Singapore legislation
Section 20
Section 20
Functions and powers of Board
(1)
The functions of the Board are to manage and invest the Fund in accordance with the provisions of this Act including, for example, the following functions:
to advise on the interest rates for the purposes of the INVEST Plan or the Scheme;
to advise the Minister on proposed changes to any regulations made under Part 2 in relation to the INVEST Plan;
to exercise any other functions and duties conferred on the Board by or under any other written law.
(2)
The Board has power to do all things necessary or convenient to be done for, or in connection with, the performance of its functions and, in particular, may —
appoint agents and attorneys;
engage consultants and investment managers; and
take action to control or manage, or to enhance or protect, the value of, any investment made out of the Fund, or to enhance or protect, the return on the investment.
(3)
In exercising its functions and powers, the Board has regard to —
the interests of members; and
any directions of the Minister on any matter that is relevant to the performance of its functions, duties and powers.
(4)
The trustees are not, by reason only of their having made such appointment or engagement under subsection (2)(a) or (b), responsible for any default of the agent, attorney, consultant or investment manager if appointed or engaged in good faith.