Publisher's copyright statement:This article is c Emerald Group Publishing and permission has been granted for this version to appear here http://dro.dur.ac.uk/15789/. Emerald does not grant permission for this article to be further copied/distributed or hosted elsewhere without the express permission from Emerald Group Publishing Limited.
Additional information:Use policyThe full-text may be used and/or reproduced, and given to third parties in any format or medium, without prior permission or charge, for personal research or study, educational, or not-for-prot purposes provided that:• a full bibliographic reference is made to the original source • a link is made to the metadata record in DRO • the full-text is not changed in any way The full-text must not be sold in any format or medium without the formal permission of the copyright holders.Please consult the full DRO policy for further details. Purpose The purpose of this paper is to explore the potential of the metaphor of capital, and to chart the development of the multiple capitals concept in the International Framework and consider how it might develop and be used. In doing so the paper discusses the implications of the contributions to this special issue in the further development of the capitals concept.Design/ methodology/approach We draw on documents of the International Integrated Reporting Council (IIRC) and review the literature on capitals to consider the formation of the metaphor of multiple capitals. This is reflected upon while recognising the varied involvement of the authors with the IIRC capitals conception. The challenges of conceiving a multiple capitals framework are critiqued with reference to empirical and theoretical contributions drawn from recognition of planetary boundaries, gendered capitals, power and intersection of capitals, and important practical and conceptual insights raised by papers in this special issue.
FindingsWe find that the agenda of the IIRC is a shift from a "financial capital market system" to an "inclusive capital market system" through recognition of multiple capitals and integrated reporting and thinking. It is emphasised that their vision is not intended as a call for the measurement of these various capitals in monetary terms alone. Through insights from research on planetary boundaries and gendered capitals, we critique the potential communsurability of capitals and make visible potential tensions between them. Some of the challenges and opportunities when reporting on multiple capitals are recognised. These include: use of the capitals terminology; analysing connectivity between the capitals; the extent to which value created (and depleted) by each capital should be monetized and highlight possibilities for future research. There is division within academia, accounting in particular, on the appropriateness of applying the term capital beyond finance and economics to social issues and nature. There is fear on one side that people and nature become captured by economic hegemony and their intrinsic value...