September 4, 2007
Dear Chairman Cox:
My wife and I are retired. Many of our assets are invested in the stocks of companies. This, I believe, makes me an owner. The boards of directors should, I believe, listen to the owners. In other words, the boards of directors should have to respond to shareholders. I vote all of our proxies. I read all questions. I do not vote with management or against it without considering the question.
In my opinion the boards of directors should not have the right to filter what I am allowed to vote on.
I also believe that, as an owner, I should have an advisory vote on executive pay. I agree with Congressman Frank.
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.
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.