The following information on Letter Type X,
Letter Type X:
Secretary Jonathan G. Katz
Dear Secretary Katz,
I urge the Securities and Exchange Commission to give shareholders a voice in the election of corporate directors. With the continuing problems of undeserved CEO pay, Wall Street financial scandals and conflicted corporate directors we need to make director elections meaningful. I believe that the Commission should move to approve its proposed proxy access rule at the soonest possible opportunity. Sitting on the proposed rule, will weaken the tremendous progress that shareholders are making and send the message that it is business as usual on Wall Street.
I applaud the action by the Commission to propose a proxy access rule for director nominations. Although I would want to see a stronger rule in place to create much more open end democratic boards, the proposed rule is a step towards bringing some equity in elections when corporate boards are proven failures.
The Commission has been in this position before but failed to act because the business lobby was too powerful to overcome. This time I urge you to finish your good work and give shareholders a rule we can all use.