Responsible Investment Primer

Size: px
Start display at page:

Download "Responsible Investment Primer"

Transcription

1 Responsible Investment Primer

2 Responsible Investment Primer This document explains responsible investment, its four primary approaches, and potential benefits for investors. Executive summary The many facets of responsible investment An expanding investment discipline that recognizes the importance of environmental, social and governance factors across asset classes Assets committed to responsible investment approaches are increasing rapidly, with $6.57 trillion in the United States at the beginning of 2014, an increase of 76% since the start of Primary approaches include: funds that explicitly incorporate ESG criteria in the investment decision-making process active ownership, where investors use their formal rights and informal influence to encourage companies to address ESG-related issues impact investing, usually private market investments that are made with the dual intention of generating financial returns alongside measurable social or environmental benefits ESG integration, incorporating relevant ESG risks and opportunities in conventional investment analysis and decision making Investor demand for market-based solutions that can promote financial and nonfinancial value creation continues to grow Responsible investment: Promoting financial and nonfinancial value creation Responsible investment covers a wide range of investment decision making and active ownership approaches that apply environmental, social and governance (ESG) factors across asset classes. Many other terms and phrases are associated with responsible investment, including ethical investing, socially responsible investing, green investing, impact investing, sustainable investing and active ownership. Most of these terms refer to the ways that ESG information is integrated into investment analysis, portfolio construction and monitoring processes. Responsible investment concepts and principles are often used by investors with a long-term horizon. Responsible investment has become the globally recognized umbrella term for this discipline, in part due to the United Nations Principles for Responsible Investment (UN PRI 2 ), a global institutional investor network that has gathered steam since its launch in UN PRI now has nearly 1,500 signatory firms, including TIAA Investments, representing $59 trillion in assets under management. 3 This is a rapidly evolving and multifaceted discipline, using a number of different strategies sometimes singly, but often in combination. 1 Report on U.S. Sustainable, Responsible, and Impact Investing Trends 2014, US SIF Foundation, The Forum for Sustainable and Responsible Investment, pg UN Principles of Responsible Investment website: 3 UN Principles of Responsible Investment 2015 PRI Annual Report, pg 2. 1 TIAA Global Asset Management Responsible Investment Primer

3 TIAA: A leader in responsible investment TIAA believes that considering ESG criteria in our investments can produce competitive, long-term financial returns for our clients, while also promoting broader economic development, positive societal outcomes and a healthier environment for future generations. For over 40 years, TIAA has been committed to the practice and continuous advancement of responsible investment and its key approaches. As a signatory to the UN Principles for Responsible Investment, TIAA Investments is committed to incorporating ESG issues into investment analysis and decision-making processes. With nearly $17 billion under management across the Social Choice product suite, TIAA Global Asset Management is one of the largest U.S. managers of portfolios that reflect explicit ESG criteria. 4 Through its TIAA General Account, the firm has made more than $800 million in social impact investment commitments, 5 which are private market and real estate investments in projects, companies and funds with the dual intention of generating a financial return and measureable social and/or environmental benefits. TIAA is committed to active ownership practices across all asset classes. 4 TIAA Global Asset Management is one of the largest managers among ESG mutual fund, ETFs and variable insurance managers as of December 31, 2015 according to analysis of Morningstar Direct data from FUSE Research Network. Fuse Research Network is a source for industry guidance to firms in the asset management industry and for obtaining ongoing research and market intelligence. 5 Commitments data is as of December 31, 2015 TIAA Global Asset Management Responsible Investment Primer 2

4 Responsible investment on the rise Responsible investment isn t a niche strategy. The principles and practices are used in a variety of ways and by a broad range of global investors. More than one in six dollars under professional investment management in the United States was invested in responsible investment strategies, according to a study by the Forum for Sustainable and Responsible Investment (US SIF Foundation) at the start of This represents $6.57 trillion in responsible investment assets up 76% since the start of 2012 and includes both assets subject to ESG incorporation strategies and shareholder engagement. Rapid growth in PRI signatories $80 1, , , , The number of UN PRI signatories has grown rapidly since 2006, representing $59 trillion in assets under management. W Assets under management (US $ trillion) Number of Signatories Source: UN Principles of Responsible Investment 2015 PRI Annual Report, pg 2. Beyond public equity, responsible investment is increasingly applied in fixed-income strategies, directly in real-asset classes, such as timber, agriculture, and real estate, and alternative asset classes, such as private equity. ESG incorporation $6.2 Trillion Shareholder resolutions $1.7 Trillion Sustainable and responsible investment in the United States reaches $6.57 trillion at the start of 2014 Most investment strategies incorporate several approaches to responsible investment. This graph shows the overlap between ESG incorporation assets (applying ESG factors in investment decision making) and those involving active ownership. Source: US SIF Foundation Note: ESG incorporation assets in this figure include those in Community Investing Institutions 3 TIAA Global Asset Management Responsible Investment Primer

