Schwab has resigned from his position as chair of the Geneva-based WEF’s board of trustees.
The World Economic Forum said on April 22 that it launched an investigation after allegations of misconduct by its former chairman, Klaus Schwab, were sent to its board.
Schwab resigned from his position as chair of the Geneva-based WEF’s board of trustees on April 21, a WEF spokesperson said in an emailed statement to The Epoch Times.
The probe is in response to a Wall Street Journal report that an anonymous letter sent in mid-April to the World Economic Forum’s board raised concerns about the organization’s governance and workplace culture.
“The Board of Trustees of the World Economic Forum 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,” the WEF spokesperson said.
The decision was made after consultation with external legal counsel and in line with the forum’s fiduciary responsibilities, according to the statement.
The investigation will be led by the Audit and Risk Committee with the support of independent legal experts, and the Committee will move “expediently to determine its processes and parameters and will share its progress with the Board,” the statement said.
“While the Forum takes these allegations seriously, it emphasizes that they remain unproven, and will await the outcome of the investigation to comment further,” the spokesperson said.
The WEF did not provide further details regarding the allegations against Schwab, 87. The Epoch Times was unable to independently verify the letter.
A spokesman for the Schwab family denied all the allegations in the letter, the Wall Street Journal reported. The spokesman also told the publication that Schwab intends to file a lawsuit against whoever is behind the anonymous letter and “anybody who spreads these mistruths.”
The Epoch Times contacted a WEF spokesperson for further comment but did not receive a response by publication time.
Previously, the WSJ reported that the WEF’s board had hired a law firm to investigate the forum’s workplace culture after the newspaper reported allegations of harassment and discrimination at the forum. The WEF also denied those allegations.
The WEF confirmed in a May 2024 statement that Schwab would be transitioning from executive chairman to chairman of the board of trustees by January 2025.
At the time, the organization said the move was part of its “planned governance evolution from a founder-managed organization to one where a President and Managing Board assume full executive responsibility.”
On April 20, Schwab officially resigned as chairman with immediate effect, without stating a reason.
“Following my recent announcement, and as I enter my 88th year, I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect,” Schwab said in an April 21 statement announcing the move.
