Sias urges Vard directors to say how they are independent

Singapore

THE Securities Investors Association (Singapore) or Sias has asked the directors of Vard Holdings to give an account of their independence in the spirit of governance rules, and called on parent company Fincantieri to raise its delisting offer.

In a statement on Tuesday, the investor advocacy group noted that minority shareholders have questioned the independence of the firm's directors with regard to a delisting offer from majority shareholder Fincantieri.