The Make TIAA CREF Ethical coalition consists of: The US Campaign for Burma • Corporate Accountability International (formerly Infact) • World Bank Bonds Boycott • Press for Change • Social Choice for Social Change • Canadian Committee To Combat Crimes Against Humanity (CCCCH) • Citizens Coalition (Frente Civico) • Educating for Justice • National Community Reinvestment Coalition • Campaign to Stop Killer Coke/Corporate Campaign, Inc. • Campaign for a Commercial-Free Childhood • Sprawl-Busters

For further information contact:

Neil Wollman, Ph.D.
Senior Fellow, Peace Studies Institute, and
Professor of Psychology,  
Manchester College
260-982-5346
nwollman@bentley.edu 

Make TIAA-CREF Ethical is a project of the Peace Studies Institute, Manchester College.
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Nike Proposal

Cosco Proposal

Here are two further proposals for your consideration. Circumstances did not allow for a proposal as regards Chevron and human rights abuses in Burma. Needless to say, the issue fits well with the human rights concerns of TIAA-CREF participants. And public attention has been great, culminating quite recently in the U.S. government decision to bring the Burmese situation to the UN Security Council. Shareholder resolutions have been filed with the company on the issue of human rights, and Unocal (now under Chevron) agreed earlier to pay to settle a long-running lawsuit charging the oil company with assisting and encouraging the torture, murder and rape of Burmese villagers by government soldiers so that Unocal could build a gas pipeline. Other arguments can be made as well and we hope you will explore this further with the U.S. Campaign for Burma, one of our coalition groups.

Neil Wollman; Ph. D.; Senior Fellow, Peace Studies Institute; Professor of Psychology; Manchester College, North Manchester, IN 46962; nwollman@bentley.edu; 260-982-5346; fax 260-982-5043

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Philip Morris Altria

Wal-Mart proposal

Coca-Cola

Dear

I have been in contact before concerning six target companies for which we hope that TIAA-CREF will begin shareholder advocacy on issues of social responsibility. The attached proposals from our coalition describe specific egregious behaviors of three of those corporations to which we object; the actions that we are requesting TIAA-CREF take; and the ways that our concerns fit the criteria that we understand TIAA-CREF will use to determine which issues and companies to address (e.g., participant and public concerns, and economic implications). The other proposals will follow soon. We feel that our chosen companies will fit well within a number of frameworks you might pursue; e.g., be it a general topic concern like "human rights," specific issues like "sweatshops", or industry sectors such as "big box companies."

TIAA-CREF agreed last year to engage in shareholder advocacy on issues of social responsibility (not just on corporate governance). At that point we began lobbying for shareholder advocacy rather than divestment, based on our belief that it is immoral to continue to invest in particular companies without trying to influence them. However, we feel that divestment is the recourse if companies do not respond positively.

Our companies of concern are generally leaders not only in their industry sectors, but in the wider corporate world. Thus influencing them becomes even more valuable in generally affecting corporate behavior. In a letter I sent previously, we also presented other arguments for taking on our target companies.

Finally, our coalition still seeks further improvement in your enhanced community investment program: (a) community investment in the Social Choice Account, (b) CDFI-type community investment for both the Social Choice Account and TIAA Traditional Annuity, and c) a level of investment that is consistent with the Social Investment Forum’s push for at least 1% of assets in community development. We realize your stated interest in and exploration of the first two of these three possibilities, while fulfillment of the latter would move TIAA-CREF well beyond goals for community investing expressed at the recent annual meeting. Besides arguments we have made previously, results of your recent survey lend support to several of our requests. Refined screening and the addition of social venture capital to the Social Choice Account would further enhance its appeal to participants and make it, perhaps, the model socially responsible fund. TIAA-CREF investment in social venture capital can lead others to do so, given your influence, and help lead to a more humane economy that is concerned about social good, as well as profit.

Let us know if you need other information or clarification. For example, we were told that it would be helpful to know of shareholder resolutions already filed with companies, as a point of entry for engaging those companies. We do note such resolutions for previous years, but if you desire, we can provide such information for the 2007 shareholder season when such resolutions begin being filed. Also, we are most open to discussion.

Thank you for your attention and we will await your decision-making and response.

Sincerely,

Neil Wollman; Ph.D.
Senior Fellow, Peace Studies Institute; Professor of Psychology; Manchester College
Co-coordinator, Make TIAA-CREF Ethical

Cc: Amy O'Brien, John Wilcox, and appropriate TIAA-CREF trustees