Which sounds more attractive – a return on investment of 14% or 2%? As an investor, you would grab the 14%, no question.

Yet many UK companies see a primary measure of their success as returning cash to shareholders - for that money to be reinvested at a lower rate elsewhere than could be achieved by the company. Among the heaviest drags on long-term UK corporate performance are the lack of investment by companies and the misallocation of capital across the investment chain.