Davos Manifesto 2020
Article

Davos Manifesto 2020

The Universal Purpose of a Company in the Fourth Industrial Revolution

Klaus Schwab
World Economic Forum, 2019
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Editorial Rating

8

Qualities

  • Bold
  • Visionary
  • Inspiring

Recommendation

With the release of the “Davos Manifesto 2020,” the World Economic Forum (WEF) challenges the notion that a corporation’s sole purpose is to serve shareholders and maximize profits. WEF founder and executive chairman Karl Schwab maintains that the shareholder-centric model no longer fits early 21st-century realities, including climate change, globalization and digital transformation. His manifesto calls upon every organization to “engage all its stakeholders” and create value that benefits everyone. The manifesto is thought-provoking and worth a read, regardless of whether it remains merely a statement of principle or a guide to a new era of responsible corporate governance.

Summary

Companies have responsibilities beyond serving their shareholders to also include customers, employees and suppliers.

To ensure their long-term sustainability, companies must move beyond a shareholder-centric model and instead factor all stakeholders into strategic corporate decisions. Companies should strive to produce products and services that best serve their customers’ needs and aim to be fully transparent about their products’ features and potential risks...

About the Author

Klaus Schwab is the founder and executive chairman of the World Economic Forum.

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