October 24, 2010
Dear Chairman Schapiro,
Please help protect the proxy voting system for shareholders. I am upset that some elements (U.S. Chamber of Commerce & the Business Roundtable) are pressuring the SEC to rewrite the U.S. proxy system.
For example, I hear the U.S. Chamber of Commerce wants to allow brokers and banks to vote using preexisting instructions on behalf of their clients. How does this allow shareholders to express their preferences??
And what about the proposal by the Business Roundtable's "Shareholder Communications Coalition" to give companies more control over shareholder communications by eliminating the rules that help protect shareholders' privacy. I believe this suggestion is just geared to reduce shareholder input. and that is not right
The present proxy system works well enough. If anything, the rules should be changed to make it easier for shareholders to provide input. Please don't be fooled by corporate initiatives to reduce this ability.