Operating Engineers Local 30 Benefit Funds
November 18, 2002
Email Letter To: RuleComments@sec.gov:
Mr. Jonathan G. Katz Secretary,
Re: File No. S7-36-02
Dear Secretary Katz,
On behalf of the more than 3,000 participants in the Operating Engineers Local 30 Benefit Funds, we support a proposal that Mutual Funds disclose how they vote on company issues.
Our Local sponsors two retirement plans a defined benefit and defined contribution. The defined benefit plan has its investment managers report periodically, how they vote on proxy issues the Funds hold. The Annuity plan is handled by Fidelity. The same proxy reports should be made available for participants in Mutual Funds.
A Mutual Fund is only a vehicle for investing a participant's employer contribution. The sponsors of these Mutual Funds have a fiduciary obligation to inform its investors how they are voting. What could be more basic right for Mutual Fund shareholders.
We look forward to approval by SEC that Mutual Funds in the future report on how they vote on company issues.
John T. Ahern