A BRIEF HISTORY OF EFFORTS WITH TIAA-CREF FOR SOCIAL RESPONSIBILITY IN THEIR INVESTING AND POLICIES
1984-1989: Successful effort (Clean up TIAA-CREF) to get their socially responsible fund started (Social Choice Account-SCA)
1989-1996: some quiet campaign time and some informal talking with TIAA-CREF folks about trying to get the SCA to take a more pro-active/positive approach (positive screens as well as its exclusionary screens, social venture capital, community investing)
1996-present:
- New campaign (Social Choice for Social Change) to bring about what was talked about quietly in early 90's. Starting about 2000, bringing together the "Make TIAA-CREF Ethical Coalition, which seeks the above positive approach for SCA, plus the exclusion of certain companies from all TIAA-CREF portfolios (or TIAA influencing those companies to make changes in their policies regarding six particular companies and World Bank bonds).
- TIAA-CREF, over this time, adds positive screens to the SCA. And adds shareholder advocacy to the SCA (another component lobbied for as well)--and does so for its whole portfolio. TIAA-CREF strongly exploring community investment. TIAA-CREF adds a Director of Social Investing; certainly due to our keeping SRI priorities always in front of them.
- Still lobbying for "divest/influence" concerns of the Coalition. And still pushing for Community Investing and Social Venture Capital (with CDFI type of community Investing-- and in more than just SCA).
- TIAA-CREF establishes a new Division of Social and Community Investing that focuses on issues of community investing, new socially responsible investment products, screening, and shareholder advocacy.
- TIAA-CREF adds significant community investment to their non-screened Traditional Annuity Account. And likely will add such investment to their SCA at some point. They also add significant micro-finance investment to their Traditional Annuity Account (though such investment was never lobbied for, which is significant on its own).
- TIAA-CREF adds community investment as well as alternative energy investment to the SCA, the former being long advocated for. * TIAA-CREF has decided to add social venture capital to its portfolio (another initiative we lobbied for). Investing money directly into newer/smaller companies pioneering socially and environmentally reasonable products or services (not stock investment).
TIAA-CREF begins discussions with Coca-Cola and Wal-Mart, two of our (currently) five target companies we seek for them to engage.