Professor Chan said it used to be more common for companies to hire executives to fill senior positions externally. However, studies showed that statistically it was more effective to grow someone from inside.

Kathleen Slaughter, associate dean for Asia at the Richard Ivey School of Business in Hong Kong, agreed. 'Ten years ago if you wanted someone good, you found someone locally who had international experience or brought in an expat. There is far more interest now in the development of local talent and talent within organisations.'

Professor Slaughter said demand for programmes targeting leadership development was on the rise. 'There is as much competition here for talent as everywhere else in the world so people are paying attention to the talent that they've got. Big Chinese companies are doing extensive development programmes, with more mapping of talent, and interest in developing talent in the organisation.

'With China involved this means a big growth area. One Shanghai company we are working with, for example, is creating development plans for the 4,000 people it will hire in the next year,' Professor Slaughter said.

So what makes a good leader and can leadership be learned?

The skills, capabilities and styles that are cited by experts as necessary for effective leadership include self-management skills, such as self-awareness and the ability to balance conflicting demands.

Projecting certain personal values, particularly honesty and integrity, which engender trust, is also a valuable trait in a leader.

Social capabilities are required, including the ability to build and maintain relationships, communication skills and the ability to develop others.

Leaders also need work-facilitation capabilities such as management skills, the ability to think strategically and creatively and the ability to initiate and implement change.

All of this boils down to three deceptively simple sounding tasks: setting direction, building commitment and creating alignment of people and processes. Asian executives face particular challenges compared with their European and North American counterparts, according to Professor Chan, though she emphasised that there were more similarities and commonalities than differences.

'People in the west are more concerned with the capability to sustain reasonable growth. In Asia, the issue is more about how to manage the speed of growth, about making something happen right away rather than about long-term thinking and strategy. They want to do the right thing but they want to do it right now,' she said.

Professor Slaughter said, 'North Americans take individual responsibility and expect individual attention, whereas here you have far more of a collective style. One outcome is that here people analyse and don't want to make decisions, because they don't want to make mistakes. Whereas in North America they often come to a decision very quickly - with less analysis.'

Global business schools such as Richard Ivey and HKUST therefore have to balance these different interests in the programmes they provide.

They use a combination of global and local examples and case studies along with business simulations, peer feedback from team activities and self-awareness tools such as a 360-degree assessment, which allow a participant to compare self-perceptions of their leadership skills and behaviour with the perceptions of those that work with them.

Leadership development programmes can complement more naturally occurring developmental experiences, such as job assignments and challenges. Professor Slaughter said: 'People look for different experiences and for new challenges. They interact with other people, they grow and develop and gain confidence and knowledge that puts them in the position to be in a leadership role.

'Executive education can develop that confidence, and give them those experiences faster. It has to be action learning though - executives on these courses learn by doing. They don't want a lecture on how to do something.'

Professor Slaughter also cited the importance of role models and learning from leaders in other sectors. To celebrate the school's 10th anniversary in Hong Kong, Ivey is hosting a gala dinner with former Secretary of State Colin Powell speaking on 'Leading the Next Decade'.

According to Professor Slaughter, aspiring business leaders can learn from his strong, energetic leadership style, his willingness to take a stand on ethical issues and how to face conflict.

As to whether leaders are born or made, Professor Chan said: 'There may be a few born leaders but all companies and organisations need good, effective leadership and if we wait for born leaders to take charge we will be in trouble.

'However, leaders can be developed and I hope that more individuals and companies take responsibility for developing leadership. There is certainly not enough good leadership in Asia. Not yet.'