TIAA

The financial institution assigns decision-making and oversight responsibility for its sustainability strategy to the highest governance body, while implementation is handled by specific functions, teams, or committees within the institution. It has a publicly available policy statement committing to respect human rights. The institution discloses the amount and/or share (in monetary terms) of its provision of products, services, and capital linked to high-emitting and fossil fuel sectors. Additionally, it transparently identifies key sectors, clients, and investees to engage with on climate issues.

The financial institution has the opportunity to disclose a policy statement committing to respect the human rights that the ILO has declared as fundamental rights at work. While the institution expects its suppliers to respect specific workers’ rights, it could reference all ILO fundamental rights at work. Moreover, it could disclose how it determines a living wage for the regions where it operates. The institution states that it makes political contributions after internal approval, but it could clarify whether these contributions are made only by exception and outline the criteria for making them.

It is recommended that the institution disclose that it has established a transition plan covering its own operations, supply chain, and portfolio and publish the breakdown of clients or beneficiaries by income group. It could also clarify processes to prevent divestment from low-income and lower-middle-income countries due to its sustainability strategies and targets. Additionally, it could strengthen its disclosure by identifying the social risks associated with its financing activities in relation to net zero transition. The institution could also provide an example of actions taken in the past three years to address salient human rights issues identified through risk assessments related to the products, services, and capital it offers.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.