September 17, 2004
Please register my objections to your proposed definition of independent director for the following reasons: 1. You are proposing to weaken the standards that were adopted less than a year ago after more that 12 months of input and discussion. Give them more time. 2. Your proposed standards for who would be deemed independent will include many people who have obvious conflicts. It would also allow parents of partners in the accounting firm, which would be an obvious conflict. The "affiliated with" standard is much better, and you should keep it.
Maine State Treasurer