Factors Regarding The Corporate Mission Essay

1005 Words Jul 4th, 2016 null Page
My research this week identifies several factors regarding the corporate mission, (De Wit, & Meyer, 2010). The mission is essential to define the direction, beliefs and values of a corporation, (De Wit, & Meyer, 2010). Without a mission there is no guidance, therefore the corporation will easily loose its direction. This leads to missed opportunities by being indecisive in their objectives. Corporate governance insures that executive management is developing strategies that are in line with the corporate mission, (De Wit, & Meyer, 2010). Corporate governance is composed of three functions, to include performance, forming and conformance, (De Wit, & Meyer, 2010). Forming function entails the establishing of priorities and principles in which to guide the organizational activities, (De Wit, & Meyer, 2010). Performance function addresses the future goals of the organization insuring that performance is established in meeting these goals, (De Wit, & Meyer, 2010). By improving performance, the corporation will be able to meet projected goals reassuring sustainability in a volatile market. The conformance function insures stability by holding management accountable for their actions insuring strategy is in place and activities are supported, (De Wit, & Meyer, 2010). Conformance will also identify deficiencies in which the board of directors can take affirmative action to successfully implement change, (De Wit, & Meyer, 2010). According to the authors, profits alone…

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