188 Directors' long-term service contracts: requirement of members' approval
188 Directors' long-term service contracts: requirement of members' approval
Companies Act 2006 | Legislation

(1)     This section applies to provision under which the guaranteed term of a director's employment—

(a)     with the company of which he is a director, or

(b)     where he is the director of a holding company, within the group consisting of that company and its subsidiaries,

is, or may be, longer than two years.

(2)     A company may not agree to such provision unless it has been approved—

(a)     by resolution of the members of the company, and

(b)     in the case of a director of a holding company, by resolution of the members of that company.

(3)     The guaranteed term of a director's employment is—

(a)     the period (if any) during which the director's employment—

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