Annual Report
2023
Annual Report
2023
2
Annual Report
July , –June , 
Note: This list of Officers and Directors is current as of July , .
Council on Foreign Relations
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Officers
David M. Rubenstein, Chairman
Blair W. Eron, Vice Chairman
Jami Miscik, Vice Chairman
Michael Froman, President
Keith Olson, Executive Vice President,
Chief Financial Ocer, and Treasurer
James M. Lindsay, Senior Vice
President, Director of Studies, and
Maurice R. Greenberg Chair
Nancy D. Bodurtha, Vice President,
Meetings and Membership
Irina A. Faskianos, Vice President,
National Program and Outreach
Suzanne Helm, Vice President,
Philanthropy and Corporate Relations
Jan Mowder Hughes, Vice President
and Chief Human Resources Ocer
Caroline Netchvolodo,
Vice President, Education
Shannon K. O’Neil, Vice President,
Deputy Director of Studies, and Nelson
and David Rockefeller Senior Fellow
for Latin America Studies
Stephanie Solomon, Vice President;
Chief Revenue Ocer, Foreign Aairs
Iva Zoric, Vice President, Global
Communications and Media Relations
Jerey A. Reinke, Chief of Sta to the
President, Secretary of the Corporation
Directors
Term Expiring 
Thad W. Allen
Afsaneh Mashayekhi Beschloss
Blair W. Eron (Vice Chairman)
Jeh Charles Johnson
Meghan L. O’Sullivan
L. Rafael Reif
Daniel H. Yergin
Term Expiring 
Nicholas F. Beim
Stephen J. Hadley
James Manyika
Jami Miscik (Vice Chairman)
Richard L. Plepler
Ruth Porat
Mariko Silver
Term Expiring 
Tony Coles
Cesar Conde
William H. McRaven
Janet Napolitano
Deven J. Parekh
Tracey T. Travis
Amy Zegart
Term Expiring 
Margaret Brennan
Sylvia Mathews Burwell
James P. Gorman
Laurene Powell Jobs
David M. Rubenstein (Chairman)
James D. Taiclet
Fareed Zakaria
Term Expiring 
Kenneth I. Chenault
Jane Fraser
Stephen Freidheim
Margaret (Peggy) Hamburg
Justin Muzinich
Charles Phillips
Frances Fragos Townsend
Michael Froman, ex ocio
Officers and Directors, Emeritus & Honorary
Maurice R. Greenberg,
Honorary Vice Chairman
Carla A. Hills
Chairman Emeritus
Richard Haass
President Emeritus
Robert E. Rubin
Chairman Emeritus
3
4 Mission Statement
6 Letter From the Chair
9 Outgoing President’s Message
12 Incoming President’s Message
15 2023 Highlights
31 Membership
36 Corporate Program
40 Financial Highlights
Contents
4
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.
5
Founded in , CFR takes no institutional
positions on matters of policy. CFR carries out
its mission by
maintaining a diverse membership, includ-
ing special programs to promote interest
and develop expertise in the next genera-
tion of foreign policy leaders;
convening meetings at its headquarters in
New York and in Washington, DC, and
other cities where senior government o-
cials, members of Congress, global lead-
ers, 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;
publishing Foreign Aairs, the preeminent
journal of international aairs and U.S.
foreign policy;
sponsoring Independent Task Forces that
produce reports with both findings and
policy prescriptions on the most impor-
tant foreign policy topics; and
providing up-to-date information and
analysis about world events and American
foreign policy on its website, CFR.org.
6
Letter From
the Chair
This is the twentieth and final annual report
under the leadership of Council President
Richard Haass. Although the report includes
highlights of the past year, I would like to use
this space to emphasize some of the many
ways the Council changed over the past two
decades under Richard’s leadership. He
has walked that fine line of preserving what
makes this century-old organization special
while introducing changes and innovations
that keep the Council relevant. He ensured
that the institution remained trusted and true
to its independent, nonpartisan tradition—
no mean feat in an increasingly polarized
society—and at the same time transformed
the organization in a way that has made us
proud to be a part of it.
A Broader Research Agenda
When Richard arrived in , the Council’s
think tank covered most of the topics one would
expect of a traditional foreign policy organiza-
tion: great power competition, arms control,
international economics, and many regions of
the world. But over the twenty years since then,
the Council has responded to the changing
dynamics of the world by focusing on a broad-
ened range of topics, including global health,
energy and the environment, cyber policy,
terrorism, and the nation’s first program on
women and foreign policy. CFR scholars pro-
duced more than  books—about  every
year—on issues from globalization and trade
to international order and climate change.
Expanded Reach
Another area that Richard focused on dur-
ing his time as CFR president was expanding
the organization’s reach. One major change
was transforming the Council’s presence in
Washington, DC, from a small rental space to
a building of our own where we can host events
of the same size and scale as the headquar-
ters in New York. That expansion has greatly
enhanced the experience for the one-third of
the Council’s membership that resides in and
around Washington.
At the same time, Richard was known to
point out that reaching the five thousand or so
people who make up the Council’s member-
ship left out  million other Americans, not
to mention millions more individuals around
David M. Rubenstein
Chairman
7
the world. And so he developed programs to
reach broader communities, including state
and local ocials; congregational and religious
leaders; local journalists; and middle school,
high school, and college and university stu-
dents and educators. Those initiatives have a
multiplier eect in disseminating the Coun-
cil’s work.
In addition, Foreign Aairs continued to
extend its reach, under the capable leadership
of three editors, increasing its output to include
rich digital content in addition to the bimonthly
print edition. The number of print subscrip-
tions doubled to a record of more than two
hundred thousand. Most important, the qual-
ity and influence of the magazine was not only
sustained but also reached new heights.
Increasing the Council’s reach has meant
more than using the same techniques as in the
past and applying them to new groups; the
Council has also evolved in the ways it con-
nects, which include more robust and com-
prehensive websites; new podcasts, blogs, and
newsletters; and the surprise success of a shift
to virtual and hybrid meetings during and after
the pandemic.
Financial Strength
Sound fiscal management is essential to the
running of any business, and we are fortunate to
have had that during Richard’s tenure. Thanks
to his leadership, a strong professional sta, a
committed board of directors, and dedicated
members, the Council’s endowment grew from
$ million in  to more than $ million
today. Richard achieved his goal of growing the
endowment so that the draw would fund about
one-third of the Council’s activities, which
allows it more independence and a greater abil-
ity to innovate. The Annual Fund has grown
as well, nearly tripling in the past twenty years
from $. million per year to more than $ mil-
lion today. Since , the Council has ended
each fiscal year in the black while nearly tripling
its annual budget, even when faced with serious
turbulence such as the  financial crisis and
the pandemic.
Preparing the Next Generation
One of the many ways the Council contributes
to a better understanding of foreign policy and
its importance is through identifying and train-
ing the next generation of foreign policy leaders.
Jami Miscik
Vice Chairman
Blair W. Eron
Vice Chairman
8
During Richard’s tenure, the Council greatly
expanded the size and scale of those programs.
The International Aairs Fellowships evolved
from the traditional program, which allows
young and mid-career professionals to work
in government and government employees
to spend a year away from the day-to-day, to
programs in Canada, India, and Japan. Addi-
tional programs were introduced for econo-
mists, tenured professors, and more specialists
in nuclear security. Nearly three hundred fel-
lows have taken part in those programs since
, and more than four hundred when includ-
ing the long-standing military, press, and intel-
ligence fellowships.
The Stephen M. Kellen Term Member Pro-
gram has grown—term members now make
up nearly  percent of the total size of the
Council—and benefited from robust and
innovative programming. The Council under
Richard also spent considerable energy in the
professional development of sta—many of
whom have gone on to prominent positions in
the U.S. government and elsewhere. Further, a
significant endowment gift that enables CFR
to pay its interns has led to a broader, more
diverse, and more nationally representative
set of interns than ever before—with interest
in those positions so high we can accept only
. percent of applicants.
