This study seeks to compare the mission statements of higher education institutions in Wales as well as to compare these with regional level policy statements and demands from the market. The underlying idea is to reveal the extent to which mission statements actually differ and are (or are not) in line with such regional policies and market demands. The importance of the study is that it highlights the extent to which expectations from either government or the market are actually taken on board by institutions and the extent to which this could threaten institutional diversity. The study shows that congruence of missions is expressed in elements relating to excellence, research and a commitment to Wales and its economy. At the same time, missions are very diverse, with no two institutions stressing the same set of mission elements. The findings do not indicate that mission diversity is threatened by policy or market forces. (Contains 4 tables and 1 figure.)