WEF confirms investigation of claims about its founder

The World Economic Forum confirmed yesterday that it has launched an investigation into allegations made against its founder Klaus Schwab that reportedly prompting his resignation this week.

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In a statement confirming a report by the Wall Street Journal, the WEF said its board of trustees “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, which hosts the annual meeting of wealthy, famous and influential global elites at the luxury Swiss ski resort of Davos, initially provided no explanation when it announced Monday that its longtime chairman had stepped down from the board with immediate effect.

In the first statement, the WEF’s board hailed Mr Schwab's “outstanding achievements’ in his 55 years in charge.