The Directors Service Agreement is a fundamental document in Pakistani corporate governance that formalizes the relationship between a company and its directors. This agreement is essential when appointing new directors or updating terms for existing directors, ensuring compliance with the Companies Act 2017 and other relevant Pakistani legislation. It covers crucial aspects such as appointment terms, duties, remuneration, and liabilities, while addressing both statutory requirements and company-specific needs. The document is particularly important in establishing clear expectations, protecting both parties' interests, and ensuring transparent corporate governance. It must be tailored to reflect whether the director is executive or non-executive, the company's size and status (listed or private), and specific industry requirements while maintaining compliance with Pakistani corporate law.
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1. Parties: Identification of the company and the director entering into the agreement
2. Background: Context of the appointment and any relevant corporate history
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Terms of appointment, position, and duration
5. Duties and Responsibilities: Director's key duties, including statutory obligations under Companies Act 2017
6. Time Commitment: Expected working hours and commitment level
7. Remuneration: Base salary, bonuses, and other financial benefits
8. Expenses: Policy on reimbursement of business expenses
9. Place of Work: Primary location and travel requirements
10. Confidentiality: Protection of company's confidential information
11. Conflicts of Interest: Procedures for declaring and managing conflicts
12. Termination: Grounds and procedures for ending the agreement
13. Post-Termination Obligations: Continuing duties after agreement ends
14. Company Policies: Compliance with internal policies and procedures
15. Governing Law: Pakistani law and jurisdiction
1. Share Options: Terms of any share option schemes - include for executive directors
2. Performance Targets: Specific KPIs and performance criteria - relevant for executive roles
3. Additional Directorships: Permission/restrictions on holding other directorships - important for non-executives
4. International Travel: Specific provisions for international duties - relevant for multinational companies
5. Insurance: D&O insurance provisions - particularly important for listed companies
6. Intellectual Property: IP rights and assignments - crucial for technical or creative directors
7. Garden Leave: Provisions for garden leave during notice period - for senior executives
8. Corporate Governance: Additional governance requirements - mandatory for listed companies
1. Schedule 1: Remuneration Package: Detailed breakdown of salary, benefits, and bonus structures
2. Schedule 2: Duties and Responsibilities: Comprehensive list of specific duties and reporting lines
3. Schedule 3: Company Policies: List of relevant company policies the director must comply with
4. Schedule 4: Performance Criteria: Detailed performance metrics and evaluation criteria
5. Appendix A: Board Resolution: Copy of board resolution approving the appointment
6. Appendix B: Statutory Declaration: Director's statutory declarations under Companies Act 2017
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