While these changes may appear to be important, it would be to inflate the wording to characterise them as matters of special importance. When in more critical situations, such as autumn 2008, a need arises for more pronounced changes in interest rate and liquidity policy, the Bank has without a doubt an obligation to submit the matter to the Ministry. There must always be a good flow of information from Norges Bank to the Ministry of Finance. Norges Bank has a special position in public administration. This is expressed, for example, in the instructions section of the Norges Bank Act. While ministries in Norway, in contrast to Sweden for example, can easily issue instructions to their subordinate agencies, this provision sets strict formal requirements for instructing the Bank. This power cannot be delegated by the Council of State to the Ministry of Finance. The Bank shall be consulted in advance and the Storting shall forthwith be notified of the reason for the instruction. Former supreme court justice Carsten Smith has stressed that the Act must be interpreted to mean that this must be set out in a separate report and under full transparency. 39  38  39  The following is stated on page 3 of the recommendation from the Standing Committee on Finance and Economic Affairs concerning the Act relating to Norges Bank and the Monetary System etc. (Recommendation No. 50 (1984–85) to the Odelsting: “A new Norges Bank Act should be able to be adapted to various scenarios.
The Asian Leadership Index therefore aims to contribute towards a greater understanding of “what do business leaders in Asia need to do to get more energy and commitment from their most important followers?” As part of the study, selected senior leaders and emerging leaders in companies operating in Asia were asked to describe what their leaders need to do for them as professionals if they were to participate wholeheartedly with that leader, and be fully invested in their organizations over the longer term. They also indicate what they see as missing from the leaders to whom they report. As leadership is about being able to deliver results even in the most challenging of environment, it is therefore also about generating the drive and energy in the organisation, and thus creating an environment in which the best talent will gravitate to, and contribute with the same energy and drive. In an international environment in which high quality talent is scarce, this aspect of the expectations of leadership becomes important. In essence, leaders need to be supported by high powered and committed teams. The expectations of talent is however not only rapidly evolving but may differ when contextualised to different parts of the world. This study undertaken by ICLIF provides insights on such expectations of leaders in Asia and on the areas that need to be addressed if sustainable impact and influence is to be achieved. What then are the findings of the study?