5 Responsible investment encompasses diverse goals Investors adopt responsible investment principles for different reasons and sometimes seek to meet several goals simultaneously. Some investors would like to see their beliefs reflected in their investment portfolios; this approach is often referred to as values-based investing. Others are motivated by financial goals and seek the enhanced returns that they think can be achieved. Still others are driven by economic goals and believe that addressing sustainability megatrends will benefit the economy overall. The practice of responsible investment has been gradually evolving for decades and in recent years, has been refined with new approaches. One of the earliest expressions of responsible investment principles involved excluding investments in companies associated with certain business activities, such as tobacco or firearms. This practice, known as negative or exclusionary screening, is typically a values-driven approach and may represent the desire to apply moral or personal values to portfolio construction. Exclusionary screening is still used in many religious-based strategies or to fulfill mandates against investing in specific companies or industries. In many cases, this approach is used in combination with other strategies. Over time, the field has evolved to encompass approaches that acknowledge the relevance of ESG factors to long-term value creation. By seeking solutions for some of the world s sustainability megatrends climate change, resource scarcity, health and income inequalities investors are striving to build a more solid, sustainable foundation for future growth. Identifying how to benefit from these opportunities requires dedicated commitment from the investment management firm in resources and analytics. It is best to view responsible investment as a continuum of approaches that uses ESG criteria in investment decision making. In some cases, the application will be quite direct; in others, the consideration of ESG factors will be part of a larger matrix of information used to inform investment research and decision making. This diversity of implementation appeals to investors who may have different motivations for engaging in responsible investment. What these reasons have in common is a desire to incorporate the consideration of ESG factors and a long-term view, both in terms of economic return and demonstrable ESG impact. TIAA Global Asset Management Responsible Investment Primer 4

6 Responsible investment approaches ESG-focused funds ESG-focused funds, historically referred to as socially responsible investment (SRI) funds, explicitly include ESG criteria in their investment decision-making process. This is one of the more established responsible investment strategies with a history spanning several decades. Many early SRI funds initially focused on exclusionary screens. Over time, the application of ESG criteria expanded as ESG-related company research improved and client expectations changed. Many funds continue to apply some degree of exclusionary screening. However, wider adoption of a best-in-class, ESG leadership approach favoring companies that are industry leaders in managing relevant ESG risks and opportunities is becoming more prevalent. For example, a company leading its industry in natural resource usage may have more proactive policies and programs to protect biodiversity, and commitments to source raw materials from areas of lower ecological impact, compared to its peers. Additionally, select funds now emphasize thematic ESG-related criteria, for example, focusing on investments in companies primarily involved in clean technology or renewable energy. Impact investments Impact investments in companies, organizations, and funds are intended to generate measurable social and environmental impact alongside a financial return. This approach builds on a long history of community investing, which seeks to create positive social outcomes and financial return in areas such as affordable housing. Based on the core principle that market-based solutions have the potential to play an important part in addressing global social and environmental challenges, the sector has broadened to encompass additional areas, including: sustainable agriculture, affordable and accessible healthcare, clean technology, and financial services for low-to-moderate income communities and underserved populations. More capital is flowing into this area of responsible investment, leading to the identification of new opportunities across emerging and developed markets, sectors, and asset classes, with a wide range of investment return expectations. Impact investments can include private equity, private debt, real estate, cash or deposits. Growth of responsible investment, $7,000 6,000 5,000 US $ Billion 4,000 3,000 2,000 1, W ESG Incorporation Only W Shareholder Advocacy Only W Overlapping Strategies Although responsible investment began with emphasizing shareholder advocacy, it has evolved to include other approaches, such as ESG incorporation. Source: US SIF Foundation 5 TIAA Global Asset Management Responsible Investment Primer

7 ESG integration ESG integration considers relevant ESG risks and opportunities in conventional investment analysis and portfolio construction. Investment managers use different techniques to facilitate the incorporation of ESG information within their research and decision-making processes. These include expanding access to ESG-related research and tools to analysts and portfolio managers, modifying existing due diligence processes to include relevant ESG risks, and developing asset class or sector-specific ESG policies. Tactical and technical considerations are often specific to an institution or fund manager as well as an asset class. For instance, in assessing commercial real estate investments, an investment manager may consider how environmental initiatives, such as reducing energy and water consumption, may enhance the value of the asset. ESG factors may be a source of opportunity for investors. The increase in the quantity and quality of ESG metrics and data available to investors is promoting greater adoption of ESG integration in the market. Investment managers are developing new frameworks for promoting disclosure and assessing the effects associated with ESG factors. Improving ESG impact measurement supports investors efforts to extend responsible investment practices across all asset classes. Active ownership One of the most familiar responsible investment approaches is shareholder advocacy, usually expressed as engagement with publicly traded companies. The practice of active ownership is longstanding, encompassing proxy voting, filing or co-filing shareholder proposals, and dialogue with companies on ESG-related issues, such as executive compensation, environmental behavior, social responsibility and other industry-specific issues. Investors often use this approach, whether or not they have applied explicit ESG criteria when constructing portfolios. Many institutional shareholders believe they have a fiduciary duty to engage with the boards and management of their holdings. Increasingly, investors apply active ownership across asset classes. The specific activities differ depending on the assets involved. In public companies, most institutions focus on proxy voting and other more formal methods of engagement. If the investment is in a private company, the institution may use board seats to advocate for ESG-related principles. In the fixed-income arena, institutions may provide guidance to green bond issuers on characteristics needed to satisfy investor demand and disclosures on usage of proceeds. An investor in real assets, such as real estate, can engage with property managers on sustainability issues. Conclusion Responsible investment is now a globally recognized investment approach, gaining momentum among all kinds of investors. Although initially focused on shareholder engagement and community investing, the practice of responsible investment is now combining the full range of approaches into an overarching framework of investment activity. Globally, the emerging emphasis on responsible investment is facilitating more and better ESG research and tools to aid implementation. The overriding goal is long-term value creation, so that economic, social and environmental sustainability are delivered as an outcome of the investment management process alongside opportunities for robust, long-term investment returns. To learn about TIAA s approach, visit our responsible investment website at TIAA Global Asset Management Responsible Investment Primer 6

