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TIAA - CREF

PRI reporting framework 2018

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Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the roles present in your organisation and for each, indicate whether they have oversight and/or implementation responsibilities for responsible investment.

Roles present in your organisation

          Head of Responsible Investment
        

Other description (1)

          Risk Management / Investment Oversight
        

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

Governance, management, and oversight of responsible investment activities at Nuveen is undertaken across a number of teams, reflecting the networked approach and partnership model to integrating ESG across asset classes and strategies.

Nuveen's Responsible Investment (RI) team provides strategic leadership to and guides the implementation of Nuveen's (formerly TIAA Global Asset Management) RI commitments and approaches, including TIAA Investment's obligations as a signatory to the UN-supported Principles for Responsible Investment (PRI). In addition, the RI team is directly responsible for managing the development, enhancement, and oversight of the ESG strategy for TIAA’s ESG-focused products as well as determining the social investment strategy, including the relevant ESG metrics for investment selection and on-going monitoring, for the TIAA General Account Social Impact Investment Program. The RI team also works across investment areas to further promote and implement the concepts of ESG integration. The RI team reports on its activities to the TIAA and TIAA-CREF's Funds Corporate Governance and Social Responsibility Committees and the TIAA-CREF Investment Committee. The RI Team also exercises TIAA's rights and responsibilities as an equity investor in publicly traded companies by diligently voting proxies; engaging with companies on issues that may pose economic risk or impact long-term shareholder value, including shareholder rights, governance practice, and social and environmental issues; and advancing thought leadership on ESG risk management policies and practices in domestic and international markets.

TIAA and TIAA-CREF's Funds Corporate Governance and Social Responsibility Committees (CGSRC) have oversight of the Corporate Governance Program. The Committees oversee policies and guidelines for the voting of proxies held by the Funds as well as other relevant activities of management, including the submission of shareholder resolutions and communications with portfolio companies. In addition, the Committees annually review the ESG criteria and approach used within the Social Choice investment and similarly managed accounts (including other viable options and best practices available in the market), and approve the ESG research vendors for that service.

TIAA Investment Committee (IC) establishes the company's investment policy and oversees its investments and the investment activity of other accounts and funds held for the benefit of the company in addition to overseeing the Asset Management business. The IC oversees the invested assets of the TIAA General Account and approves the asset allocation ranges of the General Account investment program, which includes the General Account Social Impact Investment Program.

Portfolio Management and Analyst Teams: Much of the integration of ESG information occurs at the company and sector level where analysts attempt to capture ESG impact to financial models and valuations over the long term. When material to an investment thesis, key ESG issues are thoroughly investigated and reviewed across the analyst and portfolio management teams, through a financial materiality lens, as well as through engagement and other stewardship measures. In addition, certain portfolio managers run dedicated ESG strategies. Please see relevant asset class modules for more information.

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

25 Number

07.4. Additional information. [Optional]


SG 07 CC. Climate-issues roles and responsibilities (Not Applicable)


SG 08. RI in performance management, reward and/or personal development (Private)


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