SEC deals blow to investor rights, denies shareholders access to ballots (November 28, 2007) Olympia - "Shareholders have been dealt a serious injustice today by the very government agency charged with protecting them," said Joe Dear, executive director of the Washington State Investment Board (WSIB). Dear was referring to Wednesday's vote by the Securities and Exchange Commission to prohibit shareholders from nominating candidates to serve as directors on corporate boards. The rule adopted by the SEC was the more objectionable of two proposals being considered. The proposed rules had generated the largest number of letters in opposition in SEC history - including two from the WSIB. "As an institutional investor responsible for managing the retirement funds for public employees, teachers, school employees, law enforcement officers, firefighters and judges, we strongly believe that unhampered access to the proxy ballot is necessary to ensure that we are carrying out our duty to protect and enhance shareholder value for our beneficiaries," Dear said. Noting that SEC Chairman Christopher Cox has stated his intention to revisit the issue of shareholder access to the proxy ballot next year, Dear said shareholders will need to be vigilant in holding Cox to that promise.