2020 Annual Report 2020 Annual Report July !, "#!$–June %#, "#"

Home , Bianna Golodryga, Director general, Jami Miscik

Annual Report 2020 Annual Report 2020 Annual Report July !, "#!$–June %#, "#"#

Council on Foreign Relations

58 East 68th Street 1777 F Street, NW New York, NY 10065 Washington, DC 20006 tel 212.434.9400 tel 202.509.8400 cfr.org [email protected]

Ofﬁcers David M. Rubenstein, Chairman Nancy D. Bodurtha, Vice President, Caroline Netchvolodo!, Blair E!ron, Vice Chairman Meetings and Membership Vice President, Education Jami Miscik, Vice Chairman Irina A. Faskianos, Vice President, Shannon K. O’Neil, Vice President National Program and Outreach and Deputy Director of Studies Richard N. Haass, President Suzanne E. Helm, Vice President, Lisa Shields, Vice President, Global Keith Olson, Executive Vice President, Philanthropy and Corporate Relations Communications and Media Relations Chief Financial O&cer, and Treasurer Jan Mowder Hughes, Vice President Je!rey A. Reinke, Secretary of James M. Lindsay, Senior Vice and Chief Human Resources O&cer the Corporation President, Director of Studies, and Maurice R. Greenberg Chair

Directors Term Expiring "#"! Term Expiring "#"% Term Expiring "#"( Tony Coles Kenneth I. Chenault Nicholas F. Beim David M. Cote Laurence D. Fink Timothy F. Geithner Stephen J. Hadley Steven A. Denning Stephen C. Freidheim James Manyika William H. McRaven Margaret (Peggy) Hamburg Jami Miscik Janet Napolitano Charles Phillips Richard L. Plepler Eduardo J. Padrón Cecilia Elena Rouse Ruth Porat John Paulson Frances Fragos Townsend Richard N. Haass, ex o&cio

Term Expiring "#"" Term Expiring "#"' Sylvia Mathews Burwell Thad W. Allen Ash Carter Afsaneh M. Beschloss James P. Gorman Blair E!ron Laurene Powell Jobs Jeh Charles Johnson David M. Rubenstein Meghan L. O’Sullivan Margaret G. Warner L. Rafael Reif Fareed Zakaria Daniel H. Yergin

Ofﬁcers and Directors, Emeritus & Honorary Madeleine K. Albright Carla A. Hills Director Emerita Chairman Emeritus Maurice R. Greenberg Robert E. Rubin Honorary Vice Chairman Chairman Emeritus

Note: This list of O&cers and Directors is current as of July !, "#"#.

2 Contents

! Mission Statement " Letter From the Chair # President’s Message $! 2020 Highlights %& Membership !' Corporate Program !! Financial Highlights

3 Mission Statement

The Council on Foreign Relations (CFR) is an independent, nonpartisan membership organization, think tank, and publisher dedicated to being a resource for its members, government o"cials, business executives, journalists, educators and students, civic and religious leaders, and other interested citizens in order to help them better understand the world and the foreign policy choices facing the United States and other countries.

4 Founded in #$%#, CFR takes no institutional • publishing Foreign A)airs, the preeminent positions on matters of policy. CFR carries out journal of international a!airs and U.S. its mission by foreign policy;

• maintaining a diverse membership, includ- • sponsoring Independent Task Forces that ing special programs to promote interest produce reports with both ﬁndings and and develop expertise in the next genera- policy prescriptions on the most impor- tion of foreign policy leaders; tant foreign policy topics; and

• convening meetings at its headquarters in • providing up-to-date information and New York and in Washington, DC, and analysis about world events and American other cities where senior government o"- foreign policy on its website, CFR.org. cials, members of Congress, global leaders, and prominent thinkers come together with CFR members to discuss and debate major international issues;

• supporting a Studies Program that fos- ters independent research, enabling CFR scholars to produce articles, reports, and books and hold roundtables that analyze foreign policy issues and make concrete policy recommendations;

5 Letter From the Chair

This was no ordinary year for the world, and In March %&%&, things obviously changed. the Council was no exception. The coronavirus We closed our New York headquarters build- pandemic posed an unprecedented challenge, ing along with the o"ce in Washington, but but CFR rose to the occasion. the sta! never stopped working. The Council The year began much like any other. Dur- seamlessly transitioned to remote work and ing the seventy-fourth session of the UN Gen- virtual meetings, serving as a resource on the eral Assembly in September %&#$, the Council pandemic as well as an array of foreign policy hosted more than a dozen heads of state and issues. The Council o!ered weekly updates foreign ministers in New York. CFR also via conference calls and webinars on the coro- launched a new Independent Task Force report navirus pandemic—including on the state of on U.S. innovation strategy and national secu- testing, contact tracing, and vaccines—while rity and ramped up its coverage of the %&%& continuing to o!er thoughtful analysis of its presidential election. economic and geopolitical e!ects. Focus was Taking the foreign policy conversation to also trained on conventional challenges, includ- the rest of the country, the Council cohosted ing Afghanistan and Venezuela. In a testament nonpartisan forums at universities in New to the Council’s convening power, CFR hosted Hampshire, Texas, Michigan, and Florida fea- virtual meetings with some of the individuals turing former o"cials from Republican and leading the country’s and the world’s response Democratic administrations. Other election to the pandemic, including Anthony S. Fauci, resources CFR developed include a compre- director of the National Institute of Allergy hensive position tracker, a questionnaire asking and Infectious Diseases, and David Nabarro, the candidates for their views on twelve major special envoy of the World Health Organiza- foreign policy issues ranging from Saudi Ara- tion director general on COVID-#$. bia to climate policy, a video explainer series Although the pandemic undoubtedly on election-related topics such as automation brought new challenges, the Council was and foreign aid, and a special series of The well positioned to respond. In recent years, President’s Inbox podcast featuring guests with the Council’s intellectual agenda expanded di!ering views on the most important foreign to cover emerging issues beyond traditional policy issues at stake in November. Several can- national security topics. This vision paid big didates also took advantage of the opportunity dividends this year as global health—an area in to speak at the Council and receive brieﬁngs which the Council boasts an impressive bench from its experts. of experts on sta!, on its board of directors,

6 Chairman Vice Chairman Vice Chairman David M. Rubenstein Blair E)ron Jami Miscik

and among its membership—became every- country and the world to the killing of George one’s primary focus. The launch of the Think Floyd, the impact of racism, and the debate over Global Health website, a CFR initiative, was the use of the armed forces on American soil. timely, o!ering in-depth coverage of COVID- Tra"c to the two websites topped '.( million #$ as well as analyses on how health intersects visits in May. with other global issues, including the environ- All the while, despite travel restrictions ment, migration, and urbanization. This year that rendered in-person activities impossible, also saw the formal launch of World#&#, CFR’s the Council continued to reach beyond its online modular course that focuses on the fun- membership base, making sure to involve edu- damental concepts of international relations cators, students, religious leaders, state and and foreign policy. Not only has the importance local officials, and local journalists in the con- of understanding how the world works become versation on the pandemic and U.S. foreign even more urgent in light of the pandemic, but policy more broadly. Record participation by with students now learning from home, educa- all these groups showcased the broad desire tors are eager for new models and platforms for for the sort of smart, credible information and remote instruction. analysis that the Council regularly produces CFR.org and ForeignA!airs.com expanded and disseminates. what they did and found new readers. CFR.org Thanks to the foresight and the commit- created a special topic page to curate all of ment of Richard Haass and the entire sta!, its coronavirus coverage, including explain- the Council was well positioned to continue to ers on the Centers for Disease Control and operate at a fast pace and a high level in chal- Prevention and on U.S. strategic stockpiles, lenging circumstances. I am confident that this as well as a timeline of major epidemics will not change. The Council will continue to throughout history. CFR.org content became fulfill its mission: to help its members, govern- a prominent fixture on the Google News ment o"cials, business executives, journalists, search page, with CFR content achieving top and other interested citizens better understand ten Google rankings for at least ten topics. the world and the foreign policy choices facing ForeignA!airs.com also provided extensive the United States and other countries at this paywall-free coverage of the pandemic, pub- critical time in the history of our country and lishing more than one hundred articles by the world and as we approach the Council’s renowned experts. In June, coverage expanded centennial in %&%#. yet again to reflect the responses across the

