Board Committees: The Corporate Governance and Social Responsibility Committees (“Committees”) are standing committees of the TIAA Board of Trustees and TIAA-CREF Fund Complex Board of Trustees. These Committees were established to assist the Boards in fulfilling their oversight responsibilities of the firm’s responsible investing program and activities across the TIAA enterprise and the TIAA-CREF Fund Complex. These Committees meet at minimum, on a quarterly basis. Full charters can be found on TIAA.org or via the links below:
TIAA CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY COMMITTEE CHARTER: https://www.tiaa.org/public/pdf/tiaasocialresponcharter.pdf
TIAA-CREF FUNDS CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY COMMITTEE CHARTER: https://www.tiaa.org/public/pdf/socialresponsibilitycharter.pdf
Global Head of Responsible Investing: Nuveen’s global head of RI reports directly to the CEO of Nuveen and is a member of the Nuveen Global Investments Committee, which brings together our most senior investment leaders from across the firm. The committee draws from Nuveen’s specialized investment affiliates as well as our experts in asset allocation and responsible investing.
Nuveen Real Estate Investment Committee: This Committee includes the Chief Investment Officer and the Head of Sustainability. The Investment Committee reviews all transactions from a sustainable investment perspective and has the power to approve or reject investment decisions based on ESG criteria. The Investment Committee also reviews Fund Strategy on a biannual basis and specifically considers strategic ESG risks and opportunities as part of this.
RI Team: The overall RI program is administered by the centralized Nuveen Responsible Investing team (“RI team”). The RI team is made up of 28 dedicated RI subject matter experts specialized by asset class and/or role in enacting Nuveen’s three key principles; ESG integration, engagement and impact. This team drives knowledge sharing, new insights and synergies at the security, portfolio, asset class and thematic levels. In addition, they are responsible for effective and scaled portfolio company engagement.
Members of the RI team with asset class specialization, work closely with our investment specialists, their investment teams and other professionals across the organization to drive and implement Nuveen’s responsible investing principles. Nuveen’s centralized structure allows us to implement our unified policy and processes via a “central strategy, local ownership” model which strengthens accountability, ownership, effectiveness, ability to scale and credibility.
Investment Teams: For Fixed Income and Equity, 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 investment teams, through a financial materiality lens, as well as through a spectrum of engagement approaches. In addition, certain portfolio managers run dedicated ESG strategies. Please see relevant asset class modules for more information. For Real Estate, the investment teams are required to follow mandatory sustainable investment standard operating procedures which ensure that global policy and program governance frameworks are embedded throughout the investment lifecycle. For Real Assets and Private Markets, ESG integration is undertaken by the deal and investment teams with the support of the RI team.
Additionally, property managers are required to adhere to a set of sustainable property management requirements of which they are accountable for the respective portfolios they manage.
Distribution/Marketing Team: Nuveen’s distribution and marketing teams are responsible for communicating Nuveen’s responsible investing approach and for reporting the firm’s RI performance and activities. The distribution teams are also responsible for relaying any particular responsible investing requests to the RI, Client Portfolio Management and/or appropriate teams to ensure they are fulfilled back to the client.