UUSC Activists Celebrate Victory in Darfur Divestment Campaign

In a major victory for anti-genocide activists, TIAA-CREF has announced it will pressure portfolio companies to help end the genocide in the Darfur region of Sudan, and if necessary, it will divest from companies that fail to take meaningful steps within the next nine months.

"TIAA-CREF believes that members of society have a moral responsibility to confront genocide and crimes against humanity," the investment services institution said in announcing its new policy. "Therefore we are publicly asking companies operating in Sudan to help alleviate the suffering of its people."

The financial institution said it would increase its dialogue on human-rights issues with major Chinese oil-producing companies and divest from any that continue to "substantially contribute to genocide or crimes against humanity." The targeted companies include Chinese multinational giants PetroChina, CNPC Hong Kong, Oil and Natural Gas Corp, and Sinopec. TIAA-CREF said it will divest from any targeted companies that have not made significant progress toward helping to end the genocide by the end of this year.

The action follows intensive advocacy by Investors Against Genocide, a coalition of human-rights organizations, including UUSC, that has targeted major investment firms to pressure them to use their influence to help end the six-year genocide in Darfur.

UUSC's Drumbeat for Darfur campaign was an early and major participant in the Sudan divestment movement, and TIAA-CREF is UUSC's pension-fund provider.

"We applaud TIAA-CREF's decision to assume a leadership role in the investment services industry to help end the genocide in Darfur," said UUSC President and CEO Charlie Clements. "As a stakeholder in TIAA-CREF, we are especially pleased that they are becoming an industry role model in the area of socially responsible investing.

"This decision by TIAA-CREF reaffirms our belief that divesting from the Sudanese genocide is not only morally correct but is financially sound."

UUSC activists also urged U.S. officials to pressure the Chinese government to use its influence with Sudan to stop the violence and bring peace to Darfur. China is Sudan's leading trade partner, providing the Sudanese government with the economic resources needed to carry out violence against the people of Darfur. Moreover, China is also the major military benefactor of Sudan and its largest supplier of small arms.

Investors Against Genocide had shareholder resolutions pending that would have been voted on at TIAA-CREF's annual meeting in July. The shareholder proposal was withdrawn in light of the firm's announcement to move forward with its expanded genocide-free investing policy.