Latest news with #AndreHoffmann
The National
2 days ago
- Business
- The National
BlackRock's Fink appointed as interim co-chairman of World Economic Forum
BlackRock chief executive Larry Fink has been appointed interim co-chairman of the World Economic Forum (WEF), which organises the annual meeting of leaders in Davos, Switzerland. Andre Hoffmann, the vice chairman of Swiss based healthcare company Roche Holding, will also be interim co-chairman of the WEF, according to an announcement on Friday. 'The world is more fragmented and complex than ever, but the need for a platform that brings together business, government, and civil society has never been greater,' Mr Fink and Mr Hoffmann said in a joint statement. 'We remain optimistic. The forum has an opportunity to help drive international collaboration in a way that not only generates prosperity but distributes it more broadly.' "This renewed vision can promote open markets and national priorities side by side, while advancing the interests of workers and stakeholders globally," they said. Both Mr Fink and Mr Hoffmann have been serving on the WEF's board before being appointed to the current position. The latest announcement comes as global economy feels the impact of geopolitical matters and the rise in protectionism fostered by the introduction of US tariffs. US President Donald Trump shook the world economy following his April 2 " liberation day" announcement, with new tariffs. A number of leaders from the world of business and politics attend the forum every year. Mr Trump addressed the forum online this year. The board of trustees of the WEF cleared founder Klaus Schwab of any 'material wrongdoing' following an investigation into allegations raised by anonymous whistleblowers. 'Following a thorough review of all facts, the board has concluded that, while the organisation must evolve toward a more institutional model, there is no evidence of material wrongdoing by Klaus Schwab,' the WEF said in the statement. It also cleared Hilde Schwab, wife of Mr Schwab, of any misconduct. 'Minor irregularities, stemming from blurred lines between personal contributions and forum operations, reflect deep commitment rather than intent of misconduct,' the WEF said. 'The board has taken action to address all issues identified throughout the investigation, including strengthening the governance in general.' Mr Schwab started what became the World Economic Forum – initially called the European Management Forum – in 1971 as a symposium on corporate management. Since then, the event grew to become an annual gathering of about 2,500 corporate executives, financiers, and politicians, and other public figures from more than 100 countries, addressing matters such as inequality, migration, digital innovation and globalisation. With strong ties with leading organisations such as the UN and World Bank, the WEF has played a major role in navigating political issues and promoting a collaborative approach to global trade. Mr Schwab stepped down as head of board of trustees of the WEF in April this year.
Reuters
2 days ago
- Business
- Reuters
WEF clears founder Schwab of wrongdoing; appoints interim co-chairs
Aug 15 (Reuters) - The World Economic Forum closed an investigation on its founder Klaus Schwab on Friday, clearing him of any wrongdoing, and appointed BlackRock (BLK.N), opens new tab CEO Larry Fink and Roche Holding's (ROG.S), opens new tab vice-chair Andre Hoffmann as interim co-chairs of its board. The Geneva-based organisation had launched an investigation in April into 87-year-old Schwab following a whistleblower letter alleging misconduct. The probe was announced a day after Schwab resigned as chairman. The forum at that time did not say why he was quitting. For decades, Schwab has been the face of the WEF's annual gathering of business and political leaders in the Swiss mountain resort of Davos, which has become a symbol of globalisation. The WEF said on Friday that its board had completed an investigation into allegations raised by anonymous whistleblowers against Schwab and found there was no evidence of material wrongdoing by him. WEF also did not find any misconduct by Schwab's wife and former assistant, Hilde Schwab. "Minor irregularities, stemming from blurred lines between personal contributions and forum operations, reflect deep commitment rather than intent of misconduct," WEF said. The Wall Street Journal, which first reported the probe in April, had said an anonymous letter raised concerns about the WEF's governance and workplace culture, including allegations that the Schwab family mixed their personal affairs with the forum's resources without proper oversight. In May, a spokesperson for Schwab informed Reuters that he had filed a criminal complaint against the whistleblowers. The Schwab family denied all the allegations in the whistleblower complaint to the Journal. Following the conclusion of the probe, a spokesman for Schwab told WSJ on Friday that he intends to drop his lawsuitspokesmanthe WEF and a separate legal action against anonymous whistleblowers. The WEF also said Peter Brabeck-Letmathe had stepped down as interim chairman following the investigation's conclusion. In a statement posted on the WEF website, newly appointed co-chairs Fink and Hoffman said they were honored to take on the leadership role on an interim basis and looked forward to reinventing and strengthening the organisation. WEF's Davos gathering has in recent years drawn criticism from opponents on both left and right as an elitist talking shop detached from lives of ordinary people.
