October 2, 2007
Chairman Christopher Cox
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-1090
Dear Chairman Cox,
My comment letter is in response to file S7-16-07 regarding proxy access and more specifically, the nomination of a corporation’s board of directors.
While I agree that this new proposed rule would allow shareholders to finally have a voice in the election of a corporation’s board of directors, the price to pay is, in my opinion, too high. Under this amendment, political and/or social interest groups will have the ability to nominate directors to a corporation’s board of directors.
It is my belief that if such members are elected, they will have other interests in mind and not that of the corporation’s. The board of directors should have a fiduciary duty to the shareholders and not special interest groups.
I believe the commission is making an attempt to build greater corporate transparency and accountability for the sake of the shareholders. However, I do not agree that proposed rule S7-16-07 is a step forward in that direction. This is why I write to express my opposition to this proposal.
Sincerely,
Jose Quirarte