Appointment of Management Team Clause Samples
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Appointment of Management Team. Unless otherwise specified in the Governance Agreement or any Governing Documents, the Management Team shall be selected and hired by the Chief Executive Officer after an open and competitive recruitment and selection process, which appointment shall be subject to the approval of the Supervisory Board and MCC.
Appointment of Management Team. (a) (I) The Board shall be responsible for appointing a team of operational managers (“Management Team”) for the Company composed of:
(A) a managing director (“Managing Director”), selected among candidates proposed by Golar;
(B) a finance director (“Finance Director”), selected among candidates proposed by Schlumberger;
(C) an asset director (“Asset Director”), selected among candidates proposed by Schlumberger;
(D) a business development director (“Business Development Director”), selected among candidates proposed by Golar.
Appointment of Management Team. (I) The Board shall be responsible for appointing a team of operational managers (“Management Team”) for the Company composed of:
(A) a managing director (“Managing Director”), selected among candidates proposed by Golar;
(B) a finance director (“Finance Director”), selected among candidates proposed by Schlumberger;
(C) an asset director (“Asset Director”), selected among candidates proposed by Schlumberger;
(D) a business development director (“Business Development Director”), selected among candidates proposed by Golar.
(II) Where the shareholding of a Shareholder falls below forty percent (40%) but remains above or equal to twenty percent (20%), of the Company:
(A) that Shareholder shall nominate only one (1) Director and the other Shareholder shall nominate three (3) Directors of the available four (4) Directors;
(B) that Shareholder (if Golar) shall lose the right to select the Managing Director; and
(C) that Shareholder (if Schlumberger) shall lose the right to select the Finance Director.
(III) Where the shareholding of a Shareholder falls below twenty percent (20%) but remains above or equal to ten percent (10%), of the Company:
(A) that Shareholder shall nominate only one (1) Director and the other Shareholder shall nominate three (3) Directors of the available four (4) Directors; and
(B) that Shareholder (if Schlumberger) shall lose the right to select the Asset Director;