The UK prime minister’s recent decision to veto the EU treaty on fiscal reform – to effectively stand alone to safeguard the economic interests of his country – has caused me to reflect on an important issue for all organisations, public or private, during these challenging times: the qualities of leadership.

By definition, leaders inspire and motivate others to follow. So it is ironic that in times of adversity, true leaders are those who – for the greater good – have the courage to

make the difficult decisions, knowing that it could initially draw widespread criticism.

The Laing O’Rourke leadership faced similar challenges of its own just over three years ago, and I am proud of the way the team stepped up and made a number of important decisions to safeguard our cashflows to ensure our investment programmes were adequately funded for the long term.

It’s no coincidence that a major component of our long-term investment plans is in leadership development.

We recently concluded our Group-wide leadership talent review and I am pleased to report that our innovative programmes, like Young Guns and Guns, are helping to nurture a leadership cadre capable of implementing our growth strategy. We will add to their ranks in the coming years to ensure we are constantly rotating the “squad” to secure opportunities, while at the same time widening the knowledge base and experience of our very best people.

As we continually welcome potential new leaders to Laing O’Rourke, I want to acknowledge the qualities and many contributions of one of the most talented leaders and friends I have had the privilege to work alongside during my career: Bernard Dempsey. After 32 years, he recently retired from the Group to focus his energies entirely on his family.

It is indicative of the values I most admire in him – loyalty, integrity and a real sense of priority.

Ever the gentleman, Bernard brought these same qualities to bear on his business dealings. As deputy chairman, he stood shoulder to shoulder with my brother, Des, and me as we navigated the highs and lows of what has been an extraordinary journey to this point.

Over the years, Bernard had a positive impact on the lives and careers of many of the people he worked with. I believe it is a fitting tribute to his leadership, that his best qualities are evident in the culture of Laing O’Rourke today.

As we move into an Olympic year, I would like to wish everyone across the Laing O’Rourke Group and all our stakeholders around the world a rewarding, enjoyable and, above all else, safe and healthy 2012.

Ray O’Rourke KBE

Chairman and Chief Executive