NU Online News Service, Nov. 14, 11:10 a.m. – Participants in the College Retirement Equities Fund, New York, have again rejected resolutions urging CREF to divest its holdings in tobacco investments and in companies that publicly support gun control.
CREF, a $127 billion investment company, is part of the TIAA-CREF pension pension system.
CREF officers announced the results of proxy voting on the tobacco and gun control issues in New York at the CREF annual meeting.
Based on total votes cast, the tobacco-related resolution was defeated in a vote of 70.18% to 24.63%, with 5.19% of the votes abstaining, and the gun-control resolution by 84.36% to 12.18%, with 3.46% abstaining.
This marks the eighth consecutive year the tobacco resolution or similar resolutionswere defeated, and the second consecutive defeat for the gun control resolution, CREF reports.