This paper complements ?Value and Ethical Analysis in Vulnerability to Climate Change: Establishing an Analytic Framework for Identifying, Classifying and Evaluating Vulnerability Issues? (April, 2005). Much of theoretical background for what I am calling ?values analysis? has been articulated in that paper. The task there was to develop a value analytic approach to stakeholder vulnerability. For this paper, the task is to develop a value analytic approach to identifying and assessing institutional capacities to adapt to climate change in light of stakeholder vulnerabilities. It is written as a companion paper to the H. Diaz, A. Rojas, Richer and S. Jeannes paper, ?Institutions and Adaptive Capacity to Climate Change? (2005) and the H. Diaz and A. Rojas, ?Methodological Framework for the Assessment of Governance Institutions? (March 2006). There are two major sources of information regarding (formal) institutional values: 1) documentation (internal and external) such as mandates, mission statements and to some extent, policies; 2) practices of the institutions and their agents. The differences between stakeholder and institutional value analysis are marked by 1) more explicit and well defined value and ethical commitments for institutions, owing to the documentation and publically identifiable practices, 2) role differentiated responsibilities of institutional agents that limit what values they are free to exercise