In 1992 the Trust formally set out its core purpose:
- 'To secure the financial and editorial independence of The Guardian in perpetuity: as a quality national newspaper without party affiliation; remaining faithful to its liberal tradition; as a profit-seeking enterprise managed in an efficient and cost-effective manner.’
The statement of objectives continues:
- ‘All other activities should be consistent with the central objective. The Company which the Trust owns should: be managed to ensure profits are available to further the central objective; not invest in activities which conflict with the values and principles of the Trust.
- ‘The values and principles of the Trust should be upheld throughout the Group. The Trust declares a subsidiary interest in promoting the causes of freedom in the press and liberal journalism, both in Britain and elsewhere.’
The formal responsibilities of the Trustees were also defined at this point. They are:
- to secure the Trust’s own continuity by renewing its membership and by dealing with threats to its existence
- to monitor the organisation, financial management and overall strategy of the Group, holding the Board accountable for its performance
- to appoint and ‘in extreme circumstances’ to dismiss the editors of the Guardian, the Manchester Evening News and the Observer
- to act as a ‘court of appeal’ in the event of any dispute between the editorial and managerial sides of the operation
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