7 President’s Message

President Richard N. Haass

Following World War I, an intense debate This understanding lasted until recently. about America’s global role gripped the To be clear, the consensus favored American nation. Isolationists in Congress defied Presi- involvement in the world (as opposed to isola- dent Woodrow Wilson and voted down the tionism), but in no way did it settle the question League of Nations, leaving one of the era’s of the nature or extent of that involvement, as most powerful countries outside an organi- the intense and prolonged debate over the zation tasked with maintaining international war in Vietnam made clear. Yet the basics of peace. Others remained firm that the United the country’s involvement were widely shared States could not retreat behind its two oceans and included a defense capability su"cient to and could only be safe if it embraced a leader- deter aggression and, if need be, to be used ship role in the world. In no small part, this in a wide range of contingencies across the lack of consensus motivated a group of busi- world; support for alliances in Europe and ness and civic leaders to establish in #$%# the Asia; an embrace of free trade; and active U.S. Council on Foreign Relations, endowing the participation in the plethora of international organization with a mission “to afford a con- institutions created in large part by American tinuous conference on international questions diplomats after World War II. affecting the United States.” The end of the Cold War, though, left the The founders of the Council succeeded in United States without a compass to guide its creating an important American institution. way in the world. Containment, the doctrine But they failed to persuade their fellow citizens developed by George F. Kennan (and ﬁrst made that their country’s security was best served by public in the pages of Foreign A)airs), could sur- playing an active role in global a!airs. To the vive any challenge but its success. Forty years of contrary, over the succeeding decades, isolation- successful pushback led to not just the mellow- ism and protectionism emerged as the prevail- ing of Soviet power but the dissolution of the ing ideologies. It took World War II and then the Soviet empire and state. In the aftermath of Cold War to convince Americans of the need for the Cold War, which ended in a manner and on signiﬁcant U.S. international involvement. terms few optimists could even have imagined,

8 there has been little agreement on the ends or What makes the domestic debate all the means of American foreign policy. more consequential is that it does not take In recent years, the debate has shifted from place in a vacuum but occurs in a world of the purposes of U.S. foreign policy or the great churn. We are seeing the reemergence best tools for achieving them to something (or, in some cases, persistence) of major power more fundamental. What until recently were rivalry, between the United States and both mostly considered givens are now being called Russia and China, between China and both into question: support for the country’s alli- India and Japan, and between Russia and ances, involvement in multilateral institutions, Europe. Meanwhile, the Middle East shows embrace (however conditioned) of free trade, no signs of stabilizing. More than one of every and commitment (even if limited and inconsis- one hundred persons in the world—more than tent) to promoting human rights and democ- eighty million men, women, and children—are racy. The debate over America’s involvement in either internally displaced or refugees. the world has grown broader, and widely held What is new and di!erent about this era, assumptions are increasingly rare. though, is the emergence of an array of chal- This debate will likely intensify as a result lenges linked to globalization. The COVID-#$ of recent crises: the COVID-#$ pandemic, the pandemic is one; what began in Wuhan did not resulting broad and deep economic disloca- stay there. Nuclear proliferation (along with the tion, protests over racism and police behavior increase in number and quality of delivery sys- in the wake of the killing of George Floyd and tems) continues in North Korea and quite pos- other Black Americans, and pointed disagree- sibly in Iran. The temporary improvement in ment over the legality and desirability of using air quality associated with the economic slow- the military to establish civil order within the down brought about by the pandemic is already country. Many will conclude that the United fading as people go back to work and factories States lacks the resources and the bandwidth reopen. As a result, climate change will soon to focus on the world when it has so much to resume its destructive trajectory, quite pos- tackle at home. sibly at a faster pace than before, owing to the

9 Director of the National Institute of Allergy and Infectious Diseases Anthony S. Fauci and Assistant Secretary for Preparedness and Response Robert P. Kadlec discuss COVID-19 and other threats to global health and biosecurity with CFR Board Director and former Homeland Security Advisor Frances Fragos Townsend. accelerating destruction of the Amazon Rain- what is marked about this moment is the large forest in Brazil. and increasing gap between global challenges In addition, terrorists have not gone away by and threats and the willingness and ability of any measure, and cyberspace is no more regu- countries to come together to meet them. One lated than it was, which is to say hardly at all. often hears the phrase “international commu- The future role of the dollar is in some doubt nity,” but the cold truth is that little such com- owing to massive U.S. deficits, frequent U.S. munity exists. use of unilateral financial sanctions, the emer- What we are seeing is more like what existed gence of cryptocurrencies, and a loss of confi- when the Council was founded in the wake of dence in American competence. Global trade World War I than any moment since. I am not faces new challenges because the pandemic has suggesting that the two eras separated by a cen- revealed that most countries import many criti- tury are identical, but there are some echoes: cal goods from abroad, something that could increasing isolationist and protectionist ten- well lead to new calls for a degree of domes- dencies in the United States; rising nationalism tic self-su"ciency. The pandemic has likewise and populism here and around the world; the renewed momentum for the push to decouple emergence of new technologies that, depend- the American and Chinese economies—above ing on how they are used, can enhance life or all in the technology sphere. endanger it; and the inability of existing inter- Alas, it is far from clear that concern over national institutions to cope. Conflict within a future pandemic will lead to a material countries is all too common; equally worry- strengthening of global machinery to fight ing are signs that conflict between countries is and contend with infectious diseases. Indeed, potentially more probable than many judged.

10 Top: CFR Senior Fellows Elizabeth C. Economy, Mira Rapp-Hooper, and Brad W. Setser discuss U.S.-China relations with CFR President Richard Haass at CFR’s Annual Dinner. Bottom: At the Arthur Ross Book Award ceremony, author of These Truths: A History of the United States Jill Lepore explains why the United States needs a national story.

11 Top: Mayor of the City of Miami Francis X. Suarez and Executive Vice President of Conservation International Sebastian Troëng talk about climate change and global approaches to adaptation with New York Times environment and climate change reporter Anne E. Barnard. Bottom: At the C.V. Starr and Co. Annual Lecture on China, Principal at Albright Stonebridge Group Amy P. Celico, President of Rensselaer Polytechnic Institute Shirley Ann Jackson, and Director of the CFR Digital and Cyberspace Policy program Adam Segal discuss U.S.-China technology competition with Associate Editor of the Wall Street Journal John C. Bussey.

12 If the Council on Foreign Relations did not here is what has not changed: our commitment exist, now would be a good time to create it. to being an independent, nonpartisan resource The good news is that it does exist. As Board for members and for others, to producing smart Chair David Rubenstein writes in his essay in analysis about what is going on in this intercon- this annual report, the Council not only exists nected world, and to proposing informed pre- but is thriving despite the constraints imposed scriptions as to what those wielding inﬂuence by the pandemic and the need to work remotely. and power should do. A good deal has changed: the Council—with more than ﬁve thousand increasingly diverse members, nearly four hundred sta!, two buildings, and two websites—is a very di!erent insti- Richard N. Haass tution from what it was in its early years. But President

13 2020 Highlights

The ﬁrst eight months of the year were recognizable for anyone familiar with CFR. Then the COVID-#$ crisis required the Council to shift to remote work and virtual events beginning in March. These highlights are from both before and after the transition.