Finally, one of the most important innova-
tions Richard led during his time here, in the way
of training the next generation of leaders, was
the fourth pillar of the Council. We are no longer
just a think tank, membership organization, and
publisher. The Council can now be viewed as
a major educational institution, one that pro-
vides high-quality programs reaching millions
of people in this country and around the world,
both in and out of classrooms. We aim for those
programs to be an enduring legacy of Richard’s,
and as such, I am proud to announce that the
Council has established the Richard Haass Cen-
ter for Education. With more than $ million
in commitments so far, thanks to the generous
support of many members and friends, the cen-
ter will build on and grow the Council’s work in
educating students, teachers, and the broader
public about international relations, economics,
and national security and explain how foreign
policy directly aects their lives.
Richard has always said it is best to leave an
organization in better shape than you found it.
He has left this organization in excellent shape
for the Council’s new president, Michael Fro-
man, to expand upon as we face the unprec-
edented challenges of the twenty-first century.
My fellow members of the Board and I are
excited to work with Mike in the years to come
to position the Council as a leader across the
broad range of its activities, building on the val-
ues that have made the organization as impor-
tant and influential as it is. I want to thank all of
those involved with the Council—be it as mem-
bers, sta, program participants, or Foreign
Aairs subscribers—for making the Council
the extraordinary organization it is today.
9
Outgoing
President’s
Message
David Rubenstein was typically thorough and
generous in his chair’s essay, recounting how
CFR evolved over the twenty years I was for-
tunate to be its president. And in the essay fol-
lowing this one, my successor Mike Froman
presents his initial thinking as to how the Coun-
cil will continue to evolve in the years ahead.
Change is both necessary and good, but I
want to write about why it is also important that
the Council resist evolving in selected areas.
But first some historical context for this asser-
tion. CFR and a handful of other organizations
emerged roughly a century ago in an attempt
to improve public policy and increase the odds
that government at all levels would perform
professionally and limit corruption, partisan-
ship, and the reach of the spoils system, where
connections rather than merit dominated hir-
ing and promotion.
In the decades since, and in particular in the
wake of the Second World War, think tanks of all
varieties shot up as the United States assumed a
large and lasting role on the world stage and as
government came to assume a larger role in the
American economy.
What explains the emergence of so many
research organizations was the desire to improve
policy, be it by sharing expertise and ideas with
Congress, the executive branch, the media, the
business community, or citizens writ large.
These new organizations diered from one
another not just in their substantive focus but in
their DNA. Many saw their purpose in ideologi-
cal terms, to advance a certain agenda.
CFR was something fundamentally dier-
ent. Its purpose was defined by values, not pol-
icy outcomes. More specifically, it committed
itself to intellectual work that was independent,
nonpartisan, serious, and policy relevant.
Each of these four terms warrants discus-
sion. Independence requires maintaining dis-
tance from anyone—governments, corporations,
Richard Haass
President Emeritus
10
individuals, political parties—who can influence
the content of intellectual work, be it what is
selected for study or what is concluded and
recommended. Maintaining independence often
requires refusal to accept funding or, where
funding is accepted, embracing full transpar-
ency along with maintaining complete freedom
of action. At stake is the ability to speak truth to
power rather than to promote the ends of those
with power.
Much the same holds for nonpartisanship.
The analysis should determine the conclusion
and recommendations. Obviously, individuals will
have political and personal views, but that should
not get in the way of their analysis. And inviting,
as CFR does, a range of individuals with diverse
perspectives to write and speak can further pro-
tect the institution and enhance its reputation.
Seriousness of purpose is essential. Research
organizations and think tanks have the opportu-
nity and obligation to produce work that exam-
ines the most important issues. Op-eds, blog
posts, and tweets (or whatever they are now
called) all have their place, but they are no substi-
tute for in-depth research and writing.
Last but not least, work should be policy-
relevant. More than anything else this is what
distinguishes the output of think tanks from
most universities, whose work often tends
toward the abstract and theoretical and what
can be measured and quantified.
What distinguishes CFR is that it is the only
institution that meets all those criteria. Anyone
can pick up Foreign Aairs, attend a meeting, or
read a book authored by a fellow and not know in
advance what the bottom line will be. But at the
same time anyone can also expect that the qual-
ity of the work will be high. It will include analy-
sis (not just description or assertion) and, where
it makes sense, put forward prescriptions.
There will be no shortage of subjects to
which to apply those attributes in the years to
come. Think about it. We are seeing the revival
of geopolitical competition in the two regions
of the world where wealth and capacity are
most concentrated. Hopes that such rivalry
would become a relic have been dashed with
Russia’s invasion of Ukraine and the rise of an
increasingly assertive China. How to manage
great power rivalries (as well as tensions with
middle powers such as North Korea and Iran)
promises to be a principal topic of study.
None of this will mean we will have the
luxury of turning away from the Middle East,
the region that has absorbed a disproportion-
ate share of U.S. attention since the end of
the Cold War. Nor will it allow ignoring Latin
America or Africa. What makes those regions
so deserving of study (in addition to their inher-
ent importance) is that challenges to order stem
as much or more from state and governmental
weakness as they do from strength.
Then there is the overlay of pressing global
issues. The world recently emerged (in large
part if not entirely) from a pandemic that began
in China and came to claim as many as twenty
million lives worldwide. No one, however, can
assume that COVID- was an exception; to
the contrary, it would be foolish not to expect
and prepare for future outbreaks of infectious
disease, in part by learning lessons from the
experience of the past few years.
And, of course, there is climate change,
which as we are seeing is not just a future
threat to how we live (and, at times, to whether
we live) but an already existing one. What this
and other global challenges have in common is
that the threat is far outpacing the response.
The question to be answered is what is needed
from the United States and others in the way
of measures to reduce the emerging climate
threat and adapt to it.
This is true too in the economic realm,
where much of the global financial architecture
has failed to adapt to new realities—and where
resource commitments have failed to meet press-
ing needs. We often refer to the international
community when the reality is that little such
community exists when it comes to the willing-
ness and ability of the world to come together.
As if all this were not enough, we will need
to contend with new technologies, from arti-
ficial or augmented intelligence to projected
cyber-related breakthroughs to biotechnology.
The questions will be how best to develop and
apply them where they can be helpful, how
11
they could be restricted where they promise
to threaten life or order—and how to respond
to them if those technologies upend industries
and displace workers.
And last, but far from least, are the domestic
challenges here in the United States, challenges
that contribute to and result from our deepen-
ing divisions. What is at stake is not just the
ability of the United States to set an example
others will want to emulate and to deal with its
many internal economic and social problems,
but also its ability to be suciently predictable,
consistent, and reliable so that friends and allies
will be reassured and foes deterred.
I am proud of how the Council balanced
innovation and preservation over the past
twenty years, and I am confident that CFR will
continue to do so moving forward. The Council
has more than five thousand involved members
who bring their own substantial expertise and
experience to meetings. A talented and dedi-
cated sta. A distinguished board of directors.
And an experienced, capable new president.
Like many of you I look forward to participat-
ing in and benefiting from what is produced
here as this unique, invaluable institution pro-
ceeds through its second century.
Richard Haass
President Emeritus
12
Incoming
President’s
Message
Michael Froman
President
At any moment of leadership transition, it is
easy to throw around terms such as “inflection
point” and “critical juncture,” but it does feel as
if the world is at a historic moment, not unlike
that at the end of World War II.
Internationally, we see the return of great
power politics, war in Europe, and increas-
ing tension between a rising and an existing
power. There is a long list of transnational
issues, from climate change to terrorism to
global pandemics, as well as an array of emerg-
ing technologies such as artificial intelligence,
which raises a number of other issues, such as
global governance, that demand international
cooperation. Yet, there appears to be a gap
between the need for international coopera-
tion and the capacity of existing institutions
and processes to effectively take on those chal-
lenges. And fundamental questions are being
raised about the world’s economic models,
income inequality, and the prospects for inclu-
sive and sustainable growth.
At home, the situation is no less complex.
The United States has witnessed a polariza-
tion of politics, a questioning of expertise, and
a decline of trust in institutions of government
and society. The fundamental debate going
on across the country is about the role of the
United States in the world and whether and
how U.S. leadership should be exercised.
In that context, the work of the Council
on Foreign Relations has never been more
important. As Richard Haass lays out in his
essay, the Council’s commitment to nonpar-
tisanship at a time of hyperpartisanship, to
serious fact-based analysis when facts them-
selves are being questioned, and to forging
consensus about the role of U.S. leadership in
the world positions it uniquely well to take on
those challenges.
