SEC Rule 14a8 Action Alert

NEW YORK, NY.///July 19, 2007///ICCR is particularly troubled by the suggestion that the right of shareowners to sponsor advisory shareholder resolutions either be eliminated or further restricted. We view the role of engaged shareholders as an important aspect of the civic infrastructure, making significant contributions to the ongoing dialogue regarding the role of corporations in global wealth creation.

Our deep involvement in the process of shareholder advocacy has included letters and dialogue with companies, sponsorship of shareholder resolutions and actively exercising our ownership interests by voting our proxies. We note that when the SEC required mutual funds to disclose their proxy voting records annually, it was done with the understanding that the proxy is an asset and that voting proxies conscientiously is therefore a fiduciary duty.

This process has been a central means for formalizing communication between concerned investors and management on social, environmental and governance issues. It is a critical aspect of the efficacy of our efforts.

As investors who represent a broad range of faith communities, ICCR's membership has provided a consistent, coherent voice for justice in the economic system with a particular focus on issues relating to corporations for nearly four decades. If these ideas to restrict advisory proposals became a formal SEC rulemaking proposal, we expect there would be vigorous opposition from both individual and institutional investors.

ICCR is calling for the urgent assistance of its allies as we monitor developments in the anticipated SEC proposal and rule changes. Please take a moment to make the following calls (or emails) today or tomorrow as our intelligence continues to indicate that Rule 14a8 and the rules allowing proxy resolutions to be filed continue to be at risk of being weakened.

- SEC Chairman Christopher Cox
- SEC Commissioner Annette L. Nazareth
- House Financial Services Committee Chair Barney Frank
- Senators Jack Reed and Chris Dodd.

" (Chairman, Commissioner, Congressman, Senator) We want to alert you that there will be a maelstrom of investor furor if there are any attempts to weaken or cripple Rule 14a8 in any future rule change proposals. Thousands of engaged institutional investors will protest should such a proposal see the light of day."

Useful Numbers:
Congressman Barney Frank:
(202) 225-5931

Senator Jack Reed:
(202) 224-4642

Senator Christopher Dodd:
(202) 224-2823

SEC Toll-Free Investor Information Service:
1-800-SEC-0330

Investor Assistance and Complaints:
(202) 551-6551

Useful Emails
SEC Chairman:
chairmanoffice@sec.gov

Senator Reed:
http://reed.senate.gov/contact/contact-share.cfm

Senator Dodd:
http://dodd.senate.gov/index.php?q=node/3128

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