14 Website Stats Launched A record-breaking 6 4.3 million new interactive reports visits to CFR.org and and microsites ForeignA)airs.com in May

New Fellows

Paul J. Angelo 127 interns hired in FY 2020 fellow for Latin America studies Tom Frieden Virtual Events senior fellow for Since March global health More than Alice C. Hill senior fellow for general More than meetings climate change policy 50 averaging more than Jennifer Hillman 60 senior fellow for trade participants Studies and international 500 per event roundtables political economy

Margaret MacMillan State and Local Ofﬁcials Webinars visiting distinguished historian An average of more than Matthias Matthijs senior fellow for Europe 350 participants per event David J. Scheffer visiting senior fellow drawing representatives from all 50 states

Congressional Outreach Model Diplomacy Stats CFR fellows briefed sta) Nearly from more than 45,000 students 220 in all 50 states and in more than 120 countries congressional o&ces on COVID-19 have used MD since 2016

15 Meetings

The Council on Foreign Relations provides Acting Secretary of Homeland Security Kevin a nonpartisan forum for thoughtful and McAleenan; Federal Reserve Vice Chair Rich- informed foreign policy debate, drawing lead- ard Clarida; the presidents of the Federal ers and experts in government, business, the Reserve Banks of Chicago, Dallas, and Min- media, and academia for discussions with neapolis; former Secretaries of State Henry members on critical issues in foreign policy and Kissinger and Colin Powell; former Secretaries international relations. of Defense Ash Carter and Jim Mattis; former This year, CFR hosted dozens of current Ambassador to the United Nations Saman- and former heads of state and foreign o"cials. tha Power; former Secretary of Energy Ernest Beginning with the opening of the seventy- Moniz; and former Senator Sam Nunn. fourth session of the UN General Assembly in More than three hundred term members September, CFR welcomed the king of Jordan; gathered in New York in November for the the presidents of Angola, Colombia, Georgia, twenty-fourth annual Term Member Confer- and Iraq; the prime ministers of Bangladesh, ence, which featured a keynote discussion with Greece, Malaysia, Pakistan, and Singapore; the former National Security Advisor Susan E. foreign ministers of Brazil, India, Iran, Saudi Rice. CFR also held several multi-session sym- Arabia, and the United Arab Emirates; and posia this year, o!ering members deep dives the national security advisor of Afghanistan. into topics such as U.S.-Israel relations, great Council members also had the opportunity to power competition in cyberspace, and behav- hear from the president of Iran and the foreign ioral economics. As part of its Daughters and minister of China. Over the course of the year, Sons series, which invites members to bring CFR also hosted discussions with the finance their high school– and college-age children to minister of Germany, the economy minister of experience a CFR meeting, the Council hosted Argentina, the deputy foreign minister of Rus- National Basketball Association Commissioner sia, the heads of the central banks of Germany Adam Silver and the Women’s National Basket- and the United Kingdom, and former prime ball Association Commissioner Cathy Engel- ministers of Israel and the United Kingdom. bert. The CEO Speaker series brought AT&T Current and former U.S. o"cials also spoke Chairman and CEO Randall Stephenson, S&P at CFR, including Secretary of Defense Mark Global President and CEO Douglas Peterson, T. Esper; Chairman of the Joint Chiefs of Sta! and outgoing IBM Chairman, President, and Joseph Dunford; Senators Richard Durbin, CEO Virginia Rometty to the Council. Angus King, and Chris Murphy; Representa- As the COVID-#$ crisis necessitated a shift tive Mike Gallagher; Secretary of the Army away from in-person meetings, the Council Ryan McCarthy; Director of the Defense Intel- seamlessly transitioned first to conference ligence Agency Robert Ashley; Chairman of calls and then to Zoom meetings. Beginning the Federal Communications Commission in March, CFR hosted more than fifty virtual Ajit Pai; Deputy Secretary of the Treasury events for its general membership on the pan- Justin Muzinich; Special Representative for demic and other topics, averaging more than North Korea Stephen Biegun; Special Rep- five hundred participants per meeting. Mem- resentative for Afghanistan Reconciliation bers heard from o"cials on the front lines of Zalmay Khalilzad; Special Representative for the country’s and the world’s response to the Iran Brian Hook; Special Representative for virus, including National Institute of Allergy Venezuela Elliott Abrams; Commander of the and Infectious Diseases Director Anthony U.S. Indo-Pacific Command Philip Davidson; Fauci, Special Envoy of the World Health

16 Top: Former U.S. Secretary of State, Chairman of the Joint Chiefs of Sta), and National Security Advisor Colin Powell explores lessons learned in leadership over the course of his military and government career with NBC News Chief Foreign A)airs Correspondent Andrea Mitchell as part of CFR’s Distinguished Voices series. Bottom: At CFR’s twenty-fourth annual Term Member Conference, former U.S. National Security Advisor and Ambassador to the United Nations Susan E. Rice discusses U.S. national security and foreign policy.

17 President of Iraq Barham Salih examines the challenges facing Iraq and its role in the region with Harvard Kennedy School professor and CFR Board member Meghan L. O’Sullivan.

Organization Director General on COVID-#$ collaborative e!ort by CFR, the Global Access David Nabarro, and Health and Human Ser- Pipeline, and the International Career Advance- vices Assistant Secretary for Preparedness and ment Program, brought together more than Response Robert Kadlec, as well as leading pub- four hundred participants from diverse back- lic health experts such as Larry Brilliant, Ashish grounds historically underrepresented in the Jha, Michael Osterholm, and Crystal Watson. ﬁeld of foreign policy. Recognizing that the more traditional foreign policy challenges continued despite the pandemic, CFR also held virtual meetings on issues including the Afghan peace process, U.S. relations with Russia and China, U.S. policy toward Iran, China’s growing footprint in Africa, and the crisis in Venezuela. In May, CFR convened a virtual session of the annual Conference on Diversity in International A!airs. Helene Gayle, president and CEO of Chicago Community Trust; Nicole Lamb-Hale, managing director of business intelligence and investigations at Kroll; and Raj Shah, executive chairman and cofounder of Arceo.ai, discussed leading organizational change and promoting inclusivity in a COVID-#$ world; the session was moderated by Lulu Garcia-Navarro, host of NPR’s Weekend Edition Sunday. The event, a

18 National Program

The National Program connects the plural- Condoleezza Rice spoke at the opening ses- ity of CFR members who live outside New sion; other panels addressed the connection York and Washington, DC, with CFR and its between innovation and national security, the resources. This year, the National Program U.S.-China relationship, and how to safeguard hosted discussions in more than fifteen cities the integrity of U.S. elections. across the United States and around the world. Following the outbreak of COVID-#$ in the Highlights included sessions with Representa- United States, the National Program moved its tive Donna Shalala, former Secretary of State programming online, holding virtual round- George Shultz, and former Special Presiden- tables exclusively for National members. The tial Envoy for the Global Coalition to Defeat twenty-fifth National Conference was adapted ISIS Brett McGurk. for a virtual format and featured a keynote In December, nearly two hundred partici- conversation with Anthony Fauci as well as pants from across the country and around the sessions on the future of U.S.-China relations world convened at the fifth annual National and the state of the world. The agenda also Symposium in Menlo Park, California, to dis- provided opportunities for members to meet cuss issues at the intersection of foreign policy in small groups for additional discussions on and technology. Former Secretary of State U.S.-China relations.

At CFR’s National Symposium in Menlo Park, California, host of KQED’s Forum Michael Krasny and former Secretary of State Condoleezza Rice discuss a post-American world.

19 Top: Cofounder and Partner at RiceHadleyGates Anja Manuel moderates a conversation with former Secretary of Homeland Security, President of the University of California system, and CFR Board member Janet Napolitano on lessons learned throughout her career, at CFR’s National Symposium in Menlo Park, California. Bottom: Senior Vice President and Chief Financial O&cer of Alphabet Inc. and Google Inc. Ruth Porat delivers opening remarks at CFR’s National Symposium in Menlo Park, California.

