TIAA
TIAA is the United States’ leading provider of financial services in the academic, research, medical, cultural, and government fields. Our investment management subsidiary, Nuveen, is a global asset manager with more than $1 trillion in assets under management.  Founded over 100 years ago to help teachers retire with dignity, TIAA now serves five million individuals and more than 15,000 institutions across the entire not-for-profit sector, providing clients with financial solutions including investing, banking, advice and education, and retirement services. We manage money with a long-term perspective to help clients achieve financial well-being throughout their lives. Guided by our mission, we were one of the first institutional investors to engage its portfolio companies on social responsibility issues, beginning with corporate engagement on anti-apartheid in the 1970s. Today, we are a leader in Responsible Investing, with two-thirds of our assets committed to the United Nations Principles for Responsible Investment – and a goal to expand this to 100% of assets under management by 2020. Our aim is to achieve better outcomes for investors, our communities, and the planet.
Roger W. Ferguson, Jr.

Roger W. Ferguson, Jr.

President & Chief Executive Officer

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We believe it is vital to state clearly to the world the set of our beliefs about Inclusive Capitalism. As such, we start with our Statement of Guiding Principles for Inclusive Capitalism. Knowing that words alone are not enough, each of us is making a series of commitments about how we will operate our institutions so that they help achieve Inclusive Capitalism. These commitments are forward-looking statements based on current goals, expectations and assumptions, which are not guarantees of future performance. For more information, please refer to our Terms of Use

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Summary

TIAA is committed to sustainable forest management and will continue to obtain sustainability certifications for 100% of productive acreage across our timberland portfolio.

Objectives

GreenWood, the timber investment manager at TIAA, is committed to sustainable forest management with independent, third-party verification of its sustainability advancements, globally.

Metrics & Targets

TIAA will continue to obtain sustainability certifications for 100% of productive acreage across our timberland portfolio.

SDG Focus Area(s):

Summary

TIAA is committed to the protection of biodiversity through its Zero Deforestation Policy.

Objectives

Westchester, the investment manager of farmland at TIAA, is committed to the protection of biodiversity through its Zero Deforestation Policy.

Metrics & Targets

For its farmland portfolios, TIAA adopted a zero deforestation policy in 2018, and is committed to managing farmland portfolios for zero deforestation.

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Summary

TIAA will strengthen our partnerships and participation in initiatives with Historically Black Colleges and Universities (HBCUs), including increasing the number of HBCU individuals participating in our Early Talent Programs by 50% by 2022.

Objectives

TIAA will strengthen our partnerships and participation in initiatives with Historically Black Colleges and Universities (HBCUs) that provide opportunities for underrepresented minority students to grow their careers in the financial services industry.

Metrics & Targets

Over the next 2 years, our goal is to increase the number of HBCU individuals participating in our Early Talent Programs by 50%.

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Summary

TIAA is committed to sharing our responsible business practices and, in 2021, will publish an ESG Report.

Objectives

TIAA is committed to sharing our responsible business practices.

Metrics & Targets

In 2021, TIAA will publish an ESG report to share our responsible business practices in the areas including, but not limited to, governance, inclusion and diversity, community engagement, sustainability, and responsible investing.

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Summary

TIAA is committed to using performance metrics for meeting and exceeding environmental industry standards at our corporate-leased properties in 2020, and our owner-occupied properties in 2021.

Objectives

TIAA is committed to using performance metrics to hold ourselves accountable for meeting and exceeding environmental industry standards at our corporate-leased and owner-occupied properties.

Metrics & Targets

In 2020, TIAA has begun utilizing tools to track and measure our carbon footprint at our Charlotte, NC campus and in 2021 will begin tracking in our occupied offices as well as developing carbon output targets to reduce our carbon footprint.

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Summary

TIAA is committed to the transition to a low carbon economy including through the delivery of net zero carbon real estate portfolios by 2050.

Objectives

Through its asset manager, TIAA is committed to the transition to a low carbon economy and the effective management of its assets through identification and management of the physical impacts of climate change.

