Mission Mangement & Trust

In: Business and Management

Submitted By aolstad
Words 982
Pages 4
1. How do the mission elements of Mission Management differ from most firms?

Mission Management and Trust developed a unique strategy that highlighted socially conscious policies combined with good business relations. Founder Carmen Bermudez started Mission with three principal goals in mind. 1. To run a top-quality trust company; 2. To promote within the company and, by example, increase opportunities for women and minorities; and 3. To donate a portion of all revenue to charitable projects supported by clients and staff. This mission is very different from most trust management firm practices – firms are expected to provide economic sustenance and material well being. Most investors want a high rate of return for their trusts, and social policy and societal goals are of a much lesser concern. Mission was created with a specific purpose that was focused not just on the business of trust management but on the responsibility of being a good corporate citizen.

2. Does donating to charity before the firm is fully established mean that Mission is not demonstrating financial prudence?

Mission Management and Trust is considered a fiduciary. A fiduciary is an individual or an organization holding assets for another party, often with the legal authority and duty to make decisions regarding financial matters on behalf of the other party. In all cases, fiduciary duty requires that actions taken on behalf of the other party be in the best interests of the other party. One of the responsibilities of a fiduciary is to demonstrate financial prudence (or care). Mission Management and Trust should act in their positions as any prudent person in a like position would act under similar circumstances. They need to balance their duty to make sure the organization is doing well financially and providing a return for their investors with their charge to represent…...

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