From: Arnold Scarpitti [scarpittia@mh.state.oh.us] Sent: Thursday, June 12, 2003 9:25 AM To: rule-comments@sec.gov Subject: S7-10-03 S7-10-03 It is essential that boards of directors are held responsible for executive performance, actions, and ethics. Almost all problems relating to corporate fraud and irresponsible actions of company executives could have been prevented or minimized with appropriate board oversight. Rules to improve this process are badly needed and overdue. Inaction, minimizing rules, and minimal enforcement capabilities have been the hallmark of the SEC and its predecessors. Time for change is overdue. Arnold Scarpitti