Subject: File No. S7-19-03
From: Dan M. Ingall
October 12, 2004
From: Dan M Ingall [mailto:email@example.com]
Sent: Tuesday, October 12, 2004 4:06 AM
Subject: Shareholer Democracy
I want more shareholder democracy.
Stop dragging your feet on the proposed reform that would give shareholders more control over the companies they own.
First, shareholders representing one percent of company stock would be able call for a shareholder vote on whether they can nominate directors.
Then, if a majority of shareholders agree, the next year the shareholder group would be nominate up to three directors, depending on the size of the board.
Alternately, if at least 35 percent of shareholders withhold votes for one or more directors, investors would be allowed to nominate directors.
Since one of the common strains of almost all scandal-ridden companies is that boards of directors are not accountable to shareholders, but rather controlled by friends and cronies of management, it would make sense to give shareholders more control over the companies that they own.
This is a small step toward shareholder democracy.
Dan M Ingall
193 Tusculum Drive, Apt H
Oak Ridge, TN 37830-6622