Metrics & Targets

TIAA has signed a ground-breaking commitment to tackle the growing risks of climate change through the delivery of net zero carbon real estate portfolios by 2050, and will publish its pathway to accomplish this goal. This commitment is a part of the Better Buildings Partnership, sponsor of the Climate Change Commitment, which has been signed by members that cover over £300bn ($370bn) AUM and +11,000 commercial properties globally, and are responsible for over 1.2 million tonnes of carbon emissions per year 76% of our global office portfolio has a sustainability certification. 9% reduction in greenhouse gas emissions on the portfolio of properties owned. 4% reduction in energy use within buildings in our global office portfolio between 2015 and 2017, saving enough energy to power 1,500 houses. Nuveen plans to reduce energy usage of its real estate portfolio by 30% by 2030 (from a 2015 baseline).

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    Summary

    TIAA joined Ceres’ Climate Action 100+ in 2020 and is committed to engage the world’s largest greenhouse gas emitters to drive the clean energy transition and help achieve the +1.5 degree goal of the Paris Agreement. (2020)

    Objectives

    TIAA is committed to a firm-wide strategy to tackle climate risk across our portfolios and in our own operations, and to regularly report on our activities in alignment with industry recognized standards.

    Metrics & Targets

    It joined Ceres’ Climate Action 100+ (with over 450 other investors) to engage with the world’s largest greenhouse gas emitters to drive the clean energy transition and help achieve the +1.5 degree goal of the Paris Agreement. (2020) Nuveen was named to the 2020 UNPRI Leaders Group for its climate reporting activity.

    SDG Focus Area(s):

    Summary

    TIAA is committed to achieving measurable environmental benefits through its investments and are committed to increasing client investments in our Green Bond Fund in 2021.

    Objectives

    TIAA is committed to achieving measurable environmental benefits through its investment in green bonds and the fixed income industry.

    Metrics & Targets

    We regularly engage with issuers, underwriters and the market on expectations for green bond issuance, increasing the transparency of investor expectations and flows towards innovative, credible projects with positive social and environmental benefits. In 2018 Nuveen launched a dedicated Green Bond Fund; in 2021, we expect client investment in this fund to rise as investors continue to recognize and prioritize climate risk in their portfolios.

    SDG Focus Area(s):

    Summary

    TIAA is committed to following guidelines outlined by Fitwel, a certification system designed to strengthen health and well-being and promote adoption of healthy strategies though workplace design.

    Objectives

    TIAA is committed to following guidelines outlined by Fitwel, with certification of all of our largest office sites by 2022.

    Metrics & Targets

    In 2020, TIAA began the process to achieve Fitwel certification at TIAA’s primary office sites. Aligned with completion of modernization projects at each location, TIAA aims to achieve Fitwel certification at our office sites in Denver, CO and New York City, NY in 2021 and at our office sites in Charlotte, NC in 2022.

    SDG Focus Area(s):

    Summary

    TIAA is committed to making the investment in our people and culture a priority focus within our company strategy and commit to improving our inclusion and engagement index scores by nine basis points.

    Objectives

    TIAA is committed to making the investment in our people and culture a priority focus within our company strategy. TIAA’s refreshed corporate strategy, launched in 2020, consists of four major priorities. One priority reflects specifically our commitment to investing in our people and culture and making TIAA a “special place to work” with a focus on the employee experience.

    Metrics & Targets

    In 2020, we began measuring success towards this goal through regular pulse surveys and internal metrics. By 2025, our goal, aligned to best-in-class industry benchmarks for engagement, is to improve our inclusion and engagement index scores by nine basis points; and our mobility rate by 50% to be in the 75th percentile of companies in Price Waterhouse Cooper’s Saratoga Benchmarking for Financial Services.

    SDG Focus Area(s):

    Summary

    TIAA is committed to the health and wellbeing needs of our diverse workforce and their loved ones and will enhance and expand benefits and programs to support families and working parents meet needs arising out of the pandemic in 2021.

