In his Aug. 12 resignation letter, Brabeck-Letmathe said he had personally witnessed a “toxic work environment” for several months and that the only way to move forward was for the board to seek an “amicable agreement” with Schwab to resolve the dispute. Brabeck-Letmathe has served for years on the Forum’s board.

The World Economic Forum has cleared Klaus Schwab of “material wrongdoing” after a law firm conducted a review into potential misconduct of the institution’s founder. The body also said Blackrock Inc.

An internal investigation conducted by the World Economic Forum (WEF) has found no evidence of ethical or financial misconduct by its founder, Klaus