BlackRock chief executive Larry Fink has been appointed interim co-chairman of the World Economic Forum (WEF), which organises the annual meeting of leaders in Davos, Switzerland.
Andre Hoffmann, the vice chairman of Swiss based healthcare company Roche Holding, will also be interim co-chairman of the WEF, according to an announcement on Friday.
“The world is more fragmented and complex than ever, but the need for a platform that brings together business, government, and civil society has never been greater,” Mr Fink and Mr Hoffmann said in a joint statement.
“We remain optimistic. The forum has an opportunity to help drive international collaboration in a way that not only generates prosperity but distributes it more broadly.”
"This renewed vision can promote open markets and national priorities side by side, while advancing the interests of workers and stakeholders globally," they said.
Both Mr Fink and Mr Hoffmann have been serving on the WEF’s board before being appointed to the current position.
The latest announcement comes as global economy feels the impact of geopolitical matters and the rise in protectionism fostered by the introduction of US tariffs.
US President Donald Trump shook the world economy following his April 2 "liberation day" announcement, with new tariffs.
A number of leaders from the world of business and politics attend the forum every year. Mr Trump addressed the forum online this year.
The board of trustees of the WEF cleared founder Klaus Schwab of any “material wrongdoing” following an investigation into allegations raised by anonymous whistleblowers.
“Following a thorough review of all facts, the board has concluded that, while the organisation must evolve toward a more institutional model, there is no evidence of material wrongdoing by Klaus Schwab,” the WEF said in the statement.
It also cleared Hilde Schwab, wife of Mr Schwab, of any misconduct.
“Minor irregularities, stemming from blurred lines between personal contributions and forum operations, reflect deep commitment rather than intent of misconduct,” the WEF said.
“The board has taken action to address all issues identified throughout the investigation, including strengthening the governance in general.”
Mr Schwab started what became the World Economic Forum – initially called the European Management Forum – in 1971 as a symposium on corporate management.
Since then, the event grew to become an annual gathering of about 2,500 corporate executives, financiers, and politicians, and other public figures from more than 100 countries, addressing matters such as inequality, migration, digital innovation and globalisation.
With strong ties with leading organisations such as the UN and World Bank, the WEF has played a major role in navigating political issues and promoting a collaborative approach to global trade.
Mr Schwab stepped down as head of board of trustees of the WEF in April this year.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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