August 30, 2007
Dear Chairman Cox:
As a concerned investor, I am alarmed that the SEC has issued rules that could curtail or eliminate the ability of shareholders like myself to raise important issues with corporate management. I urge you to not curtail investors' rights to file advisory resolutions under Rule 14a-8.
I own a number of stocks and while they are all in a portfolio managed by Bessemer Trust, I receive an option to vote by Proxy for ALL shareholder meetings. I PAY FOR THAT RIGHT. I resent any rulings that diminish my impact as a shareholder. My dollar is just as valuable as that of board members. The US Treasury guarantees that!!
Advisory resolutions play a vital role in encouraging corporations to be responsive to their owners. They help to promote improved corporate governance, greater accountability, and more meaningful disclosure.
Any actions that would restrict or eliminate advisory shareholder resolutions would be a disastrous step backwards. Please let me know what action you intend to take on this issue.
Yours sincerely,
Bob Kloos