By Eileen Bircher

(SP) Toronto - Korn/Ferry International's latest survey shows confidence in business leaders has fallen to its lowest level in a year during the second quarter.  Credibility had dropped 4 points in the second quarter to 74.

During the second quarter of 2009, economies were first emerging from the recession and to see confidence levels in international business leaders dip once more to such a low level had some economists worried, though after the Bank of Canada raised its benchmark lending rate to 1% in September, stocks on the Toronto Stock Exchange showed a decent open, rising more than 28 basis points as a result.  The Loonie also rose against the American dollar by 1%.

Korn/Ferry pointed out that consumers often look to business leaders for results and when the economy is move upward they will credit them with those gains.  The same can be said when consumers show concern over economic growth, they will measure business leaders against it and hold them accountable for change.

It was not surprising to see internatlonal business leadership being viewed in that manner considering the number of economists who were predicting a double-dip recession during the second quarter that only managed to fuel consumers' lack of confidence in business leaders.  The same is true for politicians who are held more accountable in the eyes of North Americans.

The survey's results were not broken out for Canada but indicated executives in Canada and the United States produced the lowest score of business leaders in four major continental areas - North America, Central and South America, Europe and Asia.

The survey of perceptions of North American executives stood at five in the second quarter of 2010 compared to 32 in Asia, 50 in Central and South America and 10 in Europe.