Friday, 19 April 2013 10:42
Bank of England to be run on 'consensus-based leadership' says Carney
Mark Carney, incoming Governor of the Bank of England, has opted for a consensus-based style of leadership for the Bank.
In a report of his evidence session to the Treasury Select Committee, Dr Carney stated his preferred leadership style.
He is currently Governor of the Bank of Canada, a role he has held since 2008, and chairman of the Financial Stability Board.
Dr Carney said: "My leadership approach has been to develop a shared vision for the organisation, set out clear priorities to achieve that vision, ask critical questions to engage colleagues and spur analysis, and work toward consensus to take actions.
"In my experience consensus can only be truly achieved if there is a shared understanding of objectives and all parties feel their views have been considered."
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However, he accepted this would be more difficult to achieve at the Bank of England than at the Bank of Canada due to the number of committees.
His challenges taking over from Sir Mervyn King include establishing a clear vision for the Bank, developing a team culture and an efficient central support for the institution.
He was also in favour of the Bank co-operating with the Treasury Select Committee over requests for information or retrospective reviews.
Chairman of the committee Andrew Tyrie MP said: "Dr Carney set out his preference for a consensus-based approach to leadership; this will be significant if it leads to meaningful change of culture within the Bank."
Mr Tyrie said the pre-appointment hearing would be a requirement for all future Governors.
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In a report of his evidence session to the Treasury Select Committee, Dr Carney stated his preferred leadership style.
He is currently Governor of the Bank of Canada, a role he has held since 2008, and chairman of the Financial Stability Board.
Dr Carney said: "My leadership approach has been to develop a shared vision for the organisation, set out clear priorities to achieve that vision, ask critical questions to engage colleagues and spur analysis, and work toward consensus to take actions.
"In my experience consensus can only be truly achieved if there is a shared understanding of objectives and all parties feel their views have been considered."
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However, he accepted this would be more difficult to achieve at the Bank of England than at the Bank of Canada due to the number of committees.
His challenges taking over from Sir Mervyn King include establishing a clear vision for the Bank, developing a team culture and an efficient central support for the institution.
He was also in favour of the Bank co-operating with the Treasury Select Committee over requests for information or retrospective reviews.
Chairman of the committee Andrew Tyrie MP said: "Dr Carney set out his preference for a consensus-based approach to leadership; this will be significant if it leads to meaningful change of culture within the Bank."
Mr Tyrie said the pre-appointment hearing would be a requirement for all future Governors.
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