September 4, 2007
Dear Chairman Cox:
As a concerned investor, I am alarmed that the SEC has issued rules that could curtail or eliminate the ability of shareholders like myself to raise important issues with corporate management. I urge you to not curtail investors' rights to file advisory resolutions under Rule 14a-8.
Advisory resolutions play a vital role in encouraging corporations to be responsive to their owners. They help to promote improved corporate governance, greater accountability, and more meaningful disclosure.
In my lifetime, corporations have become far too powerful and heedless of the effects of their actions on people and the world. Shareholder resolutions are a key means by which we can hold corporations accountable. The SEC's job is to assist with this demand for accountability, not to limit it.
Any actions that would restrict or eliminate advisory shareholder resolutions would be a disastrous step backwards. Please let me know what action you intend to take on this issue.