Nancy Morris, U.S. Securities and Exchange Commission
September 28, 2007
Dear Nancy Morris, U.S. Securities and Exchange Commission,
My understanding is that the SEC is supposed to be the Investor's Advocate. However, the two proposed options for shareholder proposals and director elections undermine investor rights.
The first one would take away shareholders rights to file proxy access proposals. The second would set the bar for proposals too high, effectively blocking long term shareholders from the proxy ballot.
I'm sure I don't have to tell you that the costs of not allowing shareholders to act as the owners that they are -- are great. Enron and WorldCom hurt the economy, hurt workers and hurt retirement funds.
Shareholders' ability to nominate directors would take power away CEO-dominated boards and give it back to a company's owners--its shareholders.
I expect the SEC to protect my rights. I urge you to reject both proposed rules for shareholder resolutions and the election of directors.
Senator Herb Kohl
Senator Russ Feingold
Representative Steven Kagen