SMU School of Law Associate Dean (Teaching and Curriculum) and Associate Professor of Law Wan Wai Yee, who studied independent financial advisers’ (IFAs) opinions between 2008 and 2010, noted in an article two years ago that one major problem was the wide discretion that IFAs enjoy over the choice of methodologies and assumptions in evaluating the takeover offers. She noted that there is "the inherent bias of an IFA towards writing an opinion that is consistent with the views of the board of the hiring company or its controlling shareholder". She flagged several measures to reform the framework. One is to have a code of conduct for IFAs to follow in evaluating if a takeover offer is "fair and reasonable" to shareholders.