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by NJ WOLLMAN
We are continuing our battle to get the TIAA-CREF (TC) higher education
pension system to do "positive investing" with a small portion of its
socially responsible "Social Choice Account" (SCA). It can mean up to $300
million going toward such things as loans for low-income area housing and
business start-ups, and venture capital for companies championing a new
socially/environmentally responsible product. Companies thus supported can
become stronger models for other new companies and the very prominent TC
could become a model for other institutional investors. A survey taken by
T-C revealed that 81% of SCA participants want this proactive, positive
approach for the fund.
TC does token low-income housing investment in a different fund of theirs,
and are using that as an excuse for not doing so in the SCA. But, first of
all, the Social Investment Forum (trade association) recommends putting 1%
of a fund's assets in such investment, while the Methodist pension fund
puts in 3-5%. TC's investment in low-income housing is pitifully below such
levels and you might ask them why. And there is no reason they can't do
such investing in the SCA, where it certainly belongs. Additionally, there
are other things we propose that are not being done at all in any of their
funds. A number of socially responsible funds are already doing what we
suggest, so why can't TIAA-CREF. ASK THEM WHY THEY REFUSE TO CONTACT THOSE
IN THE SOCIALLY RESPONSIBLE INVESTMENT FIELD WHO HAVE VOLUNTEERED TO TALK
TO THEM..
Our original effort to get the SCA started took five years, so, after four
years, "We have just begun to fight." We have a long list of prominent
group/individual endorsers and media stories keep coming--Wall Street
Journal, L.A. Times, etc.. But with a group as large as TC ($300 billion in
assets; 2 million participants, etc.), the inertia and paternalism is
strong. We started a tactic that takes a few minutes weekly-- and your
involvement could really help. THANKS, Neil (mark your calendar or ask if
you want brief bi-weekly campaign updates and reminders about
calls--njwollman@manchester.edu)
PLEASE TAKE THREE MINUTES A WEEK TO LEND YOUR VOICE in support of the
proposal for "Positive Investing" for the Social Choice Account: (a)
positive screening looking for more socially responsible companies, such as
those with good labor practices (b) low-income area housing and business
startups, and (c) venture capital for companies championing a new
socially/environmentally responsible product. And ask them to dramatically
increase investment in low-income housing in their TIAA Account, where they
now do a token amount out of $100 billion.
Call John Biggs, their CEO, at.1-800-TIA-CREF (842-2733), ext. 4280.; or
212-490-9000. You'll likely have to leave a message with his secretary, but
do ask for a response if you can. We are creating a weekly "presence" that
will continually remind him of our concerns! And email Mr. Biggs, as well,
or instead of, if you can't make a call:(WWW.TIAA-CREF.ORG, then click
"Contact TIAA-CREF", then "General Information")
If you are interested in getting further involved in the effort, we do
everything from gather signatures for petitions, to "visiting" TC trustees
around the country, to demonstrating at TC headquarters in NYC or at their
local offices around the country. Contact us if you want to get further
involved at your local level or in national strategizing and organizing
(219-982-5346).
--more info:
http://ARES.manchester.edu/department/PeaceStudies/njw/disclaim.html
-PLEASE SPREAD THE WORD |
