revolutionizing the traditional economic
truth particularly eloquently at this year’s order. Building relationships and understanding
Annual Meeting. between the ‘old’ and ‘new’ economies and
business leaders is essential for the future
Mr Blair said: “Nations, even the most great, prosperity and stability of both.
are realizing that they cannot pursue their narrow
national interests without invoking broader global The Forum has a long and successful history
values. They are obliged to recognize that of engagement in Asia, and in China and India
interdependence is the defining characteristic in particular, where we have had a major impact
of the early twenty-first century. The shifting in integrating those countries into the global
power equation is, in part, obviously about system. We are therefore perfectly placed to
emerging new powers; but it is equally about the be a powerful platform for interaction and
fact that power over global issues can only be cooperation between the emerging and
effectively wielded today by global alliances, in established economies. This is something the
turn based on global values.” Forum has sought to do for many years but it’s
clear that this must become a central strategic
The key role of business in this ‘global alliance’ goal for the Forum as it must be for many of our
is becoming increasingly apparent. In 2006/2007, member companies. The Inaugural Annual
the Forum acted to ensure that our business Meeting of the New Champions in Dalian, China
World Economic Forum Annual Report 2006/2007 

Executive (6–8 September 2007) brings together emerging I am also delighted to report that our emphasis
global companies – we call them the ‘New on discovering and developing new young
Chairman’s Champions’ – with today’s leaders to shape leaders is reflected in the participants at Davos
statement tomorrow’s business landscape. This inaugural
meeting creates a powerful platform for
– demonstrating the Forum’s success in
connecting with – and our continuing relevance
Professor Klaus Schwab interaction and collaboration between traditional to – rising generations of leaders.
and new actors, between East and West, by
continued bringing together far beyond 1,000 top We are also proud of our efforts to improve the
participants. Our close and long-term relationship representation of women leaders both at our
with the Chinese Government, particularly meetings and in the wider business community.
represented by the NDRC, the National I’m particularly happy that we have doubled
Development and Reform Commission, was key the representation of women leaders at the
to the establishment of the Dalian meeting and Annual Meeting in the last five years.
future meetings of the New Champions, as well
as the operational success of our office in Beijing. Providing a platform for dialogue
and action
Online communities and the Once again our Annual Meeting in Davos, our
WELCOM project regional events, and our year-round activities
As part of this emerging new world, the virtual and programmes supported and complemented
communities that the Web has enabled are each other. The Annual Meeting, held under
becoming an increasingly important global the apposite theme ‘Shaping the Global
resource – and a vital complement to the Agenda: The Shifting Power Equation’, brought
understanding and relationships forged by face- together 2,400 global decision-makers to
to-face interaction. They are changing the way examine the implications of moves in economic
we do business and the way we interact as and political power, climate change and
individuals. They have also changed the way changing community models, particularly virtual
we at the Forum work. ones. And our regional meetings were also
a key driver of regional integrations. In the
In partnership with a number of major global Middle East, despite all the setbacks and
companies, we made great progress in developing negative developments, the Forum endeavours
WELCOM – the World Electronic Community of to maintain a spirit of hope and reconciliation.
the World Economic Forum. Developed on a Web
2.0 basis and incorporating videoconferencing We’ve also introduced in the past year a new
capability, WELCOM aims to become the world’s feature which has been welcomed by all those
most comprehensive platform and online tool for who took part: exclusive in-depth dialogue with
global CEOs and political leaders. It will enable top leaders – such as the recent roundtable we
business leaders, both from established and organized with Chancellor Merkel and her
developing economies, to build their knowledge, cabinet and in Russia in June with President
understanding and relationships and allow Putin and his two first deputy prime ministers.
them to stay abreast of the rapidly changing
commercial environment. Annual and Regional Meetings
The significant outcomes of the Annual
Perhaps more importantly, WELCOM will allow Meeting included:
a completely new approach to tackling global The announcement of a new international
challenges by providing an integrated platform. partnership to establish an accepted framework
And we have already decided that the first big for climate risk-related corporate reporting
global issue we will address will be water The establishment of an alliance of leading
shortage and water management. companies to bring power to villages in sub-
Saharan Africa
The Forum has always led the field in utilizing An agreement by several global development
new technology. WELCOM continues this trend banks to support our Partnering Against
and, after it is rolled out at the Annual Meeting Corruption Initiative.
in 2008, we are confident that this exciting tool
will prove invaluable to members. Our regional events, which attracted increasing
numbers of members from all stakeholder groups,
Working with tomorrow’s leaders also delivered tangible results. These included:
The baby boom generation that shaped the The announcement, at the World Economic
second half of the twentieth century is retiring. Forum on the Middle East, in Jordan, of a
The future belongs to a new generation, inspired US$ 10 billion initiative to promote youth
by different influences, values and goals. education and a knowledge-based society
in the region
The Forum is intent on understanding and An insightful meeting between 80 international
harnessing the strengths, talent and vision of this business leader members and German
generation. Our sister organization, the Forum of Chancellor Angela Merkel, as part of a series
Young Global Leaders, is a key avenue to this of informal meetings in Europe, to complement
group. The group now includes over 660 of the our regional meeting in Turkey
world’s most dynamic and capable under-40 year The launch of the Alliance for a Green
olds, drawn from 90 countries and representing Revolution in Africa, to tackle the challenges
business, government, civil society, academia faced by millions of farmers in the region, at the
and the arts. World Economic Forum on Africa in Cape Town.
World Economic Forum Annual Report 2006/2007 

Here are the regional meetings organized by the Public–Private Partnerships
World Economic Forum this year: Our members, meanwhile, continued to show the
benefits of public–private partnerships in numerous
10 –11 September 2006 China Business Forum-backed programmes around the world.
Summit, Beijing, China
15 –16 November 2006 Germany Meeting, Our Global Health Initiative, for example,
Berlin, Germany harnessed the influence and expertise of major
23 –24 November 2006 World Economic companies in the fight against AIDS, TB and
Forum in Turkey, malaria. In one initiative, the Beyond Big Business
Istanbul Partnership, firms such as Eskom, Heineken,
26–28 November 2006 India Economic Standard Chartered Bank, Unilever and
Summit, New Delhi Volkswagen joined forces with their suppliers to
9 –10 April 2007 Arab World provide HIV/AIDS awareness, prevention and
Competitiveness treatment programmes. Our Global Education
Roundtable, Doha, Initiative, meanwhile, built on its 2006 launch of
Qatar Partnerships for Education (PfE), which engages
25 –26 April 2007 World Economic Forum leading educationalists in promoting the role of
on Latin America, public–private partnerships, by signing a formal
Santiago de Chile partnership with UNESCO to implement PfE.
18 –20 May 2007 World Economic Forum
on the Middle East, We strongly believe that businesses must be good
Dead Sea, Jordan global corporate citizens and make a positive
9 –10 June 2007 World Economic Forum contribution to society. As well as encouraging
Russia CEO multinational companies to act this way, via our
Roundtable, partnership with the Schwab Foundation for Social
St Petersburg Entrepreneurship we also back enterprises that
13 –15 June 2007 World Economic Forum have a more overt social focus. This year, the
on Africa, Cape Town, foundation ran 30 national competitions for the
South Africa ‘Social Entrepreneur of the Year’ award, screening
24 –25 June 2007 World Economic Forum 2,500 candidates and conducting 150 site visits.
on East Asia, Singapore The winners joined the growing community of
Schwab Foundation entrepreneurs.
Risks, Competitiveness and Scenarios
All through the year, our activities give business I am pleased to report that our members’
leaders the tools to do a better job. For example, continued commitment and ever closer
our ability to act as a ‘hub’ for the best minds – engagement with the Forum contributed to a good
from academia to business and from government financial year while still allowing for significant
to media – enables us to provide invaluable investment in the strategic priorities of the new
strategic insights. WELCOM platform and the inaugural meeting of
the New Champions. We also now have plans in
Our Global Risk Network continued to lead the hand for the extension of our headquarters to bring
agenda in risk identification and analysis, amid all our staff in Geneva back under one roof. The
rising concern over such international issues as construction should begin early 2009.
climate change and the security of energy supply.
In 2007, following a series of workshops, the Looking ahead, the future will be characterized
Network identified 23 core global risks, outlining both by great business opportunities and by
their conclusions in the Global Risks 2007 report. significant political and economic risks. The
Forum will continue to bring strategic insights
The Forum’s Global Competitiveness Network of both the ‘good’ and the ‘bad’ to members’
continued to assist policy-makers in creating attention: wise, effective leadership requires a
drivers for growth by examining how nations and true understanding of the bigger picture. And in
regions as well as industries can achieve sustained this respect I am pleased that we have added to
prosperity. In September 2006, we launched the the range of talents and capabilities of our staff
27th Global Competitiveness Report, covering a with our Global Leadership Fellows programme,
record 125 economies providing critical insights which allows us to do so many complex things
on over 100 competitiveness variables. We also to the satisfaction of the most demanding
launched our first ever Travel & Tourism international public.
Competitiveness Report.
The dedication and engagement of our members
Our highly respected Scenario Planning team and of our staff were what made 2006/07 another
presented three major scenarios at the Annual successful year for the Forum. I would like to thank
Meeting 2007, examining: how the Gulf you very much for your continued commitment.
Cooperation Council countries could develop;
the potential impact of the convergence of IT,
telecoms, media and entertainment; and
how technology, innovation and regulation
could transform access to, and delivery of,
financial services.
Professor Klaus Schwab
Founder and Executive Chairman
World Economic Forum Annual Report 2006/2007 

Our
major
successes
and
achievements

123
companies representing more than US$ 500 billion in annual
turnover have signed up to Partnering Against Corruption –
Principles for Countering Bribery, from the World Economic
Forum Partnering Against Corruption Initiative (PACI).
World Economic Forum Annual Report 2006/2007 

The World Economic Forum is committed Global Agenda The World Economic Forum launched the
to improving the state of the world by Israeli-Palestinian Business Council, a key
engaging leaders from the public and private The World Economic Forum’s Global Education group of Palestinian and Israeli CEOs who are
sectors and from wider civil society in Initiative has expanded from country initiatives in committed to advancing the relationship between
partnerships to shape the global, regional Jordan, India and Egypt – which are reaching over the two business communities and, ultimately,
and industry agendas. Here are some of 2,550,000 students – to the global scale. Along assist the region to move towards durable peace
the year’s highlights. with UNESCO, the Global Education Initiative and coexistence.
launched the ‘Partnerships for Education’ with the
purpose of helping developing countries find An initial 70,000 people in Lesotho and the
multinational and local corporate partners with Democratic Republic of Congo are due to receive
capabilities relevant to their efforts to provide all electricity as part of the World Economic Forum’s
children with a basic education. Energy Poverty Alliance. This is a private sector
initiative of Forum member companies that
The Forum’s Global Health Initiative is the delivers business expertise and best practices
largest public–private sector network in health. to reduce energy poverty. The three initiating
Results from 2006/2007 include: partners are British Columbia Hydro and Power
– India Business Alliance to Stop TB – 4,000,000 Authority (Canada), Eskom (South Africa) and
people were reached through workplace and Vattenfall (Sweden).
community programmes delivered by Reliance,
Aditya Birla, Jubilant Organosys, Eli Lilly, the World The World Economic Forum launched the
Health Organization, the Global Partnership to first index specifically analysing the investment
Stop TB and the Ministry of Health of India. environment for infrastructure. Covering 12
– China Health Alliance – 5,000,000 people, economies in Latin America and the Caribbean,
who are employees of partner companies, are the study, Benchmarking National
expected to receive education, testing and Attractiveness for Private Investment in Latin
treatment. Partner firms are Adidas, Standard American Infrastructure, assesses the main
Chartered Bank, Swire Beverages, Pfizer, drivers of private investment in infrastructure
the UN and the Chinese Government. projects for ports, airports, roads and electricity.
– Beyond Big Business Partnership – Around
50,000 people received lifesaving HIV/AIDS
awareness, prevention and treatment-intervention Industry Agenda
programmes delivered by Eskom, Heineken,
Standard Chartered Bank, Unilever and 123 companies representing more than
Volkswagen who worked with a selection of US$ 500 billion in annual turnover have signed
their suppliers and the GHI. up to Partnering Against Corruption –
Principles for Countering Bribery (PACI
Over 30 companies and other partners including Principles). Over the past year, PACI significantly
NGOs and the Government of Kenya have joined deepened its credibility: the heads of the
together to fight hunger in Siaya, the poorest district multilateral development banks, the International
in Kenya. It is the first project of the World Finance Corporation and the Inter-American
Economic Forum’s Business Alliance Against Investment Corporation agreed to work with
Chronic Hunger to develop a model for business PACI on individual pilot programmes to advance
partnership to reduce hunger which can be scaled anti-corruption efforts. The heads of the Big
up and adapted to other regions. Four Accounting firms (Deloitte, Ernst & Young,
KPMG and PricewaterhouseCoopers) agreed
World Economic Forum Industry Partners from to work with the PACI and together will explore
many sectors began a collaboration with the G8 the development of a framework for companies
Gleneagles Dialogue on Climate Change, Clean to benefit from independent reviews of their
Energy and Sustainable Development to develop anti-bribery programmes.
recommendations for governments regarding
ways to construct a long-term climate policy The World Economic Forum launched the
framework to transform energy systems as well as first-ever Travel & Tourism Competitiveness
opportunities in the near term to increase market Report, measuring the factors that make
financing and consumer demand for low carbon it attractive to develop the industry for 124
products through better public–private cooperation. countries. The report is a joint effort led by
the Industry Partners of the Aviation, Travel
and Tourism Industry Partnership Programme
Regional Agenda and the Global Competitiveness Network.

