SEC Proposed Rule:
Disclosure of Proxy Voting Policies and Proxy Voting Records by Registered Management Investment Companies
[Release Nos. 33-8131, 34-46518, IC-25739; File No. S7-36-02] File No. S7-36-02]
The following information using Type Letter C, or variation thereof, was submitted by
Subject: Proxy Voting Policies and Records
Form Type Letter C:
The following information was submitted from www.mutualfundproxyvotes.com on 10/24/02:
Dear SEC Secretary,
I am writing in support of the SEC's proposed rule to require mutual fund companies to disclose how they vote on corporate proxy resolutions, which often deal with issues of concern to me. The recent wave of corporate scandals provides ample evidence that corporate America need greater transparency, responsibility and accountability. It is estimated that mutual funds, which represent about 90 million Americans, account for 20 percent of proxy votes at corporate shareholder meetings. As such, mutual funds can play a major role in insisting on more responsible behavior on the part of publicly traded companies.
In the absence of public disclosure of proxy policies and proxy voting records, there is no way for me to know whether the manager of my mutual fund is acting in a manner that reflects my wishes. As a mutual fund shareholder, I want to know how my mutual fund is voting on issues related to executive pay, board make-up and independence, global warming and other environmental issues, worker rights, gender discrimination and other issues that matter to me. I want potential conflicts of interest exposed. I want to know what principles will guide the mutual fund in determining how it votes in corporate proxy contests.
I believe that as an owner of a mutual fund, I am entitled to know how my proxy is being voted. I urge the SEC to stand up for investors and for corporate accountability and to vote in favor of the proposed proxy voting rule.
Would you like to be contacted?