Singapore legislation
Clause 20
Clause 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, without limiting the generality of the foregoing, the following functions:
to advise the Minister on the interest rates for the purposes of the INVEST Plan;
to advise the Minister on proposed changes to any regulations made under Part II in relation to the INVEST Plan; and
to exercise any other functions and duties conferred on the Board by or under any other written law.
(2)
The Board shall have 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 any such investment.
(3)
In exercising its functions and powers, the Board shall have 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 shall not, by reason only of their having made such appointment or engagement under subsection (2)(a) or (b), be responsible for any default of the agent, attorney, consultant or investment manager if appointed or engaged in good faith.