Investment management firm TIAA-CREF Wednesday released an eight-principle plan that it said investment companies "should aspire to conform to, and which we intend to apply to other companies’ funds that we offer to our customers."

In a bold move, the first principle called for an at least three-fourths of a board of directors to be independent, including the chairman – and that all fund boards eventually become 100% independent. Further, TIAA-CREF said that boards should regularly hold meetings without management present.

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