His Highness Sheikh Mohammed Bin Rashid The World Economic Forum’s Working Towards
Al Maktoum, Vice-President and Prime Minister Wellness Initiative aims to stimulate greater
of the United Arab Emirates and Ruler of Dubai, business engagement in the global fight against
launched the Mohammed Bin Rashid Al chronic disease through employee wellness.
Maktoum Foundation to promote human
development with a US$ 10 billion endowment at The Women Leaders Programme increased
the World Economic Forum on the Middle East. the participation of women in the Annual Meeting
from 8% in 2002 to 17% in 2007.
World Economic Forum Annual Report 2006/2007 

New
strategic
endeavours

Our inspiration to be a member of the
Community of Global Growth Companies is
to mesh with like-minded companies such
as ours – companies that firmly believe
in providing innovative business models
and operating model discontinuity to
change the world and to create competitive
advantage for themselves and for their
clients. Participating in the Inaugural Annual
Meeting of the New Champions gives us
the opportunity to be among a network of
such companies that can work in closer
consonance and partnership.

Phaneesh Murthy
CEO and MD, igate Global Solutions, India
World Economic Forum Annual Report 2006/2007 

The Forum remains an effective catalyst The New Champions WELCOM
for global change. To support our mission
we have launched a number of significant ‘The Shifting Power Equation’ was the framework The World Economic Forum firmly believes in
projects that support our strategic vision, for discussions in Davos, but it is also the the power of collaborative wisdom and action
and ensure that we continue to engage strategic imperative behind the creation of generated by combining face-to-face and virtual
our members and partners. In the past year the Community of Global Growth Companies. interaction. WELCOM – the World Electronic
the Forum has focused on two primary Power shifts occur only when ‘New Champions’ Community of the World Economic Forum –
strategic endeavours: the identification succeed in both challenging the status quo and creates a unique online community which
and development of a new generation forcing change. Therefore early engagement of functions as an advanced collaborative platform
of global leaders, the ‘New Champions’, such leaders and innovators is critical if the World for 10,000 of the world’s top leaders. It is based
and the launch of WELCOM, an advanced Economic Forum is to retain its leadership in on the latest videoconferencing capabilities
electronic communication system, which shaping global, regional and industry agendas. and will provide a unique global governance
will serve as an invaluable tool for members tool to address the challenges of our globally
and partners to help shape agendas. The new Community of Global Growth interconnected, fast-paced world.
Companies comprises the ‘New Champions’
from industry that will in fact be shaping the It offers business, government and intellectual
future. Its members will interact with current leaders a powerful resource to shape global,
foundation members to understand, and to regional and industrial agendas through a state-
leverage, the forces transforming the business of-the-art technology platform. Developed on
world, reordering societies worldwide and a Web 2.0 basis, in partnership with the world’s
creating fast-growth economies. leading technology companies, the platform
will provide an unprecedented opportunity
The designation of the city of Dalian, China, for both established companies and the New
as the host of the Inaugural Annual Meeting of Champions to learn from each other and
the New Champions symbolizes the growing establish ties of cooperation and partnership.
economic influence of Asia globally. In addition
to the top 500 emerging companies, the The initiative is the latest milestone in the
meeting in Dalian includes leaders from the Forum’s history of embracing technological
world’s most competitive cities and fastest innovation to improve its offering to members.
growing regions. The future will also be
represented as the Community of Young Global
Leaders will gather for their annual meeting.
With a strong international media presence,
coupled with innovators from the Web 2.0
world, the rise of these New Champions will
be explored across all its dimensions.
World Economic Forum Annual Report 2006/2007 10

The World Economic Forum operates on Annual Meeting
Shaping many levels, addressing global, regional The World Economic Forum Annual Meeting
the global and industry agendas, although much of
our activity is on a worldwide scale. Working
2007 again demonstrated the Forum’s vital
role in bringing together global leaders from
agenda in concert with our members and partners different regions and sectors to address key
and other key stakeholders, our initiatives international issues.
have a positive impact on the global
community. At the World Economic Forum’s Change was a dominant theme of this year’s
Annual Meeting in Davos each year, we sit Meeting, which was held under the banner:
down with our partners to frame the global ‘Shaping the Global Agenda: The Shifting Power
agenda, highlight the challenges of the Equation’. It proved a powerful theme, striking
coming year and work on solutions to some a chord with the 2,400 participants, and
of the world’s complex problems. In this reflecting a potent mix of concern and optimism.
sense, the Annual Meeting is the focus of
the work that the Forum does throughout The continued moves in economic and
the year. geopolitical power to emerging economies
and resource-rich nations; the recognition
of the pressing need to address climate change;
and the implications of new community models,
often virtual in nature, gave leaders much
to discuss and digest.

Optimism over the state of the global economy
and the growth opportunities ahead was
matched by concern over the need to adjust to
a new, as-yet undefined, geopolitical landscape.
Whether on the G8 agenda, or that of the
global business community, there was general
agreement on both priorities and the shape
that responses will need to take.

Tzipi Livni, Vice-Prime Minister and Minister of Foreign Affairs of Israel and Mahmoud Abbas,
President of the Palestinian National Authority, at the 2007 Annual Meeting in Davos
World Economic Forum Annual Report 2006/2007 11

The Forum has always believed that global the International Emissions Trading Association,
issues can only be resolved if diverse groups the World Economic Forum Global Greenhouse
work together. It was encouraging to hear from Gas Register and the World Resources Institute.
participant after participant that this idea, once CDSB member organizations have agreed to
considered novel, is now seen as the logical align their core requests for information from
route to deliver effective and lasting solutions. companies to ensure that they report climate
change-related information in a standardized
It was climate change, though, that dominated way. It is expected that this will make for easier
the Annual Meeting 2007. Through a series of comparative analysis by investors, managers
17 sessions related to global warming, the and the public.
world’s top academics, business leaders, NGO
representatives, UN agency chiefs, politicians A number of other significant projects emerged
and many others joined together in advancing from the meeting, including the establishment of
the discussion and exploring practical an alliance of leading companies to bring power
opportunities to make progress through to villages in sub-Saharan Africa. The first
partnership. project will focus on Lesotho.

To underscore the deepening commitment of In the ongoing fight against global corruption,
the business sector to engage other groups in the presidents of the World Bank, the African
addressing this issue, a new international Development Bank, the Asian Development Bank,
partnership was announced. Called the Climate the European Bank for Reconstruction and
Disclosure Standards Board (CDSB), it is made Development and the executive director of the
up of seven organizations which will work International Finance Corporation agreed to lend
together to establish a generally accepted their support for the Partnering Against Corruption
framework for climate risk-related reporting by Initiative (PACI). Acting on their recognition of the
corporations. Founding members include the role the private sector can play in guiding policy
California Climate Action Registry, Carbon and assisting governments, they agreed to pilot a
Disclosure Project, Ceres, the Climate Group, country-specific anti-corruption implementation

The Forum offers a unique opportunity for
global leaders to listen, learn and lead. It
provides insights into shared challenges
through constructive dialogue, as well as the
tools and networks needed to act on those
learnings. It helped us to act more quickly
on micro-insurance and deepened our
understanding of our role in the climate change
debate. The Forum’s engaged collaborative
spirit is what allows it to have such an impact,
and makes it a vital development tool for global
leaders. I know I have benefited from the
opportunity to participate in Forum activities.

James J. Schiro
Group CEO, Zurich Financial Services, Switzerland
World Economic Forum Annual Report 2006/2007 12

Shaping
the global
agenda
continued

We recognize the responsibilities we share
with governments, community groups
and NGOs for the provision of the basic
building blocks of community development:
clean water, jobs, nutrition and a healthy
environment. Because there are no simple,
unilateral solutions for these issues, the
World Economic Forum’s power to convene
those of us who can ensure the sustainability
of all our communities is critical for building
understanding, respect, trust and partnership.

E. Neville Isdell
Chairman and CEO,
The Coca-Cola Company, USA
World Economic Forum Annual Report 2006/2007 13

programme, and a sector-specific structural of future Annual Meetings. With this in mind,
reform initiative that will promote fair competition the Forum is currently researching how the
and transparency. Additionally, the world’s four latest communications technologies can
largest accounting firms agreed to lend their be utilized for the benefit of its participants
support through the development of a framework and the wider global audience.
for companies to benefit from independent
reviews of their anti-bribery programmes. Open Forum Davos 2007
For the fifth consecutive year, we opened
There was a notable consensus that the Forum our doors to the general public, via the Open
and its partners in both business and civil Forum. Co-organized with the Federation of
society have a responsibility to promote open Swiss Protestant Churches, the Open Forum
discussion on globalization. Greater is a series of sessions held in conjunction with
understanding is needed of its advantages the Annual Meeting.
and how its negative effects can be reduced.
As President and Chief Executive Officer of More than 2,400 people took part in seven
Renault, France, and President and Chief sessions. Participants came from all walks of
Executive Officer of Nissan, Japan, Carlos life, including business, civil society and the local
Ghosn, said: “Most people who are hurt or who Davos population. This year they included a
think they are hurt by globalization know it. Most group of students from Geneva’s international
who benefit do not know it”. This is something school, one of whom served as a panellist in
we are keen to pursue in the coming year. an Open Forum session.

The activity at this year’s Annual Meeting The debates and discussions provided
reached a far wider audience thanks to the participants with insights on globalization
latest technological innovations. These included and the impact of some of its consequences.
real-time webcasts of our key sessions, regular Individual sessions addressed issues such as
podcasts, commentaries written and sent out CEO salaries, development aid and its results,
by bloggers and even discussions among sustainable energy consumption, managing
participants on SecondLife, the popular Web- access to oil, multiculturalism, the role of
based virtual community. This was particularly religions in society and the impact of brands.
appropriate to this year’s Meeting, given that Discussions between the public and panellists
social networking and the implications of the allowed for in-depth conversations.
rise of the virtual world were at the forefront
of many of the discussions. The Forum is keen Panellists of this year’s Open Forum included
to continue developing its knowledge of the Prime Minister of Pakistan, Shaukat Aziz;
community building and recognizes that new Group Chief Executive of global advertising
trends in technology will influence the style giant WPP, Sir Martin Sorrell; and the
Archbishop of Dublin, Diarmuid Martin.

