November 28, 2007

Statement of Chairman Dodd on SEC Vote on Proxy Access

“Proxy access is an extremely important issue. These proposals have generated an unprecedented response and concerns, as evidenced by a record 34,000-plus public comments, the overwhelming majority of which were in opposition to the proposals. I would have hoped that the Commission would not have moved forward until current vacancies at the Commission had been filled. A core mission of the SEC is to strengthen rather than diminish shareholder rights and I have concerns about the impact of the rule adopted today on those rights. The Chairman has said that he intends to revisit this issue in the New Year and I will hold him to his word. I believe that shareholder proxy access needs to be thoroughly reviewed and other options explored to ensure that the Commission is not undermining investors’ rights and to promote the stability, competitiveness and growth of our financial markets.”