13
Thankfully, we at the Council go into this
moment with a strong foundation:
an unmatched bench of scholars engaged
in independent research and analysis, pro-
ducing groundbreaking books, reports,
and articles
a second-to-none program of convenings
in New York, Washington, DC, and across
the country, bringing together a diverse set
of thinkers and practitioners to debate the
issues of the day
a world-class set of publications and digital
oerings, starting, of course, with Foreign
Aairs—far and away the leading foreign
policy magazine in the world—and includ-
ing the Council’s website, an array of pod-
casts, videos, newsletters, and blogs, which
serve collectively as a resource for foreign
policy experts, those interested in foreign
policy, and the public
a robust outreach program that engages
Congress, journalists, local and state o-
cials, religious leaders, and educators
around the country—opinion leaders in
their communities
an education program that seeks to equip
teachers with tools to bring current events
to life with their students, from middle
schools to colleges and universities
And, of course, our members—more
than five thousand individual leaders across
business, finance, government, journalism,
academia, nonprofits, and the arts, plus our cor-
porate members—are, in fact, what makes the
Council distinct from every other organization
in this space. Our capacity to bring together,
connect, and leverage the expertise of our
membership—including as participants in task
forces, roundtables, and study groups; speakers
at events; and mentors to younger members and
sta—is one of our most important strengths
and is a unique and valuable asset. So many of
the challenges the world faces, such as climate
change and emerging technologies, cannot be
addressed by governments alone; the answer
lies in part with engaging and mobilizing the
private and public sectors.
That strong foundation is the product of
much hard work and support by many indi-
viduals, including CFR’s sta, members, and
generous donors. But it is first and foremost
a reflection of the extraordinary service and
leadership of Richard Haass. For twenty years,
Richard steered this ship, including through a
financial crisis and a pandemic. He expanded
the remit of Council to focus on a broader set
of audiences and launched many critical ini-
tiatives, including one to educate the United
States’ youth about foreign policy and civics. I
am personally deeply grateful, as is the entire
Council community, for Richard’s leadership,
dedication, and friendship.
Where do we go from here? The Council is
perhaps most commonly thought of as a think
tank, but we are so much more: a publisher,
a convenor, a source of analysis of current
events, an educator, a membership organiza-
tion, and an organization committed to iden-
tifying, developing, and promoting the next
generation of diverse foreign policy talent. The
landscape in each of those areas is changing.
The Council twenty years from now is likely to
look substantially dierent from the Council
of twenty years ago, yet retain its core strengths
and values.
Our goal is to have an impact—on policy-
makers, members, community leaders, jour-
nalists, students, and the public—with the goal
of furthering understanding, refining debates
over trade-os, and ultimately forging a con-
sensus around the role of the United States in
the world.
Some of the most interesting questions are
at the hinge of various disciplines—issues at
the nexus of economics and national security,
technology and intelligence, science and for-
eign policy. They are issues where the most
cogent analysis is likely to come from gather-
ing regional and country experts, foreign policy
and national security strategists, and those with
14
deep domain knowledge in economics, science,
and technology.
There is a need to look comprehensively, for
example, at issues such as the future of interna-
tional economic policy. A return to the era of
hyperglobalization might be unlikely, but much
work needs to be done to forge a new Washing-
ton consensus on international economic policy.
A broad consensus appears to have devel-
oped around the nature of the China challenge,
but agreement is far less settled about what the
new equilibrium should be in the U.S.-China
relationship, how best to forge a strategy for
managing the multidimensional relationship
between China and the rest of the world, and
how to ensure the continued competitiveness
of the United States.
Emerging technologies—from artificial
intelligence to quantum computing to synthetic
biology—promise real opportunities across a
broad range of sectors, but they also pose risks.
We are just beginning to understand those risks
and benefits and integrate them into U.S. for-
eign policy and national security strategies.
The nexus of climate change and conflict,
migration, health, food security, trade, and
finance raises another set of questions that
demand increasing attention.
These are just a few of the issues I am ini-
tially focused on bringing before the full array
of Council assets at the table. A few months
into this job, though, they are just that: initial
ideas. I look forward to continuing the conver-
sations I have begun with Board members, life
members, term members, sta, counterparts at
other institutions, partners, and stakeholders,
including in Congress, the executive branch,
and international organizations, to lay out a
strategic plan to maintain the Council’s stand-
ing as the leading foreign policy organization
in the country—if not the world—five, ten,
twenty years from now.
Our Council community has made tre-
mendous progress under Richard, and the
opportunity to build on that strong founda-
tion to have even greater impact going forward
is considerable.
I am honored that the Board has entrusted
me to lead this remarkable institution, and I am
grateful to them, the members, the sta, and all
of our partners and other stakeholders for their
commitment to work on that important eort.
Michael Froman
President
15
2023
Highlights
This past year marked the first full year of a return to in-person activities for the Council on Foreign
Relations since the start of the COVID- pandemic. These highlights reflect a year that included
in-person and hybrid events for members and sta. In addition, CFR celebrated the centennial of
Foreign Aairs magazine at an event in New York in September.
16
Meetings
The Council on Foreign Relations provides
a nonpartisan forum for thoughtful and
informed foreign policy debate, drawing lead-
ers and experts in government, business, the
media, and academia for discussions with
members on critical issues in foreign policy and
international relations.
CFR was thrilled to host a more traditional
UN General Assembly week—typically the
busiest time of year for the Council in New
York. It also hosted several heads of state and
foreign ministers in person, including King
Abdullah II of Jordan, President Andrzej Duda
of Poland, Prime Minister Mustafa Al-Kadhimi
of Iraq, Prime Minister Kyriakos Mitsotakis
of Greece, and the foreign ministers of Cuba,
Lebanon, Pakistan, Singapore, South Africa,
Turkey, and Ukraine.
Other foreign ocials who spoke with
members virtually or in person over the course
of the year in New York or Washington, DC,
include Prime Minister of Canada Justin
Trudeau, President of Zambia Hakainde Hich-
ilema, South Korean Defense Minister Lee
Jong-sup, former Ukrainian President Petro
Poroshenko, Meta’s Global Aairs President
Nick Clegg, former Taoiseach of Ireland Bertie
Ahern, and Executive Director of UN Women
Sima Sami Bahous. Current and former U.S.
ocials who spoke at CFR included Secretary
of State Antony Blinken, Dr. Anthony Fauci,
U.S. Ambassador-at-Large for Cyberspace and
Digital Policy Nathanial Fick, U.S. Special Pres-
idential Envoy for Climate John Kerry, Henry
Kissinger, World Bank President David Mal-
pass, U.S. Secretary of Homeland Security Ale-
jandro Mayorkas, Chairman of the Joint Chiefs
of Sta General Mark Milley, Deputy Attor-
ney General Lisa Monaco, former National
Security Advisor Robert O’Brien, Represen-
tative Adam Smith, U.S. Special Envoy to
Advance the Human Rights of LGBTQI+ per-
sons Jessica Stern, National Security Advisor
Jake Sullivan, and U.S. Trade Representative
Katherine Tai.
CFR hosted a variety of other event series,
including Renewing America, which looks at
the domestic underpinnings of U.S. foreign pol-
icy. Panels in that series included discussions on
the midterm elections, the lame-duck Congress,
infrastructure investment, and immigration
reform. Additional sessions included events on
the ongoing debt ceiling fight with former U.S.
Treasury Secretary Jack Lew and former U.S.
Senator Rob Portman, as well as a discussion
on nuclear energy. In May, all six service chiefs
joined CFR at its building in Washington for the
Robert B. McKeon Endowed Series on Military
Strategy and Leadership. Other series included
the Lessons From History series, which held
events focused on lessons from Superstorm
Sandy, the twentieth anniversary of the U.S.
invasion of Iraq, the twenty-fifth anniversary
of the Good Friday Agreement, and the foreign
policy legacy of the George W. Bush adminis-
tration. In the C. Peter McColough Series on
International Economics, members heard from
President of the Federal Reserve Bank of San
Francisco Mary Daly, President of European
Central Bank Christine Lagarde, and chief eco-
nomics commentator for the Financial Times
Martin Wolf.
