Jun. 25, 2023
As a household investor, I am strongly opposed to this new rule proposal that would grand voting rights to derivative holders. There is no way this could possibly benefit any investors or businesses. This would only benefit short sellers and people who want to abuse a company and their shareholders. This rule would completely destroy any chance of corporate democracy (I have a feeling this is exactly your goal) This is a travesty of a proposal. Derivative holders have Derivative ambitions to the security. This makes no sense. They don't own the security and they could be rooting for failure. How in the world could this be beneficial to the company and shareholders? How can you have voting rights when you don’t own the securities for the company you are voting for? One (owned) share should equal one vote, full stop. If you want to vote, buy the shares and stop abusing the system. No one should be allowed to purchase, significantly cheaper, option contracts that are short term and way out of the money and vote with them as if they had the shares. It makes absolutely zero sense. You all should be ashamed for even proposing this and giving it the time of day. Owned share are the only ones that should be able to vote.