On February 15, prison association HWAWOO forwarded a enterprise inspiration on behalf of SM Entertainment's former head producer Lee Soo Man to the company's cutting-edge administration board.
Through the proposal, Lee Soo Man requested that the following be protected as a phase of the agenda for the twenty eighth familiar board assembly of shareholders at SM Entertainment, predicted to take vicinity in mid-March.
According to the share buy settlement signed by means of HYBE and Lee Soo Man, Lee Soo Man will defer his proper to vote at the twenty eighth frequent board assembly of shareholders to HYBE. Lee Soo Man will additionally advocate board member candidates chosen by means of HYBE to current to the ordinary board in advance of the twenty eighth gathering.
The following men and women have been encouraged via HYBE Labels for board candidacy at SM Entertainment twenty eighth prevalent board assembly of shareholders: Lee Jae Sang, CEO of HYBE America, Jung Jin Soo, Chief Legal Officer of HYBE, and Lee Jin Hwa, Chief of Management and Planning at HYBE have acquired endorsement for chief inside officer candidacy.
Kang Nam Gyu, senior personnel lawyer of GAON Law Firm, Hong Soon Man, professor of public administration at Yonsei University, and Lim Dae Woong, the South Korean representative of the United Nations Environment Program Finance Initiative have obtained endorsement for chief exterior officer candidacy.
Park Byung Moo, CEO of VIG Partners has obtained endorsement for non-executive officer candidacy, whilst Choi Kyu Dam has obtained endorsement for non-executive auditor candidacy.
In order to make certain the innovative freedom of SM Entertainment, HYBE Labels will now not recommend candidates in innovative manufacturing and management, which include Bang Si Hyuk and Min Hee Jin.
CEO Lee Sung Soo in addition claims that Lee Soo Man nevertheless owns different 'paper companies' seizing up to 6% of SM Entertainment's foreign places profits
SM Entertainment's co-CEO Lee Sung Soo intends on exposing Lee Soo Man, founder and former head producer of SM Entertainment as properly as Lee Sung Soo's uncle, for a couple of "underhanded dealings" and "selfish actions" which the contemporary CEO believes are unsafe to the future of the amusement agency.
On February 16, Lee Sung Soo printed a video by means of his YouTube channel, claiming that he meant on unearthing "the different side" of Lee Soo Man's things to do as the head producer and the biggest shareholder of SM Entertainment.
First, Lee Sung Soo alleged that even even though SM Entertainment's contract with Lee Soo Man's LIKE Holdings got here to an cease remaining year, Lee Soo Man nonetheless possesses a wide variety of different "paper companies" from which he is seizing SM Entertainment profits.