August 30, 2007
SEC File Number S7-16-07
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.
It is, after all, the stockholders who suffer when corporate managers bail out under golden parachutes. It is the stockholders who are truly invested in the company and the management who are our employees. Please, let's keep those relationships straight and accountability up front for stockholders.
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.