October 1, 2007
Nancy Morris, U.S. Securities and Exchange Commission
Dear Nancy Morris, U.S. Securities and Exchange Commission,
Once again, the Administration favours the upper class over every one else. The proposed regulations are fatally flawed and must be rescinded as proposed. A balance is needed between the respective shareholder and management rights.
In recent years, corporate fiascoes like Tyco, Enron and WorldCom have revealed how porous rules are for companies and their directors. Each director of such companies failed their fiduciary responsibility to protect the public owners. They went along with management's desires to loot the company at public owner's expense.
Many a pension plan was badly impacted by these types of corporate shenanigans. Many a retiree/future retiree has had their well being comprimised.
By these proposals, the SEC has abrogated it's responsibility to be the Investor's Advocate. The two proposed options for shareholder proposals and director elections undermine investor rights. 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.
The costs of not allowing shareholders to act - as the owners they are - are great.
Shareholders' ability to nominate directors would take power away CEO-dominated boards and give it back to a company's owners--its shareholders.
As an investor, I expect the SEC to protect my rights, not roll them back.
To repeat, the proposed regulations are fatally flawed and must be rescinded as proposed. A balance is needed between the respective shareholder and management rights.
Ev Janish + Dale Madison
Senator Sherrod Brown
Representative Steven LaTourette
Senator George Voinovich