20 Corporate Program

CFR’s Corporate Program provides mem- Program maintained its vigorous pace of ber companies from across the globe access meetings and brieﬁngs, shifting to remote to CFR’s experts, research, and meetings to events in mid-March. CFR hosted its second help them better understand the international annual CEO Summit virtually in June, bring- issues that a!ect their businesses. This year, ing together thirty-ﬁve leading executives for the program held meetings and roundtables on a candid discussion on the U.S. and global issues including cybersecurity, infrastructure, economic outlook, developments in China, and global supply chains. The program also and how corporate America can meaningfully launched an executive education o!ering for respond to increased calls for racial equality in select corporate members. the United States. Although the %&%& Corporate Conference was canceled due to COVID-#$, the Corporate

Chairman of the Tata Group Natarajan Chandrasekaran discusses the global business, economic, and trade climate with CNN Global A)airs Analyst Bianna Golodryga.

21 The David Rockefeller Studies Program

The Studies Program, CFR’s think tank, ana- Robert D. Blackwill argues that the Donald J. lyzes pressing global challenges and o!ers rec- Trump administration should develop a grand ommendations for policymakers in the United strategy for e!ectively responding to the dan- States and elsewhere. CFR’s research aims to gers China’s expansionism poses to U.S. inter- be more policy relevant than that of most uni- ests, including by modernizing U.S. domestic versities and more rigorous than what many infrastructure, deepening ties with allies in Asia advocacy groups produce. and Europe, and shifting military assets to Asia. CFR experts published four books this In The End of World Order and American Foreign year. Books reflect the emphasis CFR places Policy, Blackwill and coauthor Thomas Wright on in-depth research and analysis. In The Fifth argue that along with U.S.-Soviet competition Domain: Defending Our Country, Our Compa- and the Cold War, the COVID-#$ pandemic is nies, and Ourselves in the Age of Cyber Threats, the most serious challenge to the U.S.-led inter- Whitney Shepardson Senior Fellow Robert K. national order since its founding and contend Knake and coauthor Richard A. Clarke assert that the United States should respond to this that contrary to conventional wisdom, cyber- moment by reversing the deterioration in the security is improving and attackers’ advantage balance of power with China, bolstering rela- in cyberspace is eroding. In Building a Resil- tions with India and Europe, and reforming the ient Tomorrow: How to Prepare for the Coming way it deals with allies and partners. Climate Disruption, Senior Fellow for Climate In December, the Center for Preventive Change Policy Alice C. Hill and coauthor Leon- Action, which aims to help policymakers devise ardo Martinez-Diaz assess e!orts around the timely and practical strategies to prevent and world to strengthen resilience to climate change mitigate armed conflict around the world, pub- and argue that its e!ects can be managed and lished the twelfth annual Preventive Priorities mitigated if countries make changes today. In Survey. Five hundred foreign policy experts The World: A Brief Introduction, CFR President evaluated which conflicts around the world Richard Haass provides a primer on interna- might escalate, harming U.S. interests and tional a!airs to help experts and nonexperts necessitating military intervention in %&%&. Top alike better make sense of today’s global era. In concerns include a highly disruptive cyberat- Shields of the Republic: The Triumph and Peril of tack on U.S. critical infrastructure (including America’s Alliances, Stephen A. Schwarzman electoral systems), a mass-casualty terrorist Senior Fellow for Asia Studies Mira Rapp- attack on the U.S. homeland, and a military con- Hooper touts the success of America’s system frontation between the United States and Iran. of alliances during the Cold War and argues Policy Innovation Memoranda address criti- that the system has become a victim of its quiet cal problems where new, creative thinking is success as foreign adversaries and domestic needed. In “Make the Foreign Exchange Report politics threaten its stability. Great Again,” Steven A. Tananbaum Senior In Council Special Reports, CFR experts Fellow for International Economics Brad W. provide timely responses to developing crises Setser argues that the Treasury Department’s and contribute to current policy dilemmas. In foreign currency report should be used to com- Implementing Grand Strategy Toward China: bat currency manipulation by foreign govern- Twenty-Two U.S. Policy Prescriptions, Henry A. ments, thereby encouraging a more balanced Kissinger Senior Fellow for U.S. Foreign Policy global economy. In “Investing in Girls’ STEM

22 Senior Fellow for Climate Change Policy Alice C. Hill speaks on a panel about her book Building a Resilient Tomorrow: How to Prepare for the Coming Climate Disruption, coauthored with Leonardo Martinez-Diaz.

23 Top Left: Senior Fellow for Trade and International Political Economy Jennifer Hillman speaks on a panel about free trade agreements. Top Right: Stanton Nuclear Security Fellow Jooeun Kim makes remarks at a session of the Term Member Conference. Bottom: ThinkGlobalHealth.org, a new website from CFR, is published under the direction of Senior Fellow for Global Health, Economics, and Development and Director of the Global Health program Thomas J. Bollyky.

24 Education in Developing Countries,” Senior should rebuild the UN sanctions regime and Fellow for Women and Foreign Policy Meighan revitalize multilateral diplomacy e!orts. Stone and Douglas Dillon Senior Fellow and The think tank welcomed several new Director of the Women and Foreign Policy full-time and visiting fellows this year, includ- program Rachel Vogelstein argue that increasing Paul J. Angelo, former CFR international ing U.S. investment in science, technology, a!airs fellow and active-duty naval o"cer; Tom engineering, and mathematics (STEM) educa- Frieden, former director of the Centers for Dis- tion for girls in developing countries will help ease Control and Prevention and former com- reduce their reliance on U.S. aid and stimulate missioner of the New York City Department their economic growth. In “A Reset of the World of Health; Alice Hill, former senior director Trade Organization’s Appellate Body,” Senior for resilience policy on the National Security Fellow for Trade and International Political Council sta!; Jennifer Hillman, formerly pro- Economy Jennifer A. Hillman recommends that fessor of practice at the Georgetown University the World Trade Organization (WTO) address Law Center, member of the WTO Appellate legitimate U.S. concerns by adopting a speciﬁc Body, and general counsel in the o"ce of the set of operating principles for its Appellate U.S. trade representative; Margaret MacMil- Body, establishing a new committee to oversee lan, emeritus professor of international history adherence to those principles, and limiting how at Oxford University, professor of history at long sta! can serve in the WTO’s secretariat. In the University of Toronto, and author of sev- “Reducing Disaster Costs by Building Better,” eral best-selling books, including Paris !$!$: Six Alice Hill argues that although local communi- Months That Changed the World; Matthias Mat- ties decide where and how development occurs, thijs, assistant professor of international politi- the federal government pays for those decisions cal economy at Johns Hopkins University’s when disaster strikes. In the face of climate School of Advanced International Studies; and change, Hill suggests, the federal government David J. Sche!er, professor of law at North- should insist on local risk reduction measures. western University Pritzker School of Law and Cyber Briefs address emerging cyberse- formerly the ﬁrst U.S. ambassador-at-large for curity challenges. In “Expanding Disclosure war crimes. Policy to Drive Better Cybersecurity,” Robert Like the rest of the Council, CFR fellows Knake recommends that companies be required adjusted their programming in response to to disclose instances of cyber-enabled intellec- COVID-#$, holding more than sixty virtual tual property theft, as such requirements would roundtables on more specialized topics such give companies greater incentives to protect as the role of insurance in climate resilience, their intellectual property and allow investors terrorist financing, and women’s participation to make better-informed decisions. In “Banning in peacekeeping. Covert Foreign Election Interference,” Knake argues that the United States should both explicitly prohibit the U.S. intelligence community from interfering in foreign elections and work with other democracies to develop a global norm against covert election interference. Contingency Planning Memoranda address plausible contingencies abroad that could threaten U.S. interests. In “Renewed Crisis on the Korean Peninsula,” Senior Fellow for Korea Studies Scott A. Snyder argues that the threat posed by North Korea’s development of nuclear weapons and ballistic missiles has not abated, and in response, the United States

25 Council of Councils

This year, the Council of Councils, a consor- addressed the implications of COVID-#$ for tium of twenty-eight leading think tanks from world order, how to improve global health around the world that convenes semiannually governance, the weaponization of economic to discuss the state of global governance and interdependence, and the future of the Euro- how to improve it, met in Paris in November pean Union. and held a virtual meeting in May. Discussions

Task Forces

CFR’s Independent Task Force Program con- Segal, Ira A. Lipman chair in emerging tech- venes diverse and distinguished groups of nologies and national security and director of experts who o!er analysis of and policy pre- the Digital and Cyberspace Policy program. In scriptions for major foreign policy issues facing September, the Task Force released its report the United States. This year, CFR sponsored Innovation and National Security: Keeping Our the Independent Task Force on U.S. Innovation Edge, which argues that if the United States Strategy and National Security, co-chaired by does not enact an ambitious national innova- James Manyika, senior partner at McKinsey tion strategy over the next ﬁve years to ensure & Company and chairman and director of the that it remains the dominant power in a range McKinsey Global Institute, and William H. of emerging technologies, it risks ceding the McRaven, former commander of U.S. Special economic and military beneﬁts of technologi- Operations Command, and directed by Adam cal leadership to China and other competitors.