    Objectives

    TIAA is committed to providing a market competitive employee benefits program, reviewed annually, that meets the health and wellbeing needs of our diverse workforce and their loved ones.

    Metrics & Targets

    In 2021, TIAA will enhance and expand benefits and programs to support families and working parents meet needs arising out of the pandemic: To best support our working parents and caregivers, we are growing our relationship with Bright Horizons to provide access to premium services in addition to the CollegeCoach® and SpecialNeeds™ programs. New services will include tutoring, test preparation, learning pod solutions, nanny placement and more. We are enhancing our back-up care benefits to provide employees with a total of up to 60 visits available per year to access care for eligible family members. Center-based and in-home care options are available for a small copay. A $100/day reimbursement is available for out-of-network care or a friend/family member. In direct response to the unique and unprecedented childcare needs created by the pandemic, for 2021 only, if employees enroll in the Dependent Day Care FSA, the company will contribute up to $1,000 on their behalf.

    SDG Focus Area(s):

    Summary

    TIAA is committed to being a top employer of choice each year and will commit to participating in independent third-party analysis and validation of these efforts, and commit to improving when appropriate.

    Objectives

    TIAA is committed to being a top employer of choice each year through its focus on impactful inclusion programming, diversity initiatives and analyses, and community engagement.

    Metrics & Targets

    TIAA will commit to participating in independent third-party analysis and validation of our commitment to being an employer of choice. This is measured in part by how TIAA ranks among peer companies by leading benchmarking initiatives such as DiversityInc and others. Each year, TIAA will conduct an opportunity analysis with internal stakeholders, based on employer of choice survey and benchmark results, to determine where we can strengthen our policies and programs to ensure we are adopting market competitive and best-in-class employer of choice programs. To benchmark and drive our focus on world class inclusion, diversity, equity and corporate social responsibility strategy, we will complete employer of choice surveys for the following top industry-recognized thought leaders: 100 Best Companies by Working Mother (2011-2020) Best Places to Work for Dads by Fatherly (2020) Top 70 Companies for Executive Women by National Association of Female Executives (2012, 2014-2020) Top Companies for Diversity by DiversityInc (2013-2020, Top 10 in 2020) Best of the Best National Business Inclusion Consortium (2016-2019) Best Places to Work for LGBTQ Equality by the Human Rights Campaign Foundation (2010-2019) Best Companies for Diversity by Black Enterprise (2007-2012; 2014-2018)

    SDG Focus Area(s):

    Summary

    TIAA is committed to attracting and retaining an increasingly diverse workforce and will set year-over-year diverse representation goals out to 2025.

    Objectives

    TIAA is committed to attracting and retaining an increasingly diverse workforce each year.

    Metrics & Targets

    Using 2020 as a baseline, TIAA will set year-over-year diverse representation goals out to 2025 to ensure we are attracting and retaining an increasingly diverse workforce each year. As of 10/15/2020:* Women represent: 45% of our TIAA Board of Overseers and TIAA and CREF Boards of Trustees 18% of our executive committee 37% of our enterprise leadership group** 42% of our employees Racial/ethnic minorities represent: 35% of our TIAA Board of Overseers and TIAA and CREF Boards of Trustees 55% of our executive committee 24% of our enterprise leadership group 27% of our employees   1% of our employees identify as LGBTQ+ 3% of our employees identify as veterans 2% of our employees identity they have a disability   *Percentages reflect the TIAA, Nuveen, and TIAA Bank global workforce **Top senior leaders across company

    SDG Focus Area(s):

    Summary

    TIAA is committed to expanding our Supplier Diversity Program internationally and making continued investments in accelerating the growth of women-owned and diverse-owned businesses.

    Objectives

    TIAA is committed to expanding our Supplier Diversity Program internationally and making continued investments in accelerating the growth of women-owned and diverse-owned businesses.

