Although Teachers Insurance & Annuity Association-College Retirement Equities Fund of New York, the country's largest pension fund, has said it will not change its policies, shareholder activists are continuing to campaign to persuade TIAA-CREF to invest in companies that work for social improvement.

About 300 shareholder activists in TIAA-CREF's $4.2 billion Social Choice Account, the nation's largest socially-responsible fund, have been campaigning for nearly five years to persuade the Social Choice Account to adopt positive social screens for five percent to ten percent of the fund's assets. The group is led by Neil Wollman, a psychology professor at Manchester College of North Manchester, Ind. Wollman wants the fund to invest in companies that are improving their workplaces, environments or local communities.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.