September 25, 2007
Dear Chairman Cox
I am alarmed to hear that the SEC is considering actions which might curtail or eliminate the ability of shareholders to initiate advisory resolutions under Rule 14a-8. As an investor, I consider shareholder proposals to be an invaluable means by which shareholders are able to participate in the decision-making and direction of companies. Companies should not be permitted to "opt-out" of this process, even if some other means of participation might be substituted. Moreover, I am opposed to changes in the rules which would increase the percentage vote needed required for resubmission in subsequent years.
Shareholder proposals have increased transparency, have helped to raise important issues of corporate citizenry having to do with such issues as fair treatment of workers, community impact, consumer safety, and environmental issues such as global warming. Moreover, they have helped investors to bring light to business risks that may have a significant impact on the value of our investments.
I am writing today to ask the SEC to preserve this essential democratic process. Please act to assure the continued availability of the shareholder proposal and proxy rules in their current form as a means of holding companies accountable to their owners.
Sincerely, Dana Woods