August 31, 2007
Dear Chairman Cox:
As a concerned investor who has been encouraged to see recent shareholder resolutions asking for more accountability from corporations, I was shocked to learn 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.
If we have learned anything from the Enron, WorldCom, and Tyco scandals, it should be that corporations need to be held more accountable, not less. 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.
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.