From: CHAIRMANOFFICE
Sent: Friday, January 17, 2003 11:54 AM
To: Rule-Comments
Subject: FW: mutual funds (s7-36-02)

 

 

-----Original Message-----
From: Rch5rch5@aol.com [mailto:Rch5rch5@aol.com]
Sent: Friday, January 17, 2003 11:44 AM
To: chairmanoffice@sec.gov
Subject: mutual funds

 

   TO HARVEY PITT AND COMMISSIONERS.   

VOTE YES TO MANDATE MUTUAL FUNDS TO REPORT HOW THEY VOTE ON all PROXY ISSUES. 
     
This is being sent to urge you to vote IN FAVOR OF  the proposal to mandate 
that mutual funds reveal their proxy voting!  I am a typical investor in that 
I have the majority of my money in funds and am not pleased at all with the 
current system. 

The quarterly reports  are too old; it is impossible to know what their 
holdings are and I am categorically opposed to granting  what seems to be 
unlimited options to corporations' executives.  I would like to have daily 
or weekly updates and changes in my funds'holdings.  This could be posted 
on the web. 


Fund  managers need to be reminded that they are NOT the owners.  I am the 
owner and my wishes should dictate how funds are run.  It is my money and I 
have NO voice in how they vote.  This has to be changed.  Right now these 
funds are rubber stamps for major corporations who know they can count on 
fund managers to vote for their options grants while  totally ignoring the 
wishes of the millions of the individual investors who have entrusted their 
monies to the fund managers.     

It cannot be that expensive to report how they vote as they are contending.  
They can post it on the web for immediate feedback  and add it to their 
quarterly reports for those who do not use the web easily.     

Thank you.  Rose C. Hess