Jan. 29, 2020
Ms. Vanessa Countryman, Secretary Securities and Exchange Commission 100 F Street, NE Washington, D.C. 20549 File Number S7-22-19 Dear Secretary Countryman, I am concerned by the recent rise of proxy advisory firms that has cost the country’s union pension funds billions and billions of dollars. As a business rep in my union, it is unfathomable to me how these firms have been allowed to conduct their money-losing schemes unabated for so many years. I commend you for taking action now. I appreciate the opportunity to contribute my comments. I will keep this short because it is not really a complicated issue. Pension fund managers should be ethically and legally required to advocate for the best possible financial returns of their beneficiaries. Period. The idea that someone, no matter what their views, could corrupt that relationship by bringing politics into consideration is beyond contempt. As a union man, I can attest to the fact that union members work decades doing some of the most underappreciated duties in our society. They pay union dues throughout that time and their unions negotiate the best packages possible for them, often trading off lower salaries for higher long-term benefits. I fully support the SEC reviewing the proxy advisory process and imposing tighter rules and more updated regulations on this industry. I know retirees can count on you to do the right thing. Respectfully, Bob Gay