The National Productivity Board (NPB) was established as a statutory board under the Ministry of Labour on 12 May 1972.



A three-man pro-tem committee was formed on 12 May 1973 to start conceiving a plan for the establishment of the Stock Exchange of Singapore at the earliest possible date



Benjamin Henry Sheares succeeded Yusof Ishak as president. The 63-year-old renowned obstetrician and gynaecologist was elected as president by parliament on 30 December 1970. He took office on 2 January 1971 and was re-elected for a second and third four-year term on 6 November 1974 and 29 December 1978 respectively. Sheares died on 12 May 1981 during his third term as president after having been in a coma for five days.