A number of key metrics are already established. Others are yet to be finalised and those illustrated in this version of the framework are current working examples.

In the selection criteria for the core non financial drivers, we determined they should have metrics for measurement relevant across businesses, sectors and markets. This test is met for each of the drivers but the research programme is examining this more extensively.

However, we felt it appropriate to include these working examples to stimulate feedback and comment while our work is in progress.

One of the main challenges is that fact that many companies will measure performance against the core drivers in broadly similar ways, reflected in the key metrics suggested. However the exact metrics and bases will not necessarily translate from business to business.

We are not convinced that this is a problem. The emphasis should be on the individual company narrative on: the link between key metrics and delivery of the business strategy (and consequent financial performance); the company’s own comparative performance against its variant of the key metrics over time; and the way it is managing improvement activity including the role of ESG factors.

However, if the lack of inter-company or sectoral measures is a significant blockage to investor understanding of the narrative, then this may be a business case for more common approaches to emerge based on sectoral, industry or accounting body initiatives.