Cofounder and Editor-at-Large of Recode Kara Swisher, Senior Partner at McKinsey & Company and Task Force Co-chair James Manyika, and Task Force Co-chair Admiral William H. McRaven, U.S. Navy, Ret., discuss the state of U.S. technological innovation and increased competition from China.

26 Education

CFR’s educational initiative aims to provide and terrorism; Regions of the World, explor- students with the skills and knowledge about ing the major regions through lenses including the world to prepare them for a wide range history, economics, and U.S. foreign policy; of careers and ensure an informed citizenry. and How the World Works . . . and Sometimes Model Diplomacy, CFR’s National Security Doesn’t, covering topics such as sovereignty, Council simulation program released in %&#), nationalism, and global governance. The units relaunched in September with a new website and their modules are designed to help learn- and expanded content o!erings, including a ers inside and outside traditional classrooms stand-alone UN Security Council simulation, grasp critical concepts and understand their an infectious disease case appropriate for use relevance. Subsequent units of World#&# will at schools of public health, new “basic” ver- be released over the coming year. sions of existing cases tailored for younger stu- World#&# has seen strong growth since its dents, and short “pop-up” cases tied to current launch, particularly as the demand for free, high- events and designed to introduce students and quality, online education increased as students instructors alike to what a full Model Diplo- transitioned to remote learning in response to macy simulation o!ers. More than '*,&&& stu- COVID-#$. Partnerships have also been cru- dents in all *& states and in #%& countries have cial to World#&#’s growth. CFR has partnered used Model Diplomacy. with organizations including Canvas, a learning World#&#—CFR’s online modular course management platform; ShareMyLesson, which that focuses on the fundamental concepts of provides free lesson plans by education level; international relations and foreign policy— and Nearpod, a student engagement platform. publicly launched in December. Three of its CFR also completed a pilot with the American eventual six units are currently available: Global Association of State Colleges and Universities Era Issues, covering major global challenges that tested models for integrating World#&# into such as climate change, nuclear proliferation, various aspects of higher education.

A student playing the role of secretary of the treasury makes an argument at a Global Kids Summer Institute Model Diplomacy session.

27 Election 2020

CFR’s Candidate Position Tracker, part of CFR’s Election 2020 Series, breaks down candidates’ foreign policy positions.

CFR provided extensive coverage of the %&%& James M. Lindsay, produced a special series presidential campaign, thanks in part to a gen- tied to the election. Episodes featured discus- erous grant from the Carnegie Corporation of sions with two experts with di!ering views New York. Among other resources, the Coun- on how the United States should handle vari- cil developed a comprehensive issue tracker ous foreign policy challenges, including trade, breaking down the candidates’ foreign policy immigration, defense spending, and relations positions. It also sent a questionnaire to all with China, Iran, Russia, and Saudi Arabia. Democratic and Republican candidates chal- In addition, CFR held foreign policy forums lenging President Donald J. Trump, soliciting featuring former o"cials from Republican and their views on twelve major foreign policy issues Democratic administrations at the University including the war in Afghanistan, global trade, of New Hampshire, University of Texas at San and Russian aggression in Ukraine. Nineteen Antonio, Wayne State University, and Florida candidates, including eventual Democratic International University, each drawing hun- nominee Joe Biden, answered the survey. dreds of participants. Several candidates also The Council also produced a video explainer took advantage of the opportunity to speak at series, Inside the Issues, to help voters better the Council in New York and Washington, DC, understand critical election-related topics such this year, including Senators Michael Bennet as tari!s, automation, green jobs, and foreign and Amy Klobuchar, former Representative aid. The President’s Inbox podcast, hosted by John Delaney, and former Massachusetts Gov- Senior Vice President and Director of Studies ernor Deval Patrick.

28 Outreach

Academic Outreach This year, the program held conference calls CFR’s Academic Outreach initiative connects on subjects including the religious community’s educators and students with CFR publications, role in countering epidemics, COVID-#$’s e!ect digital educational products, and programming on displaced people, Shia-Sunni relations fol- for teaching and learning about international lowing the killing of Qasem Soleimani, and the a!airs. The Academic Conference Call series future of the Kurds in Syria. provides a forum for educators and students to interact with CFR experts and scholars and Washington Outreach to participate in the debate on foreign policy CFR’s Congress and U.S. Foreign Policy pro- issues. With the launch of a new Higher Edu- gram aims to connect the work of the Council cation Webinar series, college and university with members of Congress, their sta!s, and leaders, administrators, and professors explore executive branch o"cials. The program is an strategic challenges and share best practices essential source of independent, nonpartisan for meeting them. This year, nineteen calls analysis to inform the direction of U.S. foreign and webinars covered topics including inter- policy. It also o!ers a unique forum in which national cooperation on climate change, com- policymakers from both sides of the aisle can bating human tra"cking, global inequality, the come together for all-too-rare reasoned discus- future of democracy in Africa, building climate sions on foreign policy issues. resilience, and the implications of COVID-#$ This year, CFR experts were called to testify for higher education. before Congress five times, and the program Last July, twenty-six high school students held more than %+& briefings for members of participated in the Global Kids Summer Congress and their sta!s. CFR experts have Institute, a three-week program hosted by the also been a resource for the executive branch, Council geared toward students from under- briefing o"cials from the Departments of served schools. In October, students and pro- State, Defense, and Labor; the National Secu- fessors joined a live taping of The World Next rity Council; the National Intelligence Council; Week podcast for CFR’s tenth annual Back- and the Federal Reserve. to-School Event. Across the country, CFR CFR continued its House and Senate prin- hosted events featuring fellows, members, and cipals breakfast series, cohosted with former staff at the Historically Black Colleges and Senate Majority Leader Thomas Daschle and Universities Faculty Development Network, former Representative Vin Weber. The series Harvard National Model United Nations, and brings together representatives and senators North American International Model United for an in-depth examination of a critical for- Nations conferences. eign policy issue. Discussions this year covered challenges in the Middle East, strategic and Religion and Foreign Policy Program economic competition with China, and U.S.- Since %&&), CFR’s Religion and Foreign Pol- Turkey relations. icy program has provided a unique forum in CFR also continued its Embassy Lunch which to examine issues at the nexus of religion series, where ambassadors host small groups and U.S. foreign policy. The initiative aims to of CFR members to discuss developments in involve members of the religion community in their home countries, share their perspectives foreign policy discussions, given the tremen- on the state of the bilateral relationship with dous influence they have through weekly ser- the United States, and hold an open exchange mons, missionary trips, and educating the next with members who have an interest and exper- generation of spiritual leaders. tise in the ambassadors’ countries and regions.

