The GSB has launched a new scholarship following an innovative agreement struck with visiting professor and financial economics guru, Joel Stern. Stern generously waived the fees he would have received for teaching on the MBA programme and running an executive short course at the school this year. Instead, the funds were used to set up the new scholarship.

The bursary, worth R50 000, will be awarded for the first time in 2004 and will be known as the Marinus Darling Scholarship. It will be awarded on merit to people from disadvantaged backgrounds.

GSB director, Professor Nick Segal, thanked Stern for his valuable contribution to the school.

"On behalf of the GSB, and indeed UCT, I would like to express our appreciation of Stern's generosity in establishing this scholarship."

Stern is a recognised authority on financial economics, corporate performance measurement, corporate valuation and incentive compensation and is a pioneer and leading advocate of the concept of shareholder value. He is the former president of Chase Financial Policy and is managing partner of Stern Stewart.

Besides a very demanding corporate life, Stern has maintained close relations with both the academic world and with the media. He has served on the faculties of graduate business schools in America and abroad, and has regularly contributed comment to the London Sunday Times, The Financial Times, Wall Street Journal, the New York Times Sunday Forum and Fortune.

Stern will return to the GSB next year when he will continue teaching under the same agreement.