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In order to make corporate governance (the prodedure by which corporations are directed) more proactive rather than merely compliance driven, best practice encourages boards to set mission, vision and values.
This is generally explained as
Mission = What we do.
Vision = Where we want to be and therefore why we do it.
Values = What we are or are not prepared to do in pursuit of our mission, in other words how we do what we do.
This diary suggests there is a missing V wwhich stands for
Village = who we are going to do it with.
This concept is meant to focus board attention on identifying and managing key relationships i.e. allies - those who can help us achieve our objectives, stakeholders - those who see themselves as effected by our operations and political and community relationships which may be both threats and opportunities.
This concept has emerged from my work in risk mangement.
