In a landmark decision handed down by the Singapore High Court, an independent director’s conviction for market misconduct was overturned. As a result of this case, company directors are no longer in the dark about their disclosure obligations and duties under the Securities and Futures Act. Melissa Russell and Victoria Macgregor of Clyde & Co LLP Singapore (with assistance from Clasis LLC) shed light on the requisite thresholds that need to be crossed in order to impute liability upon independent directors.
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