September 3, 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 believe you are well aware that corporate managers rake in billions because they claim to give their precious shareholders moremoney on their investments. As you well know, the only people corporate managers pay attention to are those who hold a lot of stock including themselves.
You should be expanding shareholder rights not restricting them. Are you one of the peopole who controls a lot of stock in the big 500? If so ... you should admit you have a real conflict of interest in making any rules that might make you more money and give you more power through your big investments.
Advisory resolutions play a vital role in encouraging corporations to be responsive to ALL their owners. They help to promote improved corporate governance, greater accountability, and more meaningful disclosure. Of course, you and your buddies probably don't like anything that might but some restraints on the fascist behavior of the big multi-nationals. But -- you might want to find out how European investors think about these restrictios. Europeans still believe in the rule of law.
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.
Yours sincerely,
Hannah King