September 25, 2007
Chairman Christopher Cox
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-1090
Dear Chairman Cox:
I'm writing to request that you protect the right of investors to file shareholder resolutions and urge you to take no action on the proposed initiatives that would curtail or eliminate this essential right.
Please do not let the roll back of critical rights and freedoms as Americans continue with the SEC. If we are truly practicing free market economics, then our ability to exercise control over the companies we own stock in, must not be infringed or diluted. If companies are unhappy with this, let them deal with it in their own way and let the market decide, not more suffocating government regulation designed to restrict the free and unfettered operation of the marketplace.
Shareholder resolutions are an invaluable tool for investors who want to make their voices heard with regard to the direction of their companies. Shareholder resolutions have helped to promote transparency and improve corporate governance and performance. They have called attention to critical issues, including global warming, nuclear power, sweatshops, executive compensation, natural resource extraction, and other major societal and environmental problems that, when not addressed, often end up costing shareholders and their companies as a result of lawsuits, damaged reputations, consumer boycotts, public protests, and low staff morale.
The many corporate scandals of recent years highlight how important it is to have more, not less, corporate transparency and accountability. Shareholder resolutions have proven effective in holding companies accountable to their owners. I ask that the commission safeguard, not undermine, their use.
Thank you for your attention to my comments.
Germaine de Pibrac James