International Brotherhood of Electrical Workers
Local Union #34
November 5, 2002
Mr. Jonathan G. Katz
450 Fifth Street NW
Washington DC 20549-0609
RE: File No. S7-36-02
My name is Michael Everett and I am the Business Manager of the International Brotherhood of Electrical Workers Local Union #34, which covers all or portions of 17 counties in central Illinois. One of my duties as Business Manager is to represent my membership as a Trustee on both a large Pension Trust Fund and Health & Welfare Trust Fund. I strongly support the Securities and Exchange Commissions proposal to require mutual funds and other registered investment companies to disclose their proxy voting policies and procedures and their actual votes. The SEC must step in on behalf of every American investor and require mutual funds and investment companies to fulfill their fiduciary responsibilities. The "you scratch my back and I'll scratch yours," relationship between all the CEO's, auditors, investment managers, and corporate board members must end. The events of 9-11 rocked our economy, but while we were trying to get back on our feet as a Nation, the exposure of the widespread corruption and total lack of corporate ethics and governance knocked us down again. We are still on our knees today. We are suffering from a Nation-wide lack of confidence. The American people are becoming more and more cynical each day. If you polled the public at large, I'm sure the majority of the people would tell you that they expect that most of the corporate thieves are going to get away with it, and that this form of corruption will continue.
I urge the SEC to intervene. There's absolutely no doubt that the SEC will encounter tremendous high powered opposition, backed by large pots of gold, but right is right, and wrong is wrong, and no one should be above the law based on their portfolio.
Please do the right thing, for all of us.
Michael T. Everett
IBEW Local Union #34