June 25, 2023
Hi there. I'm a retail investor, here to ask you if you've lost your minds in considering handing dereivative holders voting rights?
\"The derivative holder's counterparty may have a business relationship to develop and protect, and thus may ultimately cast votes in accordance with the preference of the derivative holder. Even if any counterparty shares are not voted, the derivative holder's probability of success in exerting influence or control over the issuer of the reference security may increase given that any voting power the derivative holder held would be magnified by minimizing the number of shares that potentially could be voted against its plans or proposals.\"
The chaos this will cause for corporate governance is unprecedented. It will transfer more voting power over publicly-traded companies to banks and hedge funds. IS THE SEC ACTIVELY TRYING TO DIMINISH THE POWER OF RETAIL INVESTORS AND CONSOLIDATE EVEN MORE INTO THE HANDS OF BIG MONEY? That seems to be the point of this proposal.