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Managing Director Contract Of Employment

Managing Director Contract Of Employment Template for Malaysia

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Key Requirements PROMPT example:

Managing Director Contract Of Employment

"I need a Managing Director Contract Of Employment for my Malaysian technology company, starting from March 1, 2025, including standard protective clauses and local market-standard benefits package."

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Document background
The Managing Director Contract Of Employment is a crucial document used when appointing the highest-ranking executive of a company in Malaysia. This contract type is essential for both newly established companies and existing organizations making senior executive appointments. It must comply with Malaysian employment legislation, particularly the Employment Act 1955 and Companies Act 2016, while incorporating corporate governance requirements and market-standard executive protections. The document covers comprehensive terms including appointment, duties, remuneration, benefits, restrictive covenants, and termination provisions, tailored to the Malaysian business environment. It's particularly important for ensuring clear accountability, protecting company interests, and providing security for both the organization and the executive in this senior leadership role.
Suggested Sections

1. Parties: Identifies the contracting parties - the company and the Managing Director, including their full legal names and registered addresses

2. Background: Sets out the context of the appointment and the company's desire to employ the individual as Managing Director

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Appointment and Term: Details of the position, appointment date, and duration (fixed term or continuous)

5. Duties and Responsibilities: Comprehensive outline of the Managing Director's duties, both as an executive and board member

6. Place of Work: Primary work location and travel requirements

7. Hours of Work: Working hours expectations, recognizing the senior nature of the role

8. Remuneration: Base salary, review procedures, and payment terms

9. Benefits and Allowances: Details of all benefits including healthcare, car allowance, insurance, etc.

10. Leave Entitlements: Annual leave, sick leave, and other leave entitlements

11. Restrictions and Covenants: Non-compete, non-solicitation, and confidentiality obligations

12. Intellectual Property: Ownership and rights to intellectual property created during employment

13. Termination: Grounds for termination, notice periods, and procedures

14. Company Policies: Compliance with company policies and procedures

15. Governing Law: Specification of Malaysian law as governing law and jurisdiction

Optional Sections

1. Performance Metrics: Specific KPIs and performance evaluation criteria - include when the company has a formal performance management system

2. Share Options: Details of any share option schemes - include when equity participation is offered

3. International Travel: Specific provisions for international travel and overseas posting - include for companies with international operations

4. Change of Control: Provisions dealing with company acquisition or merger - include for listed companies or those likely to be sold

5. Garden Leave: Provisions for garden leave during notice period - include when heightened business protection is needed

6. Representation on Other Boards: Terms for serving on other company boards - include when external directorships might be permitted

7. Relocation: Terms for potential relocation - include when the role might require relocation

8. Corporate Liability Protection: Additional protections against corporate liability - include for high-risk industries

Suggested Schedules

1. Schedule 1 - Remuneration Package: Detailed breakdown of salary, bonuses, and benefits structure

2. Schedule 2 - Job Description: Detailed description of roles, responsibilities, and reporting relationships

3. Schedule 3 - Performance Bonus Scheme: Details of any performance-based compensation including metrics and calculation methods

4. Schedule 4 - Company Policies: List of applicable company policies and procedures

5. Schedule 5 - Restricted Activities: Detailed list of restricted activities under non-compete and non-solicitation provisions

6. Appendix A - Benefits Summary: Comprehensive list of benefits and their terms

7. Appendix B - Share Option Terms: Detailed terms of any share option or equity participation scheme

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Appointment
Term
Duties and Responsibilities
Powers and Authority
Remuneration
Bonus
Benefits
Expenses
Working Hours
Location
Leave Entitlement
Medical Benefits
Insurance
Confidentiality
Intellectual Property
Data Protection
Non-Competition
Non-Solicitation
Non-Dealing
Board Positions
Reporting Structure
Performance Review
Termination
Garden Leave
Summary Dismissal
Resignation
Return of Property
Corporate Governance
Regulatory Compliance
Representation and Warranties
Indemnification
Directors and Officers Insurance
Variation
Severability
Entire Agreement
Governing Law
Dispute Resolution
Relevant Industries

Manufacturing

Financial Services

Technology

Real Estate

Healthcare

Retail

Professional Services

Energy

Telecommunications

Construction

Hospitality

Education

Mining

Agriculture

Transportation

Media and Entertainment

Relevant Teams

Human Resources

Legal

Board Secretariat

Corporate Governance

Executive Office

Compensation & Benefits

Risk Management

Compliance

Corporate Affairs

Relevant Roles

Managing Director

Chief Executive Officer

Executive Director

Group Managing Director

Country Managing Director

Regional Managing Director

Joint Managing Director

Deputy Managing Director

Acting Managing Director

Executive Chairman

Industries
Employment Act 1955: The primary legislation governing employment relationships in Malaysia, covering terms of employment, minimum benefits, and working conditions. Although Managing Directors might be excluded from certain provisions due to their salary threshold, it provides the basic framework.
Companies Act 2016: Governs corporate entities in Malaysia and specifies directors' duties, responsibilities, and liabilities. Contains provisions about appointment, removal, and fiduciary duties of directors.
Industrial Relations Act 1967: Regulates relationships between employers and employees, including dispute resolution mechanisms and termination procedures.
Employees Provident Fund Act 1991: Mandates contributions to retirement savings for employees in Malaysia, including requirements for employer contributions.
Employees' Social Security Act 1969: Provides social security benefits and insurance coverage for employees, though high-earning Managing Directors might have special considerations.
Income Tax Act 1967: Relevant for structuring compensation packages and ensuring compliance with tax regulations for executive remuneration.
Personal Data Protection Act 2010: Regulates the collection, use, and handling of personal data, relevant for maintaining executive's personal information.
Capital Markets and Services Act 2007: If the company is listed, this act contains provisions affecting executive directors' responsibilities and securities dealings.
Malaysian Code on Corporate Governance: Though not legislation per se, this code provides important guidelines on corporate governance and director responsibilities that should be reflected in the contract.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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