The World Economic Forum (WEF) confirmed on Wednesday that it has launched an investigation into allegations against its founder Klaus Schwab following a whistleblower letter that reportedly prompted his resignation.
In a statement released Wednesday, the WEF — a non-profit best known for its annual gathering of global elites in Davos, Switzerland — said its board unanimously supported the decision to initiate an independent investigation, confirming an earlier report by the Wall Street Journal (WSJ).
The whistleblower letter — allegedly sent by current and former staff — accuses Schwab of financial misconduct, including misuse of WEF funds and inappropriate treatment of employees, the WSJ reported Tuesday. His wife, Hilde Schwab, is also accused of using WEF resources for personal travel. Schwab has strongly denied all the claims, the WSJ reported.
A spokesperson for the WEF said in statement Wednesday that the organization’s board of trustees had “unanimously supported the Audit and Risk Committee’s decision to initiate an independent investigation following a whistleblower letter containing allegations against former Chairman Klaus Schwab.”
They added: “This decision was made after consultation with external legal counsel and in line with the Forum’s fiduciary responsibilities. The investigation will be led by the Audit and Risk Committee with the support of independent legal experts.”
The WEF said that while it takes the allegations against Schwab “seriously,” they “remain unproven, and will await the outcome of the investigation to comment further.”
Schwab, who founded the WEF in 1971, announced his resignation as chair and member of the board of trustees on Monday, without providing further explanation for his decision.
Although he had stepped down as executive chairman last year, Schwab had planned to stay on in a non-executive role until 2027. Instead, he resigned with immediate effect following an emergency board meeting held Sunday.
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