From: Gail Stone [gail.stone@mail.state.ar.us] Sent: Friday, December 19, 2003 3:03 PM To: rule-comments@sec.gov Subject: File No. S7-19-03 Ladies & Gentlemen: As Executive Secretary of the AR State Police Retirement System, I applaud your willingness to move forward on the issue of shareholder access to the proxy. I understand but do NOT support the time horizons and triggers proposed; if these rules had been in effect in recent years, shareholders still would have been powerless to launch alternative directors in even the most egregiously managed companies. Still, if the idea is to gain traction in the corporate world, the proposed rule is a place to start. However, putting further hurdles in the rule, such as restricting it to accelerated filers or to itemizing what constitutes a trigger, would defang it altogether. Hank McKinnell of Pfizer has been most eloquent in expressing his concerns about the unintended consequences of greater proxy access. As Pfizer has proved to be a model of corporate governance under his stewardship, Mr. McKinnell should have no fear of the new rule. Please help restore the public's faith in the capitalist machine! Sincerely, Gail H. Stone, Executive Secretary Arkansas State Police Retirement System