Economic Forum statement: Accusations against Schwab, founder, proven to be baseless - Unfounded Allegations Discharged Toward Schwab by the World Economic Forum
The World Economic Forum (WEF) has announced that an independent investigation into allegations of misconduct against its founder, Klaus Schwab, has concluded with no evidence of material wrongdoing. The investigation, conducted by law firms Homburger (Switzerland) and Covington & Burling (U.S.), cleared both Klaus and his wife, Hilde, of any serious misconduct.
The allegations, which surfaced in April 2025, included claims that Schwab had misused WEF resources for personal purposes, such as withdrawing funds for personal expenses and using WEF funds for massages during hotel stays. However, the investigation found that while there were minor irregularities, these were attributed to blurred lines between personal and organizational activities, reflecting a deep commitment to the WEF rather than intent to misconduct.
In response to the findings, the WEF Board has taken steps to strengthen governance and address any issues identified during the investigation. This ensures that the organization adheres to principles of integrity and responsible behavior.
Following the investigation's conclusion, Larry Fink and André Hoffmann were named as interim co-chairs of the WEF Board of Trustees, replacing Peter Brabeck-Letmathe.
Klaus Schwab, aged 87, is the founder of the World Economic Forum, which he established in 1971. The forum is a significant platform for top politicians, CEOs, scientists, and representatives of civil society from around the world. The forum organizes the annual World Economic Forum in Davos, Switzerland, among other events.
Despite the anonymous accusations, the WEF maintains that there is no evidence of serious misconduct by Klaus Schwab. The forum dismissed the allegations as baseless.
The ongoing investigation into Klaus Schwab's alleged misconduct, as overseen by law firms Homburger and Covington & Burling, has resulted in no evidence of material wrongdoing being found, debunking the claims of misuse of WEF resources for personal gain. Recognizing the need for stronger governance and adherence to principles of integrity, the WEF Board has initiated measures to address any identified issues in its community and employment policies, in line with general news about political accountability and policy-and-legislation.