8 Resources For more information about responsible investment: UNPRI: UN Principles for Responsible Investment The United Nations-supported Principles for Responsible Investment (PRI) Initiative is an international network of investors practicing the PRI s six Principles for Responsible Investment. ILG: Investment Leaders Group Formed in 2013, the ILG is a three-year project designed to promote understanding of how investors can realize positive long-term investment returns by managing environmental and social factors. USSIF: Forum for Sustainable and Responsible Investment The Forum for Sustainable and Responsible Investment is the U.S. membership association for professionals, firms, institutions and organizations engaged in sustainable and responsible investment. GIIN: Global Impact Investing Network The Global Impact Investing Network is a nonprofit organization dedicated to increasing the scale and effectiveness of impact investing. The initiatives described in this material involve risks that could result in loss of principal. Because social screening criteria exclude some investments, any products using these strategies may not be able to take advantage of some market opportunities or trends available to other products that do not use these criteria. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. For information on other TIAA products, including TIAA-CREF mutual funds, please visit TIAA.org for prospectuses concerning mutual funds and related securities. You should consider the investment objectives, risks, charges and expenses carefully before investing in any product. Please call or log on to TIAA.org for currently available product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing in any product. TIAA Investment products may be subject to market and other risk factors. See the applicable product literature, or visit TIAA.org for details. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Each is solely responsible for its own financial condition and contractual obligations. TIAA Global Asset Management provides investment advice through TIAA and over a dozen affiliated registered investment advisers. Nuveen Investments is an operating division of TIAA Global Asset Management Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY C _ A14432 (04/16)

Socially responsible investing: Strong interest, low awareness of investment options

Socially responsible investing: Strong interest, low awareness of investment options TIAA-CREF Asset Management Socially responsible investing: Strong interest, low awareness of investment options Survey of TIAA-CREF retirement plan participants 2014 Executive summary Interest in Socially

More information

Investing with Impact. Creating Financial, Social and Environmental Value

Investing with Impact. Creating Financial, Social and Environmental Value Investing with Impact Creating Financial, Social and Environmental Value A Increasingly, individuals and institutions want to invest in a manner that is consistent with specific beliefs and values. Morgan

More information

Responsible Investment Policy

Responsible Investment Policy (ABN 30 006 169 286) (AFSL 246664) October 2011 Version 4.0 (September 2011) Contents 1. Fund Objectives... 1 2. Implications of the Fund s Objectives on its Investments... 2 3. Policy on Responsible Investment...

More information

TIAA Individual Advisory Services. Personalized financial advice for every stage of life

TIAA Individual Advisory Services. Personalized financial advice for every stage of life TIAA Individual Advisory Services Personalized financial advice for every stage of life Personalized solutions for your financial independence Find an advisor today. Go to tiaa.org/ individualadvisoryservices

More information

TIAA-CREF Asset Management. Global capabilities Recognized performance

TIAA-CREF Asset Management. Global capabilities Recognized performance TIAA-CREF Asset Management Global capabilities Recognized performance Earning our clients trust since 1918 TIAA-CREF s greatest assets are the lasting relationships we ve developed and maintained since

More information

Transfer Payout Annuities

Transfer Payout Annuities Transfer Payout Annuities Transfers and Withdrawals from TIAA Traditional tiaa-cref.org The TIAA Traditional Annuity In this guide, you ll learn about our Transfer Payout Annuity (TPA), a transfer and

More information

MAINSTREET ADVISORS SOCIALLY RESPONSIBLE INVESTING

MAINSTREET ADVISORS SOCIALLY RESPONSIBLE INVESTING MAINSTREET ADVISORS SOCIALLY RESPONSIBLE INVESTING WHETHER YOU ARE STANDING IN LINE READING MAGAZINES AT THE CHECKOUT IN THE LOCAL GROCERY, WATCHING THE NIGHTLY NEWS, OR READING THE NEWSPAPER THERE IS

More information

Guide to online withdrawals

Guide to online withdrawals Less time, paper and phone calls Many types of withdrawal requests can be completed online through your account on TIAA.org, 1 which saves time and reduces the need for paper forms. This guide includes

More information

Fidelity Worldwide Investment

Fidelity Worldwide Investment Fidelity Worldwide Investment ENVIRONMENTAL, SOCIAL AND GOVERNANCE POLICY January 2014 This is for investment professionals only and should not be relied upon by private investors Section Page 1. Fidelity

More information

The Morningstar Sustainable Investing Handbook

The Morningstar Sustainable Investing Handbook The Morningstar Sustainable Investing Handbook Dear Investor, I founded Morningstar in 1984 because I wanted to make high-quality investment information available to everyday investors to help inform their

More information

Practice Management Value-Add Programs. TIAA-CREF Asset Management. Practice Management. Preparing you for new investors and new opportunities

Practice Management Value-Add Programs. TIAA-CREF Asset Management. Practice Management. Preparing you for new investors and new opportunities Practice Management Value-Add Programs TIAA-CREF Asset Management Practice Management Preparing you for new investors and new opportunities Say hello to today s new investors. And to tomorrow s retirement

More information

Single Premium Immediate Annuities

Single Premium Immediate Annuities TIAA-CREF Life Insurance Company Single Premium Immediate Annuities Step closer to meeting your lifetime income needs Securing a lifetime of retirement income TIAA: Financial services Nearly 100 years

More information

ESG and Fixed Income Investing

ESG and Fixed Income Investing and Fixed Income Investing 2 nd Annual CSR Investing Summit: and Fixed Income Investing US SRI Fixed Income Mutual Funds July 22, 2014 Henry Shilling, Senior Vice President July 22, 2014 Sustainable and

