Reflections on Leadership in a Disruptive Age Speech given by Mark Carney, Governor of the Bank of England Regent’s University London Monday 19 February 2018  I am grateful to Jennifer Nemeth for her assistance in preparing these remarks. 1  All speeches are available online at www.bankofengland.co.uk/speeches  I. Introduction  I was asked to reflect tonight on leadership and values. This is somewhat dangerous territory, and certainly one that creates a target-rich environment for critics who can spot gaps between preaching and practising. Indeed, a review of a recent book on leadership and values suggested that it’s very publication signalled overconfidence – the complacency before the storm – and cautioned that CEOs and investors ought to be wary of the ‘curse of authorship’. There are countless examples of pride coming before the fall in finance. Think of those who dubbed the period before the Global Financial Crisis the ‘Great Moderation’. Or the four most expensive words in the English language. 1  But, because we can learn from experience, and because leadership lies at the heart of Regent’s University’s mission- literally ‘Developing tomorrow’s global leaders’ - I will forge ahead. I will begin by reviewing the main activities of leaders and the core attributes of leadership. I will try to address what leadership is and isn’t and whether it’s inherent or can be developed. I will conclude with some perspectives on the challenges and opportunities you will face leading in our disruptive age. II.
16  11  Carney, M (2017) See Ng Kok Song, P (2014) Organisations with effective communication are over four times more likely to report high levels of employee engagement and 20% more likely to report low turnover according to a study by British Consultancy, CHA (as quoted in Kouzes, J and Posner, B (2010)) 14 As quoted in Kouzes, J and Posner B (2010) 15 Carney, M (2015) 16 Carney, M (2017a) 12 13  6  All speeches are available online at www.bankofengland.co.uk/speeches  6  When leaders get this balance right, the combination of purpose, hope and clarity inspires, unleashing the talent and energy of the organisation. Inspiration is essential because it is impossible for leaders to meet every challenge, see every opportunity, or manage every situation by themselves. The highest-performing organisations are those with the highest number of people who are empowered to think as leaders themselves. 17  During the financial crisis the need for clarity of mind, thought and communication was paramount. In its depth, panic took hold as, “Firmly held truths [were] no longer relied upon. Articles of faith [were] upended. And the very foundations of economies and markets [were] called into question.” The only goal in a panic is to stop it. 19  18  Leaders do this by, as Napoleon would command to his generals “[to]  march toward the sound of gunfire”. This requires mobilising quickly. In this spirit, Tim Geithner’s refrain was “Plan beats no plan”.