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Directors Service Agreement

Directors Service Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Directors Service Agreement

"I need a Directors Service Agreement for appointing a new independent director to our Saudi-listed technology company, with specific provisions for handling confidential AI technology and participation in our technology development committee."

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Document background
A Directors Service Agreement is a crucial document used when appointing new members to a company's board of directors in Saudi Arabia. This agreement serves as the primary contract between the company and its directors, whether executive or non-executive, establishing their rights, duties, and obligations. The document must comply with Saudi Companies Law, Capital Market Authority regulations (for listed companies), and Shariah principles, while incorporating international corporate governance best practices. It is particularly important in the Saudi context due to the ongoing economic reforms under Vision 2030, which emphasize improved corporate governance and transparency. The agreement typically covers comprehensive details about the appointment, including remuneration, time commitment, confidentiality obligations, and termination provisions, while ensuring alignment with both local regulatory requirements and the company's constitutional documents.
Suggested Sections

1. Parties: Identification of the Company and the Director

2. Background: Context of the appointment and brief company overview

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 Saudi law

6. Time Commitment: Expected time dedication to the role

7. Remuneration and Benefits: Compensation package, including fees, allowances, and benefits

8. Expenses: Policy on reimbursement of business expenses

9. Confidentiality: Obligations regarding company confidential information

10. Conflicts of Interest: Procedures for declaring and handling conflicts

11. Board Policies: Compliance with company policies and procedures

12. Termination: Circumstances and procedures for ending the appointment

13. Post-Termination Obligations: Continuing duties after termination

14. Company Property: Handling of company assets and documents

15. Notices: Communication procedures between parties

16. Governing Law: Application of Saudi law and jurisdiction

Optional Sections

1. Executive Director Provisions: Additional terms for directors who also hold executive positions

2. Share Dealings: Required for listed companies - rules for dealing in company shares

3. Insurance and Indemnity: Details of D&O insurance and company indemnification

4. Non-Competition: Restrictions on competing activities during and after directorship

5. International Travel: For companies with international operations - travel requirements and arrangements

6. Multiple Board Appointments: Rules regarding serving on other boards

7. Shariah Compliance: For Islamic financial institutions - specific Shariah compliance obligations

Suggested Schedules

1. Remuneration Schedule: Detailed breakdown of compensation package

2. Position Description: Detailed role and responsibilities

3. Board Committee Assignments: List of committee memberships and related duties

4. Company Policies: Key policies requiring acknowledgment

5. Approved Outside Directorships: List of pre-approved board positions at other companies

6. Performance Metrics: KPIs and evaluation criteria

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions


























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Relevant Industries

Financial Services

Banking

Insurance

Manufacturing

Technology

Healthcare

Real Estate

Retail

Energy

Telecommunications

Transportation

Construction

Mining

Education

Professional Services

Relevant Teams

Legal

Corporate Governance

Board Affairs

Company Secretariat

Human Resources

Compliance

Risk Management

Internal Audit

Executive Office

Relevant Roles

Board Member

Executive Director

Non-Executive Director

Independent Director

Chairman of the Board

Vice Chairman

Managing Director

Chief Executive Officer

Board Committee Chair

Audit Committee Member

Nomination Committee Member

Remuneration Committee Member

Risk Committee Member

Industries







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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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