In an 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;
- 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.
- Companies that take meaningful steps to discourage the conflict in Darfur will be removed from the target list.
A pdf of TIAA-CREF’s policy statement on corporate governance is here.