    Metrics & Targets

    TIAA will expand engagement with TIAA India to identify growth opportunities for women-owned businesses. Each year, our goal is to include at least one woman-owned business in competitive bids and to drive growth by an additional 3% in spend with women-owned businesses in India. TIAA will grow the development of our diverse supplier base by offering a mentoring program and virtual learning sessions through the Diverse Supplier Academy. Additionally, we committed $24,500 through 2021 to establish five scholarships for 5 diverse suppliers/students at the Tuck Diversity Business Programs at Dartmouth.

    SDG Focus Area(s):

    Summary

    Through TIAA’s Be the Change initiative, TIAA is committed to challenging systemic racism by adopting and promoting anti-racist policies within our organization and offering programs and educational resources to foster an inclusive work environment.

    Objectives

    Through TIAA’s Be the Change initiative, TIAA is committed to challenging systemic racism by adopting and promoting anti-racist policies within our organization and offering programs and educational resources to foster an inclusive work environment.

    Metrics & Targets

    In June 2020, TIAA launched “Be the Change,” a corporate platform to inspire racial justice through four pillars: Change through Understanding, Change through Dialogue, Change through Leadership, and Change through Action. In the fall of 2020, we launched “Roger Reads,” an enterprise-wide book club that brings together TIAA employees to read and discuss a book relevant to Be the Change. Our goal is to engage 5,000 employees, and for every employee that participates, TIAA will donate a book featuring a protagonist of color to underserved children. In 2021, TIAA will continue to develop Be the Change as a cutting edge strategic and sustainable program that engages all areas of the organization.

    SDG Focus Area(s):

    Summary

    TIAA is committed to fostering a culture that actively champions inclusion and diversity and our goal is to have 40% of our global workforce enrolled as Business Resource Group members in 2021.  

    Objectives

    TIAA is committed to fostering a culture that actively champions inclusion and diversity (I&D).  

    Metrics & Targets

    Nine Business Resource Groups (BRGs) actively focus on year-round employee engagement and foster a culture that champions I&D while driving business impact. In 2021, our goal is to have 40% of our global workforce enrolled as a BRG member.

    SDG Focus Area(s):

    Summary

    TIAA is committed to increasing our spend with diverse suppliers and ensuring sustainable purchasing within our supply chain, including an endeavor to spend at least 10% of total procurement dollars with women- and diverse-owned businesses yearly.

    Objectives

    TIAA is committed to increasing our total spend with diverse suppliers and ensuring sustainable purchasing within our supply chain.

    Metrics & Targets

    In 2019, we spent 10.5% of our overall procurement spend with over 170 diverse suppliers. Remaining competitive with our peers, we endeavor to spend at least 10% of total procurement dollars with women- and diverse-owned businesses each year. Through 2021, we will be launching a sustainable purchasing initiative focused on addressing human rights, where new suppliers will need to attest and respond to new RFP questions around environment, human rights, health and safety, labor standards, corruption prevention and sustainable procurement. Our target is 100% compliance from new suppliers.

    SDG Focus Area(s):

    Summary

    TIAA Bank is committed to investing in the communities we serve and intends to maintain no less than $150 million in community-based investments through 2023.

    Objectives

    TIAA Bank is committed to investing in the communities we serve and plans to make qualifying investments throughout its designated Community Reinvestment Act (CRA) Assessment Areas in proportion to the distribution of the Bank’s deposits and will also adjust annual goals relative to Tier 1 Capital.

    Metrics & Targets

    The Bank intends to maintain no less than $150 million in community-based investments through 2023.

    SDG Focus Area(s):

    Summary

    TIAA Bank is committed to working with local partners to build or save 100 homes by 2023 through Habitat for Humanity.

    Objectives

    TIAA Bank is committed to working with the Jacksonville Jaguars (professional American football team) and Habitat for Humanity to build or save homes for low- to moderate-income families in northeast Florida.

    Metrics & Targets

    Our target is to build or save 100 homes by 2023 through this initiative.

