file no. S7-19-03From: McCormick, Dale [Dale.McCormick@maine.gov]
Sent: Thursday, November 06, 2003 3:12 PM
To: rule-comments@sec.gov
Subject: file no. S7-19-03

Mr. Jonathan G. Katz 
Secretary U.S. Securities and Exchange Commission 
50 Fifth Street, N.W. 
Washington, D.C. 20549-0609 

Dear Mr. Katz: 

I believe that the proposed rule on corporate boards of director nomination 
process is inadequate and should be substantially amended before it is adopted.  
I am the State Treasurer of Maine and a member of the Board of Trustees of the 
Maine State Retirement System.  The thresholds that have been proposed are too 
high for the rule to have an impact.   They require an expensive proxy fight 
to even get to the more reasonable step 2.   Eliminate step 1 and just allow 
institutional investors who own 5% of the shares of a company to place a name 
on the annual slate for election to the Board of Directors. 

Thank you for your attention. 



Dale McCormick, 
State Treasurer of Maine