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TIAA-CREF Becomes The First Big Fund Firm To Divest From Sudan


TIAA-CREF emerged as the first large U.S. fund firm to take up the banner of the anti-genocide investment cause, revealing on Monday that the firm sold stakes in four Asian oil companies alleged to have ties to the Sudanese government behind the Darfur genocide.TIAA-CREF sold shares totaling $58 million as of September 30 2009, in China's PetroChina Co Ltd, CNPC Hong Kong, Sinopec, and Oil and Natural Gas Corp of New Delhi (ONGC), according to Investors Against Genocide (IAG), a Boston-based activist organization. The company pushed through plans to divest after meetings with the target companies proved “insufficient.” TIAA-CREF also met with a fifth company, PETRONAS, but decided not to divest shares of the firm. “We have not divested from PETRONAS, which has acknowledged our concerns and engaged in dialogue about how it might address them,” stated Roger W. Ferguson, Jr., TIAA-CREF's chief executive.

“TIAA-CREF has recognized the unique importance of taking aggressive action in the face of genocide and crimes against humanity,” stated Eric Cohen, chairperson of 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 commitment to act sets a higher standard for the entire financial services industry.”

The company's new investment policy applies to the genocide in Darfur as well as future genocides. Maybe now that one of their own has broken ranks and divested from Sudan, the other large U.S. fund firms will follow suit.

We at Auburn Mountain salute TIAA-CREF

Source: Mutual Fund Wire - January 5, 2010




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Ryan Cass posted on Tuesday, April 06, 2010

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The articles published here represent the personal views of the author(s), and not necessarily the views of any securities firm, insurance company, FINRA, SEC or organization with which he or she may be affiliated. All statements made in these articles are for general information only and are not intended to provide, nor should they be relied on as, legal or investment advice.  Readers must consult with their qualified investment, tax or legal advisors before relying upon any content contained herein. Statements made in these articles may be incorrect for your state or jurisdiction. Also keep in mind that at the time when you read such statements the underlying rules, regulations and/or decisions may no longer be controlling or persuasive as a matter of investment or insurance law or interpretation.
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