2,400
participants, from 90 countries, including 25 heads of state
were at the Annual Meeting 2007.
World Economic Forum Annual Report 2006/2007 14

Shaping Over the past 12 months, the World In some cases we introduced smaller and less
Economic Forum initiated a succession formal gatherings, to facilitate dialogue between
the of high-level regional gatherings aimed key leaders. In others, we organized larger
regional at mobilizing key business, government,
academic and social groups. Major events
roundtable meetings to achieve broader
discussions between greater representations of
agenda in China, India, Singapore, Jordan, Turkey, regional groups. Overall, the aim was to achieve
South Africa and Chile focused on putting greater knowledge, understanding and action
programmes into action that would deliver plans for the key challenges affecting the regions.
tangible results at the regional level.
Asia
Asia continues to reorder economic, political and
social relationships, underscoring its emergence
as one of the key areas of ‘The Shifting Power
Equation’, which was reflected in the strong
presence of top Asian leaders at the Annual
Meeting in Davos.

The World Economic Forum recognized the
40th anniversary of ASEAN (Association of
South-East Asian Nations) in welcoming three
heads of state from ASEAN nations to the
Annual Meeting in Davos. Gloria Macapagal-
Arroyo, President of the Philippines, and the
Chair of ASEAN at that time, spoke of the bold
steps forward made by ASEAN at its recent
annual meeting.

HM King Abdullah Il Ibn Hussein of the Hashemite Kingdom of Jordan, gave the opening address at the
World Economic Forum on the Middle East in Jordan
World Economic Forum Annual Report 2006/2007 15

For the first time in the Forum’s history, the authorities. Three possible scenarios were
Prime Minister of Vietnam, Nguyen Tan Dung, projected for China for the next 20 years, varying
participated in the Annual Meeting, following his from sluggish development to robust economic
country’s entry as the newest member of the growth. The aim of the report was to provide an
World Trade Organization. He spoke about the analysis of how China’s future development may
factors which have driven Vietnam to become the affect global growth, geopolitics, resources
second fastest growing economy in the world. allocation and trade and investment.
The Prime Minister of Malaysia, Abdullah Ahmad
Badawi, made a special address on establishing The 22nd India Economic Summit took place in
greater understanding in a multicultural world. November 2006 in Delhi. Taking as its theme
‘Meeting New Expectations’, the meeting in Delhi
In September 2006, the 26th China Business was an effective platform in shaping India’s growth
Summit in Beijing was held. The theme of the agenda on various topics across vertical and
meeting, ‘Sustainable Growth through Innovation: horizontal axes of the economy. Discussions were
China’s Creative Imperative’ clearly spelled out the organized under four key pillars: Infrastructure,
top priority for China, as it aims to achieve a Managing Growth, Risk Management, and State
new level of economic development. The Summit and National Competitiveness.
attracted over 600 participants, representing
business executives, senior government officials For the first time, Sonia Gandhi, Chairperson
as well as top experts and media leaders from of the United Progressive Alliance and President
China and around the world. of the Indian National Congress, attended the
meeting. She presented the 2006 India Social
During the meeting, the full report on ‘China Entrepreneur of the Year Award to Vikram Akula
and the World: Scenarios to 2025’ was released, of SKS Microfinance, who improved the lives of
with contributions from more than 100 leading millions in rural India, through the use of microcredit.

70,000
people have been provided with electricity in Africa
through the Forum’s Energy Poverty Alliance.
World Economic Forum Annual Report 2006/2007 16

Shaping
the
regional
agenda
continued

The World Economic Forum is a crucial platform
that allows people like me to meet with other
business leaders to share knowledge and
understanding. The Forum’s meetings address
the right issues in an extremely comprehensive
manner. Moreover the Forum provides the
opportunity to meet the public and private
sectors simultaneously. Public-private
partnerships are essential and both sectors
understand that we cannot move forward unless
we unite in addressing the issues that affect us
all. Putting our minds and hands together to find
common solutions is the only way forward.

Fadi Ghandour
Founder and CEO, Aramex International, Jordan
World Economic Forum Annual Report 2006/2007 17

Linking the leadership imperatives to Asia’s The Forum launched the third Arab World
spectacular growth was the main focus of this Competitiveness Report during the Arab World
year’s World Economic Forum on East Asia in Competitiveness Roundtable held in Doha, Qatar
Singapore. Under the banner ‘The Leadership in April. The meeting provided a platform for
Imperative for an Asian Century’, the meeting advancing the reform agenda across the Arab
brought together 300 top decision-makers from world and analysed three emerging sectors of
26 countries to examine how the region views Arab economies: travel and tourism, healthcare
its leadership roles and to analyse the priorities and insurance services.
for its industry and regional agendas. On the
eve of the Philippines’ handover of the ASEAN The Arab Business Council (ABC), recognized
Chair to Singapore, the meeting’s participants as the voice of the Arab business community
included Gloria Macapagal-Arroyo, President and an initiative of the Forum, continued to build
of the Philippines; Lee Hsien-Loong, Prime the capacity of National Competitiveness
Minister of Singapore; Yi Gang, Assistant Councils throughout the Arab world. The ABC
Governor of the Bank of China; and Masatoshi supported the Egypt Education Initiative, which
Wakabayashi, Minister of Environment of Japan. aims to improve the delivery of education through
public–private partnerships, and The Arab World
During the year, the opposition Democratic Competitiveness Report. It also initiated and
Party of Japan established a Davos Caucus financed a trade study looking at US–Middle East
with 34 Diet members, which follows the Davos trade agreements and how they can be
Caucus established last year in the ruling Liberal optimized for the region as a whole.
Democratic Party. Additionally, in light of Japan’s
2008 G8 Presidency, Klaus Schwab met with The May 2007 World Economic Forum on
Prime Minister Shinzo Abe and five senior cabinet the Middle East was held in Jordan under the
ministers during an official visit to Tokyo. patronage of His Majesty King Abdullah II. Under
the banner ‘Putting Diversity to Work’, the
The World Economic Forum’s recognition of Asia’s programme for the Jordan meeting was structured
dynamic impact in shaping the global, regional around three sub-themes: Industries of the Future;
and industry agendas is further reflected by the Peace, Stability and International Relations; and
fact that the Forum chose Dalian, China, as the Society and Change. Participants explored how
location for its Inaugural Annual Meeting of the to leverage the region’s diversity in pursuit of
New Champions, in September 2007. development and how to manage the tensions
arising from difference in order to promote peace.
Middle East
2007 was another troubled year for much of The Israeli-Palestinian Business Council (IPBC) was
the Middle East but despite the precarious established by a key group of Palestinian and Israeli
geopolitical environment many economies have chief executives, to advance the relationship
grown faster than in the previous three decades. between the two business communities and assist
The Forum strove to maintain an adequate the region in moving towards lasting peace and
balance that addresses an extremely sensitive coexistence. We also saw significant engagement
political environment and places the appropriate of senior Iranian leaders, which created further
emphasis also on sustaining the growth opportunities to address tensions in the region.
momentum in the Arab world. The meeting was a successful platform for dialogue
between key participants from Iraq, Iran and the
The World Economic Forum Annual Meeting in United States.
Davos provided further opportunities to restart
negotiations to end the Israeli-Palestinian conflict At the meeting Sheikh Mohammed Bin Rashid
by bringing together some of the region’s leading Al Maktoum, Vice-President and Prime Minister
policy-makers, including Israeli Foreign Minister, of the United Arab Emirates, and Ruler of Dubai,
Tzipi Livni, Palestinian President Mahmoud Abbas, established the ‘Mohammed Bin Rashid Al
former Israeli Prime Minister and new President, Maktoum Foundation’ for human development
Shimon Peres, and King Abdullah of Jordan. with an endowment of US$ 10 billion. The goal of
this institution is to contribute to a brighter future
An important focus of the Annual Meeting was in the Middle East by promoting youth education
the launch of the ‘Gulf Cooperation Council and a knowledge-based society. It goes to the
Scenarios to 2025’. This exercise explored three heart of what the World Economic Forum aims to
possible evolutions of the GCC in terms of its promote in the region, and we expect to work
geopolitical stability and leadership capacity to closely with the Foundation in the coming years.
implement effective governance and reforms.
Together with key regional partners, the Forum Europe
developed in-depth scenarios for Bahrain, Saudi More than 400 participants from 45 nations
Arabia and the United Arab Emirates. In several gathered in Istanbul for the World Economic
high-profile sessions on the future of the region, Forum in Turkey.
participants explored how to bridge the road-
block for Arab Israeli peace, the emergence of Under the banner ‘Connecting Regions – Creating
a financial hub in the Gulf and the development New Opportunities’, discussions included Turkey’s
of new urban models. current EU negotiation process, and an assessment
World Economic Forum Annual Report 2006/2007 18

Shaping
the
regional
agenda
continued

More than any individual project alone,
we feel that working with the Forum
matters because it enables collaboration
and dialogue among a variety of different
actors. No one entity has the answers to
the dilemmas of our world, but multiple
organizations working together from multiple
angles have a much better chance at
addressing them.

Tarek Sultan Al-Essa
Chairman and Managing Director, Agility, Kuwait
World Economic Forum Annual Report 2006/2007 19

of its competitive advantages and emerging how, with US$ 200 million in funding and a fully
business opportunities. The country’s role in operational secretariat in Dar es Salaam, it is about
bridging civilizations and its geopolitical to take its first steps in removing obstacles to
importance in mitigating Europe’s risks both domestic and foreign investments across Africa.
helped towards defining Turkey’s strategic role The Development Bank of Southern Africa,
for Europe and the wider region. meanwhile, agreed to join the Forum’s Energy
Poverty Alliance, as part of a drive to provide basic
Our European activities aim to complement the electricity to African citizens, and committed to
Annual Meeting with smaller targeted meetings hosting the Energy Poverty Action Management
in the region. These events serve two main Unit at its offices in Midrand, South Africa.
objectives, the first of which is to create larger
roundtables, such as the Istanbul meeting, to Latin America
shape the regional agenda of “Emerging Europe”. In April 2007, more than 400 people from 30
The second is to provide small, informal get- countries gathered in Santiago de Chile for the
togethers with the leaders of newly elected second World Economic Forum on Latin America.
governments. For example, on 15 November, over Taking as its theme ‘The Power of a Positive
80 international business leaders met German Regional Agenda’, participants included Chilean
Chancellor Angela Merkel. Discussions included President Michelle Bachelet and Brazilian President
Germany’s domestic reform programme, the EU Luiz Inacio Lula da Silva.
presidency and the priorities that would define its
G8 presidency. The Forum plans similar follow-up A key outcome of the meeting was ‘The Santiago
meetings with the new governments of other Consensus’, a list of clear priorities and objectives
major European countries. aimed at helping to shape a clear and positive
regional agenda to boost economic growth and
In what proved to be a hugely valuable interaction, more equitable income distribution. The initiative
Forum members had the opportunity to follow focuses on education, environmental responsibility,
up specific discussions with the German Vice- investment in innovation, the creation of efficient tax
Chancellor, Franz Müntefering, as well as with the systems, and infrastructure development.
Minister of Health, Ulla Schmidt, and the Minister
of Economics and Technology, Michael Glos. The Forum also released two landmark studies
on the region. The first, Benchmarking National
The Annual Meeting 2007 was again characterized Attractiveness for Private Investment in Latin
by a strong European participation, with Chancellor American Infrastructure, mapped out the quality
Merkel opening the meeting and UK Prime Minister of the infrastructure of 12 Latin American nations
Tony Blair heading the closing plenary. Among the and the factors that determine which countries are
many other regional delegations this year, there was more attractive for private infrastructure investment.
strong participation from Russia, headed by the The second study, Latin America@Risk, analysed
First Deputy Prime Minister, Dmitry Medvedev. the main risks that the region faces.

Africa Additionally, we published a book of technical
The theme of this year’s World Economic Forum essays on Brazil: Priorities for Action: Economic
on Africa meeting in Cape Town, ‘Raising the Bar’, Growth and Income Distribution. This was a
underscored the need for the continent’s leaders to response to the ‘10 Priorities for Action’ established
remain focused on long-term sustainable growth. in 2006.

In recent years, Africa has seen a shift of focus North America
from risk, crisis and poverty to a more structured North American participants continue to influence
emphasis on how to sustain growth, enhance and contribute to the development of the global
investment opportunities and integrate the agenda. Over a dozen prominent US Senators
continent into the global economy. In a year and Congressmen as well as delegations from
when the continent’s GDP is forecast to reach the United States and Canada attended the
7%, the June meeting emphasized the need for Annual Meeting in Davos and various other
Africa to build on this positive momentum. regional events.

