From: "Pope, Karen O." <POPEKJ@uwec.edu> Date: Mon, 23 Feb 2009 11:39:08 -0600 Subject: FW: IF INTERESTED IN CORP. RESPONSIBILITY, READ ON///OTHERWISE, SORRY Message-ID: <4F19260FE7477F4DA03B00B62E7F639076BE758B41@CHERRYPEPSI.uwec.edu>
FYI and possible action.
Karen Osborne Pope
Associate Professor Emerita, McIntyre Library
University of WI - Eau Claire
popekj@uwec.edu
cell 715 529 0272
________________________________________
From: Wollman, Neil [NWOLLMAN@bentley.edu]
Sent: Sunday, February 22, 2009 11:30 PM
To: Wollman, Neil
Subject: IF INTERESTED IN CORP. RESPONSIBILITY, READ ON///OTHERWISE, SORRY
IF INTERESTED IN CORPORATE RESPONSIBILITY, READ ON///OTHERWISE, SORRY
Neil Wollman; Ph. D.; Senior Fellow, Bentley Alliance for Ethics and Social
Responsibility; Bentley University; Waltham, MA, 02452; Responsibility; Bentley University; Waltham, MA, 02452; NWollman@Bentley.e
du<mailto:NWollman@Bentley.edu>; 260-568-0116
HELP PROMOTE CORPORATE RESPONSIBILITY
WE NEED YOUR CALLS AND EMAILS TO TIAA-CREF
(You need not be in the TIAA-CREF system to make a difference.)
The press release below has been distributed to a million plus media and ot
her outlets. PLEASE CALL OR WRITE TIAA-CREF’s CEO and forward this messag
e widely, with your personal endorsement.
If you are not in the TIAA-CREF system, you can still help bring TIAA-CREF
on board.
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CALL TO ACTION
Email a personalized version of the below message to CEO Roger Ferguson RFe
rguson@tiaa-cref.org<mailto:RFerguson@tiaa-cref.org> (or > (or RWFerguson@tiaa-cr
ef.org<mailto:RWFerguson@tiaa-cref.org>); send a copy to >); send a copy to trustees@tiaa-cref
.org<mailto:trustees@tiaa-cref.org>. Importantly, also leave a recorded mes
sage at 800-842-2733//212-490-9000; ask for Roger Ferguson.
"I am concerned that TIAA-CREF is a major investor in Wal-Mart, Nike, and C
oca-Cola, companies involved in abusive human rights and labor practices, e
nvironmental degradation, and harmful health practices. I want TIAA-CREF to
get tougher with these companies—to not just talk to them, as they do no
w with Coke and Wal-Mart, but to confront them with tactics TIAA-CREF alrea
dy states they can use (such as making public statements, engaging in coll
ective action, seeking regulatory or legislative relief, and bringing litig
ation). TIAA-CREF needs to demand that these three companies change their p
ractices, and divest from their stock if they fail to improve.” Let Mr. F
erguson know if you invest in TIAA-CREF and (if you choose to) that you wil
l withdraw your money from TIAA-CREF if your concerns are not addressed—a
nd ask others to do so, too.
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: Neil Wollman, Ph.D., Senior Fellow, Bentley University (Coordinato
r, Make TIAA-CREF Ethical coalition): 260-568-0116; NWollman@Bentley.edu<ma
ilto:NWollman@Bentley.edu>; www.makeTIAA-CREFethical.org<http://www.makeTIA
A-CREFethical.org>
TIAA-CREF SAYS ONE THING AND DOES ANOTHER:
CORPORATE SOCIAL RESPONSIBILITY LEADER FALLS SHORT
Investors Against Genocide and TIAA-CREF
Investors Against Genocide is asking TIAA-CREF to make a commitment to geno
cide-free investing. That would require TIAA-CREF to divest from those comp
anies supporting the regime in Sudan. TIAA-CREF has dialogued with the wors
t company, PetroChina, for years with no results to show for it. Again, why
doesn't TIAA-CREF follow the escalation pattern we suggest for companies i
t engages? Where talking has worked, great. Where it has not, escalate fina
ncially.
However, not only has TIAA-CREF refused to divest, they've refused to put a
freeze on new purchases. TIAA-CREF has actually upped its investment in Pe
troChina and other problem companies, at the same time that it acknowledges
those companies’ problems. What kind of strategy is that?
TIAA-CREF shareholders will have a chance to vote on the issue when shareho
lder proposals for genocide-free investing are on the ballot in June for th
e shareholder meeting in July. Shareholder votes on the issue can establish
healthier investment rules for TIAA-CREF.
Read more at www.InvestorsAgainstGenocide.org<http://www.InvestorsAgainstGe
nocide.org>.
Educational pension giant TIAA-CREF regularly touts its achievements in pro
viding “financial services for the greater good.” Yet it continues to f
ail on the most important way it can contribute to corporate social respons
ibility: changing the abusive behavior of industry leaders and of corporate
contributors to the genocide in Sudan.
