Independent directors: Under pressure to protect minorities

WHEN company management brings a deal to their board, they sometimes expect the deal to be waved through by directors. Asking questions about it can be controversial, much less putting a stop to it.

Robson Lee, a senior corporate lawyer who has served as an independent director on several boards, can recall more than 1 such incident.

One Singapore-listed company had wanted to undertake a transaction that would eventually result in a reverse takeover (RTO) by a company listed in another jurisdiction.