The meeting saw the launch of a number of The Annual Meeting remains the centrepiece
high-profile initiatives, including the Forum’s for reviewing the North American agenda.
Africa Competitiveness Report 2007, which In 2007 US Senator John McCain discussed
recommended building capacity and filling the challenges of US leadership; US Trade
the widening skills gap to underpin continued Representative Susan Schwab participated in
growth. Other launches included: a number of discussions on Trade; US Secretary
of Homeland Security Michael Chertoff discussed
The Alliance for a Green Revolution in Africa, global risks including disaster risk reduction and
chaired by former UN Secretary-General Kofi mitigation; and Premier of Quebec Jean Charest
Annan, to tackle the challenges holding back spoke about climate change.
hundreds of millions of small-scale farmers
The Africa Enterprise Challenge Fund, inaugurated Canada and the United States also played key roles
by Baroness Amos, Leader of the UK House of in shaping the global agenda at our regional
Lords, which aims to unlock Africa’s potential by meetings; discussions included important issues
providing match-funding for business innovations. such as developing India–US relations, trade with
Asia, the US war in Iraq and the role of North
One year after it was launched at our last Africa America in promoting prosperity in neighbouring
meeting, the Investment Climate Facility reported Latin America.
World Economic Forum Annual Report 2006/2007 20

Shaping The strong engagement of our members Industry partners programme
and partners is integral to what we do. In An initiative of the Centre for Global Industries,
the industry 2006/2007, by working closely with both our Industry Partnership Programme exists
agenda new and existing corporate champions we
continued to make real progress towards
to engage the global companies in the Forum’s
activities at the industry level. It operates in
our mission. conjunction with the World Economic Forum
USA, whose New York offices serve as the
worldwide headquarters for the Centre for
Global Industries.

Industry Partners are select member companies
of the World Economic Forum who strongly
support our commitment to improving the state
of the world. The unparalleled convening power
of the Forum brings these companies together
to contribute to an evolving portfolio of task forces
and to actively participate in several modules.

By July 2007, 184 companies had joined the
Industry Partnership Programme across 17
industry sectors. Four such areas – energy,
financial services, IT and the investors sector –
have already achieved the critical mass of 20
or more companies needed to broadly represent
the global industry. We remain confident of
reaching our goal of 300 commitments across
all sectors by the end of 2008.

Vinton Cerf, one of the inventors of the Internet with Dan Elron of Accenture and Ben Verwaayen of British Telecom,
at the IT and Telecommunications Governors Meeting
World Economic Forum Annual Report 2006/2007 21

In addition to joining a highly successful series of comprehensive annual survey conducted by the
Governors Meetings during the Annual Meeting Forum, together with its network of Partner
in Davos, our Industry Partners have been active Institutes in the countries covered by the report.
in a number of other key areas. For example,
Industry Partners of the financial services, IT and Energy security and climate change are a top
telecoms industries commissioned the Forum priority for our Energy Industry Partners. According
to launch a scenario analysis, aimed at exploring to the International Energy Authority (IEA), society
how technology will transform financial services is not investing enough to renew and expand its
up to 2020. The scenarios draw on the views energy infrastructure. To address this, our Energy
of over 150 practitioners and experts from IT, Security Roundtable seeks to create dialogue
telecoms and financial services. They examine between relevant groups. For example, a meeting
issues such as the development of emerging was held between sector leaders and the Russian
technologies, trust in cyber security, the role Government earlier this year.
of specialized new players and broadening
access to financial services. In the context of the Gleneagles Dialogue,
we provided business input to the G8, with
We also published our first-ever Travel & Tourism recommendations on the future climate
Competitiveness Index (TTCI), based on work framework. Specific recommendations included
mandated by our aviation, travel and tourism (T&T) a focus on linking mayors with energy companies
Industry Partners. Covering 124 countries, the to improve energy efficiency in cities; splitting the
report provides unique data on many relevant wheat from the chaff in the context of biofuels;
qualitative institutional and business environment and developing Energy Poverty Alliances to
issues. The TTCI uses a combination of data from electrify off-grid villages in sub-Saharan Africa.
publicly available sources, international T&T
institutions and experts. It also draws on the
results of the Executive Opinion Survey, a

I’m fortunate to be heavily involved
with the Information Technologies and
Telecommunications Governors, who are
focused on helping to bring technology to
high-growth markets around the world. On
a regional basis, I’m happy to say that the
IT Governors have played roles in a variety
of pilot programmes and technology trials
in Brazil, Africa, India, the Middle East and
other regions.

Hector Ruiz
Chairman and CEO, AMD, USA
World Economic Forum Annual Report 2006/2007 22

Shaping
the industry
agenda
continued

ABB is involved with the World Economic
Forum in a number of ways where we feel our
experience can make a real difference. We
are participating, for example, in the Forum’s
Engineering and Construction Industry
Partnership to identify critical issues facing our
industry and to develop responses together
with other like-minded companies. ABB has
made ‘zero tolerance’ of breaches of its ethical
guidelines a hallmark of the way it operates
around the world and we are supporting that
commitment by participating in the Forum’s
Partnering Against Corruption Initiative (PACI).

Fred Kindle
President and CEO, ABB, Switzerland
World Economic Forum Annual Report 2006/2007 23

Community of Global Growth In November 2006, IBC members were
Companies (GGC) given the opportunity to meet with German
Our Community of Global Growth Companies – Chancellor Angela Merkel and in June 2007 they
or New Champions – is a cross-industry group met with Russian President Vladimir Putin, at the
of businesses with the clear potential to become Forum’s CEO Roundtable in St Petersburg.
leaders in the global economy.
Technology Pioneers
Such companies have demonstrated leadership ‘The Shifting Power Equation’, the main theme
in a particular industry and have the aspiration from the Annual Meeting 2007, continues to
and ability to become leading international players. drive our Technology Pioneers programme,
They are expanding outside their traditional with a significant change in innovation models.
boundaries, have demonstrated leadership in
a particular industry and are experiencing strong We moved away from a vertically integrated
growth rates, have outstanding executive model in favour of a more open and flexible
leadership and typically have revenues between approach, where organizations with different
US$ 100 million and US$ 5 billion depending on skill sets can participate in innovation networks
the industry and region. to co-develop new products and services.

The Inaugural Annual Meeting of the New As the Technology Pioneers ‘class of 2007’
Champions in Dalian, China, is the community’s showed, this new model is enabling innovation
flagship event. It brings together the CEOs of to become more geographically dispersed.
GGCs, World Economic Forum members and We witnessed a huge increase in nominations,
partners, international government leaders and especially from India, China and ASEAN nations.
the heads of the world’s most competitive cities Our final group included 13 nations, resulting
and fastest-growing regions. It also includes in perhaps the strongest-ever group of
Web 2.0 experts, members of the Forum’s Technology Pioneers.
Community of Young Global Leaders and
international media representatives. In 2006, we welcomed two new partners –
Accel Partners and BT – to the Technology
Throughout the year a portfolio of tailor-made Pioneers programme. Together with fellow
events based on “Experience Exchange and partner, Deloitte Touche Tohmatsu, the three
Conversation” with a leading global CEO brings companies were instrumental in increasing
the community together with world leaders. global awareness of the programme.
Often held in conjunction with the Forum’s
regional meetings, these occasions allow Partnering against corruption
today’s global industry leaders to share insights Now in its third year, the Forum’s Partnering
and experiences with rising corporate powers Against Corruption Initiative (PACI) continues
on key business issues such as branding, talent to win corporate support towards its goal
management and leadership. of ending global corruption and bribery.

International Business Council (IBC) PACI now has the backing of more than 120
The International Business Council (IBC) is signatory companies. In 2007, the heads of the
a well-established community of 100 highly multilateral development banks, the International
respected and influential chief executives from Finance Corporation and the Inter-American
all industries and regions. They come together Investment Corporation agreed to work with
twice a year for informal, private exchanges PACI on individual pilot programmes to advance
on key global issues. our global anti-corruption efforts.

The business case for engaging in public–private Together with its signatories, the initiative has
partnerships was the main theme of the made substantial progress in achieving
summer meeting in August 2006, providing corporate commitment to the PACI Principles.
IBC members with the opportunity to share It has developed a set of tools to support the
their experiences in this critical area. execution and evaluation of anti-corruption
programmes by companies and strengthened
At the winter meeting, in January 2007, there its members’ platform for sharing their
was an in-depth discussion on the implications experience of the implementation process.
and economics of climate change. It was PACI plans to launch another mechanism to
followed by two individual dialogues with Dmitry highlight those signatories that have advanced
Medvedev, First Deputy Prime Minister of the their programmes and monitoring mechanisms
Russian Federation, and Gordon Brown, then since becoming involved.
UK Chancellor of the Exchequer, now British
Prime Minister. The initiative showcased its work in high-level
sessions at the Forum’s Annual Meeting in
On the first day of its winter meeting, the IBC Davos. It also presented to the OECD Working
unanimously endorsed the Doha development Group on Bribery, the International Chamber
round. They said the move underlines the of Commerce Commission on Anti-Corruption,
responsibility of all decision-makers and political and the State Parties Meeting of the United
leaders for relevant, constructive and timely Nations Convention Against Corruption.
action to deliver a successful Doha round.
World Economic Forum Annual Report 2006/2007 24

Building The Forum’s Centre for Public–Private Progress was made in the ongoing battle against
Partnership continued to see strong the spread of HIV/AIDS. Companies involved in our
public- engagement from industry across a number Global Health Initiative (GHI) launched a new effort
private of critical global issues. In particular we saw
the start of a major collaboration on climate
in partnership with the Chinese Ministry of Health.
This brought together a group of multinational and
partnerships change. This involved many of the Forum’s Chinese companies, with a combined workforce of
Industry Partners working with the G8 5 million. They also devised ground-breaking new
Gleneagles ‘Dialogue on Climate Change, models for corporate engagement in strengthening
Clean Energy and Sustainable Development’. public health systems in Africa and extending
HIV/AIDS and TB best practice to supply chains.

With sustainability high on the global agenda,
companies in our Food and Beverage Industry
Partners programme began a new partnership
to create sustainable agricultural value chains in
Africa through a pilot project in Kenya.

We also saw major developments in our
Information Technology and Telecommunications
Industry Partners programme. The Forum’s
International Monetary Convention Project,
meanwhile, issued its final report following two
years of public–private roundtable meetings on
the future of the international monetary system.

Gleneagles Dialogue
Over the past year the Forum has significantly
increased the engagement of the business

Partners of the Rajasthan Education Initiative at a school in Jaipur, Rajasthan. They interact with teachers and students
at schools with newly installed computers and other IT infrastructure.
World Economic Forum Annual Report 2006/2007 25

community in initiatives to combat climate change. meeting on financing clean energy with the
The centerpiece activity for our industry partner multilateral development banks and the G8
members is their engagement in the G8 +5 governments. More than 35 of the Forum’s
governments’ Gleneagles Action Plan. This is Industry Partners took part in the event, which
an informal government–business dialogue on included a keynote speech delivered by Gordon
climate change, clean energy and sustainable Brown, now the UK Prime Minister. The workshop
development, designed to develop long-term has catalysed a series of public–private working
policies to manage climate change. The Forum groups on clean energy finance which will report
invited the World Business Council for Sustainable their ideas back to the World Bank–IMF Annual
Development to also collaborate on this Meeting in October 2007.
engagement process.
In May 2007, more than 80 of the Forum’s Industry
As part of this dialogue, a number of high-level Partners gathered for the first in a series of broad
public–private work streams are now under way, climate change policy discussions with a range
working on policy ideas, north-to-south finance, of environmental policy experts, including Yvo De
and practical steps towards reducing carbon Boer, the Executive Secretary of the UNFCCC.
emissions in the short run. Outcomes from these
working groups will be announced at the G8 Global Health Initiative
leaders meeting in Hokkaido, Japan, in July 2008. It was a strong year for the Global Health Initiative
(GHI). Our efforts to encourage the business
There have been some significant developments community to play a critical role in finding solutions
already. For example: to the problems of AIDS, TB and malaria have
At the Forum’s Annual Meeting in Davos, January delivered impressive results.
2007, over 40 CEOs, international NGO heads,
political leaders and other climate change experts One initiative, the Beyond Big Business Partnership,
were convened within a workshop environment, saw participation from large global companies such
to help develop the project focus and activities. as Eskom, Heineken, Standard Chartered Bank,
In March 2007, the Forum co-hosted a major Unilever and Volkswagen. With support from the

4m
In 2006 the India Business Alliance to Stop TB reached
a total of 4 million people with a combination of
workplace and community programmes.
World Economic Forum Annual Report 2006/2007 26

Building GHI, each company joined forces with some of its
suppliers in Africa to reach approximately 50,000
public- people with lifesaving HIV/AIDS awareness,
private prevention and treatment-intervention programmes.

partnerships In India, Reliance Industries, Aditya Birla, Jubilant
Organosys and Eli Lilly joined the India Business
continued Alliance to Stop TB (IBA). In a classic example
of public–private partnership in action, these
companies worked with the World Health
Organization, the Global Partnership to Stop TB
and India’s Ministry of Health to help the IBA reach
a total of 4 million people with a combination of
workplace and community programmes.

