Section 15-16. The chief executive of the undertaking

(1) The employer may enter into a written agreement with the chief executive of the undertaking to the effect that disputes in connection with the termination of the employment relationship shall be settled through arbitration.

(2) The provisions of this chapter concerning dismissal shall not apply to the chief executive of the undertaking if this person has in a prior agreement relinquished such rights in exchange for compensation on termination of employment.