Defining the Firm's Purpose for Culture

What are some challenging and inspiring statements of purpose?

• “To use our imaginations to bring happiness to millions”: Disney Corporation
• “To give people the freedom to fly”: Northwest Airlines
• “To make sustainable living commonplace”: Unilever
• “To alleviate pain and suffering”: Johnson & Johnson

Also in other sectors, even some of the more workmanlike purpose statements have a strong element of humanity:

• “To discover, develop and provide innovative products and services that save and improve lives”: Merck
• “The happiness of the Partnership’s members, through their worthwhile and satisfying employment in a successful business”: John Lewis Partnership

What purpose does the conduct regulator want to see?

Several regulators and think tanks have also proposed helpful descriptions of the purpose of financial services firms to help financial firms along the way with the challenge of articulating purpose.

• A purpose beyond just making money
• Channelling and guiding the investment and funding with which our economy is built
• Diversifying risks and providing affordable financial support to those in need by advancing credit
• Vital infrastructure: facilitating every single economic transaction through the payments system
• Delivering long-term sustainable benefits for employees, consumers and shareholders
• Sustainable custodianship and stewardship of assets
• Supporting markets, and mediating between savers and borrowers
• Delivering fair value to customers and long-term value for shareholders