The Stephen M. Kellen Term Member Pro-
gram, which provides five-year memberships for
people age thirty to thirty-six, had its twenty-
seventh annual conference in November .
The conference featured former Florida senator
and current NASA Administrator Bill Nelson in
conversation with CFR member Ché Bolden on
advancements in space. Term members visited
the United Nations, which included a private
meeting with U.S. Permanent Representative
Linda Thomas-Greenfield; toured and met with
executives of In-Q-Tel, a venture capital firm that
focuses on the development of technologies for
the U.S. intelligence community; and spent three
days in Miami and Key West visiting U.S. South-
ern Command and Joint Interagency Task Force
South to better understand the challenges related
to increased migrant flows in the Caribbean and
17
Senator Tammy Duckworth (D-IL) and host of NPR’s Morning Edition and Up First Leila Fadel discuss the importance of
diversity in U.S. foreign policy, U.S. policy toward China and Taiwan, and Duckworth’s personal experience serving in the
military and the Senate at the 2023 Conference on Diversity in International Aairs.
the growing influence of Russia and China in
Latin America. Other trips included visits to the
FBI’s New York oce; digital identity company
Okta, Inc., in San Francisco; and U.S. Army
Joint Center of Excellence Picatinny Arsenal in
New Jersey.
In February, CFR hosted the International
Affairs Fellowship (IAF) conference keynote
session with Undersecretary of Defense for
Policy Colin Kahl. Established in , the
IAF program aims to create more scholar-
practitioners by allowing those in academia
or the private sector to spend a year in govern-
ment, and those in government to spend a year
in a scholarly setting; some  fellows have
participated since the program’s inception.
In May, the Council convened the eleventh
annual Conference on Diversity in Interna-
tional Affairs. The hybrid event, a collabora-
tive effort by CFR, the Global Access Pipeline,
and the International Career Advancement
Program, featured Senator Tammy Duck-
worth (D-IL) as well as CFR member Juan
Zarate and Miami Mayor Francis Suarez. The
conference, held in Washington, DC, brought
together more than three hundred college and
graduate students and early-career and sea-
soned professionals from diverse backgrounds
that are historically underrepresented in the
field of foreign policy to discuss international
issues and increase preparedness for careers in
the field.
18
Canadian Prime Minister Justin Trudeau discusses President Joe Biden’s recent visit to Ottawa, prospects for the future of the
U.S.-Canada relationship, economic cooperation between the two countries, and Canada’s role in global politics.
The National Program connects the plurality of
CFR members who live outside New York and
Washington, DC, with CFR and its resources.
CFR continued to provide virtual and in-person
programming this year, with events in Atlanta,
Austin, Boston, Chicago, Dallas, Los Angeles,
Miami, San Francisco, and Seattle as well as
in London.
In December , CFR convened the eighth
annual National Symposium in Menlo Park,
California, bringing together almost two hun-
dred participants from around the country and
the United Kingdom. The symposium included
discussions on national security threats and
economic turbulence, U.S. cyberspace policy,
and Russia and Ukraine.
In June , CFR hosted the twenty-eighth
annual National Conference, which kicked
o with a conversation on the domestic and
global economic outlook. Additional plenaries
covered artificial intelligence, the geopolitical
implications of Russia’s war in Ukraine, global
nuclear security, U.S. industrial policy, and cli-
mate change. CFR President Richard Haass
also reflected on the future of U.S. democracy
and his time at the Council. Nearly three hun-
dred participants from more than thirty states,
Washington, DC, and three countries gathered
in New York for the event, with hundreds more
tuning in virtually.
National Program
19
Top: Senior Vice President and Chief Financial Ocer of Alphabet and Google and member of the Council on Foreign Relations
(CFR) Board of Directors Ruth Porat gives the opening remarks at the National Symposium.
Bottom: CFR President Richard Haass, Founder and Chief Executive Ocer of RockCreek and member of the CFR Board
of Directors Afsaneh Mashayekhi Beschloss, and CFR Distinguished Fellow and former U.S. Treasury Department Deputy
Secretary Justin Muzinich discuss the economic outlook for both the public and private sector at the National Conference.
20
CFR’s Corporate Program provides member
companies from across the globe access to CFR
experts, research, and meetings to help them
better understand the international issues that
aect their businesses. This year, the program
held roundtables on regulating the crypto space,
global infrastructure and investment, the state
of the U.S. labor market, and the clean energy
transition. Other meetings covered criticism of
environmental, social, and governance invest-
ing, U.S.-China tech relations, inflation, and
economic sanctions on Russia.
The Corporate Program hosted its eigh-
teenth annual Corporate Conference in
March  with more than two hundred fifty
Corporate contacts, members, and donors in
attendance. The keynote session featured a
conversation between James P. Gorman and
Richard Haass. CFR also hosted its fifth annual
CEO Summit in June, bringing together twenty
leading executives for a candid discussion on
many of the economic, geopolitical, and soci-
etal factors aecting the private sector.
Corporate Program
Chairman and Chief Executive Ocer of Morgan Stanley James P. Gorman speaks with CFR President Richard Haass during the
opening session of the eighteenth annual Corporate Conference.
21
The Studies Program, CFR’s think tank, ana-
lyzes pressing global challenges and offers rec-
ommendations for policymakers in the United
States and elsewhere. CFR’s research aims to
be more policy relevant than that of universi-
ties and more rigorous than what advocacy
groups produce.
CFR experts published six books this year.
Ebenezer Obadare’s Pastoral Power, Clerical
State: Pentecostalism, Gender, and Sexuality in
Nigeria examines how Nigeria’s Pentecostal
pastors use religious doctrines, beckon spiri-
tual forces, and manipulate their alliances with
national power-brokers to enjoy unprecedented
authority in Nigeria. In North Korea’s Foreign
Policy: The Kim Jong-un Regime in a Hostile World,
Scott A. Snyder and Kyung-Ae Park explore
North Korean foreign policy under Kim Jong Un,
including its domestic drivers, summitry diplo-
macy, and nuclear program. In The Globalization
Myth: Why Regions Matter, Shannon K. O’Neil
examines how regionalization, not globalization,
has been the most significant economic trend of
the last forty years. She argues that regionaliza-
tion has enhanced economic competitiveness
and prosperity in Europe and Asia, and urges the
United States to embrace its neighbors to lead the
North American regional hub.
Joshua Kurlantzick’s book Beijing’s Global
Media Oensive: China’s Uneven Campaign to
Influence Asia and the World chronicles China’s
attempts to wield extensive power inside other
countries’ politics and societies. Kurlantzick
argues that this campaign has largely failed so
far, but that the situation could change, and
thus he recommends steps the United States
and other democracies should take to counter
Beijing’s eorts. In The Bill of Obligations: Ten
Habits of Good Citizens, Richard Haass argues
that the greatest threat to U.S. security comes
Wall Street Journal Associate Editor John C. Bussey, Brookings Institution Senior Fellow David Dollar, CFR Fellow
for International Political Economy Zongyuan Zoe Liu, and NPR Correspondent Emily Feng discuss the costs of China’s
zero-COVID policy.
The David Rockefeller
Studies Program
22
from within the country, and suggests that plac-
ing the obligations of citizens to one another
and the country on the same footing as rights
is essential if American democracy is to deliver
and endure. In Sovereign Funds: How the Com-
munist Party of China Finances Its Global Ambi-
tions, Zongyuan Zoe Liu analyzes how China’s
deployment of sovereign funds has enabled it
to project power across global markets and has
driven the rise of companies such as Alibaba
and Didi. Liu traces how Chinese President Xi
Jinping has leveraged China’s foreign exchange
reserves to create global spheres of influence—
such as through its Belt and Road Initiative—
and to expand domestic production of vital
assets—such as semiconductors.
Fellows continue to assess pressing policy chal-
lenges and provide recommendations through
CFR reports. In Council Special Reports, CFR
experts provide timely responses to developing
crises and contribute to policy dilemmas. CFR
published one this year. In A New U.S. Foreign
Policy for Global Health, Senior Fellow David P.