The China Health Alliance (CHA) saw Adidas,
Standard Chartered Bank, Swire Beverages
and Pfizer work with the UN and the Chinese
Government on tackling HIV/AIDS and
tuberculosis. Launched in September 2006,
the CHA commits to providing advocacy and
education on these diseases and access to
testing and treatment to employees of engaged
companies and a select number of their suppliers,
with a special emphasis on migrant workers.
Up to 5 million people could be reached at full
scale-up if all engaged companies and their
suppliers reach all of their employees, including
their families and dependants.

The World Economic Forum’s meetings play
an influential role as one of the world’s most
effective sensing systems for future trends and
developments. The World Economic Forum
also has a proven record for enabling and
facilitating the dialogue between the West and
the Islamic world across countries, religions
and ideologies. I am deeply concerned
about the potential business implications of
the conflicts in the Middle East. Globalized
conflicts may disrupt global capitalism. But in
the long run, I hope that capitalism will prove
to be the more convincing choice.

Hans-Paul Bürkner
President and CEO, The Boston Consulting
Group, Germany
World Economic Forum Annual Report 2006/2007 27

June 2006 brought the launch of a GHI white paper and agriculture partners, such as the Food and
called From Funding to Action: Strengthening Agriculture Organization, the Organization for
Healthcare Systems in Sub-Saharan Africa, the first Economic Co-operation and Development
of its kind to highlight the potential role of business (OECD), Global Water Partnership and the
in this area. The GHI is currently working in International Water Management Institute.
partnership with Merck & Co., Becton Dickinson,
Sudler & Hennessey, Accenture, AMREF and Other environmental Initiatives
UNAIDS to develop a project that will demonstrate Other related environmental initiatives are also
the report’s findings in practice. under way, with the explicit aim of ensuring
the Forum’s green activities are not focused
Global Education Initiative on climate change alone. These include work
Education is vital to the continued development on biofuels, sustainable cities, tourism, and
and improvement of global communities. The joint industry-specific efforts with the aviation,
only way to achieve this successfully is to bring IT and finance sectors.
business, government and social groups together
through multistakeholder partnerships to help Disaster Resource Network
deliver education initiatives and reforms. With thankfully few major catastrophes affecting
the world in 2006, our Disaster Resource Network
The number of strategic partners supporting (DRN) was able to focus on building local capacity
the Forum’s Global Education Initiative (GEI) and the civil infrastructure dimensions of disaster
has doubled over the past year and now includes response operations.
globally recognized names such as AMD, Cisco,
Goldman Sachs, HP, Intel and Microsoft. In one such partnership, DRN-Mexico, together
with leaders from the country’s engineering and
In 2006 we launched the Partnerships for construction sectors, are currently working to
Education (PfE), which focuses on engaging increase Mexico’s emergency response capabilities.
key education leaders around the world in
understanding, sharing and promoting the role of DRN-Mexico has assembled a team of 60
Public–Private Partnerships (PPPs) in education on volunteers from organizations such as Empresas
a global scale. In this regard, a formal partnership ICA SAB de CV (ICA), Marhnos, Siemens-Mexico
with UNESCO was signed in January 2007 and and Cámara Mexicana de la Industria de la
related work is ongoing with the international Construcción. ICA, which is a consortium of
development and bilateral donor community. Mexican construction companies, will act as the
corporate lead sponsor of the initiative. The team
Our country-specific activities continued to make will form the core of a pool of engineering and
progress in Jordan, India and Egypt. Significantly, in construction experts who, in the emergency
November 2006, we handed over formal phase of a disaster, will conduct rapid-response
management of the Jordan Education Initiative (JEI) infrastructure damage assessments.
– which supports students and trains teachers in
the public education system – to the country’s The volunteer members of Mexico’s Emergency
government, three years after its launch, as Engineering-Construction Team are expected
scheduled. We now expect the JEI to continue its to complete their training and field exercises
success in developing PPP education models, in preparation for the launch of operations in
under the leadership of HM Queen Rania of Jordan. early 2008.
www.drnglobal.org
Water Initiative
The Forum will publish the outcomes of its Water Council of 100 Leaders:
Initiative by the end of this year. This will be the West-Islamic World Dialogue (C-100)
culmination of a three-year effort which has focused The Forum’s C-100 community focused its efforts
on developing public–private partnerships in India on two key subjects. The first was ‘Discourse’,
and South Africa. which aims to create deeper dialogue between
the West and the Islamic world. The second was
During this time, high-level multistakeholder the development of the ‘Annual Report on West-
networks for water have been set up in partnership Islamic Dialogue’, which provides a reference point
with the New Partnership for Africa’s Development for faith, government, business, civil and academic
(NEPAD) Business Foundation in South Africa and leaders in identifying pressing issues.
with the Confederation of Indian Industry in India.
A series of innovative projects have been designed During the year, the Forum’s Religious Leaders
as a result, with very favourable reactions from community was integrated into the C-100
water experts in the public, private and in meetings in Turkey, Davos and Jordan.
development sector communities. Moreover, a C-100 session was organized at
the Annual Meeting 2007 on ‘Rules for a Global
A new, high-level water project, with a focus on Neighbourhood in a Multicultural World’, in
the economics and politics of reforming water which leaders from religion, education and
policy for agriculture, has also begun this year. government agreed that politics was failing
This has been championed by Nestlé and the to find solutions for the compelling issues
Coca-Cola Company, together with expert water confronting peace and democracy.
World Economic Forum Annual Report 2006/2007 28

Creating It has never been more important for Driving forward collaboration between business,
governments, business and civil groups government and civil groups is one of the primary
knowledge to work together. In an increasingly complex, goals of the World Economic Forum. Our Strategic
networks integrated and networked world, situations
change quickly, and the ability to make
Insight teams work throughout the year to ensure
cross-party participation around the major issues of
the right decisions regarding the future global competitiveness, risk and scenario planning.
can only come from regular dialogue and
communication with all key stakeholders. Global Competitiveness Network
Our expertise on international benchmarking
continued to grow as we carried out a number
of wide-ranging projects aimed at furthering
the process of economic development.

The Global Competitiveness Network (GCN)
acts as a platform for discussion and debate
for the business community, government,
academia, international organizations and
civil society. It provides invaluable insights
into the policies, institutions and factors
affecting national competitiveness.

Our primary role is to examine how national
economies might achieve sustained economic
growth and long-term prosperity, thereby
stimulating the necessary strategies to attain these
objectives. In September 2006, the 27th edition
of the annual flagship publication, The Global
Competitiveness Report, was released. The report
has long been the top international reference guide

John Thain, CEO, NYSE Euronext, USA, speaking at the Finance Governors Meeting, at the 2007 Annual Meeting in Davos
World Economic Forum Annual Report 2006/2007 29

for measures of competitiveness, providing critical the world and provides the most updated data,
insights to the business community and policy- rankings and analysis of industry competitiveness
makers. This year’s report covers a record 125 in 124 industrialized and emerging economies.
economies, up from 117 last year, and presents It also features the latest thinking and research
comprehensive data on over 100 variables on from the industry’s most prominent figures.
competitiveness.
We anticipate the T&T report to act as a powerful
The GCN also carries out a number of tool for industry members to enter into informed
competitiveness studies at regional and industry dialogue with policy-makers, and to identify areas
levels, such as the Lisbon Review 2006, published for potential reform. A number of workshops are
in November. This is the third in a biennial series now being carried out in developing countries,
assessing the progress made by European Union with the aim of improving prospects for the sector.
member countries in the far-reaching goals of the
EU’s Lisbon Strategy of economic and structural In March 2007, the GCN launched the sixth annual
reforms. The study highlights the extent of the Global Information Technology Report, which
progress still needed to transform the EU into “the assesses the economic impact of information and
most competitive and dynamic knowledge-based communication technology (ICT). Being an active
economy in the world” by 2010. force in the digital revolution and leveraging the
latest technological advances for development,
The first-ever Travel & Tourism Competitiveness it is now widely recognized as a key driver of a
Report was launched in March 2007. This project nation’s competitiveness. The report remains the
assesses the industry’s competitiveness within the most comprehensive and respected international
context of the Forum’s Aviation, Travel and Tourism assessment of the preparedness of countries
Industry Partnership programme. One of the world’s to capture the benefits of participating in the
largest economic activities, Travel & Tourism (T&T) is networked economy.
the main industry in many countries, as well as the
fastest-growing economic sector in terms of foreign The third Arab World Competitiveness Report
exchange earnings. The report measures and 2007 aims to identify tangible solutions to the
analyses the drivers of T&T competitiveness around constraints that limit faster growth in the region.

125
The Global Competitiveness Report 2006–2007 included
a record 125 economies worldwide covering all regions
and accounting for over 98% of world GDP.
World Economic Forum Annual Report 2006/2007 30

Creating The competitive performance of Arab world
countries is compared with international peers,
knowledge highlighting the great diversity of economies
networks in the region. The report includes proposed
strategies for enhancing the competitiveness
continued of selected sectors that have been identified
as potential engines of growth. These include
healthcare, travel and tourism, information and
communication technologies, insurance and
transport and logistics. The report provided the
basis for public–private dialogue at the Forum’s
Arab World Competitiveness Roundtable in
Doha in April 2007.

We issued the fourth edition of The Africa
Competitiveness Report 2007 (ACR) at the
World Economic Forum on Africa in Cape Town
in June. The publication marks a new level of
cooperation in Africa. It is the first report on the
region’s business environment to leverage the
combined knowledge and expertise within the
African Development Bank, the World Bank and
the World Economic Forum. As such, it presents
a unified vision and a mapping of the policy
challenges which countries on the continent may
address as a foundation for sustainable growth
and prosperity.

Merrill Lynch has worked closely with the
Forum on a number of initiatives. As a
participant in the Finance Governors
programme, we explored the interplay among
financial markets and the forces impacting
global markets. As part of the Global Risks
Network, we discussed how best to address
the structural risks embedded in the financial
system. These discussions allow us to hear a
variety of perspectives on important issues
and that’s valuable to the Forum, to Merrill
Lynch and to the industry as a whole.

