On 20 February the IIRC launches a revision of its Integrated Reporting <IR> Framework. A key question remains target audience. The current Framework determines “the providers of financial capital” as the primary users of <IR>. Some feel this should be expanded to stakeholders broadly (providers of all types of capital). Implied is whether materiality is ultimately determined with reference to significant financial consequences. The IIRC revision topic paper underlines that <IR> is about meeting the needs and interests of key stakeholders, and that value creation requires an understanding of diverse resources and relationships. It states: “Connecting this logic to investment decisions does not undermine this process, nor does it negate the importance of other stakeholders… integrated reports infuse the collection of stakeholder views as integral to the value equation and as a proxy for the organization`s quality of leadership.”