Subject: File No. S7-14-10
From: Benjamin Pagebb

June 3, 2012

Dear Chairman Schapiro,

I am writing to urge that you consider the interests of shareholders before making any changes to the existing proxy system--it has generally worked well. Any rule changes should and must protect the voting preferences and privacy interests of shareholders, including we small ones, and must create a level playing field for proxy communications between shareholders and corporate management.

Thank you,
Benjamin Pagebb