• Value creation
• Connectivity of information
• Strategic focus and future orientation

Key observations:

M&S’s 2017 Annual Integrated Report presents a ‘Connected value’ spread which concisely integrates a number of additional factors into the company’s business model (thereby complying with paragraph 3.6 of the International <IR> Framework – stating that Integrated Reports should show a “holistic picture” of the factors that influence a company’s value creation ability).

As well as outlining the business model inputs, business activities, outputs and outcomes (as required by 4.12 of the Framework), the spread summarises M&S’s core objectives (under the classes of ‘financial’, ‘non-financial’ and ‘strategic’) and also directs readers to the KPIs section. Condensed discussions on the risks that relate to each category of objectives are also included in the model, along with signposts to the relevant sections of both the governance and remuneration discussions that feature later in the report. Overall this model demonstrates strong connectivity (3B of the Framework) between elements of the report, making the relationships between various factors clear to the reader and indicating where further information can be found.