September 27, 2007
To SEC Chairman Cox: I represent Greenleaf Finanical Group, a Registered Investment Advisor. In light of the SEC's recent proposal, I ask the Commission to preserve the nonbinding shareholder proposal. Shareholder proposals have helped to promote transparency, something that our stock and bond markets and investors fundamentally need. Shareholder proposals also help improve corporate governance and stock performance, as well as raise important issues ranging from greenhouse gas emissions to sweatshops to sustainability reporting. Our firm and our clients consider shareholder proposals as key to being active, engaged investors, as opposed to passive speculators. We are all company owners. I ask the SEC not to restrict or eliminate shareholders' abilities to propose advisory resolutions under Rule 14a-8. I strongly oppose granting companies the ability to "opt out" of the shareholder resolution process. We have seen how companies perform (i.e. Home Depot) when management and board members choose to be unaccountable. The results are disastrous for investors, employees, pensions, and more. At a minimum, I ask you to keep current rules in place. Thank you. Kathleen Hartman