More information

Responsible Investment: Environmental, Social & Corporate Governance Policy

Responsible Investment: Environmental, Social & Corporate Governance Policy Responsible Investment: Environmental, Social & Corporate Governance Policy July 2015 Page # Issued by FSS Trustee Corporation ABN 11 118 202 672 AFSL 293340 Contents Section 1 : Introduction and Background

More information

Bridges Ventures, August 2012 Sustainable & Impact Investment How we define the market

Bridges Ventures, August 2012 Sustainable & Impact Investment How we define the market Bridges Ventures, August 2012 Sustainable & Impact Investment How we define the market bridgesventures.com Bridges Ventures: about us Bridges Ventures is a specialist fund manager, dedicated exclusively

More information

Replace your salary in retirement

Replace your salary in retirement Replace your salary in retirement We can help Wondering how you ll replace your salary when you retire? Will you have enough income to last your lifetime? Fortunately, you still have time and options and

More information

Get help achieving your financial goals.

Get help achieving your financial goals. Get help achieving your financial goals. TIAA-CREF: Committed to your overall financial well-being Did you know? TIAA was founded in 1918 to provide retirement security to university faculty. TIAA-CREF

More information

Innovative, flexible, low-cost retirement solution

Innovative, flexible, low-cost retirement solution TIAA-CREF Life Insurance Company Innovative, flexible, low-cost retirement solution The Intelligent Variable Annuity How do you define retirement? Some people dream of traveling. Others can t wait to roll

More information

TRANSFER PAYOUT ANNUITIES

TRANSFER PAYOUT ANNUITIES SAVING FOR RETIREMENT TRANSFER PAYOUT ANNUITIES TRANSFERS AND WITHDRAWALS FROM TIAA TRADITIONAL TIAA-CREF: FINANCIAL SERVICES FOR THE GREATER GOOD TIAA-CREF is dedicated to serving the retirement needs

More information

First Affirmative Financial Network

First Affirmative Financial Network Investing for a Sustainable Future First Affirmative Financial Network A Pioneer in Sustainable and Responsible Investing First Affirmative Financial Network, LLC ( First Affirmative ) is a leading provider

More information

Power. Simplicity. Value.

Power. Simplicity. Value. Power. Simplicity. Value. TIAA-CREF Brokerage Services: The freedom to build, control and adjust your portfolio of investments according to your goals. We have a 95-year legacy of trust. TIAA-CREF Brokerage

More information

TIAA-CREF Asset Management. TIAA-CREF Lifecycle Funds. A distinctive combination of benefits for plan sponsors and employees.

TIAA-CREF Asset Management. TIAA-CREF Lifecycle Funds. A distinctive combination of benefits for plan sponsors and employees. TIAA-CREF Asset Management TIAA-CREF Lifecycle Funds A distinctive combination of benefits for plan sponsors and employees. TIAA-CREF s Lifecycle Funds offer distinct advantages: Asset allocation glide

More information

TIAA-CREF Asset Management. TIAA-CREF Global Equity Strategies. Combining discipline and innovation for investments that seek to consistently deliver

TIAA-CREF Asset Management. TIAA-CREF Global Equity Strategies. Combining discipline and innovation for investments that seek to consistently deliver TIAA-CREF Asset Management TIAA-CREF Global Equity Strategies Combining discipline and innovation for investments that seek to consistently deliver A distinguished heritage of intelligent equity investing

More information

Policy on Sustainability and Responsible Investing

Policy on Sustainability and Responsible Investing 1. Introduction LaSalle Investment Management (LaSalle) is a global investment advisor and a network of subsidiaries of Jones Lang LaSalle Incorporated that invests on behalf of its clients in private

More information

An introduction to the. Principles for Responsible Investment

An introduction to the. Principles for Responsible Investment An introduction to the Principles for Responsible Investment Message from the UN Secretary-General The Principles have quickly become the global benchmark for responsible investing. Launched in April 2006,

More information

Responsible Investing

Responsible Investing TIAA-CREF: Leadership in Responsible Investing 2014 REPORT Table of contents SECTION PAGE 01 A commitment to responsible investing... 2 02 Our responsible investment approach... 3 03 Achievements... 5

More information

1 2 3 4 5 Stick to investment objectives

1 2 3 4 5 Stick to investment objectives Why choose TIAA-CREF? Investing for retirement requires a lot of thought. TIAA-CREF has spent nearly 100 years thinking about it for you. Investing to achieve your personal financial goals can often present

More information

The journey to financial well-being starts with you.

The journey to financial well-being starts with you. TIAA-CREF Private Asset Management The journey to financial well-being starts with you. And the people you trust. What are your financial goals? What does financial well-being mean to you? What do you

More information

Get a head start on your future. A step-by-step overview of the coming Swarthmore College Regular Retirement Plan updates

Get a head start on your future. A step-by-step overview of the coming Swarthmore College Regular Retirement Plan updates Get a head start on your future. A step-by-step overview of the coming Swarthmore College Regular Retirement Plan updates Welcome to your updated retirement program. What do the updates mean to you? How

More information

Money At Work 1: Foundations of investing

Money At Work 1: Foundations of investing It s not about how much money you earn. It s about how much you save and invest. November 12, 2015 A TIAA-CREF Financial Essentials Workshop Bill Thorne TIAA-CREF Money At Work 1: Foundations of investing

More information

Responsible Investment Framework. Guardians of New Zealand Superannuation

Responsible Investment Framework. Guardians of New Zealand Superannuation Responsible Investment Framework Guardians of New Zealand Superannuation June 2016 PG 2 Overview Policy and Framework Standards Activities and Procedures PG 3 Policy and Framework Our responsibilities

More information

INVESTING FOR LIFE S GOALS

INVESTING FOR LIFE S GOALS TIAA-CREF LIFE GOALS SERIES INVESTING FOR LIFE S GOALS SAVING FOR MAJOR PURCHASES AND OBJECTIVES TIAA-CREF: FINANCIAL SERVICES FOR THE GREATER GOOD OUR COMMITMENT TIAA-CREF is dedicated to serving the

More information

TIAA-CREF Life Insurance Company. Single Premium Immediate Annuities. Step closer to meeting your lifetime income needs.

