Is Paul Polman a hero or a wimp? The new Unilever chief executive’s refusal in January to give earnings guidance was criticised as a sign of weakness. His error, perhaps, was failing to make clear that the move was not a one-off wobble but a longer-term policy choice. Now Mr Polman has clarified that he sees no need even to think about when to give guidance again, though he will “never say never”. Some consumer goods peers, he notes, have since followed his example; Warren Buffett, a long-time opponent of the “numbers game”, apparently wrote to congratulate him.

The current environment should give the movement to renounce short-term numerical earnings targets a decisive boost. At the best of times, such guidance can lead companies to lose sight of strategic goals and resort to quick fixes or, worse, accounting trickery to make the numbers. In a slump in which many companies privately confess they can barely see beyond the end of next week, specific earnings targets make little sense.