A new Web site intended to help organize thousands of individual shareholders in opposition to controversial SEC proposals has been launched as part of a joint effort by The Social Investment Forum (SIF) and the Interfaith Center on Corporate Responsibility (ICCR). The groups charge that the SEC proposals to change its Rule 14a8 under the Securities Exchange Act of 1934 would diminish shareholder activism by limiting the right of shareholders to file advisory resolutions.
The new site, www.SaveShareholderRights.org, was set up with the aim of enlisting 500 institutions and financial professionals to sign a joint statement opposing the SEC proposals, as well as to help facilitate the filing of several thousand comments by individual investors before the Commission comment period ends on October 2, 2007. Copies of investors’ comments posted on the site will be forwarded both to the SEC and to the individual investors Congressional representatives.