TIAA-CREF announced today it will pursue a major effort to secure the right of shareholders to approve stock option plans, as well as an effort to encourage auditor independence, among its corporate governance initiatives for this year.
CREF, the equity investment arm of TIAA-CREF, has submitted 19 shareholder resolutions to U.S. companies for 2002, including 13 that advocate shareholder approval of all material equity compensation plans. Four of the companies have agreed to put all future plans to shareholder vote, so the resolutions submitted to them were withdrawn, as were four resolutions at companies where discussions continue; TIAA-CREF won’t name the companies.
