Resolved Question
How do I draft a contract of employment for myself when I am a Director of my own company?
My business partner and I are Executive Director's of our own Ltd company and we own approx. 80% of the company between us.
However, there are 2 other non exec. directors in the company who own the remaining 20% of the company.
Given that background, what would I have to do create a contract of employment for my business partner and me?
Would such an agreement require the signatures of the non executive directors and investors?
However, there are 2 other non exec. directors in the company who own the remaining 20% of the company.
Given that background, what would I have to do create a contract of employment for my business partner and me?
Would such an agreement require the signatures of the non executive directors and investors?
Best Answer - Chosen by Voters
You probably need a lawyer there.
Generally, the rule is that officers should not self-deal when they have a conflict of interest unless the deal is approved by a majority of board members without a conflict of interest, or if it is ratified by the majority of share's holders. The safest way to do that would just be to get the other two directors to approve it. Otherwise, you could force it by vote of your shares, but you would definitely need a lawyer in that contingency.
Generally, the rule is that officers should not self-deal when they have a conflict of interest unless the deal is approved by a majority of board members without a conflict of interest, or if it is ratified by the majority of share's holders. The safest way to do that would just be to get the other two directors to approve it. Otherwise, you could force it by vote of your shares, but you would definitely need a lawyer in that contingency.
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