February 14, 2006
"The SEC is proposing to allow companies to make their proxy statements available only over the Internet the companies could then mail shareholders only the proxy voting card (showing only management voting recommendations), requiring individuals to go online to see disclosures and retiree shareholder proposals."
This strikes me as an unfair practice and another example of the current administration's seeming tendency to favor the rich and powerful at the expense of the individual.
Despite Mr. Gore's best efforts, not all citizens are hooked to the internet. So these people would remain entirely clueless concerning viable proposals before the stockholders.
Would these e-mails include stockholder initiatives, or be limited to material from the Board of Directors? It is difficult to successfully complete a stockholder initiative now. If these initiatives were excluded from the only "official" proposal notification, this process would be well-nigh impossible.
Personally, I spend far too much time at my computer now, just trying to keep up with the "good stuff" and delete the Spam. I prefer to read "thought" pieces (including votable proposals) somewhere other than at my computer.
I realize this proposal would save the company mailing and handling costs. (But if the company is that short of cash, perhaps they could deduct a few thou from the CEO's salary and other compensation.
Thank you for your attention,
Art Comings
AASBCR Communications Chair