TIAA-CREF Life Insurance Company. Single Premium Immediate Annuities. Step closer to meeting your lifetime income needs. TIAA-CREF Life Insurance Company Single Premium Immediate Annuities Step closer to meeting your lifetime income needs. Securing a lifetime of retirement income TIAA-CREF: Financial services More than 90

More information

Self-Directed Brokerage Account Services

Self-Directed Brokerage Account Services Self-Directed Brokerage Account Services Through Your Tiaa-Cref Ira Power up your TIAA-CREF IRA with more. A no-fee TIAA-CREF IRA 1 is a great way to help build financial security for your retirement.

More information

Please read this important information for Yale University Matching Retirement Plan participants

Please read this important information for Yale University Matching Retirement Plan participants Please read this important information for Yale University Matching Retirement Plan participants This notice gives you important information about the default investment funds selected for the Matching

More information

Building Successful, State Sponsored Retirement Programs for Private Sector Employees

Building Successful, State Sponsored Retirement Programs for Private Sector Employees Building Successful, State Sponsored Retirement Programs for Private Sector Employees April 25, 2016 2.25 x 0.875 Confronting a retirement readiness gap 55 million Americans do not have access to a pension

More information

10-Year Treasury Constant Maturity Rate (DGS10)

10-Year Treasury Constant Maturity Rate (DGS10) 10-Year Treasury Constant Maturity Rate (DGS10) S&P 500 Stock Price Index (SP500) CBOE Volatility Index: VIX (VIXCLS) The Cost of Market Timing Risk of missing the best days in the market 1993-2012 Pilots

More information

Equip yourself to grow

Equip yourself to grow Practice Management Value-Add Programs TIAA-CREF Asset Management Equip yourself to grow The trillion-dollar 403(b) market $403(b),000,000,000,000 Your trillion-dollar opportunity In the wake of sweeping

More information

WHEATON COLLEGE RETIREMENT PLAN QUALIFIED DEFAULT INVESTMENT ALTERNATIVE NOTICE

WHEATON COLLEGE RETIREMENT PLAN QUALIFIED DEFAULT INVESTMENT ALTERNATIVE NOTICE WHEATON COLLEGE RETIREMENT PLAN QUALIFIED DEFAULT INVESTMENT ALTERNATIVE NOTICE FY 2016 PLAN YEAR The Wheaton College Retirement Plan (the "Plan") permits each Participant to direct how money in her/his

More information

BlueBay Asset Management LLP Environmental, Social and Governance (ESG) Investment Risk Policy

BlueBay Asset Management LLP Environmental, Social and Governance (ESG) Investment Risk Policy BlueBay Asset Management LLP Environmental, Social and Governance (ESG) Investment Risk Policy INTRODUCTION This policy document outlines BlueBay Asset Management LLP s ( BlueBay ) approach to integrating

More information

The Individual Investor Perspective

The Individual Investor Perspective The Individual Investor Perspective Individual investors are clearly signaling that sustainable investing has a bright future, but only if investors see proof that pursuing positive impact and maintaining

More information

Welcome! Thanks for investing your time today.

Welcome! Thanks for investing your time today. Welcome! Thanks for investing your time today. Please sign in Fill out your name tag Address your mail card It s not about how much money you earn. It s about how much you save and invest. October 2015

More information

Impact Investing TAILORED, TRANSPARENT SOLUTIONS

Impact Investing TAILORED, TRANSPARENT SOLUTIONS We set the standard for Impact Investing and are the first-choice partner for asset owners seeking to understand and control their global impact. Build your impact strategy with us - see inside for details.

More information

Louisiana Optional Retirement Plan Louisiana Optional Retirement Plan

Louisiana Optional Retirement Plan Louisiana Optional Retirement Plan TIAA-CREF Quarterly Performance Louisiana Optional Retirement Plan Louisiana Optional Retirement Plan Performance as of 03/31/2016 Before making your investment choices and completing your enrollment form,

More information

TIAA-CREF RETIREMENT CHOICE ANNUITIES PRODUCT COMPARISON

TIAA-CREF RETIREMENT CHOICE ANNUITIES PRODUCT COMPARISON TIAA-CREF RETIREMENT CHOICE ANNUITIES PRODUCT COMPARISON To help you effectively manage your retirement plan in today s increasingly complex regulatory and compliance environment, TIAA-CREF offers the

More information

IMPACT INVESTMENT STRATEGIES EXPLAINED

IMPACT INVESTMENT STRATEGIES EXPLAINED April 2016 IMPACT INVESTMENT STRATEGIES EXPLAINED When your goal is to create not only profit but also a better world, figuring out which impact investment strategy is which may not be the toughest step

More information

BRINGING SOCIAL INVESTMENT INTO THE MAINSTREAM November 2013

BRINGING SOCIAL INVESTMENT INTO THE MAINSTREAM November 2013 BRINGING SOCIAL INVESTMENT INTO THE MAINSTREAM November 2013 For investment professionals only threadneedle.com Bringing social investment into the mainstream Big Society Capital, an independent financial

