From: Bill Schaff [William.Schaff@BayIsle.com]
Sent: Wednesday, December 03, 2003 11:27 AM
To: rule-comments@sec.gov
Subject: S7-19-03: 



I would strongly advocate that the Securities and Exchange Commission grant 
shareholders the right to have greater access to the director election process. 
Given the large number of abuses of non-independent directors on publicly traded 
company boards, it is more important than ever that minority shareholders have 
better representation and greater say in the voting process. It is only through 
qualified independent boards that management of publicly traded companies will 
truly be held accountble to ALL shareholders. As Trustee and Chairman of the 
Investment Committee of a large California public pension plan as well as a 
portfolio manager for the last 20 years, I can honestly say that I have rarely 
seen so many large financial scandals occur in such a short period of time. 
Clearly something has to change. Please support S7-19-03. 


Sincerely,

William Schaff, CFA
Trustee and Chairman of the Investment Committee, 
Alameda County Employees Retirement Association (ACERA)

William Schaff, CFA
President and Chief Investment Officer
Bay Isle Financial LLC
475 14th Street, Suite 550
Oakland, CA 94612
bschaff@bayisle.com
phone: 510-444-4700
fax: 510-444-4713

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