The Director Fee Agreement serves as a crucial document in Indonesian corporate governance, establishing the formal arrangement between a company and its director regarding compensation and benefits. This agreement is essential when appointing new directors or revising existing compensation arrangements, ensuring compliance with Law No. 40/2007 on Limited Liability Companies and related regulations. It typically follows appointment approval by shareholders and requires proper corporate authorizations, particularly for listed companies subject to OJK regulations. The agreement comprehensively covers all aspects of director remuneration, including basic fees, benefits, performance-linked compensation, and payment terms, while ensuring alignment with Indonesian tax regulations and corporate governance requirements.
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1. Parties: Identification of the company and the director entering into the agreement
2. Background: Context of the appointment and basis for the fee agreement
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Confirmation of director's appointment and duration of the agreement
5. Basic Fee: Structure and amount of the basic director's fee
6. Payment Terms: Timing and method of fee payments
7. Additional Benefits: Overview of additional benefits such as healthcare, insurance, and allowances
8. Performance Reviews: Process and timing for reviewing the director's fee
9. Tax Obligations: Responsibilities for tax payments and withholding
10. Confidentiality: Obligations regarding confidential information
11. Termination: Circumstances and process for termination of the agreement
12. Governing Law: Specification of Indonesian law as governing law
13. Dispute Resolution: Process for resolving any disputes regarding the fee agreement
1. Performance Bonuses: Details of any performance-based compensation, used when the company implements a variable pay structure
2. Share Options: Terms of any share option schemes, included for companies offering equity-based compensation
3. International Service: Special provisions for directors serving multiple jurisdictions, used for multinational companies
4. Clawback Provisions: Terms for recovering payments in specific circumstances, typically used in financial institutions or listed companies
5. Non-Competition: Restrictions on competing activities, included when protecting company interests is crucial
6. Currency Provisions: Specifications for payment in foreign currency, used when fees are paid in non-Indonesian Rupiah
1. Schedule A - Fee Structure: Detailed breakdown of all compensation components
2. Schedule B - Benefits Package: Comprehensive list and details of all benefits provided
3. Schedule C - Performance Metrics: Criteria for performance-based compensation if applicable
4. Schedule D - Expense Policy: Guidelines for reimbursable expenses and claim procedures
5. Appendix 1 - Board Resolution: Copy of board resolution approving the fee arrangement
6. Appendix 2 - Tax Treatment Summary: Summary of applicable tax regulations and treatments
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