Fidler takes a close look at lessons learned from
the COVID- pandemic, demonstrates how cli-
mate change exacerbates the scale of the public
health challenge, and oers a detailed agenda for
health security going forward.
The Center for Preventive Action, under the
direction of Senior Fellow Paul B. Stares, pub-
lished the fifteenth annual Preventive Priorities
Survey in January. Five hundred foreign policy
experts evaluated which conflicts around the
world could escalate and harm U.S. interests in
. The survey flagged potential flashpoints
involving major powers, such as a crisis around
the Taiwan Strait, escalation of the war in Ukraine
or domestic instability in Russia, and nuclear
weapons development by Iran and North Korea.
The think tank welcomed several new fel-
lows this year. Tarah Wheeler joined as a senior
fellow for global cyber policy; José Miguel
Vivanco joined as an adjunct senior fellow
for human rights; Liana Fix joined as a fellow
for Europe; Jacob Ware was promoted from
research associate to research fellow; Linda
Robinson joined as senior fellow for women
and foreign policy; Esther Brimmer joined as
the James H. Binger senior fellow in global gov-
ernance; Will Freeman joined as a fellow for
Latin America Studies; and David Sacks was
promoted from research fellow to fellow.
CFR Distinguished Fellow Thomas Graham, CFR Adjunct Senior Fellow Heidi Crebo-Rediker, CFR George F. Kennan Senior
Fellow for Russian and Eurasian Studies Stephen Sestanovich, and CFR Senior Fellow Charles A. Kupchan discuss the war in
Ukraine and U.S. talks with NATO and European allies.
23
The Council of Councils is a consortium of
twenty-seven leading think tanks from around
the world that convenes semiannually to dis-
cuss the state of global governance and how to
improve it. This May marked its twelfth annual
conference. Representatives from two dozen
policy research organizations participated in
the meeting. The discussions spanned a wide
range of challenges for multilateral coopera-
tion, including the governance of artificial
intelligence, emerging global divisions, and
revitalizing the World Trade Organization.
The thirteenth regional conference of the
Council of Councils was cohosted with Indo-
nesia’s Centre for Strategic and Interna-
tional Studies in November. Participants from
twenty-two countries gathered to discuss the
future of international cooperation, manag-
ing geopolitics and emerging health threats,
and managing potential conflicts in the Indo-
Pacific, among other global challenges.
Council of Councils
Executive Director of the Institute for Security Studies Fonteh Akum, Director of the Center for European Policy Studies Steven
Blockmans, CFR Senior Fellow David J. Scheer, and Deputy Head of the German Institute for International and Security
Aairs’ Americas Research Division Johannes Thimm discuss “Holding Those Responsible for War Crimes Accountable” at
the Council of Councils Twelfth Annual Conference.
CFR’s Independent Task Force Program con-
venes diverse and distinguished groups of experts
who oer analysis of and policy prescriptions
for major foreign policy issues facing the United
States. The Task Force on Cybersecurity released
its report, Confronting Reality in Cyberspace: For-
eign Policy for a Fragmented Internet, in July .
The Task Force was chaired by CFR board Vice
Chair Jami Miscik and former board member
Nathaniel Fick. Adam Segal, CFR senior fellow
and director of the Digital and Cyberspace Policy
program (now on leave), was Task Force proj-
ect director, and Gordon M. Goldstein, adjunct
senior fellow, served as deputy director. Asserting
Task Force Program
24
that the era of the global internet is over, the report
proposes a new U.S. foreign policy for cyberspace
that is now more fragmented, less secure, and less
free. In June , the Independent Task Force on
Taiwan released its report U.S.-Taiwan Relations in
a New Era: Responding to a More Assertive China.
Susan M. Gordon, former principal deputy
director of intelligence, and Admiral Michael G.
Mullen, USN, Ret., former chairman of the Joint
Chiefs of Sta, co-chaired the Task Force, and
Research Fellow David Sacks served as project
director. The report analyzes political, military,
and economic dynamics in the Taiwan Strait and
oers policy recommendations for the United
States to support Taiwan and deter an increas-
ingly assertive and capable China.
Top: Former U.S. Representative Will Hurd (R-TX), Task Force Deputy Director Gordon M. Goldstein, Senior Operating
Partner at Energy Impact Partners Niloofar Razi Howe, Task Force Co-chair Jami Miscik, Task Force Project Director Adam
Segal, and New York Times reporter Cecilia Kang discuss the launch of the Independent Task Force Report Confronting
Reality in Cyberspace: Foreign Policy for a Fragmented Internet.
Bottom: CFR Research Fellow and Task Force Project Director David Sacks; Admiral of the U.S. Navy, Ret., and Task Force
member Harry B. Harris Jr.; Admiral of the U.S. Navy, Ret., and Task Force Co-chair Michael G. Mullen; and former Principal
Deputy Director of National Intelligence and Task Force Co-chair Susan M. Gordon discuss the Independent Task Force Report
on Taiwan with moderation from New York Times Editorial Board member Farah Stockman.
25
Education
CFR Education leverages the knowledge of CFR
experts to make complex global aairs and foreign
policy issues accessible for middle school, high
school, and higher education students. Content
across its three products, World, Model Diplo-
macy, and Convene the Council, provide educators
and students with the knowledge, skills, and per-
spective—the global literacy—needed to make
informed decisions about issues aecting their
lives, community, and country.
World is a free collection of some six hun-
dred multimedia learning resources on the fun-
damentals of global aairs and foreign policy.
World resources are largely evergreen but
also reflect the issues shaping today’s world,
which is why the platform is continually updated
for timeliness and accuracy. For instance, when
Americans felt the eects of global supply-chain
issues in early , CFR created a resource that
explained how the COVID- pandemic and
the war in Ukraine caused a shortage of micro-
chips that power their devices, demonstrat-
ing how global problems can become local and
describing the various solutions governments
can consider in addressing them. To encourage
high school teachers to use World resources
in their classrooms, forty new teaching resource
packages, including lesson plans, vocabulary
lists, presentations, and discussion guides, were
created as companions to support the vast library
of learning resources across the platform. Simi-
larly, over the course of the year CFR developed
updates for eight popular social studies courses
based on alignments to state standards and land-
ing pages.
Model Diplomacy is a free simulation pro-
gram that invites educators and their students
to step into the roles of decision-makers on the
U.S. National Security Council and UN Secu-
rity Council. Both the full-length and mini
simulations, which are based on hypothetical
or historical scenarios, help students develop
critical thinking, persuasive speaking and writ-
ing, and collaboration skills. During the past
year, CFR created new simulations to help stu-
dents understand pressing topics like the war
in Ukraine, prisoner swaps, a potential TikTok
ban, and the National Security Council.
Convene the Council is an online game devel-
oped in partnership with iCivics that prompts
students to make decisions about foreign policy
challenges faced by fictional countries. Top-
ics range from national security to pandemic
response, deforestation, and more, and provide
students age twelve and up with an understand-
ing of how U.S. foreign policy is made and how
countries and international organizations can
influence foreign policy priorities.
Vice President of Education Caroline Netchvolodo explains the need for a global civics education and how CFR Education can
help close the global literacy gap in the United States.
26
Outreach
Academic Outreach
CFR’s Academic Outreach initiative connects
educators and students with CFR and Foreign
Aairs publications, digital educational prod-
ucts, and programming for teaching and learn-
ing about international aairs. The initiative
continued its long-standing Academic Webinar
series for students and professors and its Higher
Education Webinar series for college and uni-
versity leaders, administrators, and professors.
CFR Academic attended four external confer-
ences, hosted by the Historically Black Colleges
and Universities Faculty Development Network,
Community Colleges for International Develop-
ment, Harvard National Model United Nations,
and the International Studies Association. CFR
Academic also hosted fourteen briefings, giv-
ing more than  participants from across the
country and internationally the opportunity to
interact directly with CFR fellows and sta. In
April, CFR held the annual College and Uni-
versity Educators Workshop, with nearly one
hundred educators from roughly ninety col-
leges and universities across the United States
and Canada.
