WEF reportedly investigates founder Klaus Schwab

An anonymous letter to the WEF board has reportedly raised concerns about the organisation’s management and workplace culture. Keystone / Michael Buholzer

The World Economic Forum (WEF) is reportedly investigating its founder, Klaus Schwab, according to the Wall Street Journal.

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Schwab announced his immediate resignation as WEF chairman on Easter Monday. However, an anonymous letter to the WEF board has reportedly raised concerns about the organisation’s management and workplace culture.

The Wall Street Journal reportsExternal link that Schwab and his wife are accused of using WEF funds for personal expenses. Schwab is now under investigation for potential misconduct in his role.

The WEF told the news agency Reuters that it takes the allegations seriously, but they haven’t been proven yet. The organisation will wait for the investigation’s results before making any further comments.

Schwab denies the allegations

The Wall Street Journal also reports that an anonymous letter to the WEF Foundation Board claims there have been systematic governance failures and abuse of power over the years. Schwab and his wife are accused of using WEF funds for private luxury trips and allegedly using a Geneva property bought by the WEF for their exclusive private use.

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According to the report, Schwab denies the allegations and has announced he will take legal action against those making the claims.

Schwab unexpectedly announced his immediate resignation as chairman of the WEF Foundation Council on Monday. In the press release, the 87-year-old was vague about the timing, citing his age and a previous statement.

Last May, Schwab had already announced he would step down as CEO and take up the role of chairman of the Foundation Board. He has now resigned from this position as well.

Translated from German with DeepL/sp

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