Clear DayFrom: PSOTTONG@nystrs.state.ny.us
Sent: Friday, June 13, 2003 10:14 AM
To: rule-comments@sec.gov
Cc: JVET@nystrs.state.ny.us; sarah@cii.org
Subject: S7-10-03

June 9, 2003 

Jonathan G. Katz 
Secretary 
Securities & Exchange Commission 
450 Fifth Street N.W. 
Washington, DC 20549-0609 

RE: File No. S7-10-03 

Dear Mr. Katz: 

The New York State Teachers' Retirement System has over 110,000 retirees and 
242,000 active members entitled to receive a pension benefit when promised. 
Generally, a pension benefit is the largest asset our members will accumulate 
over their working life. A beginning teacher may work 35 years and then receive 
a benefit for the next 25 or more years. As a result, we need a long-term 
investment perspective.

Our investments in publicly traded companies must create long-term value to meet 
our obligations. As a fiduciary of our members' pension funds I am urging the 
Securities and Exchange Commission to propose rules that would give qualified 
shareholders the right of proxy access to propose nominees for election to the 
board of directors of publicly traded companies. Corporate governance is one of 
the most important tools available to protect and enhance the long-term value of 
our investments. As an active member of the Council of Institutional Investors 
(CII), I encourage you to carefully consider the issues presented by Ms. Sarah 
Teslik, Executive Director of CII, in her letter to you dated May 10, 2003.

It is encouraging that the SEC is opening discussions of the issues identified 
in File No. S7-10-03. Collectively, we must restore confidence to the market. 
The Sarbanes-Oxley Act is an important first step. The action of the SEC on this 
topic is the second! It is my hope that you will conduct a thorough review of 
the many needed reforms in corporate shareholder ownership rights. 

Sincerely yours,

 

 

George M. Philip

Executive Director