Maintenance is an ongoing process for any system with the purpose to maintain given function during its lifetime. Since maintenance today is an integral part of the business process, correctly performed maintenance is known to create increased business value. However, still in various business sectors there is a great potential for continuous improvement of the maintenance process. Such improvements can be done by introducing a performance measurement system in a way that it supports the needs of core business processes, focusing on critical-strategic areas determined by the nature of the business, business concerns, and public requirements and regulations. The outcome from the maintenance process can be measured in terms of return on investments (ROI) and health, safety and environment (HSE); driven by such issues as integrity of the plant, adequate competencies, functional internal processes, and good internal and external relationships. This signifies a top-down approach underlying the importance to link the measures for operations and maintenance (i.e. the operations and maintenance performance measurement system) to overall business or organizational objectives by creating a logical cause-and-effect structure. In turn this also can be used as an effective basis to pinpoint those measures that should become ‘key performance indicators'. The final output from this is a link-and-effect model, showing how the operations and maintenance process contributes to overall business objectives. In the last years, a ROI-based framework for operations and maintenance performance measurement systems has been introduced into such industries where maintenance is performed by the company themselves. On the basis of the above, this paper presents how maintenance ROI can be adapted, measured, and linked to overall objectives in governmental appropriated organizations like the Swedish National Rail Administration (Banverket) where maintenance is outsourced.