The World Economic Forum (WEF) confirmed on Wednesday that it has launched an independent investigation into allegations against its founder, Klaus Schwab. The move follows a whistleblower letter that reportedly led to Schwab’s sudden resignation earlier this week.
In a statement, the WEF — known globally for its annual gathering of political and business leaders in Davos, Switzerland — said its board of trustees unanimously approved the decision to initiate a probe, corroborating a report first published by The Wall Street Journal (WSJ).
The whistleblower letter, said to be authored by both current and former employees, accuses Schwab of financial misconduct, including misappropriation of WEF funds and improper treatment of staff. According to the WSJ, Schwab’s wife, Hilde Schwab, is also implicated, with allegations of using WEF resources for personal travel. Schwab has categorically denied the claims, the report noted.
A WEF spokesperson stated that the board fully supported the Audit and Risk Committee’s recommendation to proceed with an independent investigation. “This decision was made after consultation with external legal counsel and in line with the Forum’s fiduciary responsibilities,” the spokesperson said. The investigation will be led by the committee with assistance from outside legal experts.
While emphasizing that the allegations remain unproven, the WEF underscored its commitment to transparency and said it would withhold further comment until the investigation concludes.
Schwab, who founded the WEF in 1971 and served as its executive chairman until last year, had planned to remain in a non-executive capacity until 2027. However, following an emergency board meeting on Sunday, he resigned immediately as chair and board member on Monday, without offering a public explanation.
