TSMP Law Corporation joint managing partner Stefanie Yuen Thio was quoted in a Business Times commentary published on 30 June 2020 on the Darco buyout offer.

She called the requirement for directors to make a recommendation to shareholders “a heavy responsibility and one that a director should not be able to weasel out of easily”.

“For this reason, the Takeover Code and the Securities Industry Council take a tough stance, granting a waiver only in ‘exceptional circumstances’ so that shareholders have the protection of knowing that all directors have signed off on the recommendation and are taking personal liability for the advice,” she said.