More information

Firm Policy. Statement of Policy Regarding Responsible Investment

Firm Policy. Statement of Policy Regarding Responsible Investment Statement of Policy Regarding Responsible Investment Principles for Responsible Investment, ESG, and Socially Responsible Investment 1. Introduction AllianceBernstein L.P. ( AllianceBernstein or we ) is

More information

For high-yield bonds, market volatility can bring new opportunities

For high-yield bonds, market volatility can bring new opportunities Investment Perspectives For high-yield bonds, market volatility can bring new opportunities Kevin Lorenz and Jean Lin, portfolio managers for TIAA-CREF High-Yield Fund Article Highlights: The decline in

More information

Guide to online withdrawals

Guide to online withdrawals Streamlined withdrawal processing The online withdrawal process on the secure My TIAA-CREF website has the same easy-to-use navigation and functionality as other websites that you visit regularly to shop,

More information

OLD MUTUAL S RESPONSIBLE INVESTMENT POLICY

OLD MUTUAL S RESPONSIBLE INVESTMENT POLICY OLD MUTUAL S RESPONSIBLE INVESTMENT POLICY >> CONTENTS 1 OLD MUTUAL S RESPONSIBLE INVESTMENT POLICY 01 Our understanding of responsible investment Responsible investment compared to investment in sustainability

More information

Socially Responsible Investing

Socially Responsible Investing Socially Responsible Investing Aligning your institution s investments with your organizational values The origins of socially responsible investing (SRI) in this country date all the way back to the mid-1800s,

More information

Transfers and Withdrawals from the Tiaa Traditional annuity

Transfers and Withdrawals from the Tiaa Traditional annuity Transfers and Withdrawals from the Tiaa Traditional annuity Tiaa s Transfer Payout annuity This guide has information about moving funds out of the Tiaa Traditional annuity using the Transfer Payout annuity

More information

Sustainable bond investing at Newton

Sustainable bond investing at Newton June 2016 This document is for institutional investors only. Please read the important disclosure at the end of this document. Sustainable bond investing at Newton The significant growth in sustainable

More information

How to make changes to your annuity income

How to make changes to your annuity income How to make changes to your annuity income What s inside 2 Your annuity income 4 TIAA Traditional annuity income 6 TIAA and CREF variable annuity income 9 Ways to adjust your annuity income 9 Transfer

More information

Mission-related investing

Mission-related investing VIEWPOINT Mission-related investing How non-profits use investments to further their mission Manisha Kathuria, Associate Regional Director, Non-Profits Steve Murray, Ph.D., CFA, Director, Asset Allocation

More information

Governance process for evaluating sustainable investing

Governance process for evaluating sustainable investing VIEWPOINT Governance process for evaluating sustainable investing A guide for non-profit fiduciaries Heather Myers, Managing Director, Non-profits Manisha Kathuria, Associate Director, Non-profits Sound

More information

Sustainable & Responsible Investment Policy

Sustainable & Responsible Investment Policy Sustainable & Responsible Investment Policy Local Government Superannuation Scheme Effective date: 1/05/2015 Purpose of policy The Local Government Superannuation Scheme (LGS) is established under a multi-division

More information

ISS Institutional Shareholder Services Inc.

ISS Institutional Shareholder Services Inc. ISS Compliance Statement to Japan s Stewardship Code August 2014 ISS is pleased to submit the following Compliance Statement to Principles for Responsible Institutional Investors, Japan s Stewardship Code

More information

Taking the next step. A guide for beneficiaries

Taking the next step. A guide for beneficiaries Taking the next step A guide for beneficiaries TIAA-CREF listening, caring, ready to serve At TIAA-CREF, we ve been helping people build their financial futures for nearly a century. We started out offering

More information

The Roth contribution option

The Roth contribution option The Roth contribution option For retirement plans Contents The Roth contribution option savings choice 2 Learn about the differences between pretax and after-tax contributions Comparing Roth after-tax

More information

SUSTAINABILITY RANKING - DEVELOPED COUNTRIES Half-yearly report February 2014

SUSTAINABILITY RANKING - DEVELOPED COUNTRIES Half-yearly report February 2014 SUSTAINABILITY RANKING - DEVELOPED COUNTRIES Half-yearly report February 2014 While SRI and ESG research on corporates from third parties is generally readily available, reliable information on countries

More information

TIAA-CREF Self-Directed Brokerage Overview and Account Setup. Your quick guide to the brokerage program

TIAA-CREF Self-Directed Brokerage Overview and Account Setup. Your quick guide to the brokerage program TIAA-CREF Self-Directed Brokerage Overview and Account Setup Your quick guide to the brokerage program For investors with specialized investing needs, more choice means more opportunity to direct retirement

More information

Statement for the Record. Mutual Fund Industry Practices And Their Effect On Investors. before the

Statement for the Record. Mutual Fund Industry Practices And Their Effect On Investors. before the Statement for the Record on Mutual Fund Industry Practices And Their Effect On Investors before the United States House of Representatives Committee on Financial Services Subcommittee on Capital Markets,

More information

Postcards from the Future:

Postcards from the Future: FOR WOMEN: A TIAA FINANCIAL ESSENTIALS WORKSHOP Postcards from the Future: A woman s guide to financially ever after Today s agenda Challenges most women face in planning for retirement Retirement visioning

More information

Lifetime retirement income

Lifetime retirement income Lifetime retirement income The foundation to seeking a secure future Retirement income options from TIAA-CREF Your financial priorities can change over time. That s why we offer a wide range of income

More information

S O C I A L LY R E S P O N S I B L E I N V E S T I N G

S O C I A L LY R E S P O N S I B L E I N V E S T I N G S O C I A L LY R E S P O N S I B L E I N V E S T I N G D o i n g W e l l W h i l e D o i n g G o o d March 23, 2011 Timothy P. O Donnell Senior Vice President OVERVIEW Provide definitions and background

