Changing Times - Changing Demands on Leadership?

What are the expectations of leaders? To provide direction, maintain and enhance engagement, encourage innovation and efficiency savings, and ensure service delivery, yet are these realistic? In theory they should be, yet we've seen over the past few years that in practice not so much. So what are the real issues that undermine the leadership initiatives that have been so prevalent? What does this mean for leaders, and the way in which they operate?