From: Dave Hackett [massage@annapolis.net]
Sent: Friday, January 17, 2003 1:02 PM
To: rule-comments@sec.gov
Cc: Dave & Penny Hale; Matthew Hackett; Sarbanes@senate.gov; Cindy
Hackett; Bill Bulis
Subject: S7-36-02 comments - Require openness.

Dear SEC professionals and policy makers:

I just learned that the SEC is considering requiring mutual fund 
management companies (e.g. Fidelity) to disclose how they vote proxies 
for shares held by their funds.  I strongly urge you to requires such 
openness.  I have informed Fidelity that if it does not voluntarily 
adopt such openness as a matter of policy and deed I will  remove my 
funds from their management.  I believe there are similar investment 
management companies that are open about how they vote proxies.  I want 
to do business with organizations are are open about how they represent 
my interests as an investor.  After all, these proxies are for "publicly 
owned companies" and the voting processes in question are supposed to be 
open as to the issues and the results.  If I hire someone to vote 
(represent my interests) for me I except them to inform me about how 
they vote.

Regarding disclosure approaches and cost, I do not want such investment 
companies to send all the details of their proxy votes for each company 
to me.  That would be inefficient and too costly.  Proposal that push 
massive amounts of detailed information out to investors, regardless of 
their interest, are designed to make it appear that access and 
disclosure must be overdone, costly and wasteful.  However, as a minimum 
I do want:
1.  Annual and prominently communicated reminders that such information 
is available to me.
2.  Clear instructions on how to access voting records on the web sites 
of mutual fund management companies.  Almost all these companies have 
web sites already.  This way is relative fast and inexpensive. 
 Encourage individual investors to use access methods that minimize cost 
to the funds' investors.
3. Clear, simple procedures for requesting voting records on proxy votes 
regarding specific companies owned by a specific mutual fund where web 
access is unavailable, etc..
4.  Timely responses mailed or e-mail (within 30 days of the date of the 
request).
5.  Accountability for such openness and responsiveness, including 
financial penalties for failure to meet standards or openness and/or 
responsiveness.

I thank the professionals of the SEC for your continuing efforts promote 
and protect open, ethical markets for securities in the US and around 
the world.  The SEC was created because of persistent problems and 
damage done to citizens.  Obviously, the need for your vigilant and 
creative services is as great now as at any time in US history. 
 Damaging greed and exploitation are common human characteristics and we 
must account for them as we build and maintain our civil institutions 
and markets.

Sincerely,
David Hackett
1303 Redwood Ave.
Annapolis, MD  21403
January 17, 2003

cc. David Hale
      Matthew Hackett
      Dan Hale
      Courtney Bulis
      Senator Sarbanes
      Cynthia Hackett