From: James McRitchie <jm@corpgov.net>
Subject: Proposed rule
Cc: Kayla_Gillan@CalPERS.CA.GOV, public_affairs@calpers.ca.gov
Date: Wed, 1 Apr 1998 08:15:33 -0800
Attention: Mr. Philip Ong
I understand the Securities and Futures Commission is contemplating a rule to require foreign institutions to vote in favor of all management proposals. Apparently, the rationale is to reduce the lack of quorums. A better way to resolve this issue is to provide timely disclosure of meetings and greater detail of the items being submitted to a shareholder vote.
Pension funds in the U.S. are required by law to vote shares in the best interests of plan participants. The SFC's proposed rule would prohibit such funds from taking such action. I'm sure the result would be withdrawal of many U.S. pension funds from the Taiwan market. Please reconsider your action and take other reforms, such as earlier and fuller disclosure of meetings and agendas.
Sincerely,
James McRitchie, Editor
Corporate Governance
e-mail: jm@corpgov.net
Contact: 
jm@perswatch.net