SM Entertainment has released an official statement regarding the contract revisions demanded by the Fair Trade Commission.
SME officials clarified on the 24th, “The FTC only ordered us to revise the contract of one of our trainees by removing the three years added onto his contract. We complied, thus making every contract under our agency to date as ‘fair’. BoA, TVXQ, Super Junior, SNSD, SHINee, f(x), The Trax, and other celebrities under our agency have already been acknowledged as fair contracts by the FTC.”
They continued, “As leaders of the industry, we have been cooperating closely with the National Assembly and other related bureaucracies in order to protect the rights and interests of our celebrities, and to aid in the advancement of Korea’s entertainment industry and the Hallyu wave.”
After numerous discussions with the FTC, SME drafted a new contract earlier this year with the changed terms mentioned in the previous article. All artists re-contracted with the agency under the new terms, which were acknowledged by the FTC to be fair.
The representative continued, “We fully complied with the recent request by the FTC regarding our contract with a trainee. With the help of the FTC, we will be developing better contracts for the progression of Korean culture and contract customs.”
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