Nancy Morris, U.S. Securities and Exchange Commission
September 29, 2007
Dear Nancy Morris, U.S. Securities and Exchange Commission,
Is not the SEC supposed to be the Investor's Advocate? But the two proposed options for shareholder proposals and director elections undermine investor rights. One would take away shareholders' rights to file proxy access proposals. The second would set the bar for proposals too high, effectively blocking long term shareholders from the proxy ballot.
The costs of not allowing shareholders to act as owners are great. Enron and WorldCom hurt the economy, hurt workers and hurt retirement funds. Can you possibly have already forgotten the disastrous results of letting uncontrolled boards do as they choose? Shareholders' ability to nominate directors would take power away from CEO-dominated boards and give it back to a company's true owners--its shareholders.
As an investor, I expect the SEC to protect my rights, not roll them back. I urge you to reject both proposed rules for shareholder resolutions and the election of directors.
Senator Dianne Feinstein
Senator Barbara Boxer
Representative Xavier Becerra