In the Financial Reporting Council’s latest revisions to the UK Corporate Governance Code, it is made clear that UK primary listed companies must explain how they monitor and manage their culture. They must also take into account a wider set of stakeholders in their board decision-making process.

For some organisations, this is going to create quite a challenge. Many directors and non-executive directors still hold the belief that culture and, to a lesser extent, stakeholder engagement can’t be measured. The story goes, if it can’t be measured, then it can’t be managed. And, if it can’t be managed then it has no place on the board agenda.