From: Pierce, Donald [dpierce@bor.sbcounty.gov]
Sent: Wednesday, December 03, 2003 1:59 PM
To: 'rule-comments@sec.gov'
Subject: File No. S7-19-03

Attention SEC:

I do not support the current proposal since it favors certain groups of
investors over others.  The likelihood that the process will be hijacked by
special interests is a likely outcome.  In effect, a certain group of
investors feel they should have greater say over the election process.
These groups, while some are large investors, may not operate in the best
interest of all shareholders.   Some groups may use the process as a lever
for bargaining, other groups may have elected officials willing to use the
process to further their own interests rather than the interests of ALL
shareholders.  Fundamentally, the premise the supporters of this process
assume is that investors would never do anything to hurt their own
interests.  I don't believe that can be assumed as a given.
Regards,
Donald Pierce, CFA
Temecula, CA