The Executive Director Employment Contract is a crucial document used when appointing senior executives who will also serve on the company's board of directors in Malaysia. It is designed to comply with Malaysian corporate and employment laws, particularly the Companies Act 2016 and Employment Act 1955. This contract type is essential for establishing clear terms of employment, corporate responsibilities, and governance requirements for individuals holding the dual role of executive and director. It typically includes comprehensive provisions on remuneration, performance expectations, fiduciary duties, and protection of company interests, while also addressing specific requirements for listed companies where applicable. The document is particularly important for ensuring proper corporate governance, protecting both the company's and director's interests, and establishing clear accountability and performance metrics.
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1. Parties: Identification of the company and the executive director
2. Background: Context of the appointment and any relevant corporate history
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Details of the position, effective date, and duration of appointment
5. Duties and Responsibilities: Executive and director duties, reporting relationships, and performance expectations
6. Time Commitment: Expected working hours and dedication requirements
7. Remuneration and Benefits: Salary, bonuses, benefits, and review mechanisms
8. Leave Entitlements: Annual, medical, and other leave provisions
9. Expenses: Reimbursement policies and procedures
10. Confidentiality: Protection of company information and trade secrets
11. Intellectual Property: Ownership of work product and innovations
12. Non-Competition and Non-Solicitation: Post-employment restrictions
13. Termination: Grounds for termination and procedures
14. Company Policies: Compliance with corporate policies and procedures
15. Governing Law: Malaysian law as governing law and jurisdiction
16. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Share Options: Include when offering equity-based compensation
2. International Travel: Include for roles requiring significant international travel
3. Multiple Directorships: Include when allowing or restricting other board positions
4. Corporate Governance: Additional requirements for listed companies
5. Residence Requirements: Include for foreign directors regarding Malaysian residence requirements
6. Change of Control: Special provisions in case of company ownership changes
7. Garden Leave: Include if requiring paid leave during notice period
8. Insurance Coverage: Include when providing additional insurance beyond statutory requirements
1. Schedule 1 - Remuneration Package: Detailed breakdown of salary, bonuses, and benefits
2. Schedule 2 - Position Description: Detailed role requirements and responsibilities
3. Schedule 3 - Performance Metrics: KPIs and performance evaluation criteria
4. Schedule 4 - Share Option Terms: Details of any share option or equity schemes
5. Schedule 5 - Company Policies: Key corporate policies requiring specific acknowledgment
6. Schedule 6 - Approved Outside Interests: List of pre-approved directorships or business interests
7. Appendix A - Statutory Declaration: Declaration of compliance with Companies Act requirements
8. Appendix B - Board Resolution: Copy of board resolution approving the appointment
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