Jan. 29, 2020
Dear Sec. Countryman: As a small-business advocate for the Monahans, Texas, community, I would like to submit comments to the SEC's docket on proxy advisory firms. The small-business owners I work with on a daily basis at the Monahans Chamber of Commerce are extremely concerned for their futures. Proxy advisory firms in some ways have had an effect on how Texas's businesses are governed. People are entitled to their political opinions, but there are appropriate venues for such discourse; financial advisors should only be concerned with returns for their investors, many of whom are hard-working people who deserve good retirements. The fact is that the political-based regimen advanced by these advisors has been found to produce considerably less than the S&P 500 index funds. That's unacceptable. And I have had my doubts as to the legitimacy of the objectives of some advisors, anyway. At this point, there is such a lack of transparency due to proxy advisors' practices that no one knows what these investments actually are. Of course, proxy advisors are most particularly in the public pension space, and risk is not what these pensioners sign up for. They have little, if any, insight into how their hard-earned funds are invested. The opaque behaviors of these firms, such as automatic voting, and the fact that only two firms account for virtually all of the advisory market, should raise the concerns of regulators. That is why I am glad that the SEC is taking action. I support a full and thorough review of the proxy process, and I applaud the guidance it has already issued. I ask the SEC to finalize their proposed rules on proxy advisors. Sincerely, Teresa Burnett Executive Director Monahans Chamber of Commerce 1525 East Monahans Parkway Monahans, TX 79756 [redacted] Attachments area