(See www.makeTIAA-CREFethical.org/ for a general description of the effort and information on the coalition Organizations Calling for Greater Social Responsibility and Corporate Governance from TIAA-CREF)

Representatives of the coalition just sent a letter to top executives of TIAA-CREF as a follow-up to meeting with them in November (see the letter at www.maketiaa-crefethical.org/). It lists many ways that TIAA-CREF can promote corporate responsibility. And it asks for another meeting to discuss a timetable for progress on these issues.

"At the last meeting we received assurances that they would take our concerns seriously, as their rules require; we are now awaiting real action," says coalition spokesperson Jeffrey Ballinger. "TIAA-CREF has been a leader in some ways in promoting corporate responsibility; we want them to live up to that regarding our concerns." One coalition member is also acting through the shareholders. Citizen's Coalition is submitting a resolution to TIAA-CREF for divestment from Costco and Wal-Mart, before the February 10 deadline.

"Our members have witnessed firsthand the attacks on the environment, health, labor, and human culture perpetrated by irresponsible corporations," says Ballinger. The coalition's motto, "Out of the bad and into the good," argues that TIAA-CREF's economic clout gives it the power to also promote positive change, like community development, while still protecting the investment of retirees.

The coalition notes that TIAA-CREF'S Policy Statement on Corporate Governance promotes the importance of social responsibility and that shareholder concerns should be taken into account. Research indicates that addressing social concerns as part of an investment strategy does not hurt returns and may even improve them. Indeed, TIAA-CREF's own socially responsible Social Choice Account has been one of their best-performing funds.

We think that it is a positive indication that TIAA-CREF has been open on the issues we have raised, in particular direct investment in community projects; however, Jaime Lagunez of Frente Civico, adds "We also view each week that goes by as time wasted without using TIAA-CREF's economic clout to truly benefit people worldwide. We hope that TIAA-CREF will live by the implications of its new advertising tag-line, 'Financial Services for the Greater Good'."

Members of the Make TIAA-CREF Ethical Coalition: * The US Campaign for Burma * Corporate Accountability International (formerly Infact)* World Bank Bonds Boycott * Press for Change * Social Choice for Social Change * Canadian Committee To Combat Crimes Against Humanity (CCCCH) * Citizens Coalition (Frente Civico) * Educating for Justice * National Community Reinvestment Coalition * National Congress for Community Economic Development * Campaign to Stop Killer Coke/Corporate Campaign, Inc. * Campaign for a Commercial-Free Childhood*