Ttti.koftl -tffitrc [?i]:i;;:ii, f \r'iJ
Aj'Gi ? 2009
August u, 2oo9
100 F Street NE
RE: No. Facilitating
I feel that the Securities Exchange
and Commission's proposedrule regarding proxyaccessfor
shareholders nominations corporate
of would be detrimental businesses askthat the
directors to and
Commission to rejectit. As Chairman the Hickory
vote of Furniture NorthCarolina,
Mart in Hickory, I
fearthat the proposed couldturn every
rule directorelection a
into proxycontest,thereby politicizing
the election process. wouldbetremendously
amendments the SEC'S proxyrules directors
through company's proxymaterials. the
Under current system through Sarbanes-
Oxley Act,board have
accountability independence beenincreased.
However, concerned that
the proposedruleswouldeliminate efficiency promote
this and incompetence.
TheSEC's interestin replacing current,effective
the stateauthoritywith federalju risdiction alsoof
concern me. Granting proxy accesswouldundermine reasonable flexible
procedures in placeby statelaws. Federal
sei proxyaccesswould be counterproductive ttrese
established asthe proposed rulesseekto impose authority an areaof corporate
historically to the states.
I certainly the
respect welcome SEgscommitment increasing
and to corporate however,
I believe negative
impacts replacing current,efficientsystem
the with a federalmandatewould
reverse progressmadetowardthis effort.
that I askthat the proposed
It is for thesereasons rulesbe rejected.Thankyou for yourtime.
IHE LAILGHOUP . PIEDMONT CEMEB . HOLIDAY SELECT
HICKORY IIAMPTON .
INNHICKORY FAIRFIELD HICKORY
HOLIDAY INN EXPRESS . INN
HICKORY HOLIOAY FXPRESS .
CONOVER FIRST PIEDMONTCOMPANY
PIEDMONIDESIGNS' CITYPROPERTIES SHOPFES THEMART. DESIGN
. AT CENTER IHE MART. RESOUBCE