From: David Smith []
Sent: March 30, 2004
Subject: File No. S7-19-03

I am a small investor, but I have my investments, both retirement and non-retirement investments in both mutual funds and individual stocks. I think that this proposal should be implemented as soon as possible. It would provide a reasonable balance to allow the owners of the companies to have some input into the nomination process (and ultimately into the election process). More independent representation by the owners of the company should be a good thing. The board of directors, CEO, chairman of the board, President and all other employees of each company work for and should report to the owners, the shareholders). It doesn't seem unreasonable for implementation of rules that would allow participation into this system.

Thank you for your consideration passage of this rule.

David Smith