The World Economic Forum’s (WEF) Board of Trustees concluded its investigation into its founder and former chairman, Klaus Schwab, finding that “there is no evidence of material wrongdoing.” The Board further concluded that there is no evidence of misconduct by Hilde Schwab.
“Minor irregularities, stemming from blurred lines between personal contributions and Forum operations, reflect deep commitment rather than intent of misconduct,” the Board argued.
Upon concluding its investigation, Peter Brabeck-Letmathe stepped down from his role as interim Chairman. André Hoffmann and Larry Fink are now interim WEF Co-Chairs.
“This moment marks a pivotal transition for the World Economic Forum. The Board will now focus its attention on institutionalizing the Forum as a resilient International Organization for Public-Private Cooperation,” the Board explained. “This next chapter will be guided by the original mission developed by Klaus Schwab: Bringing together government, business and civil society to improve the state of the world.”
The WEF announced an investigation into Schwab in April. The WEF said its Board unanimously agreed to initiate an investigation “following a whistleblower letter containing allegations against former Chairman Klaus Schwab,” the organization told The Wall Street Journal at the time.
Allegations under investigation included Schwab asking employees to “withdraw thousands of dollars from ATMs on his behalf” and the use of “Forum funds to pay for private, in-room massages at hotels, the outlet reported.
Schwab was previously accused of sexual harassment. Former WEF staffers revealed to the WSJ in 2024 that the organization has been “allowed to fester an atmosphere” of sexual harassment and discrimination under Schwab’s leadership.
Schwab resigned as chairman of the organization in April.