29 This year, members met with the ambassadors International Development Organizations of Colombia, Georgia, Italy, Jordan, Qatar, and Trainings and Best Practices Forum, and State the European Union. International Development Organizations In February, CFR launched a new seminar Washington Forum. series, bringing together senior congressional Participation in CFR’s State and Local sta! with career Foreign Service and civil ser- O"cials Conference Call and Webinar series vice o"cers from the State Department. The increased dramatically as state and local o"- objective of this new programming is to facili- cials sought authoritative information and tate conversations on the State Department and analysis on COVID-#$. Calls and webinars cov- the role of Congress in foreign policy, explore ered relevant topics including the implications the dynamics of the Hill-State relationship of the virus for small businesses, how to hold today, and o!er participants the opportunity to elections safely, how to reopen society, the risk build bipartisan, professional relationships. of a resurgence of the virus, and vaccine devel- As Congress and Washington, DC, shut opment e!orts. The question-and-answer seg- down in response to COVID-#$, CFR launched ments of the calls and webinars proved popular a conference call series that regularly drew doz- forums for o"cials to connect with one another ens of congressional sta! from both parties and to share ideas and best practices. Following the chambers. CFR also moved its expert brieﬁngs onset of the crisis, the series drew more than to virtual platforms, ensuring that CFR con- (*& participants on average, convening repre- tinued to serve as a resource for Capitol Hill. sentatives from all ﬁfty states. Demand for CFR’s analysis of COVID-#$ was particularly robust; CFR experts briefed sta! Local Journalists Initiative from more than %%& congressional o"ces on To elevate conversations on U.S. foreign policy the pandemic. choices and increase civic engagement, CFR’s Local Journalists initiative equips journalists State and Local Outreach with the resources needed to draw connections CFR’s State and Local O"cials initiative con- between the local issues they cover and global nects governors, mayors, state legislators, dynamics. In April, CFR launched a confer- and city and county leaders with resources on ence call and webinar series for these journal- pressing global issues that a!ect local agendas. ists to connect them with experts and provide The initiative features a webinar series on inter- a forum for sharing best practices. On these national issues of local importance, showcases calls, Adjunct Senior Fellow Carla Anne Rob- Council experts at major gatherings of state bins serves as host and is joined by another and local leaders, and disseminates CFR publi- expert who provides guidance for framing sto- cations to o"cials. ries. Since the series began, CFR has brought This year, senior fellows briefed state together almost one hundred journalists from government o"cials at the Council of State thirty states. Governments National Conference, State

Facing page photos show two events from a series on America’s role in the world as part of CFR’s Election 2020 programming. Top: Axios White House and Politics Editor Margaret E. Talev, former National Security Advisor Stephen J. Hadley, former Secretary of Homeland Security Jeh Charles Johnson, former Assistant Secretary of Defense for International Security A)airs Mary Beth Long, and CFR President Richard Haass speak at the University of Texas at San Antonio. Bottom: NPR International Correspondent Deborah Amos, former Assistant Secretary of State for Economic, Energy, and Business A)airs Jose W. Fernandez, former Deputy Director of Policy Planning Kori Schake, and Richard Haass speak at Florida International University.

30 31 CFR Digital

CFR.org remains a leading source of timely anal- intersects with other global issues, including the ysis on critical foreign policy issues. The web- environment, migration, and urbanization. site’s most popular pieces of content continue CFR launched a new podcast, Why It Mat- to be Backgrounders, which introduce read- ters, in October. Episodes o!er twenty- to ers to important topics from around the globe, thirty-minute explorations of a significant including the crisis in Yemen and the democracy country or issue in the news, featuring expert movement in Hong Kong. New Backgrounders interviews interwoven with narration. Host produced this year covered topics including the Gabrielle Sierra walks listeners through a role of the World Health Organization, the state larger story and helps clarify concepts for lis- of U.S. strategic stockpiles, the U.S.-Taliban teners new to the foreign policy discussion. agreement, countries’ economic responses to Other notable online content produced this the pandemic, and the role of the Centers for year included the Women’s Power Index from Disease Control and Prevention. the Women and Foreign Policy program; an Another popular genre, In Briefs are succinct interactive currency manipulation tracker from rundowns on important developments authored Senior Fellow Brad Setser and Research Asso- by CFR fellows and the CFR.org editorial team. ciate Dylan Yalbir; an interactive report on the New In Briefs this year covered the China-India evolution of China’s approach to global gov- border conflict, African nations’ support for the ernance by Senior Fellows Yanzhong Huang U.S. anti-racism protests, Libya’s civil war, the and Joshua Kurlantzick; and an interactive prospect of U.S. troop withdrawals from Ger- economic growth performance tracker from many, and Iran’s response to COVID-#$. Senior Fellow Benn Steil and Analyst Benjamin In January, CFR launched a multi-contributor Della Rocca. website, ThinkGlobalHealth.org, published under In addition, CFR maintains a significant the direction of Senior Fellow Thomas J. Bollyky, presence on social media. The Council’s insti- that examines how changes in health are reshap- tutional accounts now surpass ''#,&&& following economies, societies, and the everyday lives ers on Facebook, ''*,&&& followers on Twitter, of people around the world. The site’s launch #',,&&& followers on LinkedIn, and %#,&&& fol- was timely, o!ering not only extensive coverage lowers on Instagram. The Council’s YouTube of COVID-#$ but also analysis of how health channel has more than ##',&&& subscribers.

An episode of the CFR podcast Why It Matters explores women’s participation in STEM ﬁelds.

32 Top: A page on CFR.org displays Backgrounders, which are authoritative, accessible, and regularly updated primers on hundreds of foreign policy topics. Bottom: The CFR Women’s Power Index tracks where women around the world wield political power.

33 Foreign Affairs

Foreign A)airs magazine is one of the most Powered by paywall-free coverage of the thoughtful, read, and influential in the field. pandemic, ForeignA!airs.com hit an all-time The magazine complements all else the Council high in tra"c in March and again in May. High- does by providing a space for long-form analy- lights on the website this year include pieces sis from a broad pool of expert voices. Each by former U.S. Ambassador to the United bimonthly print issue includes a lead package Nations Nikki Haley on how to get tougher on a consequential issue, accompanied by in- on China, Professor of the Practice of Eco- depth analysis of other challenges. In addition, nomic Policy at the Harvard Kennedy School ForeignA!airs.com o!ers daily commentary Jason Furman on the persistently low employ- on the latest foreign policy developments. ment rate among prime-age men, former Lead packages in the magazine this year Deputy National Security Advisor for Iraq and explored the rise of authoritarian leaders, the Afghanistan Meghan L. O’Sullivan on how to Trump administration’s Middle East policy, salvage the U.S.-Iraq relationship, and CFR the future of capitalism, what is next for U.S. President Richard Haass on COVID-#$’s con- global strategy, how to prevent a climate catas- sequences for world order. trophe, and the world after the pandemic. The In December, the magazine relaunched magazine also published notable pieces by the Foreign A!airs Career Center, featuring Democratic presidential nominee Joe Biden on job opportunities ranging from internships to U.S. global leadership, Prime Minister of Sin- positions in academia, government, journal- gapore Lee Hsien Loong on the consequences ism, nonprofit organizations, and the private of U.S.-China tensions, U.S. Trade Represen- sector. The Career Center also gives job seek- tative Robert Lighthizer on how to make trade ers career insights through its “How I Got work for workers, former U.S. Secretary of Here” interview series, which highlights per- Defense Robert Gates on the overmilitariza- sonal stories and o!ers advice to help readers tion of American foreign policy, and Professor understand what di!erent jobs are like. of Government at Claremont McKenna Col- lege Minxin Pei on China’s coming upheaval.

Editor of Foreign A!airs Gideon Rose interviews CFR Vice Chairman Jami Miscik at the Wall Street Journal Pro and Foreign A!airs event Rethinking Global Markets.

