Channel NewsAsia 22 Apr 08;
SINGAPORE: The Economic Development Board (EDB) has been given wider powers to explore new businesses and industries.
Moving the second reading of the EDB (Amendment) Bill in Parliament on Tuesday, Senior Minister of State for Trade and Industry S Iswaran said the amendments will help EDB meet the challenges of the new economic environment.
Firstly, the term "business enterprise" will be changed. Under the old EDB Act, this refers to entities that the EDB deals with. However, Mr Iswaran said this definition is potentially restrictive as the EDB is tasked to explore new businesses and industries that they have not dealt with before.
So a new term "enterprise" has been introduced. This refers to any entity incorporated, formed or established in Singapore or elsewhere, whether it is for profit or otherwise, regardless of who owns or controls it.
This includes a corporation, a sole proprietorship, a partnership, a joint venture, a trust, an association or a branch of an enterprise.
The EDB's role has also been redefined as one that stimulates the growth, expansion and development of the Singapore economy in general and not just as a "total international business centre".
The EDB can also appoint a temporary chief executive officer without needing to seek the approval of the minister. This power could be exercised during the absence or incapacity, due to illness or otherwise, of the CEO. However, the minister retains the right to remove the CEO by giving instructions to the board.
The EDB Act has also been brought more in line with provisions more commonly found in other statutory boards' Acts.
These include protecting EDB board members, officers or employees against liability for "errors or omissions in information supplied to the public" if these were made "in good faith and in the ordinary course of the discharge of duty".
The borrowing powers of the EDB have also been increased. It may now borrow from the government or from any other sources as directed by the minister. - CNA/vm
Proposed changes could give EDB broader powers
Today Online 23 Apr 08;
THE Economic Development Board (EDB) will be given more flexibility to explore new businesses and industries, according to the second reading of the EDB (Amendment) Bill 2008 yesterday.
Among the key amendments proposed, the term "business enterprise" in the EDB Act will be redefined to include any entity formed within or outside Singapore, whether for profit or otherwise and no matter how it is owned or controlled.
This effectively allows the board to deal with almost any type of organisation.
The EDB will also be given broader powers to pursue its goal of stimulating the growth and development of the economy. The Trade and Industry Minister will be allowed to assign new functions to the board by legislating this in the Gazette.
To make the EDB more effective in its operations, the number of board members will be increased to between 5 and 15 from between 4 and 11 currently mandated.
The EDB will also be empowered to appoint a temporary chief executive officer without ministerial approval, but the Trade and Industry Minister retains the power to remove the CEO.
