Companies Act 2014 section 154

Copies of directors' service contracts

Section 154 requires companies to keep copies of directors' service contracts (or written memoranda of oral contracts) available for inspection by members, so that members can understand the company's obligations to its directors.

• Written contracts of service for each director must be kept as copies; where contracts are oral or partly oral, a written memorandum of the terms must be maintained instead.
• The same requirements apply to contracts a director holds with a subsidiary of the company, and to any variations of any such contracts.
• Where a director works wholly or mainly outside the State, a simplified memorandum recording the director's name, the contract duration, and (for subsidiary contracts) the subsidiary's name and place of incorporation must be kept instead.
• These records need not be kept where the unexpired term of the contract is less than 3 years, or where the company can terminate the contract within the next 3 years without paying compensation.