Chairman Christopher Cox
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-1090
September 26, 2007
Dear Chairman Cox:
I'm writing to request that you protect the right of investors to file shareholder resolutions and urge you to take no action on the proposed initiatives that would curtail or eliminate this essential right.
I believe that part of the SEC's stated mission is "to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation." How would these goals be met by curtailing the ability of shareholders to bring resolutions or nominate a chairman, for instance? Less investor input would probably NOT protect investors more. Nor would having fewer and fewer people with a voice in corporate governance aid in maintaining fairness.
Shareholder resolutions have helped to promote transparency and improve corporate governance and performance. They have called attention to critical issues that, when not addressed, often end up costing shareholders and their companies as a result of lawsuits, damaged reputations, consumer boycotts, public protests, and low staff morale.
The many corporate scandals of recent years highlight how important it is to have more, not less, corporate transparency and accountability. Shareholder resolutions have proven effective in holding companies accountable to their owners. I ask that the commission safeguard, not undermine, their use.
Thank you for your attention to my comments.