34 Membership

35 Membership

Since its founding in !"#!, the Council on For- Applying for Membership eign Relations has grown a membership of Eligibility Requirements more than five thousand prominent leaders in • Membership is restricted to U.S. citi- the foreign policy arena, including top govern- zens (native born or naturalized) and ment o$cials, scholars, business executives, permanent residents who have applied to journalists, lawyers, and nonprofit profession- become citizens. als. The membership is composed of those • CFR visiting fellows are prohibited from residing in the greater New York and Washing- applying for membership until they have ton, DC, areas, and a plurality based around completed their fellowship tenure. the United States and abroad. CFR members enjoy unparalleled access • CFR members are required to fulfill annual to a nonpartisan forum through which they dues requirements. engage with and gain insight from experts in Candidates must submit an online application, international a%airs. Members have in-person complete with a nominating letter from a cur- access to world leaders, senior government rent CFR member and seconding letters from o$cials, members of Congress, and promi- three to four other individuals. nent thinkers and practitioners in academia, policy, and business, many of whom are mem- To apply for membership, visit bers themselves. Convening nearly one thou- cfr.org/membership/individual-membership. sand events annually, CFR is dedicated to facilitating an intellectual exchange of ideas Membership Deadlines through expert panel discussions, sympo- and Candidate Notification sia, town halls, livestreams, and CEO forums The two annual membership application dead- exclusively for members. Through exposure lines are March ! and November !. All mem- to CFR’s think tank, publications, briefing bership candidates and their letter writers will materials, and special content on CFR.org and receive notification of the election decisions in ForeignA%airs.com, members benefit from an late June for the March ! deadline, and in early expansive collection of unmatched intellectual March for the November ! deadline. capital and resources. The Council seeks quality, diversity, and For More Information balance in its membership. Criteria for mem- To learn more about the membership appli- bership include intellectual achievement and cation process or for information on nomi- expertise; degree of experience, interest, and nating a candidate, visit cfr.org/membership current involvement in international a%airs; or contact Membership, at #!#.&'&."&() or promise of future achievement and service in [email protected]. foreign relations; potential contributions to CFR’s work; desire and ability to participate in CFR activities; and standing among peers. New members are elected twice a year by the Board of Directors.

36 Stephen M. Kellen Term Member Program

The Stephen M. Kellen Term Member Pro- Applying for Term Membership gram, established in #$,& to cultivate the next Eligibility Requirements generation of foreign policy leaders, encour- • Term membership is restricted to U.S. ages professionals from diverse backgrounds citizens (native born or naturalized) and to engage in a sustained conversation on inter- permanent residents who have applied to national a!airs and U.S. foreign policy. Each become citizens. year, a new class of term members between the • Candidates for term membership must be ages of thirty and thirty-six is elected to serve between the ages of thirty and thirty-six on a fixed five-year term. Term members enjoy a January # of the year in which they apply. full range of activities, including events with high-profile speakers; an annual Term Mem- • CFR visiting fellows are prohibited from ber Conference; roundtables; trips to various applying for term membership until they sites, including military bases, international have completed their fellowship tenure. organizations, and U.S. governmental agen- • Graduate students should generally wait cies; and one weeklong study trip abroad every until after the completion of their degree to two years. apply for term membership. For more information on the Term Member • CFR term members are required to fulfill Program, please visit annual dues requirements. cfr.org/membership/term-member-program. Term membership candidates must submit an online application, complete with a nominating letter from a current CFR member and seconding letters from two to three other individuals.

To apply for term membership, visit cfr.org/membership/individual-membership.

Term Membership Deadline and Candidate Notiﬁcation The annual application deadline for term membership is January (. All term membership candidates and their letter writers will receive notiﬁcation of the election decisions in late June.

37 Proﬁle of the Membership

Between July %&#$ and June %&%&, CFR membership increased by &.* percent, from *,&$$ to *,#%* members. Member records are maintained by CFR at *+ East )+th Street, New York, NY #&&)*.

Number Percentage Location of Members of Membership National 2,041 40 New York Area 1,575 31 Washington, DC, Area 1,509 29 Total 5,125 100

Industry Education 1,086 21 Nonproﬁt and International Organizations 1,005 20 Financial Institutions 778 15 Law and Consulting 685 13 Government 374 7 Media and News Services 321 6 Commerce 164 3 Information Technology 127 3 Military 109 2 Medicine and Health Care 52 1 Energy and Power 36 1 Other 388 8 Total 5,125 100

38 5,125 individual members

New York City Area Washington, DC, Area National 1,575 1,509 2,041

39 Corporate Program

40 Proﬁle of the Corporate Program Membership

Founded in #$*( with twenty-five corporate in-house experts, a members-only website members, the Corporate Program has since with CFR resources tailored to the private expanded to include more than #%& companies sector, and roundtables designed specifically from various industries and regions of the for executives. The highlight of the typical world. Through CFR’s unmatched conven- program year is the annual Corporate Con- ing power, the program links private-sector ference, which addresses such topics as com- leaders with decision-makers from govern- petitiveness, geopolitical risk, and the global ment, media, nongovernmental organiza- economic outlook. Additionally, the program tions, and academia to discuss issues at the provides professional development opportu- intersection of business and foreign policy. nities for individuals on a senior management Corporate membership is available at track through its Corporate Leaders Program, three levels: Founders ($#&&,&&&), President’s and, for those with fewer than ten years of Circle ($,*,&&&), and Affiliates ($'&,&&&). experience, through its Young Professionals Member companies are offered briefings by Briefing series.

Note: Percentages do not total !## because of rounding.

41 Beneﬁts of Corporate Program Membership

Founders ($100,000+) President’s Circle ($75,000) All President’s Circle and A"liates benefits plus: All A"liates benefits plus: • Four CFR fellow briefings tailored to the • Invitations for leadership-level executives company’s interests to attend the Chairman’s Circle Dinner and the Annual Dinner with CFR’s Board of • Professional development opportunity for Directors and Global Board of Advisors four rising executives to participate as “Corporate Leaders” in conjunction with • Opportunities for senior executives to par- the competitive Stephen M. Kellen Term ticipate in study groups and roundtables Member Program led by CFR fellows, and attend exclusive events with noted thinkers and practition- • One rental of the historic Harold Pratt House ers in government, policy, academia, and ballroom and library (based on availability) the private sector • Online site license arrangements and fif- • Priority registration for meetings, round- teen Foreign A)airs print subscriptions tables, and high-level events • One-time cover or premium position • Two CFR fellow briefings tailored to the advertisement in Foreign A)airs, with company’s interests exclusive discounts on digital, sponsored content, and continued print advertising • Professional development opportunity for two rising executives to participate as • Prominent logo placement on the Corpo- “Corporate Leaders” in conjunction with rate Program webpage and at the Corpo- the competitive Stephen M. Kellen Term rate Conference Member Program • Ten Foreign A)airs print subscriptions • One-time full-page advertisement in Foreign A)airs, with exclusive discounts on digital, sponsored content, and continued print advertising

42 Affiliates ($40,000) • Invitations for executives to participate • Invitations for executives to attend the Cor- in a range of in-person CFR events each porate Conference, CFR’s annual summit year in New York, Washington, DC, and on geopolitical and geoeconomic issues of other major cities in the United States and interest to the global business community around the world • One CFR fellow briefing tailored to the • Participation in virtual meetings and rapid- company’s interests response conference calls by CFR fellows • Reduced rates for rental of the Harold and other experts Pratt House in New York City and #,,, F • Access to meeting replays, conference Street in Washington, DC calls, and other digital resources including • Six Foreign A)airs print subscriptions the member services portal • Exclusive discounts on additional Foreign • Opportunities for senior executives to A)airs subscriptions, advertising, and cus- participate in special meetings and round- tom events with editors tables with CFR’s president • Recognition on CFR’s corporate member- • Opportunities for young professionals ship roster to participate in special briefings, select meetings, and conference calls

Note: Corporate membership dues are *( percent tax deductible. For more information, please contact the Corporate Program at [email protected] or "!".'%'.$*+'.