Gregory Fleming
Executive Vice-President and President,
Global Markets and Investment Banking,
Merrill Lynch, USA
World Economic Forum Annual Report 2006/2007 31

The GCN continues to collaborate with over 140 European exposure to global issues, while
partner institutes around the world. The network India@Risk highlighted six key dangers to
of Partner Institutes consists typically of research continued human and economic development
or academic institutes located in each country on the sub-continent.
covered by the competitiveness report series. We
also work closely with key Forum members and Scenario planning
partners, which this year included FedEx, Gallup The World Economic Forum’s Scenario Planning
International, Microsoft and Cisco. team presented three major scenarios at the Annual
Meeting in Davos.
Global Risk Network
Now in its third year, the Forum’s Global Risk ‘The Gulf Cooperation Council (GCC) countries
Network (GRN) continues to grow in stature amid and the World: Scenarios to 2025’ examined
mounting concern over climate change, energy how the region could develop over the next 18
insecurity, geopolitical instability and potential years. It raised key questions over the ability of
economic upheaval. GCC countries to implement necessary reforms,
and how they could maintain order and stability
We organized a series of workshops in London in the face of regional uncertainty.
and New York to identify and discuss how to
reduce the impact of these key risks. With input Following workshops involving over 150 experts
from groups of business, academic and policy- and participants, three scenarios for the GCC
making experts on economics, the environment, region were developed: ‘Oasis’, ‘Sandstorm’ and
societal change and geopolitics, we identified ‘The Fertile Gulf’. Four themes emerged as being
a list of 23 ‘core’ global risks. We also analysed crucial to the future of GCC countries: education,
the associated trends, likelihood and potential innovation, leadership and governance.
severity of impact of these risks, and attempted
to characterize the correlation between them and ‘The Digital Ecosystem – Convergence between
the complex scenarios in which they could IT, Telecoms, Media and Entertainment: Scenarios
emerge. Most of these issues are likely to increase to 2015’, the second scenario publication,
over the next decade, while the institutional examined the shape and size of the space
capacity to manage them is lagging behind. emerging from the convergence of the Information
Technology, Telecommunications, and Media and
The findings of the workshops were published Entertainment industries. User empowerment,
in the Global Risks 2007 report, which received market structure, regulation and intellectual property
extensive global media coverage. The report’s rights were among the major factors shaping
recommendations included institutional innovations this evolution.
such as the development of flexible, fast-moving
coalitions of companies and countries and the Three scenarios, ‘Safe Havens’, ‘Middle
creation of a country risk officer to allow the public Kingdoms’ and ‘Youniverse’ were developed
sector to manage a risk in a more balanced and in cooperation with the Industry Partners as well
less politicized fashion. as over 100 academic, social, government and
business leaders.
The GRN also helped the Forum’s industry
communities deepen their insight into the mitigation ‘Technology and Innovation in Financial
of global risks. Two specialist sessions – one in Services: Scenarios to 2020’ was a product of
London on avian influenza and one in New York on cross-industry cooperation with financial services,
natural catastrophes – each brought together more IT and telecoms industries. The focus was on
than 100 strategy officers from the Forum’s Industry how technology, innovation and regulation may
Partner companies. The latter has since grown into transform access to and delivery of financial
a multistakeholder dialogue on Disaster Risk services by the year 2020.
Reduction, in partnership with the World Bank, the
United Nations and the United States Department Through the scenario workshops and interviews
of Homeland Security. Additional work produced comprising over 150 practitioners, three scenarios,
projects on water risks with the food and beverage ‘Global Ivy League’, ‘Next Frontier’ and ‘Innovation
industry and information-sharing with the aviation, Islands’, were created.
travel and tourism sectors.
These three scenario projects, together with our
During the year, the GRN also launched the previous work on China, India and Russia, provide
Region@Risk series, exploring the regional contexts an excellent basis for ongoing dialogue within
in which global risks emerge. Europe@Risk the Industry Partnership programme, the Annual
analysed the potential role of Turkey in reducing Meeting and the Forum’s regional meetings.
World Economic Forum Annual Report 2006/2007 32

Engaging our Our communities of members and partner The Forum of Young Global Leaders
companies are vital in driving forward the Our Young Global Leaders (YGL) continue to
communities activities of the Forum. Their participation make a significant contribution to the Forum’s
and and interaction, with both the Forum and
each other, are fundamental to our mission
communities, programmes and initiatives. With
the new class of 2007 joining in January, the
constituencies of improving the state of the world. community now has over 660 members from 90
different countries. They are drawn from the fields
of business, government, civil society, academia
and the arts, and are all under the age of 40.

The YGL community has developed several exciting
new dimensions, particularly in the areas of
leadership, policy insight and regional development.
For example, in partnership with Harvard’s John F.
Kennedy School of Government, it is launching
‘Global Leadership for the 21st Century’. The
initiative aims to help YGLs better understand
issues of global concern, create a vision for a better
future and put forward innovative solutions to
translate their vision into immediate action.
Supported by David Rubenstein, Managing Director
of the Carlyle Group, and William George, author of
Authentic Leadership and member of the board
of the World Economic Forum USA, the partnership
will create one of the world’s foremost executive
education leadership programmes.

Over 100 YGLs met in Washington DC in April
2007 for the US Policy Roundtable, hosted by

HM Queen Rania of the Hashemite Kingdom of Jordan, with Young Global Leaders in a school
during a visit to celebrate Dignity Day
World Economic Forum Annual Report 2006/2007 33

Dina Habib Powell, Assistant US Secretary As well as the above, throughout the year, the
of State for Educational and Cultural Affairs, Young Global Leaders continued to build the
and former Jordanian Ambassador to the US, momentum behind task forces in the fields of
Karim Kawar, President of the Kawar Group health, education, global governance and
of Companies. Key topics included climate security, and the environment.
change as a priority for the US Government,
the increasing importance of public–private The Schwab Foundation for Social
partnerships to support foreign diplomacy, and Entrepreneurship
the need for reform of international organizations. The Forum works closely with the Schwab
Foundation for Social Entrepreneurship to
The Young Global Leaders also played active roles showcase successful social innovators who
at the Forum’s regional meetings. YGL Linda have combined business principles with a public
Rottenberg, Co-Founder and Chief Executive purpose. Together we have created a unique
Officer of Endeavor Global, USA, co-chaired the platform upon which these visionary pragmatists
World Economic Forum on the Middle East 2007; can come together with business, public, media
and YGL Malvinder M. Singh, Chief Executive and cultural leaders. The aim is to establish
Officer and Managing Director of Ranbaxy concrete initiatives that transform social and
Laboratories, India, co-chaired the Forum’s Africa environmental challenges and create sustainable
meeting in Cape Town in June 2007. livelihoods for the poor and excluded.

Moreover, at the meeting in Santiago de Chile, Both social entrepreneurs and Forum members
YGLs worked side by side with beneficiaries have seen significant benefits from this close
and other volunteers to construct two homes working relationship. Entrepreneurs have been
in one of Santiago’s poorest areas. And at the able to mobilize millions of dollars of investment
World Economic Forum on the Middle East in for their operations, and companies have gained
Jordan, YGLs accompanied HM Queen Rania market intelligence, enhanced their brand
of Jordan on a ‘Dignity Day’ visit to Al-Jubaiha value and increased their ability to attract
Secondary School for Girls in Amman. and retain talent.

The World Economic Forum has the ability
to convene the very best leaders and share
the best ideas to overcome the hurdles
that currently restrict the impact that
entrepreneurs have on their communities.

Linda Rottenberg
Co-Founder and CEO, Endeavor Global, USA
World Economic Forum Annual Report 2006/2007 34

Engaging our The Foundation searches and selects members platform for peer exchanges among the opinion
of its community in collaboration with media shapers in media, the World Economic Forum
communities and business partners all over the world. As well created the International Media Council. This
and as identifying candidates at a global level, the
Foundation runs 30 national competitions for the
newly created community met for its inaugural
gathering on the occasion of the Annual
constituencies ‘Social Entrepreneur of the Year’ award. In 2006 Meeting 2007 in Davos; prominent digital
the Foundation screened 2,500 candidates and media shapers from all over the world
continued conducted in-depth due diligence site visits on led an interactive debate with their peers
approximately 150 individuals. The winners were from traditional media on the challenges
selected by national juries drawn from the and opportunities posed by the new wave
country’s business and thought leaders and went of citizen journalism (participatory media).
on to join the growing community of Schwab
Foundation social entrepreneurs. Stakeholders and NGOs
Civil society organizations continue to
Women Leaders Programme occupy a central position within the Forum’s
Our Women Leaders Programme (WLP) is multistakeholder platform. The unique expertise
committed to promoting women’s leadership and far-reaching influence of these groups,
and the issues affecting their lives globally. which include NGOs, labour unions, religious
This was demonstrated during the year by, communities and philanthropic foundations,
for example, specific WLP activities at our make them valuable collaborators in many
regional meetings in Turkey, the Middle East and of our initiatives and programmes.
Latin America. More generally, female leaders
actively participated in all our regional meetings, At both the Annual Meeting and our regional
while the ratio of women at our Annual Meeting meetings, leaders of major civil society
in Davos increased to 17%. organizations played significant roles in helping
to define the global and regional agendas.
In 2006, the WLP also launched its second
Global Gender Gap Report, a benchmarking NGOs remain particularly active in Forum
tool which ranks 115 countries according to the work-streams and multistakeholder partnership
size of the gap between the sexes. This covered projects. They bring their specialist knowledge
critical areas such as political empowerment, and experience to bear on a number of key
health, education and economic participation. topics, including education, the environment
and humanitarian relief.
Utilizing the full potential of women in society
is vital in enhancing a country’s human Forum faculties
resources pool and boosting competitiveness. The Faculty is one of our richest sources of
To this end, the report functions as a tool for intellectual capital. Its members include many of
identifying existing strengths and weaknesses the world’s most distinguished thinkers, experts,
of countries. It also acts as a catalyst for scientists, commentators and cultural leaders.
creating opportunities to learn from countries
which have been successful in promoting the Faculty members contribute to the identification
role of women. of issues and development of content for
regional events and the Annual Meeting;
Additionally, the Women Leaders Programme participate in discussions at our events; and
continues to reach out to the appropriate policy- assist in workshops, Governors Meetings
makers to ensure effective dissemination of, and Industry Partners activities.
and action around, the information revealed
by the study. The activities of the Global Competitiveness
Network, the Global Risk Network and Business
International Media Council (IMC) Insight/Strategic Planning also benefit greatly
With the objective to offer an informal, neutral from the support of the Forum Faculty.

2,000
families in India and Pakistan were able to move from makeshift tents and
crowded camps to specially designed transitional shelters provided by the World
Economic Forum’s Disaster Resource Network and its partners.
World Economic Forum Annual Report 2006/2007 35

Working with The Forum recognizes that working with our Members
members and partners is essential to helping Our 1,000 member companies are at the heart
our members us find truly sustainable solutions to improve of all our activities and provide invaluable
and partners the state of the world. They also provide an
endless source of hope and positive energy
support to our mission.

which helps to keep our vision alive. Achieving balance in membership from all major
industries and regions is crucial to our continuing
success. In 2006/2007, we increased the
number of our major multinational members by
more than 15%. Conversely, one-third of our
members continue to come from emerging
economies, which provides the Forum with a
truly global business perspective and allows
business leaders from these economies to
participate in the international business arena.

We experienced record participation by
members in all Forum activities, including
the Annual Meeting. Overall, more than 60%
of member companies engaged in an event
or initiative led by the World Economic Forum
other than the Davos Annual Meeting,
reinforcing our commitment of being a
member-driven organization.

Business leaders trying to construct a company model, at a WorkSpace session of the Annual Meeting 2007 in Davos
World Economic Forum Annual Report 2006/2007 36

Working with Over the past year, we selected the following
new members to join the Forum community:
our members
and partners 3i Group, Actis Capital, Adani Group,
Adobe Systems, Adolf Würth, Aflac Japan,
continued Africa Israel Investments, Alibaba.com,
All Nippon Airways (ANA), Alpha
Technologies, Amdocs, Amec, Arup Group,
Ashok Leyland, Aviva, Best Buy Co.,
Braskem, China Construction Bank,
Chinese Petroleum Corporation,
Chunghwa Telecom (CHT), Cleveland
Clinic, CNP Assurances, Confederation of
British Industry (CBI), Daiwa Securities
Group, Dimensional Fund Advisors, EGL
(Elektrizitäts-Gesellschaft Laufenburg),
Elcoteq, Etihad Etisalat, Eurocash, Federation
of German Industries (BDI), FIBA (International
Basketball Federation), Fiba Holding, Franz
Haniel & Cie, Government Savings Bank,
Grupo Nueva, HCL Technologies, Index
Ventures, Industrial Union of Donbass (IUD),
International Road Transport Union (IRU),
Japan Post Corporation, Johnson & Johnson,
Kaiser Permanente, Kleiner, Perkins, Caufield
& Byers (KPCB), Kohlberg Kravis Roberts,
MBK Partners, Medtronic, Mitsubishi
Chemical Corporation, Mitsui & Co.,

Beyond meeting the smartest and most
influential people in business and society, as
Strategic Partners, WPP develops important
insights into the latest global trends and issues
affecting our clients’ businesses and our own.
We then provide feedback to our companies
and their people so all benefit. Our partnership
with the Forum has grown from attending
the Annual Meeting to becoming a Strategic
Partner in 2005. We are now actively involved
in steering the debates and support the Forum
where we can add the most value – especially
where there are programmes that can make a
difference in today’s and tomorrow’s world.

