MAKE TIAA-CREF ETHICAL
Holding TIAA CREF Accountable
The annual meeting of TIAA-CREF was on July 15, 2008, so now I would like you to do for this meeting the same as for past years (actually last year given my personal circumstances we did not have a presence or press release). But use the same basic model we did in 2006 and before. If you look , we always had a brief summary of what happened and also the press release we used. Look at how we did things both on the main page noting several annual CREF meetings, and see the format used after you click on the links for the summary and for the part for the Press release. Let me know when done just so I can check. So, below is the summary of the meeting and in a separate email I will send the press release. If any questions, let me know. Neil
On July 15, CREF held its annual shareholder meeting in Denver. The location necessitated suspending our usual demonstration. But we worked hard to get 8 folks to attend and speak, and dominated discussion! Our press release brought little media, given not in New York (see one story here-- http://www.rockymountainnews.com/news/2008/jul/15/issue-of-sudan-on-table-for-ceo/). But the release was widely distributed to media via internet and we are sure led to TC releasing its own piece on their social responsibility activities. In his opening remarks, their new CEO stressed social concerns, specifically mentioning only two companies, Coke and Wal-Mart, and their efforts with them. We are still catching their attention. We also pushed our new three stage approach for their engaging companies (discuss, tougher tactics, divest).
NEW DEVELOPMENT. TIAA-CREF PUBLICALLY STATES THAT THEY HAVE BEEN IN CONVERSATION WITH BOTH Coca-Cola and Wal-Mart, two of our current five target companies!! So, we are making progress in our attempts to get TIAA engaged with these companies. But as seen below, we need for them to take tougher stands with these corporate giants in order to move them. See the message below regarding details and how you can best help the cause, at this point. THANKS
"MAKE TIAA-CREF ETHICAL COALITION" ASKS: IS YOUR INVESTMENT REALLY GOING TOWARD THE "GREATER GOOD"?
(You can help promote corporate responsibility even if you are not in the TIAA-CREF pension system)
Dear Professor/Staff Member,
It’s morning in America --- do you know where your pension fund assets were last night?
Would it upset you to know that TIAA-CREF (TC) ---the nation’s largest retirement fund---is a major investor in companies like Wal-Mart, Nike, Costco, Coca-Cola, and Philip Morris/Altria? Millions of TIAA-CREF participants are contributing their money to support abusive human and labor rights practices, destruction of the environment, and harming of human health.
The fact is, some of our country’s worst corporate violators are right at home in the portfolio of TC—which says it provides financial services “for the greater good."
In 2007, the 600,000-member New York State United Teachers (NYSUT) passed a resolution critical of CREF’s continued investment in several of these corporations. (See attached resolution.) Soon after, the 1.3 million member strong American Federation of Teachers passed a similar resolution. As educators and those working along-side them, we have spent our careers trying to help students learn the truth about the world around them. The truth is that TIAA-CREF continues to invest our funds in these corporate bad actors.
We don’t want our investment —
o Exploiting Third World workers at Nike and Wal-Mart vendor sweatshops
o Aggressively union-busting American workers at Wal-Mart
o Destroying historic Mexican culture to build Costcos-- and abusing the human rights of those who protest.
o Polluting drinking waters in India; allowing the intimidation or even killing of union workers under the not-so-watchful eye of Coca-Cola bosses in Colombia
o Supporting the killing practices of Philip Morris/Altria, including its marketing to youth
It’s time for faculty, staff, and students on campuses across America to tell TIAA-CREF it must use its considerable shareholder power to influence these corporations for the better--or stop investing in them. Our work is starting to pay off, but we have a long way to go. TC has now told us that they have been talking with both Coca-Cola and Wal-Mart. Unfortunately, they have been talking with Coke since 2006, with no substantive changes. Two years is enough time to give Coke. It’s time for TC to do more than just “talk” with Coke and Wal-Mart. And, indeed, TC lists such tactics as collective action, regulatory relief, and litigation in their Policy Statement on Corporate Governance. Why list them if they are not used?
