College Retirement Equities Fund, New York, faces a participant proposal at its annual meeting Dec. 15 calling for divesting all tobacco investments for both financial and ethical reasons. C. Everett Koop, former U.S. surgeon general, and several other physicians filed the proposal. Other participant proposals include divesting investments in gold mining, because of its environmental and social impacts as well as potential liability consequences to mining firms; and banning investments in companies that publicly advocate firearm control legislation.
CREF opposes all three investment restrictions, noting it "will not make portfolio investment decisions based on a company's record on social issues" except in its CREF Social Choice Account.
