Academics warn that committees require corporate governance expertise, greater independence and sufficient time if they are to ensure high-quality audit.

The next government must increase the accountability of the corporate governance system to society and encourage a focus on long-term, sustainable business.

The framework aims to guide companies and lawmakers towards policies and practices that help “profitably solve the problems of people and planet”.

The research company says the move aims to "encourage open discussion among investors and companies on how to improve sustainability across the board".