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world economic forum Annual Report 1998/1999

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    world economic forum Annual Report 1998/1999 world economic forum Annual Report 1998/1999 Document Transcript

    • ANNUAL REPORT 1998 / 1999
    • Last year was another successful year for the World Economic Forum. Nevertheless, it was also an appropriate time to prepare for the new millennium. Thus, substantial resources and energies have been invested in the creation of the World Economic Forum for the 21st century. In close cooperation with many of our members, particularly with our Council, and assisted by the advice of some of the leading consultancy companies, we have repositioned the Foundation to expand and increase the value proposition provided to our members. We will, of course, continue to build on our past successes and ensure linkages and 1 complementarities between our different activities and initiatives. We have been guided by three principles: 1. Deeper engagement of our members and constituents The Foundation is the creator and facilitator of the world’s foremost community of political, business, intellectual and other leaders of global society. Our activities are member and constituent driven and will be increasingly so in the future. We plan to deepen our processes of engagement and leverage the new technological opportunities for community building and knowledge sharing. Some of our new efforts include establishing Regional Councils to provide us with insights and guidance in our efforts to extend and deepen the role that the Forum has played in regional cooperation and development. We will also form special Steering Committees for each of our industry sectors to ensure FROM THE PRESIDENT even more closeness to specific strategic challenges, which our members have to face in a globalizing economy. 2. Leading in the creation and application of interaction and knowledge tools based on state-of-the-art technologies We have always been technological pioneers. In particular, our Annual Meetings in Davos have been the test place for a number of new communications technologies. Now, we want to go a step further by MESSAGE creating a knowledge backbone in all the areas where we are active. As an example, we will introduce in each of our industry sectors the tools and mechanisms that
    • help to capture and share ideas regarding the key concerns of our members. This will be implemented in those areas where collaborative efforts of the industry are necessary, for example in dealing with societal expectations and challenges. We have tested the first of these tools and feel confident that the Foundation can become a major driving force and a pioneer in the creation of the ‘‘knowledge society’’. 3. Building a content and process orientation 2 The third principle in our refocused efforts is a logical consequence of the application of the first two principles: we will be much more content and process-oriented in our activities, moving away from an ‘‘event approach’’. One of our new initiatives in this respect is the Centre for the Global Agenda (CGA) which will serve as a catalyst in defining, monitoring and driving the global agenda. It will act as a hub of networks and alliances on important global issues and will play a key role in the world’s international system. The Centre for the Global Agenda will be forward- looking and dynamic. It will be a global integrator of people, ideas and knowledge relevant to defining and shaping the key issues on the global agenda. The Centre will bring together business, political, intellectual and civic leaders in generating, advancing and sharing solutions to key challenges that lie at the interface of the public and private sectors. It will build upon the strengths of the World Economic Forum adding process and content components that reinforce the depth of all Foundation activities. All of these efforts will build upon our core activities and enable us to further pursue our mission of being initiator, catalyst and facilitator of the foremost global community of business, political, intellectual and other leaders of society.
    • KEY FIGURES in Swiss Francs YEAR 1994/95 1995/96 1996/97 1997/98 1998/99 Total income, 32,681,090 36,347,457 42,074,397 51,890,452 51,306,002 out of which members’ fees 13,537,250 14,887,600 16,047,893 18,761,000 20,915,531 Total expenditure including R&D and investments 32,293,679 35,783,161 41,432,138 51,047,818 50,380,441 Surplus to be added to the Foundation capital 387,411 564,295 642,259 842,633 925,560 Foundation capital 4,087,291 4,651,587 5,293,847 6,136,481 7,062,041 TOTAL STAFF Full time 56 58 59 73 68 Part time 11 21 21 26 24 In its transfer to a knowledge and process oriented organization, in 1998 the Forum invested particularly in its human resources, which was reflected in an increase of personnel costs of 10.90%. As far as income is concerned, for political reasons the Middle East/North Africa Summit could not be organized in 1998 and our income decreased from Sfr 51,890,452 to Sfr 51,306,002.
    • This accounting year has been marked by four major developments with long-term implications for the future of the World Economic Forum, putting in place some key components of the 21st century. First, we have moved to our new headquarters overlooking Lake Leman in Geneva. It has been more than just a physical move; this has been a development of major significance. It has given the Foundation a clearly identifiable ‘‘physical’’ presence in its Swiss and Geneva home base that it didn’t have until now – a major step as the Foundation 4 approaches the 30th anniversary of its creation. It also sends a very powerful message on what the World Economic Forum strives to be – open and transparent, outward- looking, innovative and high-tech oriented. Above all, our new premises will allow us to add the additional resources needed to fulfil the development plans envisaged over the next few years to make sure that the Forum will be able to continue to expand its services to its members and constituents to increase its relevance and usefulness to be even more in a position to fulfil its commitment to improving the state of the world. The second development is the decision to create the Centre for the Global Agenda, integrated into the World Economic Forum but with its specific structures and resources. The Centre will be the key instrument in making the Forum more process and substance oriented. It will be in charge of developing a number of projects and initiatives on issues of priority interest to Forum members and constituents, providing an inputting mechanism for all the Forum’s activities. The Centre will function as a hub for global policy networks. By providing a system of sustained contacts and interactions with the top academic experts and the major think tanks in the world, it will ensure that the Forum always remains on the top edge of the knowledge creation and integration process, thus increasing the value and relevance of its activities to its members and constituents. A third development has been the major overhaul and expansion of our whole IT infrastructure. This has created the much-needed in-house capability for a comprehensive approach to the management of our relationship with our members, and will allow the Forum to be an even more member-driven organization. We now have the technological capabilities not only to create a knowledge backbone internally but also to become easily accessible to our members and constituents. Such a development is an important element in the Forum’s strategic orientation to increasingly become a knowledge and process-oriented organization. The fourth development is the internal reorganization that took place last spring. The regroupment of activities around eight ‘‘clusters’’ has created a structure that will allow for greater synergies inside the organization and contribute to developing stronger leadership capabilities. This new structure will also help to create clearer and more promising career patterns inside the Forum. It will help to attract and keep the new talents and additional resources needed to implement the Forum’s strategy to enter the 21st century as a knowledge based, input and process-oriented organization, ever more capable of meeting the needs and expectations of its members.
    • INDUSTRY AND MEMBERS’ AFFAIRS One key aspect of this year’s activities has been the emphasis put on making the Forum an even more member-driven organization. Our strategy remains to limit Foundation membership to the world’s 1,000 foremost global corporations. Therefore we have continued our drive towards improving and upgrading the quality and composition of our membership in order to fully reflect the trends in the global economy from a sectoral as well as a geographical point of view. 5 In order to strengthen the notion that members are part of an exclusive community of key decision-makers, and to reinforce the relevance of the World Economic Forum as the foremost global partnership of business, political, intellectual and other leaders of society committed to improving the state of the world, we have reinforced the implementation of transparent membership criteria. We have also pursued our policy of taking an even more selective approach with companies applying for membership. At the same time we have continued to separate from some companies which have been part of our membership for ‘‘historical’’ reasons but which no longer fulfil the criteria. The Industry Affairs cluster is first and foremost responsible for engaging Foundation members at the highest level in the activities of the Forum. The cluster represents the key engine in ensuring that the Forum’s activities and services are responding to the present and, even more important, future needs and expectations of member companies. The idea is to enhance the Forum’s relevance and sustainability by strengthening a real sense of stewardship MEMBERS’ AFFAIRS and involvement among key members. The Industry Affairs cluster is structured on an industry basis in order to enable the Forum to become a true ‘‘insider’’ on major issues of particular relevance and INDUSTRY AND importance to the world’s most important and dynamic corporations. The cluster encompasses five teams: Communications, Services, Manufacturing, Mobility and Consumer Goods. Much effort has been directed to ensuring that the cluster develops a knowledge base on all industry-relevant issues of strategic importance. The purpose is to guarantee relevant and useful content for the Governors Meetings and other industry related activities. The Forum’s Governors Meetings continue to provide an increasingly valuable mechanism, allowing top leaders from different sectors to meet informally among themselves to examine and discuss strategic options to challenges and opportunities facing their sectors. At present, there are 14 Industry Governors Groups. At the Annual Meeting 2000 we will introduce a new Governors Meeting in the Chemical Industry. In an effort to make these gatherings more process oriented, and to reinforce their long-term club character, several initiatives and gatherings focusing on issues of paramount strategic importance to a given industry have been developed outside the yearly meetings in Davos.
    • PARTNERSHIPS WITH THE WORLD ECONOMIC FORUM Over the last year, the Forum has seen a substantial increase in the interest of our members to join the circle of partner companies. While this positive response demonstrates our great success with the partnership offering, it has also caused us to reflect on our strategy. The Foundation’s independent and impartial nature as a membership organization is given highest priority when determining partnership objectives. One of the basic principles of the partnership opportunity is that the Forum 6 should be able to count on the partner company’s specialized knowledge about a region or industry to bring added value to our activities. Hence we established the scheme of ‘‘Knowledge Partnership,’’ which now provides the framework for our relationship with a group of our members. Over this last year, the Forum has streamlined and simplified partnerships at our Regional Summits and the Annual Meeting with the objective of providing a clear and transparent system to ensure fairness among all members and partners. The advent of the Knowledge Partnership scheme has allowed the Forum to embark with renowned businesses on numerous research projects and initiatives in an effort to bring thought-provoking data and approaches to our membership on a variety of subjects. These subjects include benchmarking of the truly global corporation, how strategic leadership permeates an organization, corporate THE WORLD ECONOMIC performance, knowledge management or what is on the mind of the CEO worldwide. Several important internal projects (for example, the development of a knowledge PARTNERSHIPS WITH database and the creation of a new IT infrastructure) that are shaping the abilities of the Forum to move into the next century have been initiated with key Knowledge Partners. Finally, the number of Institutional Partners, which support several of the Forum’s activities annually, have doubled since this time last year. Several of our Institutional Partners offer their infrastructure capabilities, which allow participants to enjoy top-quality services during our activities. We are pleased to recognize these companies for their ongoing support and to thank them for their respect of our mission of ‘‘improving the state of the world’’. FORUM
    • KNOWLEDGE MANAGEMENT AT THE FORUM As mentioned above, this year has been marked by a major overhaul of the World Economic Forum’s entire IT infrastructure. This also allowed us to offer new services to Forum members and participants at the 1999 Annual Meeting. On this occasion, we deployed important new technologies to help participants make better use of the many opportunities and services provided by the meeting. Each participant carried a computer with network capabilities – actually hidden in his or her badge. This 7 significantly increased the capabilities for identification of participants and the level of security in the Congress Centre. The Kiosk, the interactive information and communication platform, allowed the participants to send and receive e-mail, look up programme details and meeting venues, create a personal agenda and search through the electronic version of the participants booklet. At the internal level, the core of our system, the membership database and back-office system, has been redesigned and reinforced with the help of Andersen Consulting. We have now successfully implemented the system with the clear target of higher standards and improved performance in managing the Forum’s relationship KNOWLEDGE MANAGEMENT with its members and constituents, the servicing of our members and our internal operations. The key orientations of the newly formed Knowledge Management cluster are based on the professionalism of the IT environment and the related operations; the creation of the necessary IT infrastructure for knowledge sharing and integration within the Forum and with our members; and the development of our relations with our partners who help us to continually adjust and expand our IT infrastructure. This strategy should allow the Forum to benefit from the optimum internal infrastructure needed to provide high-quality services to our members, allowing the AT THE FORUM Forum to evolve into new directions like knowledge sharing and integration for our members. This will also ensure that our needs for new and evolving IT technologies can be fulfilled with the help and involvement of our partners.
    • THE ANNUAL MEETING IN DAVOS (28 JANUARY – 2 FEBRUARY 1999) Responsible Globality: Managing the Impact of Globalization The sessions of the Annual Meeting focused around the overall theme Responsible Globality: Managing the Impact of Globalization. Crucial discussions were held to look at where globalization is taking us and how we can make it a more responsible process. In the midst of the Asia crisis, 8 after the financial collapse in Russia and the Brazilian crisis, as the world financial markets were still reeling from the LTCM shock, it was clear that globalization and free markets left to themselves do not always produce the desired or necessary results for society at large. There was wide agreement that although a free market system is the best and most efficient, there are inequalities that government, in new partnerships with other sectors of society, need to address. Senior political leaders participating in the Annual Meeting recognized the need for governments to evolve in order to respond effectively to the challenges posed by globalization and the growing backlash of large segments of the world’s population. Following the reaction to the IMF’s reform plans in Asia, the outcome of the 1999 Annual Meeting was to reinforce the need for international organizations to adjust their modus operandi and programmes to the new requirements created by the global economic environment. In all discussions, from Amartya Sen, Nobel Economic Prizewinner, to THE ANNUAL MEETING Vice-President Al Gore, the need to address the concerns of the individual facing the daunting challenges of globalization was clear. From the business world, governments, academia and the NGO community there was resounding momentum to create the necessary partnerships and new mechanisms to ensure that globalization has a human face. If the discussions centred on the need for a responsible globality had wide-ranging impact in the media and among economic and political decision-makers, the same can be said of those related to the emergence of the e-economy and its implications for business strategies, economic IN DAVOS prospects and the way our societies will operate in the future. Expanding on the trend of the last few years, the Annual Meeting confirmed its major role as a provider of the framework and the platform for discussing and sharing insights on the e-economy in reshaping the way corporations and national economies will have to perform. Bringing together the key players from all sectors of society including government, business, academia and the media, the 1999 Annual Meeting confirmed its significant role and impact in shaping the global agenda on key issues such as the new world of e-commerce, the impact of the Internet, the role of the US and Russia, and the challenges of the euro. In addition, the Meeting in Davos served to highlight key debates that are emerging between different regions of the world about corporate governance, privacy, genetics and differing visions of capitalism. The 1999 Annual Meeting also reinforced the GLT Wake Up Europe initiative, focusing on key reforms needed to ensure European economic growth, and launched the GLT Transition to Peace initiative involving South Africa, the Middle East, Northern Ireland, and Bosnia and Herzegovina.
    • MIDDLE EAST/NORTH AFRICA BUSINESS INITIATIVE In the absence of a full-fledged Middle East/North Africa Economic Summit, the Forum convened a special Middle East/North Africa Business Initiative in the context of the 1999 Annual Meeting. The objectives of this gathering, which included 200 business leaders, were to highlight the business potential of the MENA region to the international business community; to examine the effects of globalization on the region; to assist in making the region resistant to the impact of global financial volatility; and to assess the 9 competitive position of the MENA region in the world economy. The MENA Business Initiative was host to a series of constructive discussions on the need to better integrate the region’s economies into the mainstream of globalization. Throughout the two-day gathering, participants discussed how the MENA economies could better withstand the compound pressures of the globalization process and low commodity prices. There was also much deliberation on how political obstacles and the stalled Middle East peace process continue to have negative effects on the region’s prospects. MIDDLE EAST/NORTH AFRICA The MENA Business Initiative responded to a real need for regional executives to stay in the forefront of the global economy and to avoid a certain degree of economic and commercial marginalization. The business-driven approach of the discussions allowed for a greater focus on practical and concrete opportunities, on prospects for joint ventures and on possibilities for intra-regional trade. BUSINESS INITIATIVE A number of proposals were raised during the MENA Business Initiative, including: • The Creation of a set of benchmarking standards to link regional capital markets and coordination of financial institutions. In this respect the group pledged to finance a study on the liberalization of financial services in the region. • A commitment and pledge from participants to create a MENA Business Council to allow the private sector to bring forth recommendations to governments on policies to create a user-friendly business environment; to examine scenarios for regional cooperation projects and intra- regional trade; to identify new commercial opportunities and to recommend structures and mechanisms to enhance business networking and bridge-building between chief executives and government representatives.
    • REGIONAL ACTIVITIES AND RELATED SERVICES In this era of time compression and ever-accelerating changes, our member companies are revising their corporate and development strategies on a regular basis. Our Regional Summits and Country Initiatives constitute an integrated and consistent system of involvement in all the key areas of economic activity of a specific region. The unique methodology and services available at each World Economic Forum gathering allow members and constituents to: 10 • share first-hand information and insights on the key trends and developments affecting a region’s outlook benefit from an exclusive and direct interface with political • leaders of the region investigate new business opportunities directly with • business leaders from the region, offering a privileged framework for intensive business networking, forging new partnerships and alliances have an impact on key issues affecting the business • relationship between the region and its key partners around the world participate actively in creating a more dynamic and • investor-friendly environment. The Regional Summits of the World Economic Forum are recognized today as the most time efficient and productive tool for senior executives wishing to consolidate or expand AND RELATED SERVICES their business horizons worldwide. In 1999 close to 7,000 participants integrated our regional activities into their travel REGIONAL ACTIVITIES and business plans, thus proving the net worth we always seek to deliver to the top echelons of international business. New mechanisms are currently being developed to provide the Forum and its members with the opportunity of following up on specific issues and strengthening the impact of our activities. For example, 14 Business Interaction Groups (BIGs) were held over the last 12 months. Each BIG aims to deepen the process of mutual interaction of policy-makers of developing countries and leading multinational businesses. Members of the World Economic Forum are invited to participate throughout the year in one or several BIGs within their field of interest. Discussions take place face to face with top political leaders of countries concerned during the Annual Meeting and are followed up at our relevant Regional Activities. The Regional Activities are the Forum’s footprints around the world and play a central role in creating more dynamic and investor-friendly environments. These activities also provide a mechanism whereby our regional constituencies can be engaged in our global community of decision-makers.
    • EAST ASIA ECONOMIC SUMMIT, SINGAPORE (13 – 15 OCTOBER 1998) The seventh East Asia Economic Summit took place in an atmosphere of soul-searching, as leaders from government, business and academia met to define Asia’s new route to come out of the crisis and ensure sustainable growth and global competitiveness. A unique sense of realism permeated the discussions, and resulted in a clear vision of the weaknesses that fed the crisis, the policy measures that were needed to correct these weaknesses and the 11 future shape of the new economic and business landscape. As Philippine President Estrada noted during the Summit, ‘‘The crisis is an opportunity to do more than repair work.’’ Despite the fact that the crisis had not yet bottomed out, the mood at the Summit was cautiously optimistic. Government and business leaders comprehensively outlined their plans for restructuring and reported on the progress achieved to date. Business leaders unveiled responses to the key challenges ahead for corporate renewal, with a clear recognition that the old ways of doing business in the EAST ASIA ECONOMIC SUMMIT region were no longer applicable. Participants took the opportunity of the Summit to air their concerns and make recommendations for solutions to the problems facing the region. The ‘‘Action Plan for Global Growth and Reform of the World Financial System’’, a blueprint drawn up by some participants for a coordinated global response to the crisis, which included calls for action from the US, Europe and Japan, had a significant impact in the international media and among policy-makers. It was one manifestation of the extent of open and proactive dialogue that took place. There can be no doubt that many of the thoughts and ideas, as well as the opportunities, that surfaced at the East Asia Economic Summit have contributed to the renewed phase of expansion in the region. By bringing together the key players in the Asian market, the Summit proved to be an excellent catalyst for action.
    • INDIA ECONOMIC SUMMIT, NEW DELHI, INDIA (29 NOVEMBER – 1 DECEMBER 1998) The India Economic Summit (held in partnership with the Confederation of Indian Industry) took place soon after the new government presented its economic and financial priorities and policies. Prime Minister Atal Bihari Vajpayee stressed that India’s economic agenda is now ‘‘depoliticized’’ in order to ensure that reforms are irreversible. He then presented his 12-point programme to enable India to ‘‘face the challenges of full liberalization 12 and globalization’’. In other major sessions, the Ministers of Finance, Industry and Power, the Vice-Chairman of the State Planning Commission as well as many senior government officials presented their priorities and action plans and had intensive debates with the 500 Indian and international business participants taking part in the Summit. Other important dimensions were sessions with four chief ministers from major Indian States and a special seminar on investment opportunities in Sri Lanka. To conclude the Summit, the four co-chairmen presented a list of recommendations to the Indian decision-makers, the strongest of which was ‘‘implement fast all the new economic policies and laws announced towards liberaliza- INDIA ECONOMIC SUMMIT tion and opening up of the economy to allow domestic and foreign investment to grow and contribute to India’s prosperity’’. Six months after the 1998 Summit, the government lost a vote of confidence. New elections have since taken place. The India Economic Summit 1999 will offer us the occasion to meet the new government.
    • USA MEETING, WASHINGTON DC (14 – 15 APRIL 1999) This year's USA Meeting offered over 200 senior business leaders from some 27 countries a virtually unparalleled perspective of the United States economy and its role in the world. The theme of the meeting, Operating in the New Global Market Place, focused on the impact that globalization was having on the US economy, and how firms – both domestic and international – were adapting. 13 Four members of the Cabinet and a host of other senior government officials shared their insight with participants. While there was general satisfaction with the current strength of the US economy among members of the Administration, they also stressed the need for other regions of the world, in particular Europe and Japan, to proceed urgently with structural reforms of their economies in order to stimulate demand worldwide. During the 24-hour gathering, participants also discussed a number of management topics critical to maintain a competitive edge in today's unforgiving business environment. These included a look at the future of industry consolidations, the prospect for various currency regimes and monetary policy in general, and the need to constantly promote innovation in today's companies. The meeting reflected much of the ambivalence felt by business leaders in today's economy: an admiration for the success of the US economy in the last decade, especially the conduct of the Federal Reserve, but also concern about some of the financial instability that persists worldwide and the fragility of the global economy. USA MEETING
    • CHINA BUSINESS SUMMIT, BEIJING AND SHANGHAI (25 – 28 APRIL 1999) The Forum’s nineteenth China Business Summit was organized in partnership with the State Economic and Trade Commission and China Enterprise Confederation. It took place in the context of general economic slowdown and deepening deflationary pressures. The future of WTO negotiations and the growing discrepancies between the Chinese leadership’s longer-term and short-term economic imperatives provided a backdrop for most of the 14 discussions. Several sessions were devoted to the renewed urgency to reflate the economy and reinvigorate domestic demand. A new fiscal boost, the viability of interest rate cuts and the pros and cons of potential exchange rate adjustments were among the hotly debated topics. Considerable attention was also paid to the current state of the key economic reforms: state enterprises, housing, insurance, the labour market and the promotion of private business. Chinese business participants engaged in networking with the members of the World Economic Forum, discussing a range of innovations and novel ideas in a series of sessions on branding, R&D, e-commerce and corporate governance. The second part of the Summit in Shanghai focused more CHINA BUSINESS SUMMIT specifically on the development of the financial industry as the backbone of China’s modernizing economy. The complementary needs to deepen fixed-income markets, further develop fund management industry and strengthen the banking system’s intermediating role were stressed in an interactive exchange between decision-makers, experts and foreign participants. The Summit was an excellent opportunity to meet the growing group of young, successful Mainland entrepreneurs whose ideas and achievements will undoubtedly mark the coming century.
    • MERCOSUR ECONOMIC SUMMITS, BUENOS AIRES, ARGENTINA (21 – 23 JULY 1998) AND SANTIAGO, CHILE (5 – 7 MAY 1999) The fourth and fifth Mercosur Summits took place within the same fiscal year. They reflected the full commitment of heads of state from the Mercosur region and associate countries to support the Forum’s initiative to promote the interface between senior executives from member companies and regional political and business leaders. 15 The Mercosur Summit – Davosito as it is known in Latin America – has now truly established itself as the major yearly event in the region. Our Summits in Buenos Aires and Santiago took place in the context of two very different momenta in South America. In Buenos Aires, key discussion leaders as well as the business community debated the consequences of the Asian crisis on the Mercosur economies and highlighted the MERCOSUR ECONOMIC SUMMITS importance of promoting the region’s competitiveness through the improvement of physical infrastructure. In Santiago, on the other hand, discussions focused on the lessons learned from the Brazilian crisis and its efficient management to avoid new shocks. The issues of political stability in the region and the upcoming presidential elections in the Southern Cone were also on the agenda. Issues such as the Free Trade Agreement of the Americas and the EU-Mercosur free trade negotiations were raised at both Summits. The negotiation process for both initiatives has advanced more slowly than expected, which is a source of frustration for leaders in the Mercosur region. However, the long-term strategy of cooperation with the two largest integrated markets in the world is the best guarantee to secure domestic and foreign investment as well as a step towards stability.
    • CENTRAL AND EASTERN EUROPEAN ECONOMIC SUMMIT, SALZBURG, AUSTRIA (30 JUNE – 2 JULY 1999) The Central and Eastern European Economic Summit convened for the fourth time in Salzburg, Austria, from 30 June – 2 July 1999 in an atmosphere of hope and cautious optimism. Hope that the end of the Kosovo conflict would lead to committed action for reconciliation and reconstruction. Optimism because the crisis had opened the possibility of a new beginning and a new focus on the integration of the region. Above all, it had pointed 16 to the need to expand the scope of thinking about the shape of a larger Europe. The meeting brought together over 800 business and political leaders, top experts and opinion-makers from the media to discuss the burning issues on the region’s agenda. As in past years, President Thomas Klestil of CENTRAL AND EASTERN EUROPEAN Austria extended his patronage to the Summit, which was attended by most of the presidents and prime ministers of the region. The overriding importance of the war in Kosovo as a defining moment in post Cold War history cast a new light on questions such as accession to the European Union, investor confidence in the transition economies and security challenges of the next decade. For the first time, issues relating to the whole of Europe, including the prospects of Western Europe’s economic growth rates were also taken into account. Russia’s place in Europe was prominently highlighted by the largest ever high-level representation from that country to the Summit. Then Prime Minister Sergei Stepashin came to deliver his first public speech in the West stressing his ECONOMIC SUMMIT new reform programme for Russia and the key role of his country in Europe. Very concrete business issues such as investment opportunities in new privatizations, the battle against corruption, the restructuring of the banking systems, the prospects for stock market recoveries, the development of information technologies and the financing of future infrastructure projects remain the backbone of the delibera- tions and were extensively discussed during the sessions. They will be on the agenda again in 2000 when the Summit will reconvene in Salzburg. The Summit has become the unique annual meeting place for the business and governments of the region and beyond. It is now firmly established as an indispensable part of the calendar year.
    • SOUTHERN AFRICA ECONOMIC SUMMIT, DURBAN, SOUTH AFRICA (4 – 6 JULY 1999) The ninth Summit was held under the theme Responsible Leadership for Stability, Action and Growth. A mere three weeks after the elections in South Africa the entire South African Cabinet led by the new President, Thabo Mbeki, was introduced for the first time to our mem- bers and the international business community. Nigeria’s new Vice- 17 President was our special guest along with 850 business and political leaders from the region and abroad. Three broad challenges were scrutinized and discussed with a SOUTHERN AFRICA ECONOMIC SUMMIT view of finding solutions and actions to bring about a new dynamic to the business environment in Southern Africa: • The need for a comprehensive plan for regional integration. South African President Thabo Mbeki engaged his government to present a timetable and plan by June 2000. • The urgent need to increase capacities in all areas of eco- nomic and political activities with the necessary institutions. • Devising new and better communication strategies with the rest of the world, as it is clear that Africa does not yet hold the place it should in the boardrooms of international companies. The World Economic Forum has built the strongest and highest level network of international and regional leaders committed to improving Southern Africa. This yearly gathering has achieved global recognition as the ‘‘must’’ meeting for those wishing to play a role in this desirable objective. The world simply cannot afford to ignore Africa and Africans cannot ignore the ever-accelerating pace of change required to achieve and maintain a competitive environment. The Summit and the process that it creates allows all stakeholders in the region to explain their views and objectives, their concerns and constraints and, more importantly, to lock their brains together to seek solutions that end up in win-win situations. The Summit also allows us to confront perceptions with realities and, in so doing, to create better understanding between those who are ultimately charged with the responsibility of bringing Southern Africa forward. The Southern Africa Economic Summit 2000 will once again take place in Durban (from 21-23 June) allowing us not only to see how much progress will have been achieved in Southern Africa but also to investigate means and processes through which a real African Renaissance can be kick-started. In this respect, next year’s Summit will also feature the launch of our Africa Competitiveness Report 2000.
    • RUSSIA MEETING, MOSCOW (4 – 5 DECEMBER 1998) In keeping with the World Economic Forum’s consistent support of Russia’s integration into the global economy, the sixth Russia Meeting in Moscow was convened to give the members of the World Economic Forum a first-hand assessment of the critical economic and political crisis following the drastic currency devaluation and sudden debt moratorium that had shaken the country since August 1998. It was important for our member companies to be in Russia to understand how the achievements of reform 18 could have been undone so quickly, whether they could be salvaged and what useful action could be taken. Russia’s most senior government, parliamentary and business leaders outlined the state of the economy, its prospects for the near future and the outlook for a teetering banking system. As Russia headed into a year of legislative and presidential elections, the various scenarios for future political development were also considered. In his opening statement, then Prime Minister Yevgeny Primakov directly addressed some of the key concerns of foreign investors including how the liquidity crisis would be tackled, what would be the fate of the banking system, what the future holds for Russia’s industrial structures and whether the upcoming election period would bring increasing instability. Specific measures were pledged to resolve the severe financial crisis and specifically to reduce the federal budget deficit, to reform taxes, to facilitate foreign investment and to address the problem of capital flight. Vladimir Ryzhkov, First Deputy Chairman of the State Duma, stressed the need for political reform. Grigory Yavlinsky, Head of the Yabloko Movement, pointed out that with all the emphasis placed on economic change, the sociological and political development of Russia had been tragically RUSSIA MEETING ignored. Political parties, civil institutions and important legislative measures had yet to be created. In conclusion, the meeting’s one Russian and two non-Russian co-chairmen specified seven key priorities for immediate action. Taking place at a low point in investor confidence in Russia, the meeting provided a unique occasion for our members to re-establish relationships and to engage in a meaningful exchange with a broad spectrum of Russia’s business and political leadership.
    • GLOBAL LEADERS FOR TOMORROW PROGRAMME Major advances have been achieved in the Global Leaders for Tomorrow (GLT) programme over the past year. The GLT network, for which 100 individuals are recruited each year, represents the new generation of global decision- makers from business, politics, civil society, academia and the media. The GLTs have been systematically incorporated into all the World Economic Forum’s activities. During their meeting 19 in Davos in February they decided to launch a number of initiatives and task forces on issues related to key challenges that they have identified as we enter the 21st century. This move was a continuation of a process launched with the ‘‘Wake Up Europe’’ initiative brought forward by a group of European GLTs to assess and define the success factors for a prosperous and stable Europe, GLOBAL LEADERS FOR TOMORROW which has started a debate in Europe. The initiatives decided in Davos ranged from launching a project to establish criteria for measuring environmental performance indicators to a ‘‘Business of Cooperation’’ initiative which addresses the role of business in fostering political stability and cooperation that in turn can benefit companies’ financial bottom line. As another example, the initiative on ‘‘Technology to Alleviate Poverty’’ is identifying the role technology can take to help developing countries address their problems. It was decided that these initiatives would be reviewed during a GLT Summit in Paris (3-5 September 1999). The uniqueness of the GLT network will ensure that we address the key challenges in an integrated and interdisciplinary way, drawing on the diversity, creativity and dynamism of the GLT network. The GLT initiatives will be integrated into our programmes, providing the Foundation and its members with an in-depth knowledge of some of the key issues our society is facing by discussing these issues with the new generation of leaders, the GLTs. PROGRAMME
    • INITIATIVES Transition to Peace At the 1999 Annual Meeting in Davos, 60 young leaders from Bosnia and Herzegovina, the Middle East, Northern Ireland and South Africa – regions that have made political breakthroughs in the transition to peace from conflict – gathered together under the framework of the Transition to Peace Initiative. Jointly launched by the World Economic Forum and the Peres Center for Peace, this initiative provides an important vehicle for generating greater 20 interregional cooperation and exchange. It will also facilitate economic relations and political dialogue between these regions and the international community. Since gathering in Davos, Transition to Peace participants have continued to meet within each region. The World Economic Forum integrated one such meeting into the 1999 Southern Africa Economic Summit held in Durban, South Africa. Young South African business, civil society and political leaders met for a day and a half prior to the Summit to examine strategies for social and economic development in their country. Leaders from the other Transition to Peace regions joined the South Africans in order to share the knowledge gained at the meeting with colleagues in their home countries. Transition to Peace participants are currently developing a conceptual framework for peacebuilding that integrates the common lessons each region has learned from their peace- making efforts. A newly launched website will make this information freely available to individuals and organizations from areas experiencing similar transitions in addition to everyone in the four participating regions. With this initiative the World Economic Forum strengthens the global community by assisting the political and economic stabilization of post-conflict regions. INITIATIVES
    • Business Community Responds To Kosovo Refugee Crisis As the severity of the Kosovo crisis increased at the end of May 1999, the World Economic Forum initiated a unique effort to assist the United Nations High Commissioner for Refugees (UNHCR) in its work to coordinate the relief effort. In a letter to members, Professor Klaus Schwab articulated his personal concern for the crisis and offered to facilitate the donations of the global business community into the large-scale integrated humanitarian action. 21 The Forum’s membership responded quickly with personal and corporate contributions of approximately US$ 1 million to a special fund set up for the UNHCR. In addition, member companies directly donated at least US$ 10 million in cash and in kind to their respective in-country aid agencies working in the Balkans. These donations showed that not only is the civic responsibility of business alive and well, but also the value of strategic partnerships between the private sector and humanitarian organizations. UN High Commissioner Mrs Sadako Ogata, who participated in the 1999 Annual Meeting in Davos and presented the longer-term challenges to incorporating refugee issues into the global business agenda, commended the business community’s response to the Forum’s initiative. Mrs Ogata commented, ‘‘I hope this endeavour from the world's business leaders serves as an example for mobilizing private efforts on behalf of refugees and displaced people not only from Kosovo, but throughout the world. I have often noted that the response to humanitarian problems as we move towards globalization requires global solidarity. Thank you for strengthening this solidarity with your actions today.’’ The World Economic Forum highlighted the plight of refugees and the Kosovo conflict in its June 1999 Central and Eastern European Economic Summit in Salzburg, Austria. The Forum will continue to address the Balkan situation and similar issues in its forthcoming Summits in recognition of the positive role that business plays on the international political stage.
    • MEMBERS OF THE FOUNDATION BOARD KURT ALIG, Chartered Accountant, Arcadia Treuhand, Switzerland; Secretary of the Foundation Board PERCY BARNEVIK, Chairman of the Board, ABB Asea Brown Boveri, Switzerland; Chairman, Investor AB, Sweden; Vice-President of the Foundation Board RAYMOND BARRE, Former Prime Minister of France; Mayor of Lyon RONNIE C. CHAN, Chairman, Hang Lung Development Company Ltd, Hong Kong SAR 22 GUY FONTANET, Lawyer; Former President of the State Council of Geneva; Legal Adviser of the Foundation Board NOBUYUKI IDEI, President and Representative Director, Sony Corporation, Japan M. DOUGLAS IVESTER, Chairman and Chief Executive Officer, The Coca Cola Company, USA HELMUT O. MAUCHER, Chairman of the Board, Nestlé SA, Switzerland; Vice-President of the Foundation Board JEAN-MARIE MESSIER, Chairman and Chief Executive Officer, Vivendi, France FERDINAND PIECH, Chairman of the Board of Management, Volkswagen AG, Germany HEINRICH VON PIERER, President and Chief Executive Officer, Siemens AG, Germany KLAUS SCHWAB, President of the Foundation Board MAURICE F. STRONG, Chairman, Earth Council, Canada; Former UN Undersecretary General PETER SUTHERLAND, Chairman, Goldman Sachs International, United Kingdom; Co-Chairman, BP Amoco FOUNDATION BOARD PLC, United Kingdom WILLIAM I. M. TURNER, Chairman and Chief Executive Officer, Exsultate Inc., Canada; Vice-President of the Foundation Board
    • EXECUTIVE BOARD OF THE WORLD ECONOMIC FORUM Klaus Schwab, President and Founder Claude Smadja, Managing Director Gregory Blatt, Director Barbara Erskine, Director Frédéric Sicre, Director COUNCIL OF THE WORLD ECONOMIC FORUM 23 COUNCIL OF THE WORLD ECONOMIC FORUM JOSEF ACKERMANN, Member, Managing Board, Deutsche Bank AG, Germany KHALID A. ALIREZA, Executive Director, Xenel Industries Ltd, Saudi Arabia ABIDIN AZIZAN, Chairman, Petronas, Malaysia RAHUL BAJAJ, Chairman and Managing Director, Bajaj Auto Limited, India FRANCO BERNABE, Member of the Board, Fiat, Italy SIR JOHN BOND, Group Chairman, HSBC Holdings Plc, United Kingdom SIR JOHN BROWNE, Group Chief Executive, BP Amoco Plc, United Kingdom JOHN H. BRYAN, Chairman and Chief Executive Officer, Sara Lee Corporation, USA HUBERT BURDA, Publisher and Chief Executive Officer, Burda Media, Germany VICTOR L.L. CHU, Chairman, First Eastern Investment Group, Hong Kong SAR BERTRAND COLLOMB, Chairman and Chief Executive Officer, Lafarge, France M. SHAFIK GABR, Chairman and Managing Director, Artoc Group for Investment and Development, Egypt JOSEPH T. GORMAN, Chairman and Chief Executive Officer, TRW Inc., USA JAAKKO IHAMUOTILA, Executive Director, Fortum Corporation, Finland E. NEVILLE ISDELL, Chairman and Chief Executive Officer, Coca-Cola Beverages Plc, UK DONALD R. KEOUGH, Chairman, Allen & Co., USA NEMIR A. KIRDAR, President and Chief Executive Officer, Investcorp, Bahrain YOH KUROSAWA, Chairman of the Board, Industrial Bank of Japan Ltd, Japan SIR MARTIN LAING, Chairman, John Laing Plc, United Kingdom G. LANGES-SWAROVSKI, Chairman, Daniel Swarovski Corporation, Austria KENNETH L. LAY, Chairman and Chief Executive Officer, Enron Corporation, USA CHRIS F. LIEBENBERG, Chairman, Nedcor Limited, South Africa EXECUTIVE BOARD GEORGE W. MALLINCKRODT, President, Schroders Plc, United Kingdom ARNE MARTENSSON, President and Group Chief Executive, Svenska Handelsbanken, Sweden YUZABURO MOGI, President and Chief Executive Officer, Kikkoman Corporation, Japan MARK MOODY-STUART, Chairman, Royal Dutch/Shell Group of Companies, United Kingdom HUGH M. MORGAN, Managing Director, WMC Limited, Australia MINORU MUROFUSHI, Chairman, Itochu Corporation, Japan HASSO PLATTNER, Co-Chairman and Chief Executive Officer, SAP AG, Germany DAVID DE PURY, Chairman of the Board, De Pury Pictet Turrettini & Co., Switzerland JAMES J. SCHIRO, Chief Executive Officer, PricewaterhouseCoopers LLP, USA PAULO D. VILLARES, Chairman of the Board, Industrias Villares SA, Brazil LORENZO H. ZAMBRANO, Chairman and Chief Executive Officer, Cemex, Mexico
    • MEMBER COMPANIES Bain & Company Inc. Bufete Industrial SA 3m Company Bajaj Auto Limited Buhrmann NV A.T. Kearney Inc. Bajaj Electricals Limited Bunge International ABB Ltd Baker & McKenzie Burda Media ABN Amro Bank NV Ballarpur Industries Ltd Bureau Veritas Group ABSA Group Limited Balli Group Plc Burger Soehne AG Burg Accel Partners Baloise-Holding Business Council on National Issues Achmea Group Banco Bilbao Vizcaya SA (BBV) Caisse des Dépôts et Consignations Acindar SA Banco del Desarrollo Caisse Nationale de Crédit Agricole Ackermans & Van Haren (CNCA) Banco Mercantil Acnielsen Corporation Caixa d’Estalvis de Catalunya Banco Santa Cruz SA Adecco Group Caixabank Banco Santander Central Hispano Adira Caixa-Geral de Depositos Group Adolf Würth GmbH & Co. KG Banco Union SA Caltex Corporation Aegon NV Bank Austria AG 24 Canadian National Railway Aerospatiale Matra Bank Handlowy W Warszawie SA Company Aga AB Bank J. Vontobel & Co. AG Canadian Pacific Limited Agra Inc. Bank of America Canal Plus Agrolimen SA Bank of Bermuda Limited Cantor Fitzgerald LP Aicher Group Bank of Jerusalem Ltd Capital Group Companies Inc. Akebono Brake Industry Co. Ltd Bank of Montreal Cargill Inc. Al Mulla Group of Companies Bank Saint Petersburg Plc Carl Zeiss Al-Ahli Commercial Bank Banque Cantonale de Geneve Carlo Gavazzi Holding AG Alcan Aluminium Limited Banque de Luxembourg SA Carlsmith Ball S.C. Alcatel Banque et Caisse d'Epargne Carlson Companies Inc. de l'Etat Alfa Caterpillar Inc. Banque Générale du Alinco Corporation Cedel International Luxembourg SA Alliance Capital Management Celanese Canada Inc. Banque Internationale à International Luxembourg SA Celsa Group Allied Bank of Pakistan Limited Banque OBC Odier Bungener Celsius Corporation Allied Irish Banks Plc (AIB) Courvoisier Cemex Allstate Corporation Banque Pasche SA Central Bank of the Republic of Alma Media Corporation Banque Privée Edmond Turkey Almazy Rossii-Sakha Company Ltd de Rothschild SA Central Bank of Venezuela ALSO Holding AG Barclays Bank Plc Centrica Plc Alusuisse Lonza Group AG Barco NV Centunion Amcor Limited Barrick Gold Corporation Ceres Hellenic Shipping America Online Inc. Bass Plc Enterprises Ltd American Express Bank, Ltd Al Basti & Muktha Ltd Chargeurs American Fiber Manufacturers Bata Schuh AG The Charles Schwab Corporation Association Baxter International Inc. Chase Manhattan Corporation American General Corporation Baybg Bayerische Beteiligungsges. Chevron Corporation American Management Systems Inc. Mbh Chicago Mercantile Exchange (CME) American Water Works Bechtel Group Inc. Company Inc. China Everbright Holdings NV Bekaert SA Company Ltd MEMBER COMPANIES Ameritech International Bell Atlantic Corporation China International Trust and Amrad Corporation Ltd Bermuda Government Investment Corporation (CITIC) Andersen Consulting Bertelsmann AG China State Construction André & Cie SA Engineering Corporation Bestfoods Anglo American Corporation Chiyoda Corporation BG Bank A/S of South Africa Ltd Ciech SA BG Plc Anglogold Ltd Cigna Corporation Bharat Forge Limited Anglovaal Mining Limited Ciments Français BIG Bank Gdanski SA Aon Corporation Cimpor - Cimentos de Portugal BIG Flower Holdings Inc. Apasco SA de CV SGPS SA Billiton Plc Apax Partners & Co. AG Cisneros Group of Companies Binder-Optik Aktiengesellschaft Arabian Light Metals KSC Citibank NA Biopharm/SAEG Aracruz Celulose SA CLT-UFA (RTL) Birkart Globistics Arcor Saic The Coca-Cola Company Biwater Plc Arge Coca-Cola Enterprises Inc. The Blackstone Group Arrow Electronics Inc. Coflexip Stena Offshore Bloomberg LP Arthur Andersen Coinvertir - Corporacion Invertir en BMC Software Inc. Arthur D. Little Inc. Colombia The Boeing Company Artoc Group for Investment and Cold Metal Products Company Bolsa Mexicana de Valores SA Development Colonial Limited de CV ASB Greenworld Comalco Aluminium Limited Bombardier Inc. Ascom Management AG Commonwealth Bank of Australia Bonlac Foods Limited Ashanti Goldfields Company Ltd Communications Capital Group Boots Company Plc Asian Paints (India) Limited Compagnie des Signaux Booz, Allen & Hamilton Inc. AT&T Company Compagnie Financière Edmond de Bordier et Cie Atlantic Richfield Company (ARCO) Rothschild Banque Bossard Holding AG Atos Compaq Computer Corporation The Boston Consulting Group Inc. Attias Holding SA Compass Group Plc Bouygues SA Atwood Richards Inc. Computer Associates Bovis Construction Group Audi AG International Inc. BP Amoco Plc Australia and New Zealand Banking Conseil Alain Aboudaram SA BRE Bank SA Group Limited (ANZ) Consolidated Contractors Company Bridas Corporation Australia Post (CCC) The Bristol Company Autonomous Government of Consoltex Group Inc. Catalonia British Aerospace Plc Consultores Asset Management Autosur SA British American Tobacco Plc Continental AG AVL List GnbH British Columbia Hydro and Power Cookson Group Plc Authority Axa Corel Corporation British Steel Plc Axa UAP Coril Holdings Ltd Axel Johnson AB Broadview Corning Incorporated Ayala Corporation Broken Hill Proprietary Co. Ltd Corporacion Andina de Ayala Land Inc. Brown Brothers Harriman and Co. Fomento (CAF) Azizler Holding AS Brunswick Corporación Nacional del Cobre de BAA Plc BSI-Banca della Svizzera Italiana Chile (Codelco Chile) Babcock Borsig AG BT Plc Corporación Zapata Cardenas SA Bacardi Limited BTG Plc de CV Bahrain Petroleum Company BSC Budimex SA Cosco (Hong Kong) Group Limited
    • Groupe GTM Council for Scientific and Industrial Empire Company Limited Research (CSIR) Groupe Office Cherifien des Empresas Petroleo Ipiranga Coutts Bank (Switzerland) Ltd Phosphates ENEL SpA Cox Oil Inc. Grupo Embotelladoras Unidas SA Engen Ltd de CV CPR Group ENI SpA Grupo ICA SA de CV Crédit Agricole Indosuez Enka Holding Investment Co. Grupo Industrial Bimbo SA de CV Crédit Suisse Group Enron Guardsmark Inc. Crosby Holdings Limited Entertainment Media Ventures Inc. Gulf Investment Corporation Crossair Entreprise Rhône-Alpes Gulfstream Aerospace Corporation Cultor Corporation International PT Gunung Sewu Kencana Cumberland Associates LLC Telefonaktiebolaget LM Ericsson H.Y. Louie Co. Limited Grupo Cydsa SA de CV Ernst & Young LLP Haarmann, Hemmelrath & Partner Dabbagh Group Holding Co. Ltd Eskom Halifax Plc Daewoo Corporation (Corporate) Espirito Santo Financial Group SA Hamza Alkholi Group Dah Sing Financial Holdings Ltd Essar Group Hang Lung Development Company 25 Daily Mail & General Trust Plc European Finance Associates Ltd Limited Daimlerchrysler AG Europe-Argentina Club Harsco Corporation Damen Shipyards Eutelsat HCL Corporation Ltd Dana Corporation Executive Jet Inc. / Netjets Head Tyrolia Mares Danfoss A/S Exel Ltd Heidrick & Struggles International Inc. Dankner Group Export Development Corporation Heijmans NV Groupe Danone The Export-Import Bank of Japan Heineken NV Danzas Holding Ltd Exsultate Inc. Hellman Worldwide Logistics Dar Al-Maal Al-Islami (DMI) SA Exxon Company International GmbH & Co. KG Darier Hentsch et Cie EZZ Industries Henkel KGAA Dashwood Group Fabrimetal Heracles General Cement Co. SA Dassault Aviation Falck Group Hero Group Data General Corporation Federation of Korean Industries Heung Kong Group Ltd The De Beers Group of Companies (FKI) Hewlett-Packard Company De Brauw Linklaters & Alliance Fedsure Holdings Ltd Hilti Corporation De La Rue Plc Felix Schoeller Holding GmbH & Hinduja Group of Companies Co. KG De Pury Pictet Turrettini & Co. Ltd Hindustan Construction Co. Ltd Ferrero SpA DEG - German Investment and Hochtief AG Development Company Ferrier Lullin et Cie SA Holderbank Cement Delco Remy International Inc. Ferrostaal AG Honeywell Inc. Délégation aux Investissements Grupo Ferrovial SA Hughes Space & Internationaux France Festo AG Telecommunications International Dell Computer Corporation Fiat SpA Inc. Deloitte Touche Tohmatsu FIEL - Latin American Economic Hungarian Development Bank Ltd Deme Group Research Foundation Hyatt Corporation Den Danske Bank A/S Fima/ VG - Distribuição de Hydro-Quebec Denel (Pty) Ltd Produtos Alimentares LDA Hymmen Group DERA - Defence Evaluation and Fintraco Insaat Ve Ticaret AS Iberdrola Research Agency First Eastern Investment Group IBM Corporation Deutsche Bank AG First Health IBM Japan Ltd Deutsche Börse AG Firstrand Ltd ICEP - Investments, Trade and Deutsche Post AG Flanders Tourism of Portugal Deutsche Telekom AG Fletcher Challenge Limited ICM Australia Pty Ltd Deutscher Investment-Trust FLS Industries A/S IHC Caland NV Development Bank of Singapore Fluor Corporation Ihlas Holding SA Development Bank of Southern Fomento Económico Mexicano SA Corporación Impsa Africa de CV (FEMSA) IMS - Health Dexia Forbes Inc. INA Wälzlager Schaeffler oHG DHL Worldwide Network NV/SA Ford Motor Company Inchcape Plc Diethelm & Co. Ltd Fortis Indian Oil Corporation Ltd Dimension Data Holdings Fortum Corporation Indian Petrochemicals Disco Ahold International Foundation Calouste Gulbenkian Corporation Ltd Holdings NV France Telecom Indreco Dogan Group of Companies Frank Russell Company Industri Kapital Ltd Donaldson, Lufkin and Jenrette Freshfields Industrial Bank of Japan Ltd R.R. Donnelley & Sons Company Fundación Invertir Argentina Industrial Development Corporation Doughty Hanson & Co. of South Africa Ltd (IDC) Future Pipe Industries B.V. Dow Corning Corporation Industrias Villares SA Gafisa Participações SA Dow Jones and Company Inc. Information Security Forum Gaumont Dresdner Bank AG ING Group Gaz de France Dresdner Kleinwort Benson Ingosstrakh Insurance Gefinor Group DTZ Zadelhoff Company Ltd Gembel European Sales NV Duchossois Industries Inc. Intel Corporation Genbel Securities Ltd (Gensec) The Dun and Bradstreet Corporation Intelsat General Electric Company Plc DuPont Interbrew NV (GEC) Duratex SA Inter-Europa Bank RT General Mills Inc. E*Trade Group Inc. Interface Inc. General Motors Corporation E.A. Juffali and Brothers International Chamber of Generali (Switzerland) Holding Eastman Chemical Company Commerce Geodis Eastman Kodak Company International Finance Corporation Georg Fischer AG Eaton Corporation (IFC) Georgsmarienhütte Holding GmbH Edelman PR Worldwide Interturbine Group of Companies Gerling Group EDS (Electronic Data Systems) Intuit Inc. Gibson, Dunn & Crutcher Corp. Investcorp GKN Plc EFE Handels GmbH & Co. KG Investec Bank Ltd Glencore International AG Egmont Group Investicní a Postovní Banka AS Global Telesystems Group Inc. Egon Zehnder International (IPB) Global Texas Investments Ltd Eicher Goodearth Limited Investor AB Godrej & Boyce Mfg Co. Ltd EIH Limited Invicta SpA Godrej Soaps Limited Electricité de France IPSCO Inc. Goldman Sachs & Co. Elektra SA de CV Ispat Industries Limited Göteborgs Posten Elf Aquitaine ISS-International Service Government of Manitoba System A/S Eli Lilly and Company Government of Ontario Italcementi SpA Elron Electronic Industries Ltd Granaria Holdings BV ITC Limited Emirates Bank International PJSC Grant Thornton LLP Itochu Corporation Emirates Group Greaves Limited ITT Industries Inc. Emirates Holdings
    • J.B. Were & Son Merck & Co. Inc. Otis Elevator Company J.K. Industries Limited Meritanordbanken Plc OTP National Savings and Commercial Bank Ltd J.P. Morgan & Co. Inc. Merloni Elettrodomestici SpA Outokumpu Oyj Jagatjit Industries Limited Merrill Lynch & Co. Inc. Paccar Inc. Jamyco Holding Luxembourg SA Metsa-Serla Corporation Pacific Century Group Japan National Oil Corporation Mexican Investment Board Palliser Furniture Ltd Grupo Mexicano de Desarrollo SA Jcdecaux International Panamerican Beverages Inc. MG Kailis Group Jerónimo Martins SGPS SA Paribas Microsoft Corporation Joannou & Paraskevaides (Overseas) Ltd Parisbourse SBF SA Millennium Chemicals Inc. Johannesburg Stock Exchange Partek Corporation Milliken & Company John Laing Plc Pathfinder Group Ministry of Finance and National Economy of Saudi Arabia Paul, Weiss, Rifkind, Wharton and Johnson Matthey Plc Garrison Ministry of Industry, Commerce, Jones, Day, Reavis & Pogue Science and Technology of Quebec Pearson Plc Grupo Kahan Automotriz Mitsubishi Electric Corporation Penske Corporation 26 Kansai Electric Power Company Inc. Mitsubishi Materials Corporation Pepsico Inc. Karl Steiner Holding AG Mobil Corporation Peremba Group of Companies Keizai Doyukai Grupo Modelo SA de CV Perot Systems Corporation Keramik Holding AG Laufen Modi Enterprises Petroleo Brasileiro SA Petrobras Kesko Corporation Moet Hennessy Petroleos de Venezuela SA Khemka UK Limited Molex Incorporated Petronas (Petroliam Nasional Khimji Ramdas Group Berhad) Mondial International Kikkoman Corporation Pfizer Inc. Monitor Group Kimball International Inc. Pharos Monsanto Company Kirloskar Electric Company Limited Philip Morris Companies Inc. Monteiro Aranha SA Kirloskar Oil Engines Limited Philipp Holzmann AG Moore Corporation Limited Klinge Stiftung und Co. Holding KG Phillips Petroleum Company Moquet Borde & Associes Koninklijke Hoogovens NV Phoenix Overseas Limited Morgan Stanley Dean Witter & Co. Konoike Construction Co. Ltd Pictet & Cie Private Bankers Motorola Inc. Korn/Ferry International Pilkington Plc MRH Mineraloel-Rohstoff- Kotak Mahindra Finance Ltd Handel GnbH Pirelli SpA Koyo Seiko Co. Ltd MSX International Placer Dome Inc. KPMG Mue-Li AG Plate Glass & Shatterprufe Kraft Foods International Industries Limited Mukand Limited Kudelski SA Empresas Polar (Food Division) Murray & Roberts Holdings Ltd Kumpulan Guthrie Berhad Port Authority Antwerp Mutual of America Kuoni Travel Holding Ltd Portucel Industrial SA Nabisco Group Holdings Corp. Kuwait Industries Co. Holding Posten AB Nahas Enterprises Group Kuwait International Investment Co. Pratt Industries Nanyang Commercial Bank Ltd Kuwait Investment Authority SAR Premier Automobiles Limited Kuwaiti Danish Dairy Company Nasdaq Stock Market Inc. Premier Inc. WLL National Australia Bank Ltd PricewaterhouseCoopers Kuwaiti Interests for Financial National Bank for Foreign Principality of Monaco Investments KSC Economic Activity of the Republic Procter & Gamble Co. KWV (Pty) Ltd of Uzbekistan Profabril Consulplano Group (PCG) Lafarge National Bank of Egypt Prosieben Media AG Lahoud Engineering Co. Ltd National Council of Youth and Proudfoot Consulting Plc Landesbank Rheinland-Pfalz Future Publicis Group Larsen & Toubro Limited National Power Plc Pulsar Internacional SA de CV Lazard Creditcapital Ltd National Reserve Bank Qatar National Bank Saq Lear Corporation National Swedish Pension Fund R. Bourgeois SA Legler Holding SpA National Westminster Bank Plc Raiffeisen Zentralbank Oesterreich Lehman Brothers Inc. Nationwide Insurance Enterprise AG (RZB) Lend Lease Corporation Ltd NCC AB Rajshree Group of Companies Leo A. Daly Nedcor Limited Rao Ees Rossii Leonia Plc Neftekhimprom Financial Industrial Refco Group Ltd Group LFA Förderbank Bayern Reliance Industries Limited Nestlé SA LGT Bank in Liechtenstein AG Remy Cointreau New Corange Ltd The LNM Group Renault New York Stock Exchange Inc. Loeff Claeys Verbeke Renault V.I. Newmont Mining Corporation Loews Corporation Repsol - YPF, SA NGK Insulators Ltd Lohr SA République et Canton de Genève Nicco Corporation Ltd Lombard, Odier et Cie Reuters Group Plc Nihon Keizai Shimbun Inc. (Nikkei) London Stock Exchange Rheinmetall AG Niki SA Marinopoulos Lyonnaise de Banque Compagnie Financière Richemont AG NKT Holding A/S Magna International Inc. Ringier AG Nomura Securities Co. Ltd Manpower Inc. Rio Algom Limited Nortel Networks Mantrac Rio Tinto Plc Nova Chemicals Corporation Manufacturers’ Association of Israel Riverside Manufacturing Company Novartis AG Grupo Marhnos Robeco Group Novell Inc. Marinopoulos Brothers Robert Bosch GmbH Novo Nordisk AS Marks & Spencer Plc Roche Holding Ltd NTT Corporation Marquard & Bahls AG Roemmers S.A.I.C.F. Obo Bettermann GmbH & Co. Marsh Supermarkets Inc. Roland Berger & Partners Oce NV Marubeni Corporation International Management Oerlikon-Bührle Group Marval, O’Farrell & Mairal Consultants GmbH The Olayan Group Mary Kay Holding Corporation Roscontract Old Mutual Mastercard International Rosewood Corporation Incorporated Olivetti SpA Rossiyskiy Kredit Bank Matav RT Oman National Investment Rothschild & Cie Banque Corporation Holding (Saog) Mavesa SA Roy M. Huffington Inc. Omega SA Mayne Nickless Limited Royal Ahold Omron Corporation Maytag Corporation Royal Boskalis Westminster NV Oracle Corporation McCarthy Tetrault Royal Dutch/Shell Group of Orbitex Investments Limited McDonald’s Corporation Companies Organización Ardila Lulle MCI Worldcom Inc. Royal IBC Organización Ramírez McKinsey & Company Inc. Royal Numico NV Ormat Industries Ltd Royal Packaging Industries Media Most Van Leer NV Osaka Gas Co. Ltd Medtronic Inc. RPG Enterprises Ltd Oscar de la Renta Ltd Memorial Sloan-Kettering Cancer Ruhrgas AG Center Otava Publishing Company
    • Steigenberger Hotels AG Rustenberg Wine Estate UHC / Bon Appetit Stena AB United Export-Import Bank S.W.I.F.T. (Unexim Bank) Sterling Software Sabic - Saudi Basic Industries Unibanco Holdings SA Corp. Sto AG Unibank AS Sadia Group Stock Exchange Executive Council (SEEC) Unicco Service Company Sairgroup Unigestion Holding Stora Enso Oyj Salam Holdings Co. WLL Unilever NV Stork NV Same Deutz-Fahr SpA Union Bancaire Privée Strategic Investment Management Samsung Corporation Union Européenne de CIC Suez Lyonnaise des Eaux Samuel Group of Companies Union Minière Sulzer Limited San Miguel Corporation Unipart Group of Companies Sun Microsystems Inc. Sandoz Family Foundation Unisys Corporation Svedala Industri AB Sanlam United Group Consultants Svenska Handelsbanken The Sanmar Group United Pan-European Swarovski Gruppe Sanoma-Wsoy Oyj Communications NV (UPC) 27 Foreningssparbanken AB Santasalo-Jot Corporation United Parcel Service of America (Swedbank) Santos Ltd United Technologies Corporation Swiss Exchange (SWX) Sap AG University of British Columbia Swiss Life Insurance and Pension Co. Sappi Limited Unocal Corporation Swiss Post Sara Lee Corporation Upm - Kymmene Corporation Swiss Re Sasol Limited Uralmash Zavody Swisscom AG Saudi American Bank (Samba) US West Inc. Tad Fin SpA The Savola Company USHA (India) Ltd Taib Bank EC SCAC Fundações e Estruturas Ltda VA Technologie AG Tallard BV Scania AB Valmet Automotive Inc. Ta-Media AG Scarbroughs Valora Holding AG Tata Iron and Steel Co. Ltd Schindler Holding Ltd F. Van Lanschot Bankiers NV Technip Schlée Group AS The Vancouver Board of Trade Technobank J. Henry Schroder & Co. Limited Velox Group Telecom Argentina Schroder Ventures Vereins- und Westbank AG Telecom Eireann Scor Vienna Airport Plc Telecom Italia Seiko Instruments Inc. Vimpex Handelsgesellschaft Mbh Telefonica de Argentina Seiko Seiki Co. Ltd Visa International Telefónica SA Sema Group Plc Visteon Automotive Systems Teleglobe Inc. Service Corporation International Vitro Sociedad Anónima Telegraph Group Plc SG Holding AG Vivendi Telekurs Holding AG SGS Société Générale de VLSI Technology Inc. Grupo Televisa SA Surveillance Holding SA Vnesheconombank Bank for Telkom SA Limited Sicpa Holding SA Foreign Economic Affairs Tengelmann Gruppe Sidmar NV Volkswagen AG Tetra Laval Group Siemens AG AB Volvo Tetra Pak International SA Sigdo Koppers SA Von Roll Holding Ltd Texaco Inc. Silicon Graphics Inc. (SGI) VTG Vereinigte Tanklager und Texmaco Sino Group Transportmittel GmbH Textron Inc. Sixt AG Walchandnagar Industries Ltd The Mcgraw-Hill Companies SK Corporation Warburg Dillon Read The Tribune Company Skadden, Arps, Slate, Meagher and Warner-Lambert Company Thominvest Oy Flom LLP Warsaw Stock Exchange Thomson Multi Media Skandinaviska Enskilda Banken Watson Wyatt & Company Tiedemanns Group Skanska AB Wavin Tiger Management Llc SKB Banka DD Weirton Steel Corporation Til Limited Smith & Nephew Plc Weitnauer Holding Ltd Tilleke & Gibbins Rop Smithkline Beecham Plc Wesfarmers Limited Time Warner Inc. SNC-Lavalin Group Inc. West Merchant Bank Limited Tirtamas Group Société Belge des Bétons SA Westdeutsche Landesbank Titan Cement Company SA Société de la Bourse de Girozentrale (WestLB) The Titan Industrial Corporation Luxembourg Westfield Holdings Ltd TNT Post Group (TPG) Société Générale White & Case LLP Tokai Asia Ltd Société Générale de Financement Wilhelm E.H. Biesterfeld du Québec Tolaram Group Willett International Ltd Société Ivoirienne de Raffinage The Tongaat-Hulett Group Ltd Willis Corroon Group Limited Sodexho Alliance Toshiba Corporation Wimm-Bill-Dann Groupe Sofresa Total WMC Limited Softbank Corporation Toyota Motor Corporation WPP Group Plc SOK Corporation Trader.Com Wünsche AG Solvay SA Transneft Württembergische Sonae Investimentos SGPS SA Transnet Ltd Hypothekenbank AG Sony Corporation Trans-World Group Plc Xenel / Saudi Cable Company Soros Fund Management The Travel Corporation Xenel / Saudi Services and Operation Co. South African Breweries Plc Trevira XL Capital Ltd South African Reserve Bank Grupo Tribasa SA de CV Yoshinoya D&C Co. Ltd Southcorp Ltd Triveni Engineering & Industries Ltd Young and Rubicam Inc. Souza Cruz SA TRW Inc. YPF SA Standard Bank Investment Tunisian Travel Service Corporation (Stanbic) Ltd Yusuf Bin Ahmed Kanoo Turk Dis Ticaret Bankasi AS Standard Chartered Bank ZF Friedrichshafen AG (Disbank) Standard Life Assurance Company Ziff-Davis Inc. Turner Steiner International LLC State Bank of Mauritius Limited Zuellig Group TV Azteca State Farm Insurance Group Zumtobel AG Tyumen Oil Company State Power Corporation of China Zürcher Kantonalbank UB Group Zurich Financial Services Group Statoil Group UBS AG
    • KNOWLEDGE PARTNERS Andersen Consulting A.T. Kearney Booz, Allen & Hamilton Deloitte Touche Tohmatsu Ernst & Young Korn/Ferry International PricewaterhouseCoopers 28 INSTITUTIONAL PARTNERS ABB Asea Brown Boveri Ascom Audi Barco BP Amoco The Coca-Cola Company Compaq Computer Corporation DHL Worldwide Express AND INSTITUTIONAL PARTNERS DuPont Intelegis/Kudelski Group Media Most Nortel Networks Novell Suez Lyonnaise des Eaux Sun Microsystems KNOWLEDGE PARTNERS USWeb/CKS Volkswagen as of 25 October 1999
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