August 30, 2007
Dear Chairman Cox:
I am 63 years old and have been an investor and shareholder in U.S. corporations since I was a paperboy. The increase in unethical and even fraudulent corporate behavior disturbs me greatly. I am becoming reluctant to invest in individual stocks. The SEC should be doing everything in its power to encourage corporate democracy, so that ethical shareholders can exert their influence.
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.