From: Joseph Horgan [josephhorgan@workingfamilies.com]
Sent: Monday, June 09, 2003 10:27 PM
To: rule-comments@sec.gov
Subject: File No. S7-10-03

June 6, 2003



Mr. Jonathan G. Katz, Secretary
Securities and Exchange Commission
450 Fifth Street, NW
Washington, DC 20549-0609

Re:  File No. S7-10-03

Dear Mr. Katz:

As an individual investor, as well as a vested participant in a 
Taft-Hartley fund, I am writing to urge the Securities and Exchange 
Commission to adopt rules requiring corporations to list shareholder 
nominees in the corporate proxy statement.  

Investors have just come through an extraordinary market failure, with 
$7 trillion evaporating from the equity markets in three years. 
Accounting scandals at companies like Enron, WorldCom, Tyco and 
Healthsouth exposed widespread conflicts of interest and a shocking lack 
of corporate accountability to shareholders.  We commend the SEC for 
responding with an unprecedented series of regulatory reforms to address 
the conflicts, but no amount of government regulation can ensure 
corporate accountability unless it includes rules that will allow 
shareholders a realistic opportunity to select directors who will 
represent their interests.  

Shareholders ostensibly have the right to nominate and elect directors.  
But, under current practice, this is a right without any substance and 
shareholders have no meaningful way to hold directors accountable 
regardless of how poorly a company performs, how much they overpay the 
CEO, or how conflicted the auditors are that they retain.  In fact, 
given the tremendous costs and obstacles of conducting a proxy fight, 
shareholders currently can do little more than rubberstamp candidates 
nominated by the directors themselves.  

The SEC has the ability to restore genuine accountability to the 
boardroom by establishing the minimal basic procedure necessary to 
afford shareholders a real choice in corporate elections.  Specifically, 
granting equal access to the proxy statement will not only allow 
shareholders to nominate directors who we trust to independently 
represent our interests, it will also encourage incumbent directors to 
be more responsive to our concerns.  Therefore, I urge the SEC to use 
its current review of the rules governing director nominations and 
elections to give shareholders access to the proxy statement for our 
director nominees
 
    Sincerely,


Joseph P. Horgan
3102 Edgewood Road
Kensington  MD 20895
301.933.1210
josephhorgan@workingfamilies.com