TIAA-CREF Resists Push to Divest Israel-Related Stocks
INSIDE HIGHER EDUCATION
July 15, 2010
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A group called Jewish Voice for Peace -- which is highly critical of Israel's government -- is organizing petitions and hoping to force votes by TIAA-CREF to divest from holdings in companies that the group says "profit from the Israeli occupation of the Gaza Strip and the West Bank, including East Jerusalem."
The group notes past TIAA-CREF policies on investments in companies linked to the Sudan and says that Israel should be the next country sanctioned in this way. TIAA-CREF is opposing the divestment idea. "While TIAA-CREF acknowledges participants’ varying views on Israeli and Palestinian policies and the Gaza Strip and West Bank, we are unable to alter our investment policy in accordance with those views. Our responsibility to earn a competitive financial return on the retirement savings entrusted to us by 3.7 million participants obliges us to invest in a diverse line-up of companies across all sectors of the global economy," said a statement from the pension giant. As to the Sudan comparison, TIAA-CREF noted that its policies there have been consistent with those of the U.S. government, which does not endorse a boycott of Israel. "We believe that concerns about the situation in the Gaza Strip and the West Bank are best addressed by U.S. foreign policy and lend themselves less to using one’s shareholder status to influence portfolio companies," said the statement.
The group notes past TIAA-CREF policies on investments in companies linked to the Sudan and says that Israel should be the next country sanctioned in this way. TIAA-CREF is opposing the divestment idea. "While TIAA-CREF acknowledges participants’ varying views on Israeli and Palestinian policies and the Gaza Strip and West Bank, we are unable to alter our investment policy in accordance with those views. Our responsibility to earn a competitive financial return on the retirement savings entrusted to us by 3.7 million participants obliges us to invest in a diverse line-up of companies across all sectors of the global economy," said a statement from the pension giant. As to the Sudan comparison, TIAA-CREF noted that its policies there have been consistent with those of the U.S. government, which does not endorse a boycott of Israel. "We believe that concerns about the situation in the Gaza Strip and the West Bank are best addressed by U.S. foreign policy and lend themselves less to using one’s shareholder status to influence portfolio companies," said the statement.
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