Administration March 26, 2009

TIAA-CREF Steps Up Efforts in Sudan Divestment

March 26, 2009 (PLANSPONSOR.com) - TIAA-CREF announced a plan to intensify pressure on target companies that maintain business relations with the Sudanese government and divest from those that fail to take meaningful steps to disassociate themselves within a reasonable time.
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In the announcement, TIAA-CREF said it will:

  • Seek meetings between TIAA-CREF executives and executives of target companies to encourage them to take positive and meaningful humanitarian steps;
  • Publicly endorse the U.N.-sponsored Principles for Responsible Investment. Signatories include institutional investors with a combined $2.5 trillion in assets under management with whom TIAA-CREF will join to urge companies operating in Sudan to confront human rights abuses; and
  • Call upon other financial services companies to follow its lead and increase pressure on target companies.

According to the announcement, if target companies – PetroChina, CNPC Hong Kong, Oil and Natural Gas Corporation, Sinopec, and PETRONAS – refuse to meet with TIAA-CREF, it will divest promptly. If they agree to engage in a productive dialogue, TIAA-CREF said it will continue to hold their shares as long as progress continues and as long as portfolio management concerns warrant.

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Companies that take meaningful steps to discourage the conflict in Darfur will be removed from the target list.

TIAA-CREF’s policy statement on corporate governance is here .

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