Don't let the SEC drop the ball on corporate reform.

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Don't let the SEC drop the ball on corporate reform.

The U.S. Securities and Exchange Commission (SEC) is on the verge of adopting significant corporate reforms that could, for the first time, give investors a voice in selecting directors for the corporations they own. However, intense business lobbying is spoiling the integrity of these needed reforms—making recourse for investors unworkable—providing investors options that are not really options at all. Please send a letter to the SEC. Tell the SEC to enact corporate reforms that investors actually can use.

Sample Letter for Campaign

Subject: Re: File No. S7-19-03

Dear [ Decision Maker ] ,

Re: File No. S7-19-03

I am pleased to hear the U.S. Securities and Exchange Commission is on the verge of adopting historic corporate accountability reforms. I am writing to offer supporting comments on SEC proposal S7-19-03 regarding security holder director nominations.

Too many corporate boards appear eager to award outrageous pay and retirement perks to corporate executives. These same boards are unwilling to challenge CEOs with the tough questions their duties require. As we learned from recent corporate scandals, this kind of board behavior can allow self-dealing executives to destroy entire corporations and walk off with millions, leaving shareholders, workers and communities to suffer the consequences.

By giving shareholders a voice in picking corporate directors, the reforms put forward by the SEC have the potential to put an end to the "Imperial CEO." However, as proposed, the rules contain certain barriers, including high ownership thresholds and a cumbersome two-year process, which would make them difficult for investors to actually use. I urge the SEC to reject the overly constraining barriers and to adopt final rules that truly will give shareholders a voice in picking directors at America's largest corporations. Corporate reform should be something investors actually can use.

Sincerely,

Campaign Launched:
December 02, 2003

Background Information

The scandals at Enron, WorldCom, Adelphia, Tyco and others were a warning sign that corporate America better clean up its act and a call to action for corporate accountability reforms from our government. Two years later, the fate of one of the most important reforms is uncertain--the ability of shareholders to put forward truly independent nominees to the board of directors of a failing or corrupt company.

The regulatory agency overseeing most corporate governance issues in America--the U.S. Securities and Exchange Commission (SEC)--is on the verge of adopting significant corporate reforms that could, for the first time, give investors a voice in selecting members of the boards of directors for the corporations they own.

However, intense lobbying by Big Business and corporate interest groups is spoiling the integrity of these needed reforms--making recourse for investors unworkable--providing investors options that are not really options at all.

Too many corporate boards appear eager to award outrageous pay and retirement perks to corporate executives. These same boards are unwilling to challenge CEOs with the tough questions their duties require. As we learned from recent corporate scandals, this kind of board behavior can allow self-dealing executives to destroy entire corporations and walk off with millions, leaving shareholders, workers and communities to suffer the consequences.

Please make your voice heard for corporate accountability that actually will hold corporate chiefs accountable.

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