Sir Martin Sorrell
Group Chief Executive, WPP, United Kingdom
World Economic Forum Annual Report 2006/2007 37

NBC Universal, News Corporation, Norske Credit Suisse, Deloitte, Deutsche Bank,
Skogindustrier, Novo Nordisk, Novatek, Deutsche Post World Net, Dubai Holding,
OC Oerlikon Management, Odebrecht, DuPont, E*TRADE, Ernst & Young, Fluor
Paltel Group, Perella Weinberg Partners, Corporation, Goldman Sachs, Google, HP,
Permira Advisers, Providence Equity Partners, Infosys Technologies, Intel Corporation,
Sabanci Holding, Sanyo Electric Co., JPMorgan Chase, KPMG, Kudelski Group,
Saudi Oger, Silversea Cruises Group, Lehman Brothers, Manpower, Marsh &
Sojitz Corporation, SONATEL (Société McLennan Companies (MMC), McKinsey &
Nationale des Télécommunications du Company, Merck & Co., Merrill Lynch,
Sénégal), SPARX Group, Suzlon Energy, METRO Group, Microsoft Corporation,
System Capital Management, Takeda Morgan Stanley, NASDAQ, Nestlé, Nike,
Pharmaceutical Company, Teck Cominco, NYSE Group, PepsiCo, Petronas, Pfizer,
TiVo, Tokyo Electric Power Company (TEPCO), PricewaterhouseCoopers, Reliance
Tokyo Electron, Travelport, Tullett Prebon, Industries, Reuters, Roland Berger Strategy
Türk Telekom, Uralkali, UTStarcom, Consultants, Saudi Basic Industries
VinaCapital Group, Ziff Brothers Investment. Corporation (SABIC), Siemens, SK Group,
Swiss Re, UBS, Unilever, VimpelCom,
Strategic Partners Volkswagen, WPP, Xenel Group, Zurich
Our Strategic Partners comprise some of Financial Services.
the world’s leading corporate citizens and
provide essential leadership in support of Industry partners
the Forum’s mission. Now in its second successful year, our
Industry Partners programme continues
In 2006/2007, the number of Strategic Partners to gather momentum and new members.
increased to 71, as further member companies There are now 197 partnerships, representing
signalled their commitment to the Forum by 184 companies, some of whom have joined
joining the programme. This year saw particularly multiple industry programmes. These Industry
significant involvement from emerging markets, Partners have joined the programme from
such as Russia (VimpelCom), Malaysia (Petronas) a broad range of business sectors including
and South Korea (SK Group). construction, aviation, technology, tourism,
food and beverage, engineering and
The Strategic Partners are a key force in our financial services.
activities and communities, at global, regional
and industry levels. They help shape our Industry Partners play an active role in a
initiatives, projects and task forces and give number of our projects, meeting and engaging
intellectual guidance through the participation with key decision-makers on the most pressing
of their most senior executives on steering global issues. They have also commissioned
boards and advisory groups. us to produce insights and reports across a
range of key industries including travel and
Their considerable financial support and in-kind tourism, financial services, information
services – including the provision of dedicated technologies, telecommunications and energy.
staff to assist with our operations – allows the
Forum to deliver its programmes and advance Global Growth Companies
worldwide economic and social progress. The Forum’s Community of Global Growth
Companies are drawn from those with the
As part of their role, the Strategic Partners potential to become leaders in the global
provide significant insights to the Annual Meeting economy within the next five years. These
in Davos. They are also active participants at ‘New Champions’ have the aspiration and
our regional meetings and are closely involved ability to become true global champions
in governing the communities and corporate and are experiencing growth rates exceeding
global citizenship initiatives of the Forum. 15% year-on-year with revenues of between
US$ 100 million and US$ 5 billion.
On 30 June 2007 our Strategic Partners included:
The Inaugural Annual Meeting of the New
ABB, ABN AMRO Bank, Accel Partners, Champions in Dalian, China, is the Community’s
Accenture, Alcan, Alcoa, AMD, American flagship event, bringing together growing
International Group Inc. (AIG), Apax global names such as Chinese IT firm,
Partners, Audi, Avaya, Bahrain Economic Neusoft Group; life sciences specialist,
Development Board, Bain & Company, Qiagen of Germany; US biopharmaceutical
Barclays, Bombardier, Booz Allen Hamilton, firm, Cephelon; green fuels company,
The Boston Consulting Group, BP, BT, CA, Praj Industries; YES Bank, from India; and
Cisco, Citigroup, The Coca-Cola Company, Lebanese technology firm, MDS Holdings.
World Economic Forum Annual Report 2006/2007 38

Our The Managing Board
The Managing Board acts as the executive body
organization of the Foundation. It ensures that activities fulfil
the mission of the World Economic Forum and
acts as its representative to outside parties. In
2006/2007, the Managing Board consisted of:
Klaus Schwab, Executive Chairman (1)
Jean-Pierre Rosso, Chairman, World Economic
Forum USA (2)
André Schneider (3)
Richard Samans (4)
Peter Torreele (5)
Michael Obermayer (until 10 February 2007)

For more information about the Managing Board,
visit www.weforum.org/leadershipteam

The Foundation Board
The Foundation Board is responsible for maintaining
business and public confidence by ensuring an
exemplary standard of governance throughout
the Forum. It acts as the Board of Trustees and
guardian of the Forum’s mission, values and brand.

Board members are individuals with unique
leadership experience from business, politics,
academia and civil society. They do not represent
any personal or professional interests, but solely

1 3

5 2 4
World Economic Forum Annual Report 2006/2007 39

those of the Foundation. Membership criteria Maurice Lévy
include integrity, global vision, leadership experience Nandan Nilekani
and engagement in world affairs. Ivan Pictet
HM Queen Rania of the Hashemite Kingdom
The Board’s role encompasses supervising the of Jordan
activities of the Foundation and its bodies; Peter Sutherland
managing the statutory dispositions of the Forum; Heizo Takenaka
appointing new members; approving the strategic Ernesto Zedillo
direction of the Forum; defining the roles of the
Managing Board and committees; and approving For more information about the Foundation Board,
the annual report, the annual accounts and the visit www.weforum.org/foundationboard
Foundation’s budget.
Structure
The committees of the Foundation Board The Forum’s structure consists of six core
At its January meeting, the Foundation Board departments: the Centre for Global Industries,
revised its statutes and restructured its committees: Regional Agenda Teams, the Centre for
The Audit Committee ensures compliance with Public–Private Partnerships, Strategic Insight
all financial, accounting and control processes Teams, Communications, and Events and
in accordance with global best practice and Resources Management.
the principles of good corporate governance
The Strategy Committee acts as a sounding Centre for Global Industries
board to the Managing Board in elaborating Our Centre for Global Industries is based in
the Forum’s plans. In particular it reviews the New York and is responsible for managing
strategies related to partnerships and relations with the global communities of business
memberships of the Forum leaders drawn from around 15 industry sectors.
The Programme Committee monitors the mission It is committed to fostering engagement between
orientation of all the Forum’s activities. Forum members through the Industry
Partnerships programme.
The chairmen of each of the above committees
(together with the executive chairman and the Regional Agenda Teams
secretary of the Foundation Board) make up the The Regional Agenda teams deliver value to
Executive Committee of the Foundation Board. members and potential members via a series
Their task is to prepare and execute the decisions of regional and national meetings. The department
of the Foundation Board and oversee the activities has six teams who focus on key regional and global
of the Foundation and its bodies. trends to develop an understanding of how they
affect an increasingly interconnected world.
To engage Foundation Board members even
more into the governance process, the rule was Centre for Public–Private Partnerships
introduced that each member of the Board has The Centre for Public–Private Partnerships was
to serve on at least one committee. created by the World Economic Forum to broaden
the application of public–private partnerships to
In its January 2007 meeting, Ivan Pictet, Managing some of the world’s most pressing problems.
Partner of Pictet & Cie Private Bankers, and Heizo The Centre consolidates all of our task forces
Takenaka, Director, Global Security Research and initiatives and is a comprehensive resource
Institute, Keio University, and a former member for companies seeking to engage with the public
of the Japanese Government, were unanimously sector to tackle global issues.
elected new members of the Board.
Strategic Insight Teams
During the same Board meeting, Heinrich von The Strategic Insight teams work with the Forum’s
Pierer and Nobuyuki Idei, whose three terms of network of communities, such as business
three years each had come to an end, did not seek leaders, NGOs and policy-makers to create
re-election. The Board expressed its great relevant strategic insight. The department has
appreciation for their engagement and friendship. four core teams, focusing on the global agenda,
On 28 June 2007, the World Economic Forum scenarios, economics and competitiveness,
announced that former UK Prime Minister Tony Blair and global challenges.
has joined the Foundation Board.
Communications
On 1 July 2007, the Foundation Board consisted The Communications department consists of three
of the following members: teams, focusing on the World Economic Forum’s
Klaus Schwab, Executive Chairman website, publications and media relations. The three
Josef Ackermann, Vice-Chairman teams work together to publicize the Forum’s work
Kurt Alig, Secretary and to explain to both members and non-members
Tony Blair how it delivers on its mission.
Peter Brabeck-Letmathe
Lord Carey of Clifton Events and Resources Management
Victor L.L. Chu Each year we bring together thousands of decision-
Flavio Cotti makers at World Economic Forum meetings
Michael S. Dell and regional meetings to address the most crucial
Niall FitzGerald issues facing mankind. To maintain quality and
Orit Gadiesh effectiveness, we have a team with unique
Carlos Ghosn knowledge and experience in developing such
Rajat Gupta high-calibre events.
World Economic Forum Annual Report 2006/2007 40

The Our people
The skills, knowledge and dedication of our
Forum people are essential to the success of the
community Forum. In 2006/2007, to meet the growing
needs of our mission and strategy, we recruited
a number of new employees. Our headcount
today stands at 277, compared with 229 for
the previous year.

Our Global Leadership Fellows programme
continued to develop. We saw the first group of
47 Fellows successfully enter their second-year
programme, while a second group, composed
of 32 people, joined us in autumn 2006 to start
their first year.

We also continued to attract extremely skilled,
motivated and internationally trained people
to the Forum and its activities, thus reflecting
our diverse, multistakeholder focus. Currently,
our staff represents 51 nationalities, of whom
57% are women and 82% are graduates, with
7% holding a PhD. The average age of our
team is now 36.

