Bakery Confectionary Tobacco & Grain Millers Local 9
November 27, 2002
Mr. Jonathan G. Katz, Secretary
Re: File No. S7-36-02
Dear Mr. Katz:
On behalf of the members and beneficiaries of the Bakery Confectionary Tobacco & Grain Millers Local 9 participating in Washington Bakers Retiree Health and Welfare Trust, I am writing to express strong support for the Securities and Exchange Commission's recent proposal, S7-36-02, Disclosure of Proxy Voting Policies and Proxy Voting Records by Registered Management Investment Companies. Most importantly, I support those provisions that would require mutual funds to disclose their actual votes cast.
Investment managers that manage members and beneficiaries' assets, face conflicts of interest on voting proxies that could lead them to vote with management even if such votes are not in the best interest of our members and beneficiaries'. I thank the Commission for proposing a rule that will end the double standard-a double standard that has allowed mutual funds to turn a blind eye to the kind of corporate governance failures that have cost employees dearly at WorldCom, Tyco and Enron among others.
Thank you for the opportunity to comment on this proposal on behalf of the members and beneficiaries' of Washington Bakers Retiree Health and Welfare Trust.