From: georgefrme1 [georgefrme1@netzero.net]
Sent: Tuesday, November 11, 2003 7:14 AM
To: rule-comments@sec.gov
Subject: S7-19-03

George Burgoyne
Trustee, Maine State Retirement System
228 Center Street
Bangor, Me 04401
 
PROXY ACCESS RULES:
 
Companies are owned by shareholders.  Companies are governed by a board of 
directors.  Any rule that allows shareholders a greater opportunity to hold 
accountable those who govern the corporations which they own is an improvement.  
Any rule that allows the current system of nominating directors for shareholder 
vote to continue  in practical terms, unreformed is an opportunity lost.  
 
The current proposed rule needs to be strengthened significantly.  It is by 
voting that the shareholders can control the companies that they collectively 
own.  A vote is worthless is there is no candidate for a seat on the board of 
directors who reflects a particular shareholder's point of view.  Policy needs 
to make it easier for shareholders with significant holdings to nominate 
candidates for a companies board of directors.  No matter who get nominated, 
it takes a majority vote to win a seat on the board.  This election process is 
where the sorting of candidates should take place, not by placing barriers to 
the nomination of candidates for the board.