43 TEXT

Financial Highlights

44 Statement of Financial Position As of June 30, 2020 (with comparative totals for June 30, 2019)

Assets !"!" !"#$

Cash and cash equivalents $ 37,195,600 $ 33,648,800 Accounts receivable, net 2,117,200 3,178,000 Prepaid expenses and inventory 1,484,500 1,093,100 Grants and contributions receivable, net 21,935,000 23,569,900 Contributions receivable for endowment, net 15,304,600 20,136,100 Investments 479,956,700 475,831,800 Land, buildings and building improvements, and equipment, net 66,242,100 68,866,000

Total assets %!&,!'(,)"" %!%,'!',)""

Liabilities

Accounts payable and accrued expenses 8,087,800 8,515,200 Deferred revenue 6,183,300 6,523,400 Accrued postretirement beneﬁts 5,848,000 5,852,000 Interest-rate swap agreement 10,918,900 6,912,200 Bonds payable 50,599,100 52,493,200

Total liabilities *#,%'),#"" *",!$%,"""

Net assets

Without donor restrictions 113,484,900 116,990,300 With donor restrictions 429,113,700 429,037,400

Total net assets (&!,($*,%"" (&%,"!),)""

Total liabilities and net assets $%!&,!'(,)"" $%!%,'!',)""

Note: To view the full !"!" Financial Statements, please visit cfr.org/annual-report-!"!".

45 Statement of Activities For the year ended June 30, 2020

Without donor With donor Operating revenue and support restrictions restrictions Total

Membership dues $ 7,708,800 $ — $ 7,708,800 Annual giving 9,736,900 — 9,736,900 Corporate memberships and related income 6,678,000 217,000 6,895,000 Grants and contributions 1,685,800 16,317,400 18,003,200 Foreign A#airs publications 8,650,100 — 8,650,100 Investment return used for current operations 5,929,900 16,016,200 21,946,100 Rental income 1,204,000 — 1,204,000 Miscellaneous 326,800 1,500 328,300 Net assets released from restrictions 34,023,900 (34,023,900) —

Total operating revenue and support )(,$&&,!"" (#,&)#,*"") )&,&)!,&""

Operating expenses

Program expenses: Studies Program 24,243,300 — 24,243,300 Task Force 326,000 — 326,000 NY Meetings 1,392,100 — 1,392,100 DC programs 1,605,400 — 1,605,400 Special events 796,000 — 796,000 Foreign A#airs 10,569,200 — 10,569,200 National Program 1,183,100 — 1,183,100 Outreach Program 1,864,900 — 1,864,900 Term member 494,900 — 494,900 Digital Program 6,198,900 — 6,198,900 Education Program 4,539,100 — 4,539,100 Global Board of Advisors 88,100 — 88,100

Total program expenses $(','"#,""" $ — $(','"#,"""

Note: To view the full !"!" Financial Statements, please visit cfr.org/annual-report-!"!".

46 !"!"

Without donor With donor restrictions restrictions Total

Supporting services: Fundraising: Development $ 2,382,000 $ — $ 2,382,000 Corporate Program 2,090,400 — 2,090,400

Total fundraising &,&)!,&"" — &,&)!,&""

Management and general 16,284,300 — 16,284,300 Membership 1,660,100 — 1,660,100

Total supporting services !!,&#%,*"" — !!,&#%,*""

Total operating expenses )(,)#),*"" — )(,)#),*""

Excess of operating revenue and support over operating expenses !!%,&"" (#,&)#,*"") (#,!&(,&"")

Nonoperating activities

Investment loss in excess of spending rate (2,101,800) (4,753,400) (6,855,200) Endowment contributions 2,360,000 6,521,200 8,881,200 Change in value of interest-rate swap agreement (4,006,700) — (4,006,700) Other (5,300) (219,700) (225,000)

Total nonoperating activities (',)(',*"") #,(&*,#"" (!,!"(,)"")

Changes in net assets before postretirement changes other than net periodic costs (3,527,400) 76,300 (3,451,100) Postretirement changes other than net periodic costs 22,000 — 22,000

Change in net assets (',("(,&"") )%,'"" (',&!$,#"")

Net assets, beginning of year ##%,$$",'"" &!$,"'),&"" (&%,"!),)""

Net assets, end of year $##',&*&,$"" $&!$,##',)"" $(&!,($*,%""

47 Statement of Activities For the year ended June 30, 2019

Without donor With donor Operating revenue and support restrictions restrictions Total

Membership dues $ 7,337,600 $ — $ 7,337,600 Annual giving 10,497,000 — 10,497,000 Corporate memberships and related income 5,934,700 172,700 6,107,400 Grants and contributions 2,065,100 22,960,500 25,025,600 Foreign A#airs publications 9,238,200 — 9,238,200 Investment return used for current operations 5,512,600 15,072,100 20,584,700 Rental income 1,967,100 — 1,967,100 Miscellaneous 952,200 — 952,200 Net assets released from restrictions 32,481,200 (32,481,200) —

Total operating revenue and support )(,$*(,)"" (,)!&,#"" *#,)"$,*""

Operating expenses

Program expenses: Studies Program 23,551,800 — 23,551,800 Task Force 297,600 — 297,600 NY Meetings 1,378,500 — 1,378,500 DC programs 1,881,300 — 1,881,300 Special events 1,217,100 — 1,217,100 Foreign A#airs 10,417,800 — 10,417,800 National Program 1,429,400 — 1,429,400 Outreach Program 2,016,500 — 2,016,500 Term member 526,600 — 526,600 Digital Program 5,638,100 — 5,638,100 Education Program 3,752,300 — 3,752,300 Global Board of Advisors 102,300 — 102,300

Total program expenses $(!,!"$,'"" $ — $(!,!"$,'""

Note: To view the full !"!" Financial Statements, please visit cfr.org/annual-report-!"!".

48 !"#$

Without donor With donor restrictions restrictions Total

Supporting services: Fundraising: Development $ 2,454,900 $ — $ 2,454,900 Corporate Program 2,166,500 — 2,166,500

Total fundraising &,%!#,&"" — &,%!#,&""

Management and general 17,040,900 — 17,040,900 Membership 1,792,500 — 1,792,500

Total supporting services !',&(&,*"" — !',&(&,*""

Total operating expenses )(,%%&,#"" — )(,%%&,#""

Excess of operating revenue and support over operating expenses '!#,%"" (,)!&,#"" %,"&(,)""

Nonoperating activities

Investment loss in excess of spending rate (2,357,400) (5,821,700) (8,179,100) Endowment contributions 20,650,000 11,606,800 32,256,800 Change in value of interest-rate swap agreement (3,053,300) — (3,053,300) Other 553,800 (553,800) —

Total nonoperating activities #(,)$',#"" (,!'#,'"" !#,"!&,&""

Changes in net assets before postretirement changes other than net periodic costs 16,114,700 10,955,400 27,070,100 Postretirement changes other than net periodic costs (600,000) — (600,000)

Change in net assets #(,(#&,)"" #",$((,&"" !%,&)",#""

Net assets, beginning of year #"#,&)(,%"" &#*,"*!,""" (#$,((),%""

Net assets, end of year $##%,$$",'"" $&!$,"'),&"" $(&%,"!),)""

49 Credits

Editor: Patricia Lee Dor! Associate Editors: Chloe Mo!ett and Sumit Poudyal Sta! Editor: Katherine De Chant Photo Editor: Hunter Hallman Copy Editor: Glenn Court Cover Design: Sabine Baumgartner and Cayla Merrill Production: Gene Crofts Publications Intern: Rachel Powell

Photos Kaveh Sardari/www.sardari.com: #&, #, top, %(, %' top left, %) Melanie Einzig: ## top, #% top, #, bottom Don Pollard: ## bottom, #% bottom, #+, %' top right Sherman Chu: #$, %& top, %& bottom Howard Heyman: %, Mark McClendon/University of Texas at Austin: (# top FIU Academic Imaging Services: (# bottom Gabe Palacio: ('

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