More information

TD Asset Management - Report on Sustainable Investing Engagement Activities in 2009

TD Asset Management - Report on Sustainable Investing Engagement Activities in 2009 TD Asset Management - Report on Sustainable Investing Engagement Activities in 2009 Background In April 2009, TD Asset Management (TDAM) adopted and made public our Sustainable Investing Policy. It describes

More information

Sustainability Ranking - DEVELOPED countries

Sustainability Ranking - DEVELOPED countries Sustainability Ranking - DEVELOPED countries Half-yearly report October 2015 While sustainable and ESG research on corporates from independent third parties is generally readily available, reliable information

More information

Finding investment opportunities in macro-driven stock markets

Finding investment opportunities in macro-driven stock markets White paper Finding investment opportunities in macro-driven stock markets Susan Kempler, CPA Portfolio Manager, TIAA-CREF Growth & Income fund Executive summary Stock prices have been highly correlated

More information

Impact Investing 101. Catherine Godschalk, Calvert Foundation Catherine.Godschalk@calvertfoundation.org

Impact Investing 101. Catherine Godschalk, Calvert Foundation Catherine.Godschalk@calvertfoundation.org Impact Investing 101 Catherine Godschalk, Calvert Foundation Catherine.Godschalk@calvertfoundation.org Investment philosophies focused on social impact have many names Socially Responsible Investing Sustainable

More information

Fixed Impact: Green Bonds Primer Investment Primer

Fixed Impact: Green Bonds Primer Investment Primer WEALTH MANAGEMENT INVESTMENT RESOURCES FEBRUARY 4, 2016 Fixed Impact: Green Bonds Primer Investment Primer PARTAP SINGH AHUJA Asset Allocation Strategist Morgan Stanley Wealth Management Partap.Ahuja@morganstanley.com

More information

Building Your Retirement Portfolio

Building Your Retirement Portfolio Building Your Retirement Portfolio With the Help of TIAA-CREF 111075_L01.indd 1 ABOUT TIAA-CREF: For more than 90 years, we at TIAA-CREF have dedicated ourselves to helping those who serve the greater

More information

www.pwc.com Sustainability goes mainstream: Insights into investor views

www.pwc.com Sustainability goes mainstream: Insights into investor views www.pwc.com Sustainability goes mainstream: Insights into investor views Investor Survey, winter/spring series May 2014 Introduction In 2009, the United Nations-supported Principles for Responsible Investment

More information

Integrating environmental, social and governance risks and opportunities into the portfolio

Integrating environmental, social and governance risks and opportunities into the portfolio POSITION PAPER Integrating environmental, social and governance risks and opportunities into the portfolio Background Different investors take different approaches to managing environmental, social and

More information

Social Finance at Scale: Creating Value for Investors

Social Finance at Scale: Creating Value for Investors Social Finance at Scale: Creating Value for Investors Social Finance at Scale Page 2 Social Finance investments that generate financial returns and include positive social and environmental impact. BNY

More information

RESPONSIBLE INVESTING:

RESPONSIBLE INVESTING: RESPONSIBLE INVESTING: Is It Right for Your Clients? A Presentation for Financial Advisors Investing for Good sm A All investments have social and environmental impacts that can be positive or negative.

More information

Socially Responsible Investing WI Planned Giving Council March 3, 2015

Socially Responsible Investing WI Planned Giving Council March 3, 2015 Wisconsin Planned Giving Council March 3, 2015 Johnson Bank Colleen Johnson, CFP, CRPC Richard Sals, J.D. CFP Reinhart Boerner Van Deuren s.c. Keith L. Johnson Megan Jackson Agenda Items Defining Social

More information

Good for Harvard, good for the world: Why HMC embraced ESG with a passion

Good for Harvard, good for the world: Why HMC embraced ESG with a passion By Simon Hoyle Fiduciary Investors Symposium Harvard, Harvard University www.top1000funds.com October 28, 2014 Good for Harvard, good for the world: Why HMC embraced ESG with a passion Harvard Management

More information

J.P. MORGAN PRIVATE BANK. Decoding the Elements of Sustainable Investing

J.P. MORGAN PRIVATE BANK. Decoding the Elements of Sustainable Investing J.P. MORGAN PRIVATE BANK Decoding the Elements of Sustainable Investing Decoding the elements of sustainable investing There is significant momentum around investment approaches that enable investors to

More information

TIAA-CREF Life Insurance Company. TIAA-CREF Investment Horizon Annuity. Save tax deferred with guaranteed rates

TIAA-CREF Life Insurance Company. TIAA-CREF Investment Horizon Annuity. Save tax deferred with guaranteed rates TIAA-CREF Life Insurance Company TIAA-CREF Investment Horizon Annuity Save tax deferred with guaranteed rates TIAA-CREF: Financial services Almost 100 years ago, Teachers Insurance and Annuity Association

More information

Understanding Your Retirement Plans Changes Essential Information for Participants of the tufts university retirement plans

Understanding Your Retirement Plans Changes Essential Information for Participants of the tufts university retirement plans Understanding Your Retirement Plans Changes Essential Information for Participants of the tufts university retirement plans 2 Introducing the changes to your Tufts University retirement plans Effective

More information

Our approach to investments on the stock market

Our approach to investments on the stock market TlB Our approach to investments on the stock market Introduction This document contains the third version of the Investment Strategy for stock market investments used by Triodos Investment Management B.V.

