Formal complaint regarding Serious Violations of the Principles for Responsible Investment (PRI) by signatory Nuveen, a TIAA company

The complaint argues that TIAA/Nuveen engages in systematic greenwashing by marketing sustainable ESG products while maintaining substantial holdings in coal, oil, and gas, and acquiring land in Brazil linked to deforestation and human rights abuses. It requests that the PRI Board investigate these practices and require corrective actions, including full divestment from fossil fuels by 2025.

• TIAA/Nuveen maintains significant financial exposure to fossil fuels, with an estimated $78 billion in fossil-fuel risks in its portfolio and a corporate bond portfolio with 17.2% exposure to fossil fuel and utility companies.
• TIAA/Nuveen is identified as one of the world's largest holders of coal and oil and gas industry bonds, ranking 4th globally for coal bonds ($9.6 billion) and 8th globally for oil and gas bonds ($10.4 billion).
• The complaint alleges systematic greenwashing, noting that 16 funds marketed as 'sustainable' received a grade of D or lower for fossil fuel exposure, with the 'Nuveen Global Net Zero Transition ETF' receiving an 'F' grade due to 15% fossil fuel exposure.
• TIAA/Nuveen has acquired over one million acres of land in Brazil, primarily in the Cerrado biome, allegedly using shell companies to evade Brazilian laws limiting foreign land ownership.
• The document highlights an investment in the Adani Group, holding at least $91.5 million in long-term bonds, despite Adani's development of the Carmichael coal mine in Australia and associated environmental and human rights controversies.
• TIAA is a major investor in the Cricket Valley Energy Center in New York, a methane-fueled plant that emits over 3.6 million tons of CO2e annually and is expected to be forced to shut down by 2040 due to state climate legislation.
• TIAA/Nuveen is accused of failing to implement PRI Principles by voting against shareholder resolutions that sought greenhouse gas emission targets at companies like Royal Dutch Shell, Enbridge, and various Wall Street banks.
• The complaint asserts that TIAA/Nuveen lacks transparency, having earned an 'F' for climate change transparency from CDP in 2021 and failing to disclose a portfolio-wide carbon footprint.
• The authors argue that TIAA/Nuveen's refusal to divest from high-emitting assets may constitute a breach of fiduciary duty under the Employee Retirement Income Security Act of 1974 (ERISA), as it ignores the expressed interests of plan participants.

APA

Center for International Environmental Law (2022). Formal complaint regarding Serious Violations of the Principles for Responsible Investment (PRI) by signatory Nuveen, a TIAA company. https://www.ciel.org/wp-content/uploads/2022/10/PRI_TIAA-Complaint_FINAL.pdf

Chicago

Center for International Environmental Law. Formal complaint regarding Serious Violations of the Principles for Responsible Investment (PRI) by signatory Nuveen, a TIAA company. 2022. https://www.ciel.org/wp-content/uploads/2022/10/PRI_TIAA-Complaint_FINAL.pdf.

Wikipedia

{{cite report |author=Center for International Environmental Law |title=Formal complaint regarding Serious Violations of the Principles for Responsible Investment (PRI) by signatory Nuveen, a TIAA company |date=19 October 2022 |url=https://www.ciel.org/wp-content/uploads/2022/10/PRI_TIAA-Complaint_FINAL.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{centerforinternationalenvironmentallaw2022formal, author = {{Center for International Environmental Law}}, title = {{Formal complaint regarding Serious Violations of the Principles for Responsible Investment (PRI) by signatory Nuveen, a TIAA company}}, institution = {Center for International Environmental Law}, year = {2022}, month = oct, url = {https://www.ciel.org/wp-content/uploads/2022/10/PRI_TIAA-Complaint_FINAL.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }