<strong>World</strong> <strong>Economic</strong> <strong>Forum</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2006</strong>/<strong>2007</strong> 42<strong>World</strong><strong>Economic</strong><strong>Forum</strong> USAThe <strong>World</strong> <strong>Economic</strong> <strong>Forum</strong> USA has seena period of exceptional growth since startingoperations in <strong>2006</strong>. Over this fiscal year, ithas moved into its own fully operationaloffices in mid-Manhattan, has seen thenumber of employees grow from four toover 25 and has almost doubled the numberof industry partnerships across the Centrefor Global Industries to 197.The <strong>World</strong> <strong>Economic</strong> <strong>Forum</strong> USA (‘<strong>Forum</strong> USA’)is the North American affiliate of the <strong>World</strong><strong>Economic</strong> <strong>Forum</strong>, which was founded in December2005 and serves as the global headquarters forthe Centre for Global Industries. The initial driveto establish a presence in North America stemmedfrom the desire to better serve our key membersand partners, coupled with the objective of betterintegrating industry and other expertise into ourgrowing organization. On both of these fronts,our ambitious expectations have been surpassed.At the beginning of this fiscal year in July <strong>2006</strong>,<strong>Forum</strong> USA was still in its infancy, with fouremployees using borrowed office space fromPartner companies. Just one year later, we areproud to relay that we are occupying our new officespace in mid-town Manhattan with 25 full-time staff.As expected, the expanding team in New Yorkincludes new full-time colleagues with considerableindustry experience as well as temporaryemployees from Partner companies onsecondment. These new team members arecomplemented by several experienced <strong>World</strong><strong>Economic</strong> <strong>Forum</strong> employees who have crossedthe Atlantic to help establish operations in the USA.Klaus Schwab, staff and friends of the <strong>World</strong> <strong>Economic</strong> <strong>Forum</strong> USA ring the New York Stock Exchange Closing Bell
<strong>World</strong> <strong>Economic</strong> <strong>Forum</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2006</strong>/<strong>2007</strong> 43Our team today truly mirrors the involvementof the corporate world into our activities. Ourflagship Industry Partnership programme, underwhich we serve companies from both our NewYork and Geneva offices, boasts 197partnerships as of July <strong>2007</strong> – an increase ofover 80% from the previous year. Thesepartners span 17 industries, including fiveindustry groups which were based out of NorthAmerica during <strong>2006</strong>–07: Banking & CapitalMarkets; Healthcare; Insurance & AssetManagement; Investors; and Media &Entertainment. As of July, global responsibilityfor an additional five industries has beentransitioned to NY as well: Automotive; Aviation,Travel & Tourism; Transportation Services; Foodand Beverage; and Retail & Consumer Goods.Over the past year, the Centre for GlobalIndustries has convened dozens of sessions inNew York and globally, ranging from structuredmeetings of multiple stakeholders to smaller,informal CEO dinners. Working groups onsubjects varying from Partnering AgainstCorruption to addressing the ramifications ofthe Globalization of Alternative Investments haveled to publications, public commitments fromparticipating companies, and practical solutionsto pressing societal imperatives such as ourWorking Towards Wellness effort.Jean-Pierre RossoChairman, Centre for Global IndustriesThe <strong>World</strong> <strong>Economic</strong> <strong>Forum</strong> USA is anindependent non-profit organization committedto improving the state of the world by engagingindustry leaders in partnerships to shape global,regional and industry agendas.Incorporated in December 2005 as a non-profitbusiness league based in New York, the <strong>World</strong><strong>Economic</strong> <strong>Forum</strong> USA is impartial and not-forprofit;it is tied to no political, partisan or nationalinterests. The <strong>Forum</strong> USA is an affiliate of the<strong>World</strong> <strong>Economic</strong> <strong>Forum</strong>, and its relationship isgoverned by an affiliation agreement, which is acontractual agreement under which the <strong>Forum</strong>USA coordinates with the <strong>World</strong> <strong>Economic</strong><strong>Forum</strong> when conducting its activities. The <strong>Forum</strong>USA’s application for recognition of exemptionfrom income taxes under §501(c)6 of the USInternal Revenue Service code is currentlypending approval.The <strong>World</strong> <strong>Economic</strong> <strong>Forum</strong> USA’s New Yorkoffices serve as the global headquarters for theCentre for Global Industries. The Centre forGlobal Industries’ primary focus is the IndustryPartnership programme, which is aimed atengaging global companies in the <strong>Forum</strong>’sactivities at the industry level. This programmeenables participating corporations to contributeto an evolving portfolio of task forces andengage in specific meetings for designatedsenior executives. To date, 197 industrypartnerships have been signed representing184 companies which have formally joined theprogramme, including some which havesubscribed to multiple partnerships.For more information, please refer to:www.weforum.org/forumusaThe Board of Directors of the <strong>World</strong> <strong>Economic</strong><strong>Forum</strong> USA oversees the overall business andaffairs of the organization. It currently comprises:Jean-Pierre Rosso (Chairman)Alfred BerkeleyWilliam GeorgeRajat GuptaJoe SchoendorfKevin Steinberg (Corporate Secretary).Day-to-day operations for the <strong>Forum</strong> USA areled by a Management Committee comprised ofits officers, which serves as its executive body.These officers are:John MoavenzadehSarita NayyarJean-Pierre RossoKevin Steinberg.In addition to the above officers, as of 1 Julythe <strong>World</strong> <strong>Economic</strong> <strong>Forum</strong> USA employed25 full-time staff.For more information about the Board, officersor staff, please go to www.weforum.org/usa/leadershipteamFinancial resultsThe <strong>Forum</strong> USA’s financial results for the <strong>2006</strong>–<strong>2007</strong> year have been consistent with its budget,resulting in a net loss of US$ 776,043 off fromUS$ 7,253,854 in revenues, despite significantstartup expenses and investments. All <strong>Forum</strong>USA financials are reported in US dollars,consistent with US GAAP.The <strong>Forum</strong> USA’s primary source of financialsupport is membership/partnership dues paidby the <strong>Forum</strong>’s Industry Partners and IndustryAssociates. In addition, the <strong>Forum</strong> USA receivedan initial loan of working capital from the <strong>World</strong><strong>Economic</strong> <strong>Forum</strong>, which it expects to repay inJune 2008.The <strong>Forum</strong> USA’s financial results are audited byPricewaterhouseCoopers who examine both thebalance sheet and accounts. The <strong>2006</strong>–<strong>2007</strong>figures follow:Year <strong>2006</strong>/<strong>2007</strong>Total income* 7,253,854out of whichmembers’ fees 0participation fees 0partnership 6,109,192other income 1,144,662Total expenditure 8,029,897out of whichpersonnel costs 3,229,731office costs 500,504activity related costs 4,299,662Surplus (776,043)*all key figures in US$