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De Wit, & Meyer: Financial Analysis

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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 …show more content…
The corporate mission is vital to establishing the strategies of the organization, (De Wit, & Meyer, 2010). The mission establishes direction, thus guiding the organization in the right direction. The functions of the mission include elements, functions and form, (De Wit, & Meyer, 2010). The elements of the corporate mission are broken down into three areas to include organizational beliefs, values and business definitions, (De Wit, & Meyer, 2010). The organizations beliefs, is what is followed and valued within the organization. , (De Wit, & Meyer, 2010). It is imperative that all members within the organization follow a shared belief in order for the mission to be successful, (De Wit, & Meyer, 2010). Values shape the beliefs of the organization identifying what is right, regarding ethical behavior. Values also play a significant role in developing strategic guidelines. The last component under elements is the business definition that defines the organizations identity, (De Wit, & Meyer, 2010). A strong definition establishes the direction of the business through new opportunities. The functions of the mission serve to identify the corporates direction, legitimacy and motivation, (De Wit, & Meyer, 2010). This statement should divine the businesses beliefs and identify goals and objectives providing a direction of focus by stimulating motivation amongst those within the organization, (De …show more content…
According to the authors, there are three functions in corporate governance to include forming, performance and conformance, (De Wit, & Meyer, 2010). The first function is forming, which entails the actual development of priorities to insure clarity of the basic principles that drive the organization, (De Wit, & Meyer, 2010). Performance function is the development of strategies for future aspirations insuring that new methods are being implanted to inspire performance to establish the corporates vision, (De Wit, & Meyer, 2010). The last function in corporate governance is conformance, (De Wit, & Meyer, 2010). Conformance establishes adherence to strategy’s to insure compliance with the organizations mission, (De Wit, & Meyer, 2010). Conformance will identify areas of management that are deficient, by addressing these issues and reestablishing conformity through change, (De Wit, & Meyer, 2010). The authors state that the board of directors are responsible for establishing conformity within management to implement change as needed, (De Wit, & Meyer, 2010). Corporate governance addresses three areas of importance regarding the board of directors, (De Wit, & Meyer, 2010). These characteristics are listed as board structure, membership and tasks, (De Wit, & Meyer, 2010). Board structure can be

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