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Nominee Director Indemnity Agreement

Nominee Director Indemnity Agreement for Singapore

Nominee Director Indemnity Agreement Template for Singapore

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What is a Nominee Director Indemnity Agreement?

The Nominee Director Indemnity Agreement is essential when appointing nominee directors in Singapore corporate structures. This document is particularly relevant for international businesses establishing presence in Singapore, providing crucial protection for individuals acting as nominee directors. The agreement ensures compliance with Singapore's Companies Act and regulatory requirements while clearly defining the scope of indemnification, duties, and protections. It's commonly used in corporate structuring, international business arrangements, and when local director requirements need to be fulfilled under Singapore law.

What sections should be included in a Nominee Director Indemnity Agreement?

1. Parties: Identifies the nominator and nominee director

2. Background: Explains the context and purpose of the nominee arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Appointment: Terms of appointment as nominee director

5. Scope of Services: Detailed description of nominee director duties

6. Indemnification: Core indemnity provisions and coverage

7. Compliance Obligations: Legal and regulatory compliance requirements

8. Term and Termination: Duration and termination provisions

What sections are optional to include in a Nominee Director Indemnity Agreement?

1. Insurance: Optional provisions for D&O insurance requirements and coverage

2. Confidentiality: Optional non-disclosure provisions for handling sensitive information

3. Remuneration: Optional payment terms for nominee services when compensation is provided

4. Power of Attorney: Optional provisions granting specific powers to nominee when additional authorization is needed

What schedules should be included in a Nominee Director Indemnity Agreement?

1. Schedule 1: Company Details: Details of the company for which nominee directorship is provided

2. Schedule 2: Scope of Services: Detailed list of nominee director responsibilities

3. Schedule 3: Fee Schedule: Breakdown of fees and payment terms if applicable

4. Appendix A: Compliance Checklist: List of regulatory requirements and compliance obligations

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

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alex.den.21@genieai.co
Industries

Companies Act (Cap. 50): Primary legislation governing company operations in Singapore, including directors' duties, responsibilities, indemnification provisions, appointment requirements, and liability under Section 172

Securities and Futures Act (Cap. 289): Regulatory framework covering nominee arrangements, disclosure requirements, and corporate governance obligations for companies in Singapore

Corporate Governance Code: Guidelines establishing best practices for director conduct, independence requirements, and procedures for handling conflicts of interest

Business Registration Act: Legislation specifying requirements for director registration and ongoing filing obligations in Singapore

Criminal Law (Temporary Provisions) Act: Legal framework addressing anti-money laundering and illegal nominee arrangements, ensuring legitimate business practices

MAS Guidelines: Regulatory guidelines from Monetary Authority of Singapore covering fit and proper criteria for directors and corporate governance requirements for regulated entities

Income Tax Act: Tax legislation affecting nominee arrangements and director's remuneration considerations in Singapore

Contract Law: Common law principles governing contract formation, consideration requirements, and enforceability provisions in Singapore

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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