From: Ralph Philbrick
Sent: September 18, 2007
Subject: File No. S7-16-07

Dear Chairman Cox: Please preserve the option for shareholder proposals to help promote transparency, improve corporate governance, performance, and raise other important issues. As an investor, I regard shareholder resolutions as a valuable tool for shareholders to make their voices heard about the direction of our companies. I specifically oppose granting companies the ability to "opt out" of the shareholder resolution process, substituting electronic petitions or chat rooms for resolutions, or increasing the percentage vote required for resubmission in subsequent years. I urge you to keep these current rules in place. Sincerely, Ralph Philbrick