Conditions on termination payments
The new exception covers an executive director's employment termination payment only where it does not exceed the preceding year's emoluments, termination follows an existing agreement and shareholders receive particulars before payment. The paper explains that employment decisions belong to the board while the amount limit and disclosure protect shareholder oversight. This is a conditional exception rather than unrestricted authority to compensate directors.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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