On 10 July 2012 I announced in Parliament through a written ministerial statement—Official Report, 12WS—commencement of the triennial review of the Technology Strategy Board (TSB). I am now pleased to announce the completion of the review.
The Technology Strategy Board is the UK’s innovation agency; its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy.
The review concludes that the functions performed by the Technology Strategy Board are still required and that it should be retained as an Executive non-departmental public body. The review also examined the governance arrangements for TSB in line with guidance on good corporate governance set out by the Cabinet Office. The review concluded that TSB complies with all statutory accountabilities and has strong and effective governance structures. It nonetheless identified a number of opportunities for improvement which are now in the process of being implemented.
The full report of the review of the TSB can be found on the gov.uk website and copies have been placed in the Libraries of both Houses.