Religion and Foreign Policy Program
Since , CFR’s Religion and Foreign Policy
program has provided a unique nonpartisan
forum in which to examine issues at the nexus
of religion and U.S. foreign policy. In May, the
program convened the annual Religion and
Foreign Policy Workshop, which welcomed
nearly one hundred members of religious com-
munities from across the country. Participants
represented twenty-seven faith traditions. The
program also organized multiple webinars for
their two series, Religion and Foreign Policy
and Social Justice, covering topics from the
protests in Iran to gun violence at home and
abroad. Program sta also attended the 
Annual Meetings of the American Academy
of Religion in Denver, cohosted by the Society
of Biblical Literature, where they convened
a panel discussion on human rights around
the world and distributed CFR resources to
conference participants.
Washington Outreach
CFR’s Congress and U.S. Foreign Policy pro-
gram aims to connect the work of CFR with
members of Congress, their stas, and execu-
tive branch ocials. The program is an essential
source of independent, nonpartisan analysis
to inform the direction of U.S. foreign policy.
It also oers a unique forum in which policy-
makers from both sides of the aisle can come
together for all-too-rare reasoned discussions
on foreign policy issues. This year, the program
facilitated briefings and consultations for Con-
gress both virtually and in person, in addition
to holding general outreach and relationship-
building meetings with members of Congress
and their stas. Congress continues to turn to
CFR for thoughtful analysis of pressing foreign
policy issues—including those related to China
and the war in Ukraine. Throughout , CFR
fellows have briefed members and sta from
more than two hundred oces.
The House and Senate principals meet-
ing series, cohosted with former Senator Tom
Daschle and former Representative Vin Weber,
restarted in-person events in May, convening
members of the U.S. House and Senate for a
conversation on China.
State and Local Outreach
CFR’s State and Local Ocials initiative con-
nects governors, mayors, state legislators, and
city and county leaders with resources on press-
ing global issues that aect local agendas. The
initiative continued its webinar series, which
averaged more than two hundred participants
per session. Conversations focused on top-
ics including electric vehicle infrastructure,
protecting democratic institutions, and U.S.
Department of State programs for helping state,
county, and municipal ocials foster interna-
tional diplomatic relations. Participants in these
sessions hailed from all fty states. Additionally,
27
the initiative hosted an in-person event in
December at CFR’s New York headquarters
for the National Conference of State Legisla-
tures Leaders Symposium; thirty-five state leg-
islators and seventy private-sector partners and
guests attended.
Local Journalists Initiative
To elevate conversations on U.S. foreign policy
choices and increase civic participation, CFR’s
Local Journalists initiative helps print, broad-
cast, and digital native journalists working for
regional outlets throughout the United States to
draw connections between the local issues they
cover and national and international dynamics.
CFR continued the conference call and webi-
nar series for those journalists to connect them
with experts and provide a forum for sharing
best practices. Sessions included conversations
on misinformation and media literacy, report-
ing on border and immigration policies, and
the future of global trade and U.S. economic
competitiveness.
Home and Abroad Series
In , CFR launched the Home and Abroad
public forum series, whose quarterly events edu-
cate the general public on issues at the nexus of
U.S. domestic and foreign policy that aect the
United States’ role in the world. Roughly ,
participants attended the October conversation
moderated by Richard Haass with Cornell Uni-
versity’s Jessica Chen Weiss, Stanford Univer-
sity’s Oriana Skylar Mastro, and Georgetown
University’s Evan Medeiros on China and U.S.-
China relations. More than , participants
attended the May conversation on U.S. strategy
toward the war in Ukraine that Good Trouble’s
Reena Ninan moderated with CFR’s Charles
Kupchan, the German Marshall Fund’s Heather
Conley, and the Quincy Institute for Responsi-
ble Statecraft’s Andrew Bacevich.
President of the Global Justice Center Akila Radhakrishnan; Executive Director of the Georgetown Institute for Women, Peace
and Security Melanne Verveer; Executive Religious Director of the All Dulles Area Muslim Society Center Mohamed Magid;
and Harvard Law School’s Director of the International Human Rights Clinic and Clinical Professor of Law Susan H. Farbstein
participate in the annual CFR Religion and Foreign Policy Workshop.
28
CFR.org continues to be a leading source of
timely analysis on critical foreign policy issues.
The website’s most popular pieces of content
continue to be Backgrounders, which provide
authoritative, accessible, and regularly updated
primers on hundreds of foreign policy top-
ics from around the globe. CFR also published
scores of In Briefs, which provide succinct run-
downs on important developments authored
by CFR fellows and the CFR.org editorial team
on topics including Russia’s war in Ukraine and
democratic upheavals in South America. Such
pieces helped the site continue to rank highly in
Google Search.
CFR continued to track an extraordinary
international news cycle, providing scores of
timely text, audio, and video explainers of
developments including the ongoing repercus-
sions of Russia’s invasion of Ukraine—NATO
expansion, Europe’s energy crisis, global food
insecurity—surging U.S.-China tensions over
Taiwan and climate-related threats. Notable
CFR.org content included new Explainers on
U.S. aid to Ukraine, the U.S. asylum process,
Russia’s influence in the Balkans, as well as
updated Backgrounders on China-Taiwan ten-
sions and Iran’s Revolutionary Guards. The
Ukraine aid piece was one of dozens of
CFR.org Explainers republished by PBS News-
Hour’s website as part of a renewed partnership.
Senior Fellow Thomas J. Bollyky released a
new interactive, How New Tobacco Control
Laws Could Help Close the Racial Gap on U.S.
Cancer.” Using data from the Centers for Dis-
ease Control and Prevention and the Institute
of Health Metrics and Evaluation, the interac-
tive shows how a ban on menthol cigarettes—
already enforced in Brazil, Canada, various
other countries, and the European Union—
could reduce racial disparities in lung cancer
deaths in the United States. The data suggests
that a menthol ban could close the gap in lung
cancer death rates between Black Americans
and other racial groups as soon as .
In January, CFR introduced its first YouTube
Shorts, one-minute-or-less excerpts curated
from CFR Events. In addition to excerpts from
CFR Events, the video team also started pro-
ducing original shorts, with CFR fellows dis-
cussing topics like Israel’s protests and artificial
intelligence concerns. The series has become
popular in terms of viewership, attracting more
than , views, more than , per short.
Interest in CFR’s podcasts also continued
to grow, with just shy of one million down-
loads in the first four months of the year. The
weekly podcasts—The President’s Inbox and
The World Next Week—are averaging one hun-
dred thousand downloads per month so far
in . The biweekly Why It Matters podcast
attracted strong industry recognition, winning
a Webby for best technology podcast for its
episode “The Three Internets. This was the
sixth Webby award for the website.
CFR’s public newsletters continue to attract
new audience members, now reaching more
than , subscribers. CFR’s daily news
wrap-up, The Daily News Brief, reaches nearly
, and CFR’s weekly flagship newsletter,
The World This Week, more than ,.
In addition, CFR maintains a significant
presence on social media. Despite turmoil at
X (formerly known as Twitter), CFR fellows
have close to . million followers on the plat-
form. Institutional social media accounts have
more than , followers on X, more than
, likes on Facebook, more than ,
followers on LinkedIn, more than , fol-
lowers on Instagram, and more than ,
subscribers on YouTube—reflecting steady
growth on most channels.
CFR Digital
29
Top: CFR’s new YouTube Shorts channel has attracted expanded audiences seeking the lowdown on international news and
newsmakers at CFR.
Bottom: Why It Matters, CFR’s seasonal Explainer series, garnered a Webby award as best technology podcast for its episode
The Three Internets.
30
After marking its centennial in , Foreign
Aairs magazine entered its second century as
the most thoughtful, read, and influential pub-
lication in its field—and is finishing fiscal year
 with record circulation, readership, and
revenue. The magazine complements all else
CFR does by providing a space for long-form
analysis and argument from a broad pool of
expert voices, in both the bimonthly print issue
and daily web essays.
The centennial issue, released in September
, unveiled a redesign of the magazine that
reflects the history, substance, and ambition of
what is inside each copy. That issue featured a
set of essays on “the age of uncertainty,” as well
as a special section, Books for the Century,”
in which reviewers selected the most impor-
tant books for understanding the century past
and the century ahead. Subsequent issues have
highlighted topics including China under Xi
Jinping (an essay by Kevin Rudd), the global
consequences of the war in Ukraine (essays by
Olaf Scholz, Liana Fix and Michael Kimmage,
Amy Zegart, and more), the geopolitics of tech
and innovation (essays by Eric Schmidt and Dan
Wang), and “the nonaligned world” (essays by
policymakers and scholars from Africa, Latin
America, and South and Southeast Asia).
