October 16, 2007
I am an investor in public companies through the stock market (indvidual stocks and mutual funds). I firmly request that the SEC maintain the current level of corporate responsibility to shareholders -- or stregthen it. Your consideration of restricting corporate accountability to shareholders worries me greatly.
The current systems works and leads to constructive dialogue with companies. Hundreds of resolutions related to sustainable business practices have prompted companies to improve performance and accountability. I am opposed to allowing companies to opt out of the shareholder resolution process; electronic forms are good add-ons, but should not replace the ability to file resolutions.
Raising thresholds to re-submit resolutions in following years, will make it more difficult for investors seeking to engage with companies. You oppose raising voting thresholds.
Responsible investment and corporate social responsibility are gaining strength globally, so the direction of these SEC proposals seems counterproductive. They would not serve the public interest or the goal of investor protection.
Please keep me apprised of your actions on this matter.