From: Scott Harshbarger [sharshbarger@mhtl.com]
Sent: Wednesday, June 04, 2003 11:29 AM
To: 'rule-comments@sec.gov'
Subject: Proposed Proxy Rule Modifications (s7-10-030

 

 

We write to applaud the SEC's plans to modify, update and strengthen the rules 
governing proxy voting at corporate annual meetings. This is a critical issue 
and one that has long been of concern to shareholders and one that, absent changes, 
significantly disenfranchises shareholders. 

As you know, the annual meeting is the only opportunity for most shareholders to 
seek accountability, information, responses, and input as ways to exercise some 
measure of control over the chief executives who, theoretically act and work for 
them, and it is the sole vehicle for the selection of the boards of directors who 
are also charged with CEO oversight and shareholder representation. Reforming the 
proxy voting rules would be a significant step forward in responding to the leadership 
scandals that have rocked corporate America during the past two years, and which have 
undermined investor, consumer, customer, shareholder and stakeholder confidence in 
these vital economic enterprises and in our markets.  Improvements to existing proxy 
rules would be a critical signal that the SEC intends to move aggressively and 
effectively to restore some of that confidence. 

We welcome the opportunity to be of assistance to you and to offer further proposals 
and comments.

 

Sincerely,

Scott Harshbarger

Harshbarger Governance Practice at Murphy, Hesse, Toomey & Lehane, LLP