In the ongoing controversy between ADOR’s CEO, Min Hee Jin, and HYBE, the tension reached a new heights as reports emerged on April 29, 2024, indicating Min Hee Jin‘s refusal to heed HYBE‘s call for a board of directors meeting. The reasons behind Min Hee Jin’s rejection were twofold and underscored the deep-rooted discord between the two entities.
Firstly, she cited the illegality of HYBE’s request to alter ADOR’s leadership structure, including the dismissal of its CEO and board of directors.Emphasizing the legal boundaries, Min Hee Jin argued that such actions were not within HYBE’s jurisdiction. The second reason is that the convening of the board of directors, which has already undergone an audit, falls outside HYBE’s right and is thus deemed unlawful. According to Koreaboo, she stated, “the rights to a convention of audited board of directors are only limited to the scope of the audit’s requirements, and their call is hence illegal”.
The crux of the matter lies in HYBE’s efforts to expedite the process of ousting Min Hee Jin and her directors from ADOR’s leadership. This strategy was set in motion with HYBE’s submission of a request to the court on April 25, seeking an emergency shareholders’ meeting as a contingency plan should the directors’ meeting fail to materialize. The proposed shareholders’ meeting aims to effectuate Min Hee Jin’s removal as CEO and instate a new management board for ADOR.
HYBE has asserted, “in accordance with their articles of association, they have the authority to audit the performance of directors as well as call for the convention of the board of directors. Hence, the company does not understand why CEO Min Hee Jin is not responding to the call”.
Firstly, she cited the illegality of HYBE’s request to alter ADOR’s leadership structure, including the dismissal of its CEO and board of directors.Emphasizing the legal boundaries, Min Hee Jin argued that such actions were not within HYBE’s jurisdiction. The second reason is that the convening of the board of directors, which has already undergone an audit, falls outside HYBE’s right and is thus deemed unlawful. According to Koreaboo, she stated, “the rights to a convention of audited board of directors are only limited to the scope of the audit’s requirements, and their call is hence illegal”.
The crux of the matter lies in HYBE’s efforts to expedite the process of ousting Min Hee Jin and her directors from ADOR’s leadership. This strategy was set in motion with HYBE’s submission of a request to the court on April 25, seeking an emergency shareholders’ meeting as a contingency plan should the directors’ meeting fail to materialize. The proposed shareholders’ meeting aims to effectuate Min Hee Jin’s removal as CEO and instate a new management board for ADOR.
HYBE has asserted, “in accordance with their articles of association, they have the authority to audit the performance of directors as well as call for the convention of the board of directors. Hence, the company does not understand why CEO Min Hee Jin is not responding to the call”.
