September 9, 2007
Dear Chairman Cox:
We were dumbfounded to hear, recently, that the Securities and Exchange Commission is considering action that would reduce or eliminate the rights of corporate shareholders to participate in the actions of companies they own through advisory shareholder resolutions. We have always considered this an elemental a right of ownership -- to participate in decisions on how our property shall be used. And this in a formal and public way, not by clandestine and ignoreable processes such as chatrooms or electronic petitions. And not in a way that diminishes the power of a single owner to interact, such as requiring a certain percentage of voter support for a resolution before it may be heard.
Surely there is strength in letting all owners of our corporate system be heard. Surely much good comes out of the untidy mix of ideas and resolutions that our companies must deal with. It is a fact that many wholesome social concerns from global warming issues to unjust labor practices are forced to the attention of corporate management because of investors through their resolutions which require it.
My wife and I strongly oppose any changes to Rule 14a-8 to the detriment of prompt and public investor advocacy through advisory resolutions. We have exercised our voice in this way regularly in the past, and we intend to continue to exercise it in the future. We will not be disenfranchised by its exclusion.
Thank you for your serious consideration of our views.
Sincerely,Mark and Linda Nygard