TIAA-CREF has reached an agreement with Advanced Micro Devices, under...

TIAA-CREF has reached an agreement with Advanced Micro Devices, under which AMD will increase the proportion of independent directors on its board. As a result, CREF, the equity investment component of TIAA-CREF, has withdrawn a resolution that a substantial majority of AMD directors be independent, and the company’s audit, employee stock and nominating committees consist entirely of independent directors. AMD has agreed to nominate one new independent director at this year’s upcoming shareholder meeting, and additional independent directors will be added in the future. "We are pleased that AMD has agreed to move quickly to assure that a greater majority of the members of its board are not affiliated with the company,’’ said B. Kenneth West, TIAA-CREF senior consultant for corporate governance.