August 2, 2009
I urge that the proposed rule not be adopted. Corporate boards are supposed to represent the interests of all shareholders. The proposed rule would facilitate the interests of special interest groups more interested in pursuing their own agendas rather than promoting the general interest of shareholders. This is particularly true of special interests with ideological motivations that frequently place emotional issues before stockholder meetings that are directly contrary to the interests of shareholder even under current rules. Allowing such groups to nominate directors would have potentially damaging effects on corporate management contrary to the interests of shareholders. Corporations are not political entities and should not be treated as such. Corporate directors have a fiduciary duty to shareholders which is not compatible with promotion of the ideological motivations of special interest groups.