    SDG Focus Area(s):

    Summary

    TIAA is committed to addressing gaps in financial education among American students and by 2023 will provide more than 20,000 hours of learning to more than 10,000 students.

    Objectives

    TIAA is committed to addressing significant gaps in financial education among American students, particularly in low- and moderate-income communities and among people of color.

    Metrics & Targets

    As of December 31, 2019, more than 7,000 college students across 12 universities participated in TIAA’s FinSights program, an innovative digital financial education program. By 2022, FinSights will reach more than 15,000 college students. TIAA Bank sponsors the TIAA Bank Money Matters program at schools across Florida, Charlotte, and Puerto Rico to help grade school students build a solid financial wellness foundation. Through this multi-year engagement, the Bank will reach more than 10,000 learners by the end of its commitment in 2021 and provide more than 20,000 dedicated hours of learning in 100 unique schools. The digital program was further expanded to students remotely during unexpected school closures amidst the COVID-19 health crisis. From 2021 through 2023, TIAA Bank is committed to reviewing ongoing engagements that will maintain or increase the impact and content of financial education programs by providing financial education to more than 10,000 students through more than 20,000 hours of learning in low- and moderate-income communities with a target to meet or exceed prior year penetration rates. TIAA Bank Financial Wellness programs will continue to be responsive to students as schools open/close during a post-pandemic environment.

    SDG Focus Area(s):

    Summary

    TIAA’s General Account will provide impact-focused investments and will finance approximately 31,000 units of affordable housing.

    Objectives

    TIAA’s General Account will provide impact-focused investments that meet the long-term investment needs while providing positive social and/or environmental outcomes.

    Metrics & Targets

    TIAA General Account expanded its impact-focused portfolio to $1.1 billion through an investment in the Nuveen Global Impact Fund which channels capital to inclusive growth and social impact. In 2020, the General Account will finance approximately 31,000 units of affordable housing, of which 24,500 will be deeply affordable.

    SDG Focus Area(s):

    Summary

    TIAA is committed to promoting strong governance through its investments; we have proposed an update to our proxy policy to require US corporate boards demonstrate both gender and racial or ethnic diversity, effective 2021.

    Objectives

    TIAA is committed to promoting strong governance through its investments, including focused initiatives on gender, racial/ethnic diversity and inclusion.

    Metrics & Targets

    Its Gender Board Diversity engagement initiative is an existing priority area built upon the premise that “change starts at the top:” (2018-present) Engaged with 500 small to mid-cap companies in the U.S. and Japan that did not have any women on their boards. As of 2019, >30% of companies added a female director. (2019) TIAA Fund Complex formally adopted policy to vote against Nominating & Governance Committees at US companies without gender diversity. (2020) TIAA Fund Complex strengthened US voting policy to vote against directors accountable for the oversight of board quality and nomination of directors to the board if that board does not include 2 women. (2020, September) Engaged with ~825 companies in the U.S. and Japan that did not have any women on their boards; more than 40% of those companies added a female director (as of September 2020). Started in 2020, its Inclusive Talent Management engagement initiative targets 75 companies in industries where diversity and inclusion has been identified as a competitive priority for talent and employee productivity. In 2019, TIAA Fund Complex voted for 85% of diversity and inclusion proposals such as Equal Opportunity Employment disclosure and gender pay equity. In 2020, TIAA Fund Complex supported 100% of diversity and inclusion proposals at US companies, which were mainly pay equity; approximately 30% of TIAA votes were against directors of US companies due to lack of diversity (2020). We have proposed an update to our proxy policy for the TC Fund Complex to require US corporate boards to demonstrate both gender and racial or ethnic diversity, effective 2021.

    SDG Focus Area(s):

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    Recognizing it will take alignment of all our organizations to scale impact globally, we invite you to join the movement as a Steward of Inclusive Capitalism. Together, the collective action of Council members will contribute to a fairer, more inclusive and sustainable future for all people and our planet.