Industrial Development (Science Foundation Ireland) Act 2003

Functions of Foundation.

7.—(1) The Foundation shall—

(a) promote, develop and assist the carrying out of oriented basic research in strategic areas of scientific endeavour that concerns the future development and competitiveness of industry and enterprise in the State,

(b) endeavour to ensure that a standard of excellence in the oriented basic research referred to in paragraph (a), as measured by competitive peer review on an international basis, is consistently adhered to at the highest level,

(c) develop and extend the capability for the carrying out of oriented basic research in institutions,

(d) promote the attraction of research teams and individuals with an interest in research, that are of a world-class standard, with a view to their carrying out oriented basic research in the State,

(e) devise, administer, allocate, monitor and evaluate any grants, schemes and other financial facilities requiring disbursement of any funds authorised from time to time by the Minister with the concurrence of the Minister for Finance,

(f) carry out such other functions that concern oriented basic research or strategic areas of scientific endeavour as may from time to time be assigned to it, with the consent of the Minister, by Forfás, and

(g) co-operate and collaborate with other statutory bodies in the promotion and encouragement of oriented basic research.

(2) The Foundation shall have all such powers as are necessary for or incidental to the performance of its functions under this Act.

(3) In this section “strategic areas of scientific endeavour” includes—

(a) information and communications technologies,

(b) biotechnology, and

(c) such other areas that concern economic and social benefit, long-term industrial competitiveness or environmentally sustainable development as may be prescribed from time to time by the Minister.

(4) The Foundation shall comply with such general directives relating to the policy to be followed by it in the exercise of its functions as may be given by the Minister.