Global Leadership Fellows
Now in its third year, our Master’s Programme
in Global Leadership continues to draw highly
skilled young professionals. To date, we have
World Economic Forum Annual Report 2006/2007 41

almost 90 Fellows working throughout the Nationality
various Forum departments. They are utilizing American 28
their skills and experience to engage with Argentinian 2
leaders to shape the global agenda.
Australian 4
Belgian 3
Under the guidance of a new dean, Professor
Gilbert Probst, the programme structure Brazilian 1
now consists of two years of academic British 24
courses with a third year dedicated to project Canadian 7
work, leadership workshops, coaching Chinese 5
and mentorship. Croatian 1
Danish 2
Over the past year, Fellows have attended
Dutch 10
courses in a broad range of subjects,
including decision-making, strategy, philosophy, Egyptian 1
international relations, coaching and executive Ethiopian 2
communication. These classes were taught Finnish 1
by leading lecturers and tutors drawn French 20
from our Academic Partners, which are German 22
INSEAD, Columbia University and London
Greek 1
Business School.
Guatemalan 1
We are confident that the experience these Hungarian 2
Fellows have gained from the Forum’s Indian 6
programme will position them to become Irish 4
successful and responsible global leaders Italian 11
in the future. Japanese 4
Kenyan 2
World Economic Forum, China
Latvian 1
China’s emerging global leadership and
influence are becoming increasingly important Lebanese 2
to the business world, not least to Forum Malagasy 1
members and partners. In return, in 2006/2007, Malaysian 1
the Chinese Government showed its recognition Mexican 3
of the importance of the World Economic Forum Moroccan 3
to global and national affairs by making it the Nepalese 1
first-ever international foundation to be legally
New Zealander 1
recognized and registered in China.
Nigerian 1
Through our Beijing Representative Office, we Norwegian 1
are developing and deepening our relationships Pakistani 2
with the National Development and Reform Polish 3
Commission, the Ministry of Foreign Affairs, Portuguese 1
the Ministry of Commerce, State Council Romanian 3
Information Office and other key Chinese
Russian 2
Government ministries. In addition to the
national government, the Forum has established Singaporean 2
or strengthened relationships with other key Slovak 1
bodies including key provincial and municipal South African 4
governments, the China Council for Promotion South Korean 1
of International Trade and national academic Spanish 10
and media organizations. Sri Lankan 1
Swedish 7
With a full-time staff of five, our Beijing office
has seamlessly integrated with the Forum’s Swiss 52
operations in Geneva and New York. The Beijing Thai 1
team supports outreach to Chinese Forum Tunisian 2
members, potential members and Global Ukrainian 1
Growth Companies. This has resulted in an Venezuelan 1
additional 10 companies (including Global
Growth Companies) joining the World Economic
Average age 36
Forum’s communities and activities since
September 2006.

The China-based team has created a solid
foundation for the Inaugural Annual Meeting
of the New Champions, the first of which is
held in Dalian, China. We will continue to
expand our activities in China with the
development of the Centre for Global Growth
Companies and the increased engagement of
Global Growth Companies on a global basis.
World Economic Forum Annual Report 2006/2007 42

World The World Economic Forum USA has seen The World Economic Forum USA (‘Forum USA’)
a period of exceptional growth since starting is the North American affiliate of the World
Economic operations in 2006. Over this fiscal year, it Economic Forum, which was founded in December
Forum USA has moved into its own fully operational
offices in mid-Manhattan, has seen the
2005 and serves as the global headquarters for
the Centre for Global Industries. The initial drive
number of employees grow from four to to establish a presence in North America stemmed
over 25 and has almost doubled the number from the desire to better serve our key members
of industry partnerships across the Centre and partners, coupled with the objective of better
for Global Industries to 197. integrating industry and other expertise into our
growing organization. On both of these fronts,
our ambitious expectations have been surpassed.

At the beginning of this fiscal year in July 2006,
Forum USA was still in its infancy, with four
employees using borrowed office space from
Partner companies. Just one year later, we are
proud to relay that we are occupying our new office
space in mid-town Manhattan with 25 full-time staff.

As expected, the expanding team in New York
includes new full-time colleagues with considerable
industry experience as well as temporary
employees from Partner companies on
secondment. These new team members are
complemented by several experienced World
Economic Forum employees who have crossed
the Atlantic to help establish operations in the USA.

Klaus Schwab, staff and friends of the World Economic Forum USA ring the New York Stock Exchange Closing Bell
World Economic Forum Annual Report 2006/2007 43

Our team today truly mirrors the involvement programme, including some which have
of the corporate world into our activities. Our subscribed to multiple partnerships.
flagship Industry Partnership programme, under
which we serve companies from both our New For more information, please refer to:
York and Geneva offices, boasts 197 www.weforum.org/forumusa
partnerships as of July 2007 – an increase of
over 80% from the previous year. These The Board of Directors of the World Economic
partners span 17 industries, including five Forum USA oversees the overall business and
industry groups which were based out of North affairs of the organization. It currently comprises:
America during 2006–07: Banking & Capital Jean-Pierre Rosso (Chairman)
Markets; Healthcare; Insurance & Asset Alfred Berkeley
Management; Investors; and Media & William George
Entertainment. As of July, global responsibility Rajat Gupta
for an additional five industries has been Joe Schoendorf
transitioned to NY as well: Automotive; Aviation, Kevin Steinberg (Corporate Secretary).
Travel & Tourism; Transportation Services; Food
and Beverage; and Retail & Consumer Goods. Day-to-day operations for the Forum USA are
led by a Management Committee comprised of
Over the past year, the Centre for Global its officers, which serves as its executive body.
Industries has convened dozens of sessions in These officers are:
New York and globally, ranging from structured John Moavenzadeh
meetings of multiple stakeholders to smaller, Sarita Nayyar
informal CEO dinners. Working groups on Jean-Pierre Rosso
subjects varying from Partnering Against Kevin Steinberg.
Corruption to addressing the ramifications of
the Globalization of Alternative Investments have In addition to the above officers, as of 1 July
led to publications, public commitments from the World Economic Forum USA employed
participating companies, and practical solutions 25 full-time staff.
to pressing societal imperatives such as our
Working Towards Wellness effort. For more information about the Board, officers
or staff, please go to www.weforum.org/usa/
leadershipteam

Financial results
Jean-Pierre Rosso The Forum USA’s financial results for the 2006–
Chairman, Centre for Global Industries 2007 year have been consistent with its budget,
resulting in a net loss of US$ 776,043 off from
The World Economic Forum USA is an US$ 7,253,854 in revenues, despite significant
independent non-profit organization committed startup expenses and investments. All Forum
to improving the state of the world by engaging USA financials are reported in US dollars,
industry leaders in partnerships to shape global, consistent with US GAAP.
regional and industry agendas.
The Forum USA’s primary source of financial
Incorporated in December 2005 as a non-profit support is membership/partnership dues paid
business league based in New York, the World by the Forum’s Industry Partners and Industry
Economic Forum USA is impartial and not-for- Associates. In addition, the Forum USA received
profit; it is tied to no political, partisan or national an initial loan of working capital from the World
interests. The Forum USA is an affiliate of the Economic Forum, which it expects to repay in
World Economic Forum, and its relationship is June 2008.
governed by an affiliation agreement, which is a
contractual agreement under which the Forum The Forum USA’s financial results are audited by
USA coordinates with the World Economic PricewaterhouseCoopers who examine both the
Forum when conducting its activities. The Forum balance sheet and accounts. The 2006–2007
USA’s application for recognition of exemption figures follow:
from income taxes under §501(c)6 of the US
Internal Revenue Service code is currently Year 2006/2007
pending approval. Total income* 7,253,854
out of which
The World Economic Forum USA’s New York
members’ fees 0
offices serve as the global headquarters for the
Centre for Global Industries. The Centre for participation fees 0
Global Industries’ primary focus is the Industry partnership 6,109,192
Partnership programme, which is aimed at other income 1,144,662
engaging global companies in the Forum’s
Total expenditure 8,029,897
activities at the industry level. This programme
enables participating corporations to contribute out of which
to an evolving portfolio of task forces and personnel costs 3,229,731
engage in specific meetings for designated office costs 500,504
senior executives. To date, 197 industry
activity related costs 4,299,662
partnerships have been signed representing
184 companies which have formally joined the Surplus (776,043)
*all key figures in US$
World Economic Forum Annual Report 2006/2007 44

Our Our financial results through cost contributions and that projects are
In 2006/2007, we achieved strong financial supported by income from partnership contracts.
financial results as income from all our initiatives and The Forum may accept grants, donations,
results activities continued to grow. We did not touch
our reserve funds during the year, despite
legacies and other contributions or subsidies that
are consistent with its purpose of ‘integrating
investing a significant sum in the launch of our leaders from business, politics and society at large
Global Growth Companies. The most notable into a community for global action committed to
revenue drivers continued to be the growing improving the state of the world and the well-being
number of Forum members choosing to become and prosperity of human society’. The World
partners and participating in our activities. In total, Economic Forum makes no payments to political
this trend added Sfr. 2,769,846 to our reserves. personalities, parties or other organizations and
This figure was also due to important cost avoids involvement in national politics.
reductions and efficiencies we achieved during
the year. In finance, as throughout our Auditors
organization, we aim for excellence and most The World Economic Forum’s financial results
efficient use of the funds received. are audited by PricewaterhouseCoopers,
who examine the balance sheet and accounts.
Financial policy The annual report, as well as all institutional
The World Economic Forum’s financial policy documents, are submitted to the Swiss
states that membership fees in principle should Federal Government, which in law acts
cover operational costs, that events are funded as the supervisory body for the Foundation.

Year 2002/2003 2003/2004 2004/2005 2005/2006 2006/2007

Total income* 66,454,727 74,058,911 83,336,839 104,766,543 114,574,874
out of which
members’ fees 25,530,325 25,137,257 26,546,382 26,410,294 27,763,874
participation fees 21,465,398 20,543,108 20,824,213 27,063,138 30,160,303
partnership 17,390,452 24,552,385 31,035,927 44,668,943 50,881,934

Total expenditure 66,454,522 72,307,790 82,083,503 102,735,578 111,805,027
out of which
personnel costs 26,584,768 29,620,236 35,723,308 40,035,452 47,887,856
office costs 8,360,352 9,044,738 9,253,213 12,537,175 11,884,632
activity-related costs 31,509,401 33,642,815 37,106,982 42,732,347 52,032,539

Surplus to be added to the
Foundation capital 205 1,751,121 1,253,336 2,030,965 2,769,846

Foundation capital 12,114,958 13,866,079 15,119,415 17,150,380 19,920,227

Total staff
full time 130 134 162 204 247
out of which seconded by Forum members 4 5 5 7 8
part time 28 28 31 25 30
*all key figures in Swiss francs
World Economic Forum Annual Report 2006/2007 45

Our The World Economic Forum is an ensures substance in the form of strategic insights
independent international organization and, where relevant, platforms for joint action. To
mission committed to improving the state of the carry out its mission, the World Economic Forum
and world by engaging leaders in partnerships to
shape global, regional and industry agendas.
has developed an integrated value chain by
involving world leaders in communities, inspiring
values them with strategic insights and enabling them
through initiatives.
Incorporated by Professor Klaus Schwab as a
foundation in 1971, and based in Geneva, Our vision for the World Economic Forum is
Switzerland, the World Economic Forum is impartial threefold. To be:
and not-for-profit; it is tied to no political, partisan
or national interests. The foremost organization which builds and
energizes leading global communities
Our culture combines the best elements of
entrepreneurship with those of public service. The creative force shaping global, regional and
Thus, our motto is ‘entrepreneurship in the global industry strategies for its communities
public interest’.
The catalyst of choice for its communities when
We cultivate public trust by never compromising undertaking global initiatives to improve the state
our institutional integrity. We constantly strive to win of the world.
the respect of our members and constituents by
ensuring everything we undertake is ‘first in class’. The World Economic Forum enjoys unique global
We can serve our communities best by making positioning by recognizing and responding to
ourselves a role model for a highly interactive, open two developments:
and fast learning community.
The world’s key challenges cannot be met by
Our mission is best realized through activities governments, business or civil society alone
which promote economic and social
development. We believe that economic progress In a world characterized by complexity, fragility
without social development is not sustainable, and ever-greater synchronicity, strategic insights
while social development without economic cannot be passively acquired. They are best
progress is not feasible. developed through continuous interaction with
peers and with the most knowledgeable people
In addition to convening world leaders, the Forum in the field (learning communities).
aims to involve them in living communities of
common interest and purpose. The Forum For more information see www. weforum.org

Schwab Social Entrepreneur Bunker Roy, Founder and Director of the Barefoot College, builds the capacity and confidence
of illiterate and semi-literate unemployed rural youth to be “barefoot” professionals. Reaching over 500,000 poor rural
families, Barefoot College solar engineers have installed solar photovoltaic home lighting systems and fabricated solar
lanterns across 10 Indian states.
Designed and edited by Wardour Publishing & Design
Photos by R. Kalvar (Magnum); Swiss Image

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