7.—(1) The Foundation, in promoting and assisting the development and competitiveness of industry, enterprise and employment in the State, shall —

(a) promote, develop and assist the carrying out of oriented basic research and applied research in strategic areas of opportunity for the State,

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

(c) endeavour to ensure that —

(i) a standard of excellence is consistently adhered to at the highest level in research referred to in paragraph (a),

(ii) the standard referred to in subparagraph (i) is measured by competitive peer review on an international basis or by any other review process equivalent to relevant international best practice,

(d) promote the attracting to the State of research teams, and individuals with an interest in research, of a world class standard with a view to their carrying out oriented basic research or applied research in strategic areas of opportunity for the State,

(e) cooperate and collaborate with other statutory bodies in the State in the promotion and encouragement of oriented basic research and applied research,

(f) devise, administer, allocate, monitor and evaluate schemes, grants, and other financial facilities for the disbursement of any funds authorised by the Minister from time to time with the agreement of the Minister for Public Expenditure and Reform,

(g) support —

(i) the development and publication of research to assess the impact of research activities funded wholly or partly by the Foundation,

(ii) the assessment and publication of research activities funded wholly or partly by the Foundation,

(h) promote and support —

(i) the study of, education in and engagement with, science, technology, engineering and mathematics, in consultation with the Minister for Education and Skills, where appropriate,

(ii) an awareness and understanding of the value of science, technology, engineering and mathematics to society and in particular to the growth of the economy,

and

F3[(i) carry out such other functions related to science or technology which may, from time to time, be assigned to the Foundation by the Minister.]

(2) The Foundation shall have all such powers as are necessary or expedient for the performance of its functions.

(3) The Minister may give directions relating to policy to be followed by the Foundation in the exercise of its functions.

(4) The Foundation shall comply with any direction referred to in subsection (3).

(5) The Foundation shall manage the disbursement of research funds provided to the Foundation by a Minister of the Government, other than the Minister, where requested to do so by the Minister of the Government with the consent of the Minister, in accordance with the terms and conditions specified by the Minister of the Government making the request.

(6) The Minister may prescribe from time to time an area of opportunity related to science or technology having regard to —

(a) economic and social benefit,

(b) long term industrial competitiveness, or

(c) environmentally sustainable development,

and such an area when so prescribed shall be a strategic area of opportunity.]