August 21, 2007
Dear Chairman Cox,
As a member of a faith-based institutional investor, I want to express my opposition to any attempt to weaken or cripple shareholders right to file non-binding advisory resolutions under Rule 14a-8.
Shareholder proposals rovide large and small shareholders with a voice in the governance of corporations on which their financial futures depends. Doing away with these proposals would be a setback for democracy and corporate governance which and a turn away from values of a deomcratic and just society "by the people, for the people."
Eliminating this right would also remove an important tool of management accountability to shareholders. I strongly oppose any effort to curtail this important component of shareholder democracy. Engaged investors across the country are prepared to publicly defend their ownership rights should those be threatened by proposed rulemaking. I join with others in the hope that instead of issuing controversial proposals that are harmful to shareholder interests, the SEC will consider how to enhance the dialogue between corporations and their owners on matters of strategic importance.
Barbara Sheehan, SP