August 14, 2009
Elizabeth Murphy
Securities and Exchange Council
100 F Street, NE
Washington, DC 20549-1090
Dear Ms. Murphy,
Free enterprise has allowed Americans to start a business, and with proper management and business knowledge, make it grow into a large corporation. Free enterprise allows shareholders to invest in stocks from these corporations, but that does not make them qualified enough to make business decisions. If they are not satisfied with the way the corporation is being run, they have the choice to sell their shares and get out. The shareholder proxy access rule should not change just because these investors think they can do a better job at running corporations. It takes experience to run large corporations, not the wants or dislikes of shareholders.
Having over thirty three years in my chosen profession, is what makes my small S-Corp function well do to my business knowledge and experience. We have an employee who is loyal and the help of my children, when it is needed. If any decisions are to be made, I use my knowledge of running my business or may ask for a suggestion from my 23 year old son who comes in to help on occasion. Although I do not have any, never would I consult with any of my investors because they simply do not have the knowhow. A similar circumstance would be for me to try and dictate the prices I pay for the United Natural Foods Corp where I buy my supplies.
Hopefully, one of my two children will show enough interest for me to pass this business down to my next generation. It would also be comforting to know that neither shareholders nor the government would meddle in large or small business affairs. For these reasons, it is not a good idea to change the shareholder proxy access rule and allow either to have a foot in the door. Shareholders should respect their positions and the government should stick to running the government and stay out of the private industries and the business arena. They are neither knowledgeable nor capable of handling it correctly.
Best regards,
Regina Petruzziello Mason
Regina Petruzziello Mason
Virago Baking Company