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November 19, 2018 at 03:25 PM
TIAA, the huge nonprofit financial services organization founded 100 years ago, outlined its efforts to maximize its positive impact on society in a new report.
“Throughout our first 100 years, TIAA has made a positive impact in many ways — from volunteering in our local schools to pursuing responsible investing around the globe,” Roger Ferguson Jr., president and CEO of TIAA, said in a statement. “As we enter our second century of operation, we remain guided by the values that have brought us this far and committed to improving the lives of our customers and stakeholders through responsible business practices.”
TIAA’s second annual corporate social responsibility report details how the firm has put its values into action in recent years through responsible investing policies and programs.
TIAA — along with its investment management arm, Nuveen, which it acquired four years ago — has had a long-term commitment to applying its proprietary responsible investing framework across its $973 billion in assets under management.
(Related: 4 Years After Its Acquisition, How Is Nuveen Doing?)
According to the report, more than $650 billion of TIAA’s total firm assets adhere to the United Nations’ Principles for Responsible Investment (UNPRI). In addition, Nuveen manages more than $20 billion in environmental, social and governance (ESG) strategies for institutional investors, advisors, and individuals in public markets.
The report focuses on TIAA and Nuveen’s impact in four key areas: governance, diversity and inclusion, community and sustainability.
Governance
Nuveen’s Responsible Investing team supported 100% of shareholder proposals requesting disclosure of a company’s climate risk and plans to manage its carbon footprint in 2018, according to the report.
The Responsible Investing team’s approach to engagement encompasses both long-term engagement with companies and industry groups on priority themes (for example, board effectiveness, shareholder rights, climate change, human capital management and human rights) and more time-sensitive tactical engagements with specific companies.
Nuveen’s Responsible Investing team voted approximately 13,900 times during the 2018 Securities and Exchange Commission proxy voting year.
(Related: Are ESG Ratings the New Credit Rating for Stock Prices?)
According to the report, Nuveen often is more supportive of shareholder proposals relative to its peers on issues such as climate risk, sustainability and diversity.
Diversity and Inclusion
Nuveen also reinforces the value of inclusion through its shareholder voting and engagement activities.
Nuveen’s consistent diversity and inclusion advocacy with companies and boards through its engagement work is centered around the following key areas: disclosure, board composition, workforce diversity, workplace policy and talent pipeline.
