Almost 15 years ago the senior management of Stern Stewart made a critical decision to introduce the Stern Stewart Institute, also known as the EVA Institute. It was to be a 2½-day meeting in which presentations were made and panel discussions were to follow on a large variety of subjects that impact on the process of value maximization. The purpose was to have both professors from the premier graduate schools of business and senior management present to our clients and guests in a forum designed to be a center for continuing education. After all, implementing a value based management system is not an easy task; it involves adaptations in corporate culture because the fundamental objective is to have employees see themselves as value change agents rather than as corporate overhead. They must recognize that an investment in human capital should be viewed in the same way physical assets are evaluated.

Since our approach to value based management was based on my very close association with Professor Merton H. Miller at The University of Chicago, we wanted Professor Miller, his students and his disciples to be frequent participants with our clients` managements so that questions could be explored beyond the initial boundaries of a normal value based management system. Furthermore, we wanted the newest research to be incorporated