Singapore Business Federation is formed

In 1998, then Prime Minister Goh Chok Tong urged the Singapore Federation of Chambers of Commerce and Industry (SFCCI) to consider restructuring itself to enhance its effectiveness in serving its members and in promoting national interests.^[1] The SFCCI was set up in 1978 to represent the interests of local businesses and employer groups. It comprised the three ethnic chambers (Chinese, Malay and Indian), the Singapore International Chamber of Commerce and the Singapore Confederation of Industries. In response, the SFCCI proposed the formation of the Singapore Business Federation (SBF), which has become the apex business organisation in Singapore.^[2]

A pro-tem committee comprising representatives from the ethnic chambers, local chambers, foreign chambers, and individuals from the professional sectors and government-linked companies, was convened in March 2001 to propose a constitution for the SBF and draft the legislation required for its formation.^[3] In response to the committee’s recommendations, the Singapore Business Federation Act was passed into law on 5 October 2001^[4] and the SBF was formed on 1 April 2002.^[5] All companies with a paid-up capital of at least S$500,000 are required to become members of the SBF.^[6] The SBF is managed by a council, with a government-appointed board of trustees in place to protect its assets and ensure that it does not deviate from its mission.^[7]

References
1.  Ministry of Information, Communications and the Arts. (2002, April 11). Transcript of Speech by Prime Minister Goh Chok Tong at the launch ceremony of the Singapore Business Federation at the Ritz Carlton on Thursday, 11 April 2002, at 12.15 pm. Retrieved November 22, 2013, from National Archives of Singapore website: http://archivesonline.nas.sg/
2. Aggarwal, N. (2000, June 22). One big voice for business sector. The Straits Times, p. 80; Umbrella group for big businesses. (2001, October 6). The Straits Times, p. 9. Retrieved from NewspaperSG.
3. Pro-tem committee formed for SBF. (2001, March 9). The Business Times, p. 8. Retrieved from NewspaperSG; Media division, Ministry of Information, Communications and the Arts. (2001, June 15).Singapore Business Federation [Press Release]. Retrieved November 22, 2013, from National Archives of Singapore website: http://archivesonline.nas.sg/
4. The Straits Times, 6 Oct 2001, p. 9; Leong, P. P. (2002, March 5). A powerful new voice. Today, p. 2. Retrieved from NewspaperSG.
5. Republic of Singapore. Government Gazette. Acts Supplement. (2002, July 31, Rev. ed). Singapore Business Federation Act (Cap 297A). Retrieved September 27, 2013, from Attorney-General's Chambers website: http://statutes.agc.gov.sg/aol/search/display/view.w3p;page=0;query=CompId:704e7c30-87ed-4540-a6e4-7f511b0cfd9e;rec=0; Today, 5 Mar 2002, p. 2.
6. Aggarwal, N. (2002, April 12). Super chamber urged to serve members and prove relevance. The Straits Times, p. 10. Retrieved from NewspaperSG.
7. The Straits Times, 6 Oct 2001, p. 9; Ng, B. Y. (2001, October 6). New voice for business. Today, p. 37. Retrieved from NewspaperSG.