The Financial Times published a letter from Philip Whiteley, chair of the Human Capital Forum, questioning the dominance of accountancy as the guiding force in merger activity.

'It is assumed that assets owned by the business and easily measured by accountancy are "tangible", and that the human capital at the heart of the two companies is "intangible". These terms are misnomers: it is the people who exist, and the accounts that are conceptual.

'Projections of "synergy" are based on the notion that a merger is at least the sum of the so-called "tangible" assets - but as these are not really tangible, and have no worth at all without the effective stewardship of the people who make and sustain them, such projections are worthless.'

The theme also featured in the recent seminars held by the Human Capital Forum in conjunction with Logica. A follow-up seminar is being planned for 23rd September.