The Agreement For Appointment Of Managing Director is a crucial document required when appointing a Managing Director in an Indonesian company. It serves as the primary legal instrument defining the relationship between the company and its Managing Director, ensuring compliance with Law No. 40 of 2007 on Limited Liability Companies and related regulations. This document is typically used during new appointments, reappointments, or when formalizing existing arrangements to meet regulatory requirements. It encompasses essential elements such as corporate authority, duties, compensation, and governance obligations specific to Indonesian legal requirements. The agreement is particularly important as Managing Directors in Indonesia carry significant legal responsibilities and must operate within strict regulatory frameworks, making clear documentation of their appointment terms essential for both the company and the appointee.
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1. Parties: Identification of the Company and the appointed Managing Director
2. Background: Context of the appointment, including company details and basis for appointment (e.g., shareholder resolution)
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Official appointment, position title, and duration of appointment
5. Duties and Responsibilities: Comprehensive list of Managing Director's duties under Indonesian Company Law and company requirements
6. Powers and Authority: Scope of Managing Director's powers and limitations thereof
7. Time Commitment: Expected working hours and dedication requirements
8. Remuneration and Benefits: Salary, bonuses, benefits, and payment terms
9. Expenses: Policy on business expense reimbursement
10. Compliance and Governance: Obligations to comply with laws, regulations, and company policies
11. Confidentiality: Protection of company confidential information
12. Intellectual Property: Ownership of IP created during directorship
13. Non-Competition and Non-Solicitation: Restrictions during and after directorship
14. Termination: Grounds and procedures for termination
15. Post-Termination Obligations: Duties and restrictions after termination
16. Company Policies: Adherence to internal policies and procedures
17. Notices: Communication procedures between parties
18. Governing Law: Application of Indonesian law and jurisdiction
19. General Provisions: Standard boilerplate clauses including amendments, waivers, etc.
1. Work Permit and Immigration: Required for foreign Managing Directors, covering visa and work permit obligations
2. Multiple Directorships: Required if Managing Director holds other directorships, addressing potential conflicts
3. Stock Options or Share Rights: Include if equity compensation is part of the package
4. Corporate Governance for Listed Companies: Additional provisions required for publicly listed companies under OJK regulations
5. Spouse Consent: Required under Indonesian law if the Managing Director is married and the agreement includes significant personal obligations
6. Language: Dual language provisions required if the agreement is bilingual
7. Insurance and Indemnification: Optional provisions for D&O insurance and company indemnification
1. Schedule 1 - Remuneration Package: Detailed breakdown of salary, benefits, bonuses, and other compensation elements
2. Schedule 2 - Key Performance Indicators (KPIs): Performance metrics and evaluation criteria
3. Schedule 3 - Company Policies List: List of applicable company policies and procedures
4. Schedule 4 - Powers of Attorney: Specific delegated powers and authority limits
5. Schedule 5 - Board Resolution: Copy of board/shareholder resolution approving the appointment
6. Appendix A - Job Description: Detailed description of roles and responsibilities
7. Appendix B - Benefits Summary: Detailed description of all benefits and entitlements
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