From: Kay & Bob [kbobperk@dmv.com] Sent: Thursday, May 08, 2003 12:27 PM To: rule-comments@sec.gov Cc: Carter Leigh Brown Subject: File No. S7-10-03 As small direct shareholders of American corporations, we would like to request that the Commission focus on regulations regarding voting responsibilities of the major financial institutions who control, in many cases, 60 - 80% of the voting shares in American corporations. Financial organizations such as mutual funds, investments companies, hedge funds, etc. must be required to advise their shareholders or stakeholders how and why they voted for the directors of companies in which they have such vast holdings. In the past it appears that they have just been a rubber stamp of approval for the management's slate of directors rather than independent directors who really do represent the shareholders whether they be their own stakeholders or smaller independent shareholders. Their votes in most cases are the deciding votes and therefore are critical to the outcome of corporate governance elections. The SEC is the only body that can make a financial industry act responsibly rather than being rubber stamps or in the pockets of corporate management which has unfortunately led corporate America into an unending series of financial scandals at the Tycos, Enrons, HEALTHSOUTH, etc. Thank you for your attention to this important matter. Robert A. and Kay Perkins