From: Edward Ohara [eohara202@earthlink.net]
Sent: Friday, June 13, 2003 3:46 PM
To: rule-comments@sec.gov
Subject: Re: S7-10-03 

To the members and staff of the SEC:

    As retirees whose investments have declined in value in part because
of the corporate and accounting fraud and malfeasance that have come to
light over the last several years, we applaud the Commission's decision
to take a fresh look at the proxy rules.

    As things stand now, shareholders, even though they own the company
and it is their money that is at stake, are virtually powerless to do
anything about company executives who use corporate assets for their own
personal gain or directors who sit by passively and let it happen. In
fact, in most cases shareholders are pretty powerless to even find out
when such things are occurring; it is only after a company implodes that
the facts come to light, and then it is too late--shareholder value has
been destroyed.

    We hope the Commission will take a broad view of what could be done
to change things, and have the courage and determination to adopt the
necessary reforms. It is clear that the current system is not working.
Among other things, we would like to see you  look at ways to increase
shareholders' ability to nominate directors themselves, rather than
having them be hand-picked by corporate insiders as at present. We think
broker votes should not be allowed. We also think shareholders should be
allowed to vote on all stock option plans and perhaps on all of the top
executives' compensation packages as well, as is done in the U.K., where
it seems to be working effectively.

    Thank you for your efforts. You are the agency charged with
protecting investors--go to it! We are all depending on you.

    Sincerely,
	
    Ed and Peg O'Hara
    Falls Church, Va 22041