The World Economic Forum’s annual meeting began on January 16 at Davos in Switzerland under the theme 'cooperation in a fragmented world.' As the forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas, here is a quick look at what Davos signifies, and the issues it has taken up over the years at its annual meetings.
What does Davos signify?
Davos, Switzerland, is the highest town in Europe. It's a small ski resort near Zurich. However, it is well-known for hosting the World Economic Forum's annual meeting in January (WEF). The name ‘Davos’ is associated with resolving the world's most pressing issues. Delegates from various sectors gather for several days of discussions and debates to address key global issues.
Government, industry, and civil society leaders strive to bring about constructive change by coming together for the annual meeting. The not-for-profit organisation, which was started more than 50 years ago, represents "the spirit of Davos," a culture of cooperation and openness.
WEF’s multi-stakeholder theory
The World Economic Forum was founded on the principle of “multi-stakeholder theory.” That’s an arcane term for the idea that businesses don’t operate in isolation and should serve all stakeholders – not just its shareholders – such as employees, suppliers and the communities they work in. The 'Davos Manifesto', created in 1973 and renewed in 2020, lays out the principles of stakeholder capitalism - or a system of shared goals for businesses.
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Agenda at Davos
The Davos agenda changes every year. Over the years, the annual meeting agenda has centred on evolving global challenges. While climate change inclusion, diversity, and how economies can be built to meet the needs of all, have been recurring themes, pandemic preparedness, reskilling, the state of the global economy, and energy transition have all been on the agenda in recent years.
What is Davos now
According to the Forum, modern civil society, business, government, and individual stakeholders are working together in new ways to bring about social change. According to the statement, they make an effort to solve every problem that might possibly befall humanity, including war, poverty, human rights, health, and the environment.
The world is currently experiencing a number of problems, reinforcing the need for a conversation. Davos 2023 is taking place during unprecedented geopolitical tensions and a slowing global economy.
Also Read: World Economic Forum at Davos: Day 1 events, when and where to watch
Since the adoption of its new manifesto in 2020, the WEF is formally guided by stakeholder capitalism, which posits that a corporation should deliver value not only to shareholders but to all those who have a stake in the destiny of the company, including employees, society, and the planet. Its goals include a commitment to “improve the state of the world.”
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