From: Marlyn Spear [m.spear@btuptf.com]
Sent: Thursday, June 12, 2003 3:23 PM
To: rule-comments@SEC.gov
Subject: Shareholders role in Director Selection S7-10-03

SEC

As I write this comment email, another large company is under fire and
corporate executives have resigned.  Only to be disclosed that these
individuals have substantial options packages and termination packages,
which  leave the average employee salivating.  Simultaneously, the stock
price is falling like a rock and the shareholders are again the ultimate
bag-holders.  The only winners here are the corporate executives who have
destroyed the confidence of the average investor.

We can all clearly understand that something is very wrong when this can
occur with some degree of regularity.  The major issue which needs to be
addressed; how is this corrected?  Corporate oversight authority is
delegated to the "board of directors," people  who are suppose to represent
the vested interest of shareholders.  What we obviously know is that the
current structure does not work!  The board of directors have become a group
that has represented the interest of the corporate executives, shortchanging
the shareholders.

I wish to express my strong opinion that the ability to select the Board of
Directors should be given to the shareholder .  The goal is to return to the
true role of a board of directors, who will represent the long term
interests of the shareholders.  With the proper degree of checks and
balances we may be able to cause a decrease in the excessive executive
compensation packages, frauds, improper accounting and bankruptcies.

The future of our markets does depend on making significant changes in how
our world works.  This is only a start, but I feel it is an important one.

Marlyn J. Spear, CFA
Chief Investment Officer
Building Trades United Pension Trust Fund