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Action Alert: Help CBIS Protect Shareholder Rights Now that the comment period has ended, we will be monitoring the situation closely and will keep you informed of any developments. Thank you again for standing up for shareholder rights. To read the letter CBIS sent to the SEC, click here (PDF file). Original Posting: The Securities and Exchange Commission is currently considering proposals that could significantly weaken the rights of shareholders to participate in the shareholder resolution process. As part of SEC File S7-16-07, the Commission is asking for comment on possible changes to SEC Rule 14a-8, which governs the filing of shareholder resolutions. You can view the full text of the SEC proposal at http://www.sec.gov/rules/proposed/2007/34-56160.pdf. As you are aware, shareholder resolutions are one of the key tools CBIS uses in its Active Ownership program. We have successfully used them with numerous corporations to bring about change in corporate governance, human rights policies, and environmental stewardship, as just a few examples. In addition, proxy voting disclosure allows shareholders to hold their investment managers accountable for their votes on these issues. If the proxy process is dismantled, that accountability will be lost. We are urging all CBIS participants to comment on the proposed rule and express their opposition to any change that would weaken the right of shareholders to file non-binding proposals at corporations. You’ll find a sample e-mail below. Please feel free to use it, or modify it as you see fit.. You can e-mail comments to rule-comments@sec.gov. Be sure to put S7-16-07 in the subject field of your e-mail to ensure that the SEC successfully registers your comments. Alternatively, you can visit http://www.sec.gov/rules/proposed.shtml and click on the “Submit comments on S7-16-07” link under the proposed rule. Thank you for joining CBIS in protesting this affront to shareholder interests. SAMPLE E-MAIL Dear Chairman Cox, As a faith-based institutional investor, I want to express my opposition to any attempt to weaken or cripple shareholders’ right to file non-binding advisory resolutions under Rule 14a-8. For over three decades, shareholder proposals have provided large and small shareholders with a voice in the governance of corporations on which their financial futures depend. Doing away with these proposals would be a setback for shareholder democracy and corporate governance more generally. Eliminating this right would remove an important tool of management accountability to shareholders. We strongly oppose any effort to curtail this important component of shareholder democracy. We are also aware that engaged investors across the country are prepared to publicly defend their ownership rights should those be threatened by proposed rulemaking. We hope that instead of issuing controversial proposals that are harmful to shareholder interests, the SEC will consider how to enhance the dialogue between corporations and their owners on matters of strategic importance. Sincerely, YOUR NAME |
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