TIAA-CREF Praises NYSE Corporate Governance Move

June 6, 2002 (PLANSPONSOR.com) - TIAA-CREF expressed its support for a series of corporate governance reforms recommended by a panel of the New York Stock Exchange (NYSE) in a bid to shore up investor confidence.

John Biggs, TIAA-CREF Chairman, CEO, and President also called on the NYSE Board of Directors to approve the proposals.

In a statement, TIAA-CREF officials praised:

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  • the recommendations that corporate boards be composed of independent directors under improved definitions of “independence”.
  • the NYSE panel’s provisions as to the role of directors and details on how the key committees should function,
  • the panel’s call for shareholder voting on all equity-based compensation plans that dilute shareholder ownership.

TIAA-CREF also called on Nasdaq to take similar action, rather than allow companies to insulate such equity compensation plans from shareholder vote, and urged other institutional investors, trade associations and shareholder organizations to focus on the reform proposals.

TIAA-CREF, with approximately $275 billion in assets under management, is apension system for those employed in education and research in the US, serving over two million participants at more than 11,000 institutions.

In other news today, Nasdaq submitted its first round of corporate governance rule changes the to the SEC.

Blumberg Quits Nelson Information

June 5, 2002 (PLANSPONSOR.com) - Andrew Blumberg, president of Nelson Information, a Thomson Financial unit, is leaving the company to pursue other opportunities, according to a press release.

Blumberg led Nelson for three years after spending seven years with Thomson Financial as a regional sales representative, and later as a national sales manager for Wiesenberger.

Blumberg then went on to run Wiesenberger’s 401(k) retirement planning and advice software division.

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Prior to joining Thomson, Blumberg spent thirteen years in the financial services industry, holding vice president positions in marketing and strategic planning for SunAmerica and Prudential mutual funds.

“It’s been a privilege to work with so many great people. I wish my team and colleagues who contributed to our achievements every success in the future,” said Blumberg.

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