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Nuveen, a TIAA Company

PRI reporting framework 2020

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG factors [LEI 08 - 10] ESG incorporation in passively managed listed equities [LEI 11] Outputs and outcomes [LEI 12 - 13]
Direct - Listed Equity Active Ownership
Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11] (Proxy) voting and shareholder resolutions [LEA 12 - 21]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (B) Implementation: Thematic [FI 07 - 09] (C) Implementation: Integration [FI 10 - 12] ESG incorporation in passively managed fixed income [FI 13] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]
Direct - Property
Overview [PR 01] Fundraising of property funds [PR 02 - 03] Pre-investment (selection) [PR 04 - 06] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Community engagement [PR 14] Outputs and outcomes [PR 15 - 16]
Direct - Inclusive Finance
Context [IFD 01 - 06] PIIF Principle 1: Range of services [IFD 07 - 10] PIIF Principle 2: Client protection [IFD 11 - 13] PIIF Principle 3: Fair treatment [IFD 14 - 17] PIIF Principle 4: Responsible investment [IFD 18 - 24] PIIF Principle 5: Transparency [IFD 25 - 27] PIIF Principle 6: Balanced returns [IFD 28 - 31] PIIF Principle 7: Standards [IFD 32 - 34]
Indirect - Inclusive Finance
Context [IFI 01] Selection [IFI 02] Contractual agreements and mandate design [IFI 03] Investment manager monitoring and reporting [IFI 04 - 05] Disclosure [IFI 06 - 07]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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You are in Strategy and Governance » Promoting responsible investment

Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

TIAA Investments (originally the asset manager of TIAA-CREF) has been a drafting signatory to the PRI since 2009. Additionally, we are signatories to the Principles for Investors in Inclusive Finance (PIIF), which is housed within the PRI initiative. We are also a signatory to the Principles in Responsible Farmland and member of the steering committee, which developed the Principles. Additionally, we have presented/spoke for webinars on Net Zero Carbon targets for PRI. 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We are a member and active participant in regular dialogues and meetings

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We are an investor member and a signatory to the CDP Climate Change initiative. 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We are an active Associate Member and serve on the CII-Corporate Governance Advisory Council. We have spoken at and sponsored their events in the past.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We are an active member and led initiative to eliminate show of hands voting in Australia with co-signatories from the group's membership.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We are a founding member of the GIIN Investor Council and have been members since 2000. We have spoken at their events and are contributors to white papers and presentations. Our Executive Chairman is an active Board Member. 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

  • Member of the Benchmarking Committee
  • Host and speak at a number of events

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Original Investor Member of the Green Bond Principles Executive Committee

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We are a founding and acting member. We have spoken at and sponsored their annual conferences.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We actively participate in CERES company stakeholder meetings. We participate and speak at their conferences and working groups and have submitted data/information in support of INCR research projects

 
          USSIF

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We have been an Institutional Member of USSIF since 2006 and support their biannual research on RI industry trends. Nuveen sponsors their biennial industry trends report. We have also spoken at and sponsored their annual events.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

TIAA has served on the PIIF Steering Committee between 2011 and 2016, and continues to provide leadership and support to its efforts in harmonizing investor standards in the sector.

 
          Investment Leaders Group (ILG)

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We are a founding Institutional member of the Investment Leaders working Group, formed in 2013, and serve as active Senior Sponsor and Working Group member. We have also sponsored on-site working group meetings. 

 
          Harvard Law School Program on Institutional Investors

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We are a member and actively participate and contribute in their member network groups.

 
          International Finance Corporation (IFC) Operating Principles for Impact Management

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We are a founding signatory, member of the advisory board and contributed to shaping the Principles. 

 
          Investor Stewardship Group (ISG)

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We are a signatory and founding member

SG 09.2. Assets managed by PRI signatories

Indicate approximately what percentage (+/- 5%) of your externally managed assets under management are managed by PRI signatories.

37.24 %

SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description 

          We participated as a contributor at over 300 education programs throughout 2019, both internally and externally. Additionally, Nuveen Real Estate hosts an Annual Sustainable Property Management Event for all European Property Managers.

