College faculty have launched a nationwide campaign to persuade TIAA-CREF, the nation’s largest private pension system, to begin “positive investing” with their retirement funds. They are calling on the group to invest $150-300 million in assets from the Social Choice Account, a socially responsible fund, in companies and other financial institutions that are models of social and environmental responsibility.
The Campaign was launched after an unsuccessful attempt to persuade TIAA-CREF, the Teachers Insurance and Annuity Association-College Retirement Equities Fund, to try positive investing. In 1989, faculty successfully lobbied the group to create the Social Choice Account, now the largest socially responsible fund in the U.S. The account, which screens for tobacco, alcohol, nuclear, military, environmental, and Northern Ireland concerns, has posted returns comparable to those of TIAA-CREF’s standard stock fund.
The Campaign now asks that 5-10% of Social Choice Account assets be invested in progressive companies. These might include companies that have exemplary records on employee relations, care for the environment, honesty with consumers, and
contributions to local communities. Funds can also be allocated to community development banks. The investment would help such companies thrive, argue Campaign organizers, and enable them to serve as models of corporate responsibility
for others to follow. Positive investing is a growing trend among socially responsible funds. Many funds are moving from simply screening some companies out, to screening others in, as a strategy for using investments to promote a cleaner environment as well as social and economic justice.
A survey conducted by TIAA-CREF found that over 80% of Social Choice Account participants favor positive investing. This is, of course, another reason to move ahead with the proposal.
If you or your organization would like to endorse the campaign, send a letter with copies to:
Chairman and CEO, John Biggs
Vice Chairman and CIO, Martin L. Leibowitz
Corporate Secretary Albert J. Wilson
TIAA-CREF
730 Third Avenue
New York, NY 10017
or to: feedback@tiaa-cref.org, with a request to forward copies to the officers noted above.
For a brochure and other campaign materials:
Social Choice for Social Change, Campaign for a New TIAA-CREF: njw@manchester.edu or aaf@manchester.edu
[sorry this link is no longer available]
Loading...