In year 1971, Klaus M Schwab, professor of business policy at Geneva University invited 444 executives from the different parts of European firms to first European Management Symposium that was held in recently built Congress Center of Davos. He founded European Management Forum as non-profit organization and drew business leaders of Europe to Davos for annual Meeting. Schwab also developed "stockholder" management approaches that were based on corporate success on the managers taking account of interests. The customers and clients, communities and employed within the firm was situated.