Chairman Christopher Cox
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-1090
September 25, 2007
Chairman Christopher 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.
As an individual investor, I take my responsibilities as a shareholder very seriously. I believe that every owner shares responsibility for the conduct of the companies in which they hold common stock and has a moral resposibility to act to influence the companies to be socially responsible. It would be unacceptable for me to own a small business that damages the community in which I live. To me, and to many other investors, it is equally unacceptable to profit from a corporation in which we own stock that is damaging the Earth we all share.
Shareholder resolutions are an invaluable tool for investors like me who want to make their voices heard with regard to the direction of their companies. Shareholder resolutions have helped to promote transparency and improve corporate governance and performance. They have called attention to critical issues, including global warming, nuclear power, sweatshops, executive compensation, natural resource extraction, and other major societal and environmental problems 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.
Sincerely,
Frances Stewart