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TIAA - CREF

PRI reporting framework 2018

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You are in Direct - Listed Equity Active Ownership » (Proxy) voting and shareholder resolutions

(Proxy) voting and shareholder resolutions

Overview

LEA 15. Voting policy & approach

New selection options have been added to this indicator. Please review your prefilled responses carefully.

15.1. Indicate whether your organisation has a formal voting policy.

15.2. Indicate what your voting policy covers:

15.3. Attach or provide a URL to your voting policy. [Optional]

15.4. Provide a brief overview of your organization’s approach to (proxy) voting.

Proxy voting is a key component of Nuveen’s oversight and engagement program. It is one of our primary methods of exercising our shareholder rights and influencing the behaviour of portfolio companies. We commit substantial resources to making informed voting decisions in furtherance of our mission. All of our voting decisions are made in the best interest of our

TIAA Investments' voting policies, described in its Policy Statement on Corporate Governance (https://www.tiaa-cref.org/public/pdf/pubs/pdf/governance_policy.pdf), are implemented by the staff of our Responsible Investing team. The team relies on its professional judgment, proprietary research, reports provided by a variety of third-party research providers, consultation with our Asset Management colleagues and the trustees with dedicated committee oversight of Corporate Governance and Social Responsibility Annual disclosure of our proxy votes is available on our website and on the website of the Securities and Exchange Commission.

The team submits votes for over 11,000 meetings around the world annually. We take seriously our leadership role as an advocate for shareholder rights and good governance globally; TIAA Investments is committed to using our best efforts to vote our shares in international companies.

Both our Conflict of interest policy and our policy on vote disclosure can be found here:

http://connect.rightprospectus.com/TIAA/TADF/87244W300/S


Process

LEA 16. Typical approach to (proxy) voting decisions

16.1. Indicate how you typically make your (proxy) voting decisions.

Approach

Based on

16.2. Provide an overview of how you ensure your voting policy is adhered to, giving details of your approach when exceptions to the policy are made (if applicable).

Our Custom Vote Execution Strategy employs the principles provided by the TIAA Policy Statement on Corporate Governance in a rules-based vote recommendation format implemented by our proxy service provider.  This custom strategy is reviewed annually.  However, periodic updates to the Custom Vote Execution Strategy may be made to address local market rules or other instances where the RI team determines the principles of the Policy Statement can be better reflected. Additionally, we conduct weekly service provider status meetings and an annual review in collaboration with the service provider’s Policy Team, wherein we review vote records and policies as compared with appropriate vote recommendations and our actual voting decisions.  In an ongoing, as needed basis, an RI team member will advise the Proxy Service Provider that a change to the Custom Vote Execution Strategy is necessary and specify the topic and rationale for the change.

16.3. Additional information.[Optional]


LEA 17. Percentage of voting recommendations reviewed (Not Applicable)


LEA 18. Confirmation of votes (Not Completed)


LEA 19. Securities lending programme (Private)


LEA 20. Informing companies of the rationale of abstaining/voting against management

New selection options have been added to this indicator. Please review your prefilled responses carefully.

20.1. Indicate whether you or the service providers acting on your behalf raise any concerns with companies ahead of voting

20.2. Indicate whether you and/or the service provider(s) acting on your behalf, communicate the rationale to companies, when , you abstain or vote against management recommendations.

20.3. Additional information. [Optional]


Outputs and outcomes

LEA 21. Percentage of (proxy) votes cast

21.1. For listed equities where you and/or your service provider have the mandate to issue (proxy) voting instructions, indicate the percentage of votes cast during the reporting year.

Votes cast (to the nearest 1%)

99 %

Specify the basis on which this percentage is calculated

21.2. Explain your reason(s) for not voting certain holdings

21.3. Additional information. [Optional]


LEA 22. Proportion of ballot items that were for/against/abstentions

22.1. Indicate if you track the voting instructions that you and/or your service provider on your behalf have issued.

22.2. Of the voting instructions that you and/or third parties on your behalf issued, indicate the proportion of ballot items that were:

Voting instructions Breakdown as percentage of votes cast
For (supporting) management recommendations
Against (opposing) management recommendations
Abstentions
100%

22.3. Describe the actions you take in relation to voting against management recommendations.

          Our actions vary on a case-by-case basis, and may range from no additional action, letter writing to the company, and/or direct engagement with the company.
        

22.4. Additional information. [Optional]


LEA 23. Shareholder resolutions (Not Completed)


LEA 24. Examples of (proxy) voting activities (Not Completed)


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