TIAA-CREF issued a revised corporate governance and proxy-voting policy today, its first revision since 2003, said John C. Wilcox, senior vice president and head of corporate governance. The policy covers new areas including annual nonbinding vote on executive compensation, which it generally supports.
TIAA-CREF will now generally support proposals seeking majority-vote bylaw amendments, even if a company already has a form of majority-vote policy, Hye-Won Choi, director-corporate governance and senior counsel, said in an interview. Previously, it had generally supported companies that voluntarily adopted some form of majority vote and not additional shareholder proposals on the issue. Its an evolution of the issue, she said.
TIAA-CREF also reaffirmed its policy of engagement with companies rather than divestment of their securities.