This essay is winner of the PricewaterhouseCoopers 2002 European Shareholder Value Award, sponsored in conjunction with Financial News and the European Business Forum. The winner, Professor Bob Garratt, visiting professor in corporate governance at Imperial College, received „10,000 for the best essay on the theme: "Delivering value in a downturn: have boards emphasised governance at the expense of strategy?" The award was judged by Philip Wright, global head of corporate finance and recovery at PwC, Karl Ludwig-Kley, CFO of Deutsche Lufthansa, Sir Brian Pitman, former chairman of Lloyds TSB, and Christian Strenger, director of DWS. Other judges included Ian Rushby, vice-president and general auditor of BP, Peter Wilson-Smith, editor-in-chief of Financial News, Tim Dickson, editor of European Business Forum, Peter Montagnon of the Association of British Insurers and David Waller, chief executive of CardewChancery. They unanimously voted for Garratt's submission after reviewing entries from around Europe as well as the US, Asia and Africa.

Is the sudden international interest in effective corporate governance, combined with falling markets, beginning to deflect companies and society from developing wise, robust and implementable business policies and strategies?