Demonstration at TIAA-CREF Shareholder Meeting in Charlotte, NC

Mark your calendar for Tuesday, July 16th, 2013. All are welcome to join us demonstrating at the TIAA CREF shareholder meeting in Charlotte, NC (8500 Andrew Carnegie Blvd) at 1pm.

We will be distributing this leaflet (.doc).

You can download the rejected shareholder resolution (.doc) that we submitted as well.

The leaflet reads:

CREF “SOCIAL CHOICE” IS A SHAM

TIAA-CREF REJECTS PROPOSAL FOR SHAREHOLDER RESOLUTION AND SEC ALLOWS NO SHAREHOLDER VOTE
U.S. HEALTH INSURANCE COMPANIES ARE NOT SOCIALLY RESPONSIBLE, i.e.
ARE NOT MANAGED IN AN “EXEMPLARY AND ETHICAL MANNER,” A CRITERIA FOR INCLUSION IN THE FUND

HEALTH INSURANCE COMPANIES’ PRACTICES RESULT IN SPIRALING HEALTHCARE COSTS, WORSENING HEALTH, PREMATURE LOSS OF LIFE, AND BANKRUPTCY FOR COUNTLESS AMERICANS

AMPLE EVIDENCE OF WRONG-DOING EXISTS, FROM HARVARD RESEARCH TO WHISTLEBLOWERS TO CONGRESSIONAL TESTIMONIES TO REPEATED LEGAL FILINGS TO CONVICTIONS, DAMAGES, AND FINES

TIAA-CREF AND MSCI (their vendor for rating companies) have received reams of this evidence from us during our so-called “dialogue,” yet these companies continue to receive high enough “scores” to be included in the fund. MSCI has not yet responded to our April request for the score on Wellpoint, which owns Anthem Blue Cross/Blue Shield, after we sent them news from the LA TIMES of a jury returning a damage award of $3.8 million against the insurer. This is not unusual–each of the insurance giants CREF includes in its Social Choice Fund has had a record of highly unethical and harmful behavior.

You call your method of inclusion of companies for Social Choice “best in class.” We call it a sham and a shame.

You claimed the shareholder proposal to divest from health insurance companies would “interfere with ordinary business.”

If ordinary business is hypocritical to the stated objectives of a socially responsible fund, we say it’s time to interfere with ordinary business.

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