Principled Leadership Principled Leadership

    What must guide Merrill Lynch in the years ahead is principled leadership. By this we mean vigorous leadership, both by  Merrill Lynch and within Merrill Lynch at all levels -- leadership that is rooted firmly in our principles, directed toward our objectives and suited to our exacting standards.

The five Merrill Lynch Principles -- Client Focus, Respect for the Individual, Teamwork, Responsible Citizenship  and Integrity -- distill into a few basic concepts a philosophy of corporate governance while serving as a guide to our corporate culture.

They provide each of our employees with touchstones to guide daily activities. They are ethical lodestars, and they also establish the importance of working together to serve the client in ways that inspire pride in all of us.

Principled leadership requires encouraging and systematically preparing future generations of Merrill Lynch leaders. It also means continuous leadership by everyone at Merrill Lynch in carrying financial management and advice to the next level, and in preparing ourselves to serve future generations of clients.

Sustained excellence is neither a destination nor a state of being, but a process of becoming. Each goal met becomes a platform from which to stretch toward another.

By holding firmly to our principles, we preserve our right to lead. By coordinating our strategies and marshaling the full range of Merrill Lynch resources, we bring extraordinary force to bear on each objective. These processes are now in place. They work.

David H. Komansky and Daniel P. Tully

Through principled leadership, Merrill Lynch can and will lead the way in transforming financial services and how they are delivered worldwide.

We envision a future as one world-class company -- integrated and coordinated, whose parts function as a whole. Our future is as a company preeminent in our field, global in our outlook, perfectionist in our standards, embracing change as we lead the way to ever-new heights of performance, and bringing our shareholders returns fully commensurate with that performance.



    We are engaged in an enterprise vital to the prosperity of the world. We aspire to be an engine for growth and a better standard of living for people everywhere. We believe that as our clients prosper, so will their families, their businesses and their communities.

We welcome the challenge to be the best so that we can do our best, so that wherever people dream and strive, Merrill Lynch will be a symbol of excellence.


Daniel P. Tully
Chairman and Chief Executive Officer
March 4, 1996
David H. Komansky
President and Chief Operating Officer

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