January 2, 2004
Mr. Jonathan G. Katz :
In regards to the Petition for Rulemaking [ SEC File No. 4-461] I support the principal of the individual investor having the power to nominate and vote for board directors other than those selected by the board.
What I feel is lacking is the right of the individual investor who is investing through a mutual fund or funds has no ability to vote their portion of the stock proxy's of the funds they own. From what I see most proxy issues voted pass in the high 90% area. This makes it obvious that mutual fund managers/directors are more concerned with their personal relationship with corporate directors than those off the individual investor particularly in maters of corporate compensation. Are there any existing petitions at this time dealing with this issue?
Ronald C. Schick