On Sunday, January 30, 2005 a diverse group of around 25 concerned wealth owners gathered at the World Economic Forum (WEF) in the Davos WorkSpace. The meeting was co-hosted by Fritz Kaiser, founder of the Private Wealth Council, an international strategy body uniting wealth owners and opinion leaders, and André Schneider, COO of the WEF. It was a follow-up to a previous two-day workshop held at a mountain lodge at the Schatzalp overlooking Davos, which ran in parallel to the 2004 Annual Meeting of the WEF. The focus of the Schatzalp 2004 meeting was responsible wealth ownership. The event was participant-led, with input from renowned experts from the respective fields of government/foreign policy, socio-economics, philantrophy, philosophy and literature. From a discussion of so-called 'mega-trends', participants progressively honed in on the implications of those trends for themselves and their families. In essence what did it mean to be 'responsible' wealth owner?

The definition of wealth ownership that arose from the Schatzalp meeting served as a key point of departure for this year's meeting.

'Responsible wealth ownership is the human dimension in all actions through the use of ethical, sustainable investments (portfolio and real), using the wealth as a facilitator in promoting human growth (individual, family, community).'

After viewing a short film from the 2004 meeting, Mr. Kaiser asked the group if the definition resonated with them. Whilst the group did not disagree with this overarching definition, a lively debate ensured as to how to execute on the principle of responsible wealth ownership, particularly against the backdrop of an often 'chaotic' world. Discussion crystallized around 3 themes:

Values. How might developing and communicating an agreed-upon value statement or guiding principles create a common agenda among wealth owners?

Stakeholders. How can wealth owners more fully involve the various stakeholders in each level of wealth creation, investing and divesting? How should family members be educated as stakeholders?

Sustainability. The question of sustainabiltiy is perhaps the core issue for this group since it cuts across values and stakeholders. What strategies can this group devise that will allow ethical guidelines to operate side-by-side with competitive market forces without losing competitive advantage vis-à-vis unethical entrepreneurs?