TIAA-CREF announces sales of genocide-related holdings and
Investors Against Genocide commends TIAA-CREF
- Demonstrating a clear commitment to genocide-free investing, TIAA-CREF announced on January 4, 2010, that it had sold all of its holdings, worth $58 million as of September 30, in four companies tied to the genocide in Darfur.
- The pension giant divested 100% of its holdings in PetroChina, CNPC, Sinopec and ONGC, thereby delivering on the commitment TIAA-CREF made when it announced its accelerated engagement efforts on March 26, 2009.
- Click here to read TIAA-CREF's press release.
- Click here to read our press release commending TIAA-CREF.
- "TIAA-CREF is the first large, mainstream financial services company to take a public stand supporting the overwhelming majority of Americans who do not want their savings and pension funds connected to genocide.”
- Eric Cohen, Chairperson, Investors Against Genocide
- "TIAA-CREF is the first large, mainstream financial services company to take a public stand supporting the overwhelming majority of Americans who do not want their savings and pension funds connected to genocide.”
- TIAA-CREF's clear and public actions stand in sharp contrast with the lack of action by Vanguard which also announced a human rights policy in March 2009.
- According to Vanguard, it implemented a screening procedure “to identify companies whose involvement in crimes against humanity or human rights violations would warrant the trustees' consideration.” Vanguard highlighted engagement and divestment as possible actions for the trustees to consider and noted their March 31, 2009, holdings of 188 million shares of PetroChina and 20 million shares of CNPC.
- However, Vanguard‟s SEC filings on December 30, 2009, show that its holdings of PetroChina have nearly doubled to 359 million shares, worth $432 million, and its holdings in CNPC have increased to 24 million shares.
- “While TIAA-CREF honored its commitment to divest when the problem companies did not show significant progress to help end the genocide, Vanguard promoted a toothless policy which gives them the appearance of doing the right thing while actually doing nothing. As a result, Vanguard customers who expected significant action in the face of genocide were misled by Vanguard, whose investment policy has continued to be 'business as usual'.”
- Eric Cohen, Chairperson, Investors Against Genocide
TIAA-CREF announces new policy and
Investors Against Genocide withdraws shareholder proposal
- On March 26, 2009, TIAA-CREF announced its decision to vigorously engage PetroChina and other problem companies partnering with the Government of Sudan and to divest from those companies if they continue to substantially contribute to genocide or crimes against humanity. TIAA-CREF’s policy applies to the ongoing genocide in Darfur, Sudan as well as to future genocides. This policy at TIAA-CREF is a clear victory for the cause of genocide-free investing. (TIAA-CREF press release also available here.)
- As a result of this significant commitment from TIAA-CREF, Investors Against Genocide withdrew its shareholder proposal from the proxy ballot for TIAA-CREF’s July shareholders’ meeting.
- Click here to read our press release.
- “We recognize that genocide and crimes against humanity, whether in Darfur or elsewhere, require a higher standard of response.”
- TIAA-CREF statement - “We commend TIAA-CREF for its clear and public leadership in drawing the line at genocide. While ethical investing may mean different things to different people, TIAA-CREF’s decision supports the belief of the overwhelming majority of Americans who do not want their savings and pension funds connected to genocide. By its statement today, TIAA-CREF has recognized the unique importance of taking aggressive action in the face of genocide and crimes against humanity.”
- Eric Cohen, Chairperson, Investors Against Genocide
- “We recognize that genocide and crimes against humanity, whether in Darfur or elsewhere, require a higher standard of response.”
Earlier engagement with TIAA-CREF
- Click here to read Eric Cohen's statement at the TIAA-CREF annual meeting on July 20, 2009, in New York City.
- Click here to read Eric Cohen's statement at the TIAA-CREF annual meeting on July 15, 2008, in Denver.
- Click here for coverage of the 2008 annual meeting by Rocky Mountain News.
- Click here or here to read the op-ed in The Chronicle for Higher Education from May 16, 2008.
Support genocide-free investing
Our campaign to submit shareholder proposals to convince mutual fund companies to commit to genocide-free investing continues. However, given TIAA-CREF's significant commitments and actions, Investors Against Genocide is no longer submitting shareholder proposals to TIAA-CREF.
- Please volunteer
to submit a shareholder proposal for mutual funds you have held for over a
year and in which you have at least $2,000 invested.
- We’ve made the process very easy and completely confidential.
- Click here for details.
- Becoming a volunteer costs nothing, and has tremendous leverage, since your submission to any given fund may result in all of that fund's shareholders having a chance to vote on the proposal to avoid investing in companies that substantially contribute to genocide. Depending on the fund, that could mean that a million shareholders, or more, may get a chance to vote!
- Take Action. See this page for more that you can do to help.
TIAA-CREF's holdings
| China Petroleum (Sinopec) | Cnpc Hong Kong Ltd | ONGC | PetroChina | Petronas Dagangan BHD | Petronas Gas | Grand Total | |
| 12/31/2006 | $7,164,000 | $0 | $2,189,000 | $54,562,000 | $394,000 | $501,000 | $64,810,000 |
| 3/31/2007 | $8,871,000 | $0 | $3,414,000 | $36,268,000 | $497,000 | $531,000 | $49,581,000 |
| 6/30/2007 | $14,957,000 | $0 | $3,914,000 | $56,209,000 | $648,000 | $624,000 | $76,352,000 |
| 9/30/2007 | $19,246,000 | $0 | $5,005,000 | $80,748,000 | $721,000 | $956,000 | $106,676,000 |
| 12/31/2007 | $21,427,000 | $6,157,000 | $6,149,000 | $30,731,000 | $731,000 | $961,000 | $66,156,000 |
| 3/31/2008 | $13,854,000 | $881,000 | $5,512,000 | $25,007,000 | $699,000 | $1,215,000 | $47,168,000 |
| 6/30/2008 | $15,568,000 | $1,182,000 | $5,079,000 | $27,115,000 | $1,092,000 | $1,212,000 | $51,248,000 |
| 9/30/2008 | $14,770,000 | $1,316,000 | $6,641,000 | $24,072,000 | $908,000 | $1,143,000 | $48,850,000 |
| 12/31/2008 | $10,215,000 | $849,000 | $3,826,000 | $18,532,000 | $435,000 | $1,357,000 | $35,214,000 |
| 3/31/2009 | $12,395,000 | $1,215,000 | $5,247,000 | $18,416,000 | $902,000 | $1,380,000 | $39,555,000 |
| 6/30/2009 | $15,258,000 | $2,296,000 | $7,051,000 | $28,648,000 | $880,000 | $1,958,000 | $56,091,000 |
| 9/30/2009 | $17,466,000 | $2,250,000 | $8,645,000 | $30,515,000 | $1,527,000 | $1,743,000 | $62,146,000 |
| 12/31/2009 | $0 | $0 | $0 | $0 |