Frequency of contribution

Description 

          Provide financial support to the Investment Leaders Group (ILG), PRI, GIIN, USSIF, all of which conduct academic and industry research on responsible investment.  Furthermore, Nuveen served as the Visionary Sponsor for USSIF’s latest biennial Trends Report.

Frequency of contribution

Description 

          Member of the Investment Leaders Group (ILG) which is a voluntary initiative, driven by its members, facilitated by the University of Cambridge Institute for Sustainability Leadership (CISL), and supported by academics in the University of Cambridge and elsewhere. Additionally, participate in Harvard Law School Institutional Investor Forum’s (HIIF) bi-annual round tables. 
Worked with the academic partner of the Carbon Risk Real Estate Monitor (CRREM) initiative to help shape the usefulness of the tool. 
Collaborated with other industry members and Potsdam University through the Real Estate Climate Asset Mapping programme.

Frequency of contribution

Description 

          We are a founding signatory of the US-based Investor Stewardship Group.  The ISG issued its  framework for U.S. Stewardship and Governance comprising of a set of stewardship principles for institutional investors and corporate governance principles for U.S. listed companies.  Principle B of the framework encourages institutional investors to “demonstrate how they evaluate corporate governance factors with respect to the companies in which they invest,” including by providing disclosure of, “disclose guidelines and practices that help them oversee the corporate governance practices of their investment portfolio companies. These should include a description of their philosophy on including corporate governance factors in the investment process, as well as their proxy voting and engagement guidelines.” See:  https://isgframework.org/stewardship-principles/
Additionally, we use our influence, through constructive dialogue with regulators, public policy makers and other industry bodies, advocating for relevant, consistent and comparable ESG disclosure from companies.
By prioritizing this transparency, we strive to fill the existing information gap that can otherwise hinder rigorous investment analysis.
Within real estate, we work with the GRESB Benchmarking Committee and the INREV ESG committee on encouraging better transparency and disclosure across the industry.

Frequency of contribution

Description 

          We spoke on RI topics at ~250 public events throughout 2019.

Frequency of contribution

Description 

          We wrote and published a number of RI focused papers throughout 2019, all of which can be found on our website

Frequency of contribution

Description 

          In addition to an RI press releases published by our organization in 2019, the RI organization contributed to several RI articles highlighted in the media.

Frequency of contribution

Description 

          We are member of the GRESB Debt Advisory Board, BBP Board, and GIIN Board

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]

As an early adopter of RI, we continue to partner with leading RI organizations and play a prominent role in shaping industry standards and best practices. Nuveen sponsors research on environmental, social and governance practices; hosts and sponsors conferences; and works with regulators, legislators, self-regulatory organizations and other institutional investors to educate the business community about governance, shareholder rights and responsible investing.  Through these activities we seek to advance industry-wide engagement, adoption and credibility across the investment value chain, RI investment processes, ESG financial materiality and impact measurement.

SG 11. Dialogue with public policy makers or standard setters

11.1. Indicate if your organisation - individually or in collaboration with others - conducted dialogue with public policy makers or regulators in support of responsible investment in the reporting year.

If yes

11.2. Select the methods you have used.

11.3. Where you have made written submissions (individually or collaboratively) to governments and regulatory authorities, indicate if these are publicly available.

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11.4. Provide a brief description of the main topics your organisation has engaged with public policy-makers or regulators on.

  • We engaged selected State Treasurers on our support of the “Principles for a Responsible Civilian Firearms Industry.” TIAA/Nuveen was an initial signatory to the Principles and we have shared them with others who are looking for a set of principles to guide their own engagement on this issue.
  • We engaged state legislators on proposed carbon reduction bills.
  • TIAA provided a letter to House Financial Services Committee Chair Rep. Maxine Waters (D-CA) in support of the Committee’s passage of the ESG Disclosure Simplification Act.
  • Additionally, Nuveen Real Estate engages with public policy makers and regulators on a number of issues. A recent example of this is Nuveen Real Estate's engagement with the European Commission on their proposals for a sustainable taxonomy to be adopted for the European financial market. The engagement was organised by the International Council for Shopping Centres (of which, Nuveen is an active member).

 
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