What can you do? Let’s turn up the heat on CREF to truly invest for the “greater good.” Help us educate the faculty, staff, and students on your campus and nationwide. Email this message to others at your school and elsewhere. (We also have an op-ed that can be distributed to listservs, academic/administrative publications, organizations, schools, etc.)
All of us need to :
* Individuals should call TIAA-CREF at 800-842-2733 (212-490-9000) and ask for CEO Roger Ferguson. Leave the message: “I want TIAA-CREF to put Wal-Mart, Nike, Coca Cola, Costco, and Philip Morris/Altria, on notice that if they don’t clean up their human rights, environmental, and health practices, that CREF will find other companies to invest in.” Importantly, tell TIAA-CREF to start using those tougher tactics with Wal-Mart and Coke—ways that will be needed to influence these corporate giants. if you are in the TIAA-CREF system; and if you are able to do so at your institution and feel strongly enough, say that you (or your whole school) will withdraw money from TIAA-CREF if they don’t decide to engage or withdraw from these companies.
* Individuals should also email Mr. Ferguson and TIAA-CREF Trustees with the same message: RWFerguson@tiaa-cref.org; trustees@tiaa-cref.org
* As a faculty or staff body, send a letter to TIAA-CREF and/or pass a resolution similar to NYSUT's and send them to: Roger W. Ferguson, CEO, TIAA-CREF, 730 Third Avenue, New York, NY 10017
* Tell local or national media about the concerns raised in your letter or resolution
Express your concerns to TC representatives visiting your campus
For the Coalition,http://www.makeTIAA-CREFethical.org email nwollman@bentley.edu for campaign updates (say “TC updates” in subject line).
Neil Wollman; Ph. D.; Senior Fellow, Bentley Alliance for Ethics and Social Responsibility; Bentley College; Waltham, MA, 02452; NWollman@Bentley.edu; 260-568-0116
Sprawl-Busters, Press for Change,Campaign to Stop Killer Coke/Corporate Campaign, Inc.,Campaign for a Commercial-Free Childhood, Social Choice for Social Change, Citizens Coalition (Frente Civico), Educating for Justice, National Community Reinvestment Coalition, United Students Against Sweatshops, Canadian Committee To Combat Crimes Against Humanity (CCCCH), Corporate Accountability International (formerly Infact), World Bank Bonds Boycott
Make TIAA-CREF Ethical is a project of the Bentley Alliance for Ethics and Social Responsibility; Bentley College.
TIAA-CREF’s Response to the resolution
Here is a response from TIAA-CREF to the AFT resolution and an accompanying letter from AFT. (We don’t have a copy of AFT’s original letter and are assuming that the resolution itself was also sent.) Unfortunately, TIAA-CREF’s letter does not address the issue of their continued investment in labor-unfriendly companies like Wal-Mart, Coke, and Nike. Neither does it address the resolution’s call for TIAA-CREF to “substantially strengthen their corporate oversight of companies in which it invests.” This translates into TIAA-CREF needing to practice shareholder activism on labor issues with its portfolio companies, spotlighting Coke, Wal-Mart, and Nike (three of the target companies we seek TIAA-CREF to influence).
*Resolution passed by NYSUT about TIAA-CREF (AFT passed a very similar resolution a little later in time)*
*Submitted by: *Professional Staff Congress/CUNY
Campaign success; TIAA-CREF adds community and environmental investment to its socially responsible fund. Read More...
Letter to TIAA-CREF, has more details on the companies we are asking TIAA-CREF to target
* Maketiaa-Crefethical is a project of the Bentley Alliance for Ethics and Social Responsibility.
Other Projects:
Graduation Pledge Alliance
Social Choice For Social Change
The National Index of Violence and Harm
Also sponsored by the Manchester College Peace Studies Institute.