Senior Management and Board of Directors. 1. Neither Party may require that an enterprise of that Party that is an investment of an investor of the other Party appoint to senior management positions, or as senior executives, a natural person of any particular nationality. 2. Without prejudice to paragraph 1, a Party may require that a majority or less of the board of directors, or any committee thereof, of an enterprise of that Party that is an investment of an investor of the other Party be of a particular nationality, or a resident in the Territory of the former Party, provided that: (a) the requirement does not materially impair the ability of the investor to exercise control over its investment; and (b) the nationality of members of the board or committee required thereunder is not of any non- Party which does not maintain diplomatic relations with the latter Party. 3. The provision of this Article shall be subject to the legislation of the Parties at the time of the entry into force of this Agreement.
Appears in 11 contracts
Samples: Promotion and Protection of Investments Agreement, Promotion and Protection of Investments Agreement, Investment Protection Agreement
