Which of the following is NOT listed as a capital in Integrated Reporting?

• A. Financial
• B. Natural
• C. Human
• D. Operational

Answer: (D)

Integrated Reporting uses six capitals to describe the resources and relationships that underpin value creation: financial capital, manufactured capital, intellectual capital, human capital, social and relationship capital, and natural capital. The term operational capital is not one of these capitals, so it isn’t listed in the framework. The option that corresponds to operational capital is the one that isn’t part of the six capitals. The others—financial, natural, and human—are all standard capitals in Integrated Reporting, representing money/resources, environmental resources, and people/skills, respectively.