Not necessarily, as you remain an employee of the company. A lot of employers have director agreements where the responsibilities of the director is set out as a director of the company and that sometimes replaces the contract or runs in tandem with it. However, there is no specific requirement for a separate director agreement
I hope this helps, if there are any further points please reply
Hi, I am a 50% owner of the company and there is no director's agreement in place due to the other director being a family member, the work relationship is now not as good as it used to be and suddenly after 5 years together I have been presented with this contract.
Do you want to avoid signing it?
Not quite sure, on reading the contract it seem to be the same as a regular employee, the stated holiday entitlement is the same whereas I received 5 days extra, this has been in place since the company' started, there is no salary stated within the contract just "as per agreement"
The contract is fine as long as it actually replicates the terms you actually already have.
Otherwise it is a variation in the terms of the contract, albeit verbal, that you are working under. A contract variation can only be agreed with your agreement so you can vary or refuse as you wish
Stand your ground.