ForeignAairs.com, meanwhile, has fea-
tured ongoing coverage of the central issues in
U.S. foreign policy and international aairs
today. Further, in its first year, the magazine’s
new biweekly podcast, The Foreign Aairs Inter-
view, has drawn several hundred thousand lis-
teners for some episodes, with guests including
Fiona Hill, Kevin Rudd, Timothy Snyder, Chair-
man of the Joint Chiefs of Sta Mark Milley, and
U.S. Ambassador to the United Nations Linda
Thomas-Greenfield.
Foreign Affairs
Oxford University Professor Emerita Margaret MacMillan and Yale University’s Robert A. Lovett Professor of Military and Naval
History John Lewis Gaddis join Foreign Aairs Editor Daniel Kurtz-Phelan for a conversation oering a historical perspective on
the Foreign Aairs centennial.
31
Membership
32
Since its founding in , the Council on For-
eign Relations has grown a membership of
more than five thousand prominent leaders in
the foreign policy arena, including top govern-
ment ocials, scholars, business executives,
journalists, lawyers, and nonprofit profession-
als. The membership is composed of those
residing in the greater New York and Washing-
ton, DC, areas, and a plurality based around the
United States and abroad.
CFR members enjoy unparalleled access to a
nonpartisan forum through which they engage
with and gain insight from experts in interna-
tional aairs. Members have in-person access
to world leaders, senior government ocials,
members of Congress, and prominent thinkers
and practitioners in academia, policy, and busi-
ness, many of whom are members themselves.
Convening nearly one thousand events annu-
ally, CFR is dedicated to facilitating an intel-
lectual exchange of ideas through expert panel
discussions, symposia, town halls, livestreams,
and CEO forums exclusively for members.
Through exposure to CFR’s think tank, publi-
cations, briefing materials, and special content
on CFR.org and ForeignAairs.com, mem-
bers benefit from an expansive collection of
unmatched intellectual capital and resources.
The Council seeks quality, diversity, and
balance in its membership. Criteria for mem-
bership include intellectual achievement and
expertise; degree of experience, interest, and
current involvement in international aairs;
promise of future achievement and service in
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.
Applying for Membership
Eligibility Requirements
Membership is restricted to U.S. citi-
zens (native born or naturalized) and
permanent residents who have applied to
become citizens.
CFR visiting fellows are prohibited from
applying for membership until they have
completed their fellowship tenure.
CFR members are required to fulfill annual
dues requirements.
Candidates must submit an online application,
complete with a nominating letter from a cur-
rent CFR member and seconding letters from
three to four other individuals.
To apply for membership, visit
cfr.org/membership/individual-membership.
Membership Deadlines
and Candidate Notification
The two annual membership application dead-
lines are March  and November . All mem-
bership candidates and their letter writers will
receive notification of the election decisions in
late June for the March  deadline, and in early
March for the November  deadline.
For More Information
To learn more about the membership appli-
cation process or for information on nomi-
nating a candidate, visit cfr.org/membership
or contact Membership at .. or
applications@cfr.org.
Membership
33
Applying for Term Membership
Eligibility Requirements
Term membership is restricted to U.S.
citizens (native born or naturalized) and
permanent residents who have applied to
become citizens.
Candidates for term membership must be
between the ages of thirty and thirty-six on
January  of the year in which they apply.
CFR visiting fellows are prohibited from
applying for term membership until they
have completed their fellowship tenure.
Graduate students should generally wait
until after the completion of their degree to
apply for term membership.
CFR term members are required to fulfill
annual dues requirements.
Term membership candidates must submit an
online application, complete with a nominating
letter from a current CFR member and second-
ing 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 mem-
bership is January . All term membership
candidates and their letter writers will receive
notification of the election decisions in late June.
The Stephen M. Kellen Term Member Pro-
gram, established in  to cultivate the next
generation of foreign policy leaders, encour-
ages professionals from diverse backgrounds
to engage in a sustained conversation on inter-
national aairs and U.S. foreign policy. Each
year, a new class of term members between the
ages of thirty and thirty-six is elected to serve
a fixed five-year term. Term members enjoy a
full range of activities, including events with
high-prole speakers; an annual Term Mem-
ber Conference; roundtables; trips to various
sites, including military bases, international
organizations, and U.S. governmental agen-
cies; and one weeklong study trip abroad every
two years.
For more information on the Term Member
Program, please visit
cfr.org/membership/term-member-program.
Stephen M. Kellen
Term Member Program
34
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 .
Location
National
New York Area
Washington, DC, Area
Total
Industry
Education
Nonprofit
Financial Institutions
Law and Consulting
Government
Media and News Services
Commerce
Information Technology
Military
Medicine and Health Care
Energy and Power
Other
Total
Number
of Members
2,257
1,421
1,556
5,234
1,031
1,001
797
657
456
336
174
159
111
61
35
416
5,234
Percentage
of Membership
43
27
30
100
20
19
15
13
9
6
3
3
2
1
1
8
100
Profile of the Membership
35
20%
19%
15%
13%
8%
9%
6%
3%
3%
1%
Education
Nonprofit
Financial
Institutions
Law and
Consulting
Other
Government
Media and News Services
Commerce
Information Technology
2%
Military
Medicine and Health Care
Energy and Power
1%
New York Area Washington, DC, Area National
individual members
5,234
1,421 1,556 2,257
36
Corporate
Program
37
Founded in  with twenty-five corporate
members, the Corporate Program has since
expanded to include more than one hundred
companies from various industries and regions
across the world. Through CFR’s unmatched
convening power, the program connects
private-sector leaders and decision-makers
from government, media, nongovernmental
organizations, and academia to discuss issues at
the intersection of business and foreign policy.
Corporate membership is available at three
levels: Founders ($,), President’s Circle
($,), and Aliates ($,). Member
companies have access to the Council’s intel-
lectual capital through briefings with in-house
experts, CFR resources tailored to the private
sector, Foreign Aairs magazine, and hundreds
of meetings each year, including roundtables
designed specifically for corporate executives.
The highlight of the program year is the annual
Corporate Conference, which addresses such
topics as competitiveness, geopolitical risk, and
the global economic outlook. Additionally, the
program provides professional development
opportunities for individuals on a senior man-
agement track through its Corporate Leaders
Program, and, for those at the start of their
careers, through its Young Professionals Brief-
ing series.
Profile of the
Corporate Membership
Note: Percentages do not necessarily total  because of rounding.
38
Founders ($100,000+)
All President’s Circle and Aliates benefits plus:
Four CFR fellow briefings tailored to the
company’s interests
Professional development opportunity for
four rising executives to participate in the
Corporate Leaders Program, which oper-
ates in conjunction with the competitive
Stephen M. Kellen Term Member Program
Fifteen Foreign Aairs print subscriptions
One-time complimentary cover or pre-
mium position advertisement in Foreign
Aairs and exclusive discounts on digital,
sponsored content, and continued print
advertising
One rental of the historic Harold Pratt
House ballroom and library (based on
availability)
Prominent logo placement on the Corpo-
rate Program webpage and at the annual
Corporate Conference
Benefits of
Corporate Membership
President’s Circle ($75,000)
All Aliates benefits plus:
Invitations for leadership-level executives
to attend the Chairman’s Circle Dinner
and the Annual Dinner with CFR’s Board
of Directors and Global Board of Advisors
Opportunities for senior executives to par-
ticipate in roundtables led by CFR fellows
and attend exclusive events with noted
thinkers and practitioners in government,
policy, academia, and the private sector
Two CFR fellow briefings tailored to the
company’s interests
Professional development opportunity for
two rising executives to participate in the
Corporate Leaders Program, which oper-
ates in conjunction with the competitive
Stephen M. Kellen Term Member Program
Ten Foreign Aairs print subscriptions
One-time complimentary full-page adver-
tisement in Foreign Aairs and exclusive
discounts on digital, sponsored content,
and continued print advertising
39
Affiliates ($40,000)
Invitations for executives to participate in
hundreds of CFR events each year held vir-
tually and in New York, Washington, DC,
and other major cities in the United States
and around the world
Invitations to rapid-response discussions
led by CFR fellows and other experts
Opportunities for senior executives to
participate in special roundtables with
CFR’s president
One CFR fellow briefing tailored to the
company’s interests
Invitations for executives to attend the
Corporate Conference, CFR’s annual
summit on geopolitical and geoeconomic
issues of interest to the international busi-
ness community
Opportunities for young professionals to
participate in special briefings and select
meetings
Access to CFR digital resources tailored
to the private sector including the member
services portal
Six Foreign Aairs print subscriptions
Exclusive discounts on additional Foreign
Aairs subscriptions, advertising, and cus-
tom events with editors
Reduced rates for rental of the Harold
Pratt House in New York City and  F
Street in Washington, DC
Recognition on CFR’s corporate member-
ship roster
Note: Corporate membership dues are  percent tax deductible. Corporate dues provide unrestricted funding that helps CFR
maintain its role as an independent, nonpartisan resource for its members and the general public on current and emerging
foreign policy issues.