More information

IMPACT INVESTING PRIMER

IMPACT INVESTING PRIMER IMPACT INVESTING PRIMER I. What is Impact Investing? II. The Veris Perspective III. Have We Reached a Tipping Point? IV. How to Approach Impact in Public Equity and Fixed Income Investments V. How to Measure

More information

SAMPLE OF INVESTMENT POLICY STATEMENT

SAMPLE OF INVESTMENT POLICY STATEMENT investment services SAMPLE OF INVESTMENT POLICY STATEMENT FOR THE (PLAN NAME) OUR HISTORY We are TIAA-CREF. We re a full-service financial services organization that has dedicated itself to helping those

More information

INVESTOR PERSPECTIVES ON CHILDREN S RIGHTS

INVESTOR PERSPECTIVES ON CHILDREN S RIGHTS GLOBAL CHILD FORUM IS INITIATED BY H.M. KING CARL XVI GUSTAF AND H.M. QUEEN SILVIA OF SWEDEN SEPTEMBER 205 INVESTOR PERSPECTIVES ON CHILDREN S RIGHTS IN COLLABORATION WITH: 2 Investor Perspectives on Children

More information

Navigating Socially Responsible Investing

Navigating Socially Responsible Investing Navigating Socially Responsible Investing By Andrew W. Savitz and Melissa Tritter Paschall July 7, 2009 We ve all seen the spectacular collapse of the stock market in the last year, much of it due to Wall

More information

A Guide to Responsible Investing

A Guide to Responsible Investing A Guide to Responsible Investing Socially Responsible Investment, Impact Investing, Responsible Finance, ESG, CSR, Double-bottom Line, Triple-bottom Line. The responsible investing space is plagued by

More information

LIVING WELL IN RETIREMENT. Minimum Distribution: Making it simple

LIVING WELL IN RETIREMENT. Minimum Distribution: Making it simple LIVING WELL IN RETIREMENT Minimum Distribution: Making it simple TIAA-CREF: FINANCIAL SERVICES FOR THE GREATER GOOD. TIAA-CREF is dedicated to serving the retirement needs of those in the academic, medical,

More information

Putting Your Assets to Work for Maximum Impact. Minnesota Council on Foundations Annual Convening October 28, 2010

Putting Your Assets to Work for Maximum Impact. Minnesota Council on Foundations Annual Convening October 28, 2010 Mission-Related i Investing Putting Your Assets to Work for Maximum Impact Minnesota Council on Foundations Annual Convening October 28, 2010 Christa Velasquez cvelasquez@aecf.org Bradley Fisher bfisher@springcreekadvisors.com

More information

Responsible Investment Policy

Responsible Investment Policy Responsible Investment Policy 2014 Responsible Investment (RI) Policy Preamble Responsible Investing (RI) is an investment practice that advocates consideration of environmental, social and governance

More information

TIAA-CREF IRA Survey Executive Summary March 18, 2015

TIAA-CREF IRA Survey Executive Summary March 18, 2015 TIAA-CREF IRA Survey Executive Summary March 18, 2015 1 . TIAA-CREF Survey: Despite Low Contributions, More Americans Will Consider IRAs in Their Retirement Planning According to a new TIAA-CREF survey,

More information

Paving the way to a secure retirement: A model DC approach

Paving the way to a secure retirement: A model DC approach Paving the way to a secure retirement: A model DC approach Life expectancy (age) 95 90 85 49% 73% 0 20 40 60 80 100% Probability at age 65 A couple at age 65 has an 89 percent chance of one of them living

More information

CHOOSING YOUR INVESTMENTS

CHOOSING YOUR INVESTMENTS CHOOSING YOUR INVESTMENTS FOR ASSISTANCE CONTACT US TODAY FOR MORE INFORMATION, ADVICE OR HELP OPENING AN ACCOUNT, IT S EASY TO REACH US: BY PHONE Call us at 800 TIAA-CREF (800 842-2273) to speak with

More information

Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies.

Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. INSTITUTIONAL TRUST & CUSTODY Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. As one of the fastest growing investment managers in the nation, U.S.

More information

How to make changes to your annuity income

How to make changes to your annuity income How to make changes to your annuity income What s inside 2 Is it time to make a change? 3 Your annuity income 5 TIAA Traditional income 7 TIAA and CREF variable income 10 Ways to adjust your annuity income

More information

Growing your retirement portfolio is one thing. Getting income from it is another. Managed Income Strategies from TIAA-CREF

Growing your retirement portfolio is one thing. Getting income from it is another. Managed Income Strategies from TIAA-CREF Growing your retirement portfolio is one thing. Getting income from it is another. Managed Income Strategies from TIAA-CREF It s your portfolio. Shouldn t it provide income your way? You ve spent years

More information

Investing in high quality, well managed companies for your prosperity and peace of mind

Investing in high quality, well managed companies for your prosperity and peace of mind Investing in high quality, well managed companies for your prosperity and peace of mind Welcome to Maxwell Noll For over three decades, Maxwell Noll has provided peace of mind investing for clients. Our

More information

BEFORE YOU MAKE THAT MOVE... KNOW THE FACTS

BEFORE YOU MAKE THAT MOVE... KNOW THE FACTS BEFORE YOU MAKE THAT MOVE... KNOW THE FACTS A TRADITION OF SERVICE AND COMMITMENT Throughout our 90-year history, we at TIAA-CREF have dedicated ourselves to helping those in the academic, medical, cultural

More information

Sustainable Investing

Sustainable Investing Sustainable Investing Principles and Practices ur real problem, then, is not our strength today; it is rather the vital necessity of action today to ensure our strength tomorrow. Dwight D. Eisenhower In

More information