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ShareLetter to TIAA-CREFJohn Wilcox, Head of Corporate Governance Dear Mr. Wilcox, As a long-time participant in TIAA-CREF’s pension program, Third Sector New England asks that you give serious consideration to targeted divestment as an appropriate response to the ongoing genocide in Sudan. We understand that you are working on applying pressure on companies which are supporting the Sudanese government but have not accepted divestment as an effective or appropriate strategy. However, it is our view that a strategy of influencing the companies through private conversations and shareholder resolutions is not enough to bring about a change in corporate behavior. The current course of action cannot reconcile TIAA-CREF’s reputation for social responsibility and transparent corporate governance with investment in these companies. In TIAA-CREF’s hands, we believe that targeted divestment would be a powerful and effective tool. It is likely that the affected companies would lose many influential investors if one large, mainstream institution paves the way. Divestment by TIAA-CREF might not have an instantaneous impact, but it would be far more forceful and effective than the current strategy of seeking to change corporate behavior from the inside. We appreciate TIAA-CREF’s desire to take a strong stance against companies supporting genocidal regimes, and we hope that you will take into account how appropriate divestment is for this situation. Please let us know your opinions on this issue. Thank you for your concern about the situation in Darfur. Sincerely, Jonathan Spack Jonathan Spack
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