The Executive Director Agreement is a crucial document used when appointing senior executive leadership in Indonesian companies. It serves as the primary contract governing the relationship between the company and its executive director, ensuring compliance with Indonesian Company Law (Law No. 40 of 2007) and relevant employment regulations. The agreement typically covers comprehensive terms including appointment, duties, remuneration, benefits, and termination provisions, while also addressing corporate governance requirements specific to Indonesian law. This document is essential for both listed and private companies, providing clear guidelines for the executive's role while protecting both parties' interests through well-defined rights and obligations. The agreement should be regularly reviewed and updated to reflect changes in Indonesian corporate and employment law.
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1. Parties: Identification of the company and the executive director
2. Background: Context of the appointment and brief company background
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Official appointment as executive director and duration of the term
5. Duties and Responsibilities: Detailed description of director's roles and obligations under Indonesian Company Law
6. Time Commitment: Expected working hours and dedication requirements
7. Remuneration and Benefits: Salary, bonuses, and other benefits structure
8. Expenses: Policy on reimbursement of business expenses
9. Leave Entitlements: Annual leave, sick leave, and other leave provisions
10. Confidentiality: Protection of company's confidential information
11. Intellectual Property: Ownership and rights to work created during directorship
12. Compliance: Obligation to comply with laws, regulations, and company policies
13. Termination: Grounds and procedures for termination
14. Post-Termination Obligations: Continuing obligations after agreement ends
15. Governing Law and Jurisdiction: Application of Indonesian law and dispute resolution
16. General Provisions: Standard contractual clauses including notices, amendments, etc.
1. Non-Compete and Non-Solicitation: Restrictions on post-employment activities - include if company wants to restrict future employment options
2. Performance Metrics: Specific KPIs and evaluation criteria - include for performance-based compensation
3. International Travel: Terms for international assignments - include if role requires frequent international travel
4. Multiple Directorships: Rules about holding director positions in other companies - include if relevant to company policy
5. Share Options/Equity Participation: Terms of any share option or equity schemes - include if offering equity compensation
6. Insurance and Indemnification: Director's insurance and company indemnification - include for higher risk industries
7. Representation on Board Committees: Participation in specific board committees - include if director will serve on committees
1. Schedule 1 - Position Description: Detailed description of role, responsibilities, and reporting relationships
2. Schedule 2 - Remuneration Package: Detailed breakdown of salary, benefits, and bonus structures
3. Schedule 3 - Company Policies: Key company policies applicable to the executive director
4. Schedule 4 - Performance Criteria: Specific KPIs and performance evaluation framework
5. Schedule 5 - Share Option Terms: Details of any share option or equity participation scheme
6. Appendix A - Board Resolution: Copy of board resolution approving the appointment
7. Appendix B - Statutory Declaration: Director's statutory declarations required under Indonesian law
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