The idea that every business needs a messianic mission statement took hold in the 1970s, to “humanise” faceless global corporations. The management guru Peter Drucker was a prime mover of the idea. A good mission statement, Drucker said, should be “short enough to fit on a T-shirt”. Its message should be “broad, even eternal” and “every board member, volunteer, and staff person should be able to see the mission and say, ‘Yes. This is something I want to be remembered for’”.

In the years since, the more high-minded that “eternal” statement has been, the more likely it will end up being referenced in criminal courts. Enron, prior to its $65bn bankruptcy and convictions of board members for fraud and insider trading, published its core value as being “To treat others as we would like to be treated ourselves”. The CEO of Lehman Brothers, who received $484m in salary in the seven years........

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