From: Gerrick, Pat [pgerrick@perf.state.in.us]
Sent: Thursday, May 29, 2003 10:45 AM
To: rule-comments@sec.gov
Subject: S7-10-03 Review of Proxy Rules and Regulation - Indiana PERF


May 27, 2003


Mr. Jonathan G. Katz
Secretary
U.S. Securities and Exchange Commission
450 Fifth Street, NW
Washington, D.C. 20549-0609

Re:  S7-10-03 Review of Proxy Rules and Regulation.

Dear Secretary Katz:

I am the Executive Director of the Public Employee's Retirement Fund (PERF), for 
the State of Indiana.   PERF is responsible for investing $9 billion in pension 
assets for more than 200,000 various working and retired employees of the State 
of Indiana.  

PERF and its Board very strongly support reforms designed to help investors have 
a meaningful role in the governance of the companies held in investment portfolios.  
We encourage and support the review and revision of current corporate proxy rules 
and regulations that would give shareholders, with an interest in nominating 
candidates for board directorships, a fair and equal opportunity to participate 
in this process.  

We believe that fair and equal opportunity for representation is one of the most 
powerful and meaningful platforms by which the interests of management and the 
interests of owners can be aligned.  Under existing processes it is almost 
impossible for any investor, or group of investors, to have a meaningful voice 
in the governance of corporate affairs.  Long overdue is the need for a process 
that allows long-term investors the opportunity to have a minority representation 
in the companies in which they invest.  

Governance, which allows shareholders fair and equal access to corporate proxy 
cards for the nomination of directors, ensures corporate managers will become 
more accountable to the beneficial owners of these public companies.  This is the 
essence of protecting the interest of investors and maintaining the integrity of 
the securities markets upon which more and more individuals depend for their 
financial security.

On behalf of the Public Employee's Retirement Fund of Indiana, our members and 
retirees, we request your serious consideration of this goal as you proceed with 
your due-diligence.   If you have any questions, you may contact me directly by 
reply to this Email.


Sincerely,



Craig E. Hartzer,
Executive Director
Indiana Public Employees' Retirement Fund 


Cc:  Jonathan Birge, Chairman, PERF Board of Trustees