From: Bartnaylor@aol.com
Sent: Monday, June 02, 2003 10:16 AM
To: rule-comments@sec.gov
Subject: Re: S7-10-03

Jonathan G. Katz 
Secretary 
Securities and Exchange Commission 
450 Fifth Street N.W. 
Washington, DC 20549-0609 
Re: S7-10-03 
Dear Commission, 

    I believe that the practical lack of accountability of directors to 
shareholders is the most profound deficiency that the SEC could address today. As a 
matter of public policy, share holding is meant to replace the unitary 
credit/agency relationship that an institution such as bank provides in allocating 
capital efficienctly and safely with thousands of such agents--namely, equity 
investors.  However, a shareholder's practical inability to control their 
director/agents negates much of a shareholder's oversight power. 

    By opening the proxy to shareholder-nominated directors, this Commission 
would sign an emancipation proclamation, ending the enslavement of 
shareholders to management-controlled directors. Such a reform would constitute 
systemic reform of corporate behavior as historic as the establishment of the SEC 
itself. 

Please approve this revolutionary reform 


Sincerely, 


Bartlett Naylor
Capital Strategies
703.786.7286