Chairman Christopher Cox
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-1090
September 28, 2007
Dear Chairman Cox:
I'm writing to request that you protect the right of investors to file shareholder resolutions. I urge you to take no action on the proposed initiatives that would curtail or eliminate this essential right.
Being a shareholder means being a part-owner in a company. They have invested their money in the company, and generally, there is an expectation that the company will work to make a profit for their shareholders - this is widely accepted. It follows that as a shareholder, there would be an expectation of having a voice in how the corporation is run.
Shareholder resolutions are not only an invaluable tool for investors who want to make their voices heard with regard to the direction of their companies, they are essential to the health of the publicly held corporate system, and the world in general. Shareholder resolutions have helped to promote transparency and improve corporate governance and performance. They have called attention to critical issues, including global warming, nuclear power, sweatshops, executive compensation, natural resource extraction, and other major societal and environmental problems that, when not addressed, often end up costing shareholders and their companies as a result of lawsuits, damaged reputations, consumer boycotts, public protests, and low staff morale.
The many corporate scandals of recent years highlight how important it is to have more, not less, corporate transparency and accountability. Shareholder resolutions have proven effective in holding companies accountable to their owners. I ask that the commission safeguard, not undermine, their use.
Thank you for your attention to my comments.