August 30, 2007
SEC File Number S7-16-07
Dear U.S. Securities and Exchange Commission:
I oppose any action by the Securities and Exchange Commission (SEC) to weaken the rights of Americans to present resolutions for votes by the millions of investors like me who own stock in companies.
I urge the SEC and, if necessary, Congress to stop initiatives that would limit the rights of shareholders to sponsor proxy resolutions or prevent investors from nominating members of corporate boards.
To strengthen our economy, we need more shareholder involvement in American corporations, not less. I strongly support the rights of shareholders to use the resolution process to encourage responsible action by companies that overcompensate CEOs, lack proper governance, refuse to take action on climate change, pollute, discriminate or engage in other such anti-social behaviors.
These behaviors weaken our economy and often cost shareholders like me a lot of money in the long run as a result of lawsuits, clean-ups, damaged company reputations and other outcomes that drive stock prices down. Shareholder resolutions have proven effective in encouraging companies to adopt more socially, environmentally and economically effective practices. Shareholder ability to file resolutions and have them considered, and to help nominate directors should be strengthened, not weakened.
I urge Congress to monitor SEC initiatives to limit shareholder rights and, if necessary, act to ensure that investors do not lose the ability to encourage corporations to improve their practices.