On February 15, legal firm HWAWOO forwarded a business proposal on behalf of SM Entertainment's former head producer Lee Soo Man to the company's current management board.
Through the proposal, Lee Soo Man requested that the following be included as a part of the agenda for the 28th general board meeting of shareholders at SM Entertainment, expected to take place in mid-March.
Lee Soo Man stated,
"It is the duty of the management board to pursue the establishment of SM Entertainment as a model figure in corporate governance, and it is the responsibility of the board to prioritize the rights and interests of the shareholders. Only by accepting and fulfilling these roles can this company enhance its corporate value and share value. To ensure the mid-to-long term sustainable progress of SM Entertainment, there is a need to revise articles within the rules of corporate management toward a future-oriented direction. It is also necessary to achieve transparency in the company's management and decision-making process, and this can only be achieved by appointed the most experienced and professional leaders to the board."
According to the share purchase agreement signed by HYBE and Lee Soo Man, Lee Soo Man will defer his right to vote at the 28th general board meeting of shareholders to HYBE. Lee Soo Man will also suggest board member candidates selected by HYBE to present to the general board ahead of the 28th gathering.
The following individuals have been endorsed by HYBE Labels for board candidacy at SM Entertainment 28th general board meeting 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 received endorsement for chief internal officer candidacy. Kang Nam Gyu, senior staff attorney 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 received endorsement for chief external officer candidacy. Park Byung Moo, CEO of VIG Partners has received endorsement for non-executive officer candidacy, while Choi Kyu Dam has received endorsement for non-executive auditor candidacy.
In order to ensure the creative freedom of SM Entertainment, HYBE Labels will not endorse candidates in creative production and management, including Bang Si Hyuk and Min Hee Jin.
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