The Make TIAA-CREF Ethical Coalition* lobbied until TIAA-CREF agreed to eng
age its portfolio companies on issues of social responsibility. They agreed
to talk to two of the Coalition's five target companies, Coca-Cola and Wal
-Mart. However, years of talking has had little if any effect on their poli
cies. Due to the actions of Coca-Cola, Wal-Mart, and Nike, people continue
to suffer daily: workers in sweatshops, union leaders facing intimidation o
r death in Columbia, and people drinking polluted water. Waiting for years
for possible change to come from “quiet diplomacy” is no longer an opti
on.
Changes in Wal-Mart’s environmental practices were prompted by the aggres
sive work of activist groups, asserted a January 24, 2009 article in the Ne
w York Times. Likewise, the very limited changes made by Coca-Cola were lik
ely the result of aggressive actions taken by our Coalition group member, C
ampaign to Stop Killer Coke.
In 2007, resolutions were passed by the 600,000 member New York State Unite
d Teachers and 1.4 million member American Federation of Teachers critical
of TIAA-CREF's continued investment in Nike, Coca-Cola, and Wal-Mart. They
asked TIAA-CREF to hold these and other companies accountable on labor issu
es.
TIAA-CREF says it has no plans to move beyond dialogue with these companies
. At the same time it asserts:
• “While quiet diplomacy remains our core strategy, …, TIAA-CR
EF’s engagement program involves many different activities and initiative
s, including…engaging in public dialogue and commentary,… engaging in c
ollective action with other investors,… seeking regulatory or legislative
relief,… commencing or supporting litigation.” (TIAA-CREF Policy Stat
ement on Corporate Governance)
• ”...engagement is a multi-step process...;TIAA-CREF believes
that we should explore the ways in which to influence the companies' behavi
or and thereby help bring about positive social change;” we "sometimes th
reaten tougher actions.” “…we also advise some companies that we will
explore escalated tactics…if they remain unresponsive.” (TIAA-CREF pre
ss releases)
· “Where necessary, we file shareholder resolutions or employ o
ther methods to promote constructive dialogue.” (“Socially Responsible
Investment at TIAA-CREF”)
At TIAA-CREF's annual meeting last July, CEO Roger Ferguson claimed to unde
rstand the concerns of our Coalition and promised to look over our requests
. Coalition representatives met with Mr. Ferguson in early December, but th
e group is still waiting to see that concern translate into meaningful acti
ons that reflect TIAA-CREF’s policy and published statements. If TIAA-CRE
F officers directly observed these horrendous conditions themselves for one
day, they would act differently and get tougher with these companies.
The Make TIAA-CREF Ethical coalition has worked hard to provide TIAA-CREF w
ith a theoretical framework, practical suggestions, and experts on each com
pany in order for them to move forward as we suggest:
1. We have requested that TIAA-CREF create an individualized action plan fo
r each company: If just talking works, fine, but if not, use tougher tactic
s on issues where companies resist, and then divest if all else fails. TIAA
-CREF says it will a lose a voice if it divests. But if dialogue fails to i
nfluence a company, why not make a statement by pulling out and promising t
o reinvest if the company changes.
2. We have provided TIAA-CREF with lists of specific ways it can apply its
stated tactics to our companies of concern. Our experts are ready to collab
orate with them to monitor and influence company practices:
• Al Norman (director of Sprawl-Busters), called "the guru of the
anti-Wal-Mart movement" by 60 Minutes
• Jim Keady (founder of the international coalition Team Sweat),
who has investigated Nike factories in Indonesia and written extensively on
Nike
• Ray Rogers (director of Campaign to stop Killer Coke), who has
led many successful labor efforts
3. We have told TIAA-CREF that it need not go it alone. There are groups, s
ome of them members of our Coalition, that have successfully taken on these
companies. The credibility and influence of TIAA-CREF can add much to thes
e efforts.
Make TIAA-CREF Ethical coordinator Neil Wollman, Senior Fellow at Bentley U
niversity, says that “TIAA-CREF has come a long way in its own corporate
social responsibility practices: a socially responsible fund and investment
in microfinance and community development. Now it's time for it to become
a national leader by getting corporate giants it invests in to do the same.
That will likely prompt industry-wide reforms.”
* Make TIAA-CREF Ethical Coalition includes: Corporate Accountability Inter
national (formerly Infact), World Bank Bonds Boycott, Press for Change, Soc
ial Choice for Social Change, Canadian Committee To Combat Crimes Against H
umanity (CCCCH) , Citizens Coalition (Frente Civico), Educating for Justice
, National Community Reinvestment Coalition, Campaign to Stop Killer Coke/C
orporate Campaign, Inc., Campaign for a Commercial-Free Childhood, and Spra
wl-Busters.