We argue that in contemporary business organizations, in which fundamental purpose is construed to be increased value—especially in ‘participative’ organizations, in which non–hierarchal interaction (for example, work teams) is the norm; and in ‘adaptive’ organizations, in which unpredictable change is the rule—a process of values covenanting will be much more valueable than just espoused values or even values covenants. We propose such a process model for organizational values covenanting and argue that such covenanting reflects an anthropomorphism of the human character development process, validated in terms of the theory of viable systems.