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Article

15 Jun 2004

Author:
Kathie O'Donnell, CBS MarketWatch

Activists press TIAA for change; Want pension fund to drop Altria, Nike, Wal-Mart holdings [USA]

...Patti Lynn, campaign director for Infact, a corporate accountability organization, said it's "unacceptable" for the retirement system, which manages more than $300 billion, to invest in companies that engage in "irresponsible and dangerous" practices...Herb Allison, chairman and CEO of TIAA-CREF, responded by saying that the firm has a fiduciary obligation to achieve investment objectives on behalf of its 3 million participants...[refers to Altria, Nike, Wal-Mart, Costco, Unocal]