TIAA-CREF by the end of the year will divest its holdings of companies that refuse to respond to its concerns about business ties with the Sudanese government, confirmed TIAA-CREF spokesman Chad Peterson.
In a news release, TIAA-CREF said its latest stance marks an escalation in its effort to help end genocide in Darfur. The firm said 10 of the 22 companies in its portfolio that had business ties with the Sudanese government had either discontinued operations there or committed to humanitarian initiatives since TIAA-CREF began meeting with them in 2006.
The firm cited five target companies PetroChina Co., CNPC Hong Kong, Oil and Natural Gas Corp., Sinopec Shanghai Petrochemical Co. and Petronas which it said have refused to meet with TIAA-CREF.
We will evaluate progress within nine months and divest promptly if no progress is made, the release said. TIAA-CREF called on other financial services companies to follow our lead.