Switzerland's Federal Foundation Supervisory Authority (ESA) has ruled that Larry Fink, CEO of asset management giant BlackRock, may continue serving as co-president of the World Economic Forum (WEF) despite holding both roles simultaneously. The decision comes after WEF founder Klaus Schwab formally petitioned the ESA to demand a successor "without conflicts of interest," arguing that Fink's dual position — leading the world's largest asset manager while heading the influential Davos-based forum — was incompatible with the WEF's mandate as an independent, non-profit organisation. Swiss authorities rejected the concern, stating that external mandates held by foundation leaders are not inherently problematic and that it is "not forbidden" to benefit professionally from contacts made through charitable work. The ruling is a significant blow to the 88-year-old Schwab, who had separately hoped to install European Central Bank president Christine Lagarde as his WEF successor before being forced to resign last year following whistleblower allegations.