Full Form of WEF :
World Economic Forum
WEF Full Form is World Economic Forum. It is recognized as International Institution of private-public cooperation for shaping regional, global, industrial, and national agendas. The annual winter meetings held in Davos is widely popular. More than 2500 leading business leaders, selected intellectuals, international political leaders, and journalists assemble in the annual meeting to discuss the most crucial issues of the world. It was a German business professor Klaus Schwab of Geneva University who founded WEF in 1971. Initially, it was named as European Management Forum, which eventually changed into World Economic Forum in the year 1987.
The WEF is a non-profit organization in Switzerland. The head office of this organization is in Geneva. The Swiss authorities have recognized it as a global institution for the cooperation of public-private nature. It aims to improve the world’s condition with the help of society’s leaders like academic, political and business leaders in shaping the industry, regional and global agendas. The WEF holds yearly winter meetings in Davos. It is a mountain resort, located in Switzerland. This session extends to 5 days. More than two thousand intellectuals, business leaders, journalists and global leaders of politics attend this meeting for discussing the current issues that are affecting the globe. Frequently, the participants, participation, and meetings can be identified by its location, like the phrase, a Davos Man.
History of WEF
The foundation of WEF was laid down by Schwab in the year 1971. Initially, its name was EMF or European Management Forum. In the year 1987, the same was altered to WEF or the World Economic Forum. Its vision also broadened and consisted of giving a suitable platform to resolve the global issues. Schwab invited more than four hundred executives from the firms of Western Europeans in the year 1971 to the 1st EMS or European Management Symposium. The location of the Symposium was the DCC or Davos Congress Centre. The patronage under which the same held includes the EIA or European industrial association and the European Commission. The business leaders of Europe were then invited to Davos each January for its yearly meetings.
A management approach, known as the stakeholder, was developed by Schwab. This method helped the managers that are responsible for all interests to obtain corporate success. These interests include those of customers, clients, shareholders, communities, and employees and government. Numerous political leaders started using these annual meetings as a neutral platform. Nations like Turkey and Greece signed the Davos Declaration in the year 1988. At the annual meeting held during the year 1992, a meeting was held between Chief Buthelezi, Nelson Mandela and FW Klerk, which was their 1st joint appearance.
Organization of WEF
The WEF established new regional offices in New York and Beijing in the year 2006. In the UNESC, it has the status of an observer until the year 2012. Presently, the SFC or Swiss Federal Council supervises the foundation. The highest body governing the organization is called the foundation board. At the yearly meeting held in Davos, over a hundred nations, along with over two thousand participants gather in it. It’s participating members also include more than a thousand top companies and one thousand five hundred business leaders. Additionally, the other members include thirty senior officials or heads of global organizations, sixty four cabinet ministers, and ten ambassadors.
The number of participants that were from civil society is over four hundred, which includes fifteen leaders of different religions, two hundred and twenty-five media leaders, thirty heads of various non-government organizations, one hundred and fifty leaders from think tanks as well as academic institutions and eleven union leaders. Nearly a thousand member companies are responsible for funding the foundation. These companies are those international enterprises that have a turnover of over 5 billion dollars. The turnover may vary by region and industry.
Activities of WEF
Summer Yearly Meetings
The foundations of the New Champions’ annual meetings were established in the year 2007. China hosts these meetings regularly. The hosting location alternates between Tianjin and Dalian. The participants include more than fifteen hundred companies from rapidly emerging nations like Brazil, Russia, India, and Mexico. Its members also include the same from the developed countries that are growing at a very fast rate. The global leaders from competitive cities and fast-growing places, as well as technology pioneers of the next generation from all over the world, are also engaged in this meeting. The premier from China delivers the plenary address at every yearly meeting.
The regional meetings are organized by the WEF every year. It helps to enable close contacts among the non-government agencies, local governing leaders, and leaders of the business sector. These meetings are hosted in the Middle East, East Asia, Africa and Latin America. Every year, different nations host these meetings. Since the year 2000, these meetings are organized consistently in India and China.
Young International Leaders
The forum consisting of young international leaders of the group includes eight hundred people chosen by the organizers of the forum. They represent contemporary leadership. They are selected from throughout the world and represents stakeholders of all categories. They obtain the alumni position after their 5-year participation.
WEF Full Form can also refer to With Effect From. This is an Internet Slang, which is used in emails and documents to indicate a particular date from which something becomes effective.
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