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 was personally able to file a resolution with Starbucks a few years ago under this rule and would be very concerned if it went away. A vital part of our democracy (and rights as shareholders) is to petition the government (and corporation of which we are part owners) for redress.
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.