For more information, please contact the Corporate Program at corporate@cfr.org or ...
40
Financial
Highlights
41
Statements of Financial Position
As of June 30, 2023 (with comparative totals for June 30, 2022)
Assets   Change
Cash and cash equivalents $ 61,270,400 $ 47,595,400 $ 13,675,000
Accounts receivable, net 2,110,200 2,042,000 68,200
Prepaid expenses and inventory 1,509,000 1,553,400 (44,400)
Grants and contributions receivable, net 19,921,900 8,310,200 11,611,700
Contributions receivable for endowment, net 11,644,600 10,071,900 1,572,700
Investments 564,417,300 544,085,500 20,331,800
Land, buildings and building improvements, 58,834,200 60,512,800 (1,678,600)
and equipment, net
Total assets ,, ,, ,,
Liabilities
Accounts payable and accrued expenses 9,100,300 9,077,500 22,800
Deferred revenue 7,296,900 7,283,000 13,900
Accrued postretirement benefits 3,780,000 3,713,000 67,000
Interest-rate swap agreement 571,700 2,604,200 (2,032,500)
Bonds payable 44,430,000 46,570,000 (2,140,000)
Total liabilities ,, ,, (,,)
Net assets
Without donor restrictions 142,196,600 135,316,200 6,880,400
With donor restrictions 512,332,100 469,607,300 42,724,800
Total net assets ,, ,, ,,
Total liabilities and net assets $,, $,, $,,
Note: To view the full  Financial Statements, please visit cfr.org/annual-report-.
42
Statement of Activities
For the year ended June 30, 2023
Net assets Net assets
without donor with donor
Operating revenue and support restrictions restrictions Total
Membership dues $ 9,036,200 $ — $ 9,036,200
Annual giving 10,111,000 10,111,000
Corporate memberships and related income 6,673,400 153,800 6,827,200
Grants and contributions 1,751,800 33,328,800 35,080,600
Foreign Aairs publications 11,709,500 11,709,500
Investment return used for current operations 7,614,500 18,834,700 26,449,200
Rental income 1,977,100 1,977,100
Miscellaneous 764,700 — 764,700
Net assets released from restrictions 31,191,800 (31,191,800)
Total operating revenue and support ,, ,, ,,
Operating expenses
Program expenses:
Studies Program 29,132,500 29,132,500
Task Force 587,800 587,800
NY Meetings 1,809,900 1,809,900
DC programs 1,799,800 1,799,800
Special events 459,200 459,200
Foreign Aairs publications 13,151,600 — 13,151,600
National Program 1,560,200 1,560,200
Outreach Program 2,152,400 2,152,400
Term member 643,100 643,100
Digital Program 4,112,400 4,112,400
Education Program 3,443,100 3,443,100
Membership 2,119,600 — 2,119,600
Global Board of Advisors 101,200 101,200
Total program expenses $,, $ $,,
Note: To view the full  Financial Statements, please visit cfr.org/annual-report-.
43

Net assets Net assets
without donor with donor
restrictions restrictions Total
Supporting services
Fundraising:
Development $ 3,188,700 $ — $ 3,188,700
Corporate Program 2,031,800 2,031,800
Total fundraising ,, ,,
Management and general 14,088,200 14,088,200
Total supporting services ,, ,,
Total operating expenses ,, ,,
Excess (deficiency) of operating revenue , ,, ,,
and support over operating expenses
Nonoperating activities
Investment gain in excess of spending rate 2,021,400 11,829,900 13,851,300
Endowment contributions 2,445,000 9,769,400 12,214,400
Change in value of interest-rate swap agreement 2,032,500 2,032,500
Postretirement changes other than net periodic (67,000) (67,000)
and service costs
Total nonoperating activities ,, ,, ,,
Change in net assets ,, ,, ,,
Net assets, beginning of year ,, ,, ,,
Net assets, end of year $,, $,, $,,
Note: To view the full  Financial Statements, please visit cfr.org/annual-report-.
44
Note: To view the full  Financial Statements, please visit cfr.org/annual-report-.
Statement of Activities
For the year ended June 30, 2022
Net assets Net assets
without donor with donor
Operating revenue and support restrictions restrictions Total
Membership dues $ 8,365,400 $ — $ 8,365,400
Annual giving 10,680,500 10,680,500
Corporate memberships and related income 6,780,700 148,500 6,929,200
Grants and contributions 3,376,100 7,233,400 10,609,500
Foreign Aairs publications 10,797,000 10,797,000
Investment return used for current operations 6,930,400 17,209,500 24,139,900
Rental income 1,118,900 1,118,900
Miscellaneous 89,200 — 89,200
Net assets released from restrictions 29,136,400 (29,136,400)
Total operating revenue and support ,, (,,) ,,
Operating expenses
Program expenses:
Studies Program 24,397,000 24,397,000
Task Force 416,200 416,200
NY Meetings 1,336,700 1,336,700
DC programs 1,448,600 1,448,600
Special events 630,700 630,700
Foreign Aairs publications 11,426,000 — 11,426,000
National Program 1,300,200 1,300,200
Outreach Program 1,732,700 1,732,700
Term member 414,000 414,000
Digital Program 5,766,300 5,766,300
Education Program 4,887,100 4,887,100
Membership 1,911,600 — 1,911,600
Global Board of Advisors 28,400 28,400
Total program expenses $,, $ $,,
45
Note: To view the full  Financial Statements, please visit cfr.org/annual-report-.

Net assets Net assets
without donor with donor
restrictions restrictions Total
Supporting services
Fundraising:
Development $ 2,274,600 $ — $ 2,274,600
Corporate Program 1,800,300 1,800,300
Total fundraising ,, ,,
Management and general 16,722,100 16,722,100
Total supporting services ,, ,,
Total operating expenses ,, ,,
Excess (deficiency) of operating revenue and , (,,) (,,)
support over operating expenses and transfers
Nonoperating activities
Investment gain in excess of spending rate (14,613,900) (40,989,400) (55,603,300)
Endowment contributions 1, 616,000 1, 616,000
Change in value of interest-rate swap agreement 5,054,900 5,054,900
Postretirement changes other than net periodic 1,236,000 1,236,000
and service costs
Total nonoperating activities (,,) (,,) (,,)
Change in net assets (,,) (,,) (,,)
Net assets, beginning of year ,, ,, ,,
Net assets, end of year $,, $,, $,,
46
Credits
Editor: Patricia Lee Dor
Senior Editor: Caitlin Moran
Associate Editor: Cassandra Jensen
Photo Editor: Luke Campopiano
Copy Editor: Glenn Court
Cover Design: Sabine Baumgartner and Dalia Albarran Palma
Production: Dalia Albarran Palma and Gene Crofts
Publications Intern: Zoe Federman
Photos
Page 17: Kaveh Sardari
Page 18: Don Pollard
Page 19: Sherman Chu, Don Pollard
Page 20: Don Pollard
Page 23: Howard Heyman
Page 24: Kaveh Sardari, Don Pollard
Page 25: Don Pollard
Page 27: Don Pollard