Participants who own one of the CREF Variable Annuity funds will receive a proxy statement for the CREF meeting. TIAA does not hold an annual meeting, but usually has a proxy vote just for the Board. The meetings are thinly attended by participants. I urge you to attend. This is your only chance to speak directly to the top management, and to be sure all the board members hear you. Assuming you have made up your mind, you should vote your proxy (online or by mail) before coming to the meeting. You can always change your vote at the meeting by asking for a ballot.
The only reason CREF has an annual meeting is that they agreed to do so when settling with the S.E.C. in 1989. They held meetings annually (after 1989, that is) for some time, but obtained permission to reduce frequency after 2014.
The Proxy
The SEC website shows the CREF 2022 Annual Meeting posted as of 6/6/22. You can find the TIAA .PDF file here,https://www.proxy-direct.com/MeetingDocuments/32672/2022%20CREF_Proxy_Statement.pdf
If you own a few thousand dollars of a CREF VA account, you'll get a copy of the proxy statement yourself, or perhaps an emailed link to it.
You do not have to attend the meeting to vote. Once you get your paper proxy in the mail, there are six multi-digit ID numbers that you enter into the third-party voting website ( www.proxy-direct.com ). That calls up your ballot. I've posted an example on this website: Why Vote Yes?
For the first time since I started attending in the early 2000's, the 2022 meeting is at a hotel, in Charlotte, NC.
"The College Retirement Equities Fund (CREF) will hold its meeting of participants on July 12, 2022 at 1:00 p.m. EDT at The Westin Charlotte, 601 South College Street, Charlotte, North Carolina 28202"
I am disappointed that CREF did not include the website URL (where you're reading this ... ),https://sites.google.com/view/tncb/home/crefwatch
that I provided in my submission of my Proxy Proposal, which is number 3 in the Proxy, on page 30. I guess it's a bonus that they did not print my home address, as they did in 2005 when I presented the identical Proxy Proposal. But it will be much harder to get the 22% "for" vote that was achieved in 2005, without that website link.
Date and Time
2022 Meeting: July 12, 2022 at 1:00 PM. Charlotte, NC
2018 Meeting: July 17, 2018 at 1:00 PM. Charlotte, NC
2014 Meeting: July 15, 2014 at 1:00 PM. Charlotte, NC
2013 Meeting: July 16, 2013 at 1:00 PM. Charlotte, NC
(2013 is the year the question limit was reduced to two minutes.)
2012 Meeting: July 17, 2012 at 1:00 PM. New York, NY
2011 Meeting: July 19, 2011 at 1:00 PM. Charlotte, NC
2010 Meeting: July 20, 2010 at 9:30 AM. New York, NY
2009 Meeting: July 20, 2009 at 3:00 PM. New York, NY
2008 Meeting: July 15, 2008 at 9:30 AM. Denver, CO (I missed this one.)
2007 Meeting: July 17, 2007 at 9:30 AM. New York, NY
2006 Meeting: July 18, 2006 at 9:00 AM. New York, NY
2005 Meeting: July 19, 2005 at 9:00 AM. New York, NY
2004 Meeting: June 15, 2004 at 2:00 PM. Charlotte, NC
2003 Meeting: December 15, 2003 at 10:00 AM. New York, NY
(2003 had been scheduled for November 13, but due to CREF's errors in editing and mailing the proxies, it was rescheduled, and we paid for a second proxy solicitation.)
Tickets
Some public companies allow you to check a box on your ballot to request an admission ticket. CREF does not. Near the start of the Notice of Annual Meeting (i.e. the Proxy Statement), there is a paragraph (on page 2) with an email address to order an admission pass. In 2006, I didn't receive my pass until a week before the meeting. I don't know if it's still true today, but at one time public corporations would admit you if you brought proof of stock ownership.
I had emailed for a 2022 admission pass on 6/21, and it arrived by US Mail on 7/1. Interestingly, it did not have my name on it, but my photo ID was checked against a list when I arrived at the meeting entrance. The admission pass had several instructions on it, including:
-Parking is available at LAZ Parking, 615 South College Street … [not "free parking"!]
-No cameras, laptop computers or recording devices or oversized bags or packages will be permitted in the conference center. Please store these items in your vehicle. All bags and packages will be subject to search.
In 2005, my 12"x16"x4" soft nylon shoulder bag was prohibited. Fortunately for me, they checked it in the lobby, although they had warned that checking services would not be available. They ask you to turn off your cell phone, but they don't check whether it has a camera built-in to it.
Location of Meeting
The 2004, and several later meetings were held in Charlotte, NC, at 8500 Andrew Carnegie Blvd, between Exits 45 and 46 of I-85 North of Charlotte. The office park is just West of I-85. It was in a company auditorium which was about 40% full. I've flown to Greensboro (GSO), which was much cheaper than Charlotte, but a 90-mile drive. Winston-Salem is a similar distance from Charlotte.
The 2008 meeting was held in Denver, CO, at the Colorado Convention Center, 700 14th Street, Denver, CO 8020.
The CREF 2022 Annual Meeting was held on July 12, 2022, from 1:00PM to 1:45PM. It was, for the first time, not at a TIAA facility. It was held in a small ballroom at the Westin Charlotte hotel. It was suggested to me that this was as much about today’s need for facility security as much as (possibly) cost. I’d guess there were about 100-150 people in the room.
Many meetings were held in New York City, at 730 Third Avenue, New York NY 1017-3206. They were in Wharton Auditorium, named after a past president, Clifton Wharton, Jr. . I attended a "Mid-Career" financial checkup in a large group, some years ago, in this room. In a thrift measure, this room is now available for outside rentals.
Physical Setting
Like any corporate meeting, there will be security guards in business attire everywhere. There was no problem leaving the room to use the rest rooms on the same floor, and re-entering the room quietly. (However, in 2022, the bathroom was outside the magnetometer-secured area!) One year, I was escorted to the bathroom, I think because it was really near the Board's lounge. When you arrive, look for a table with printed handouts on it. There's likely to be bottled water in the meeting room.
Don't be startled if there's a peaceful demonstration in front of the building. It won't affect your ability to enter the lobby and show your ticket and identification. At one winter meeting, participants were ordered to carry their outerwear, rather than wearing it to the elevator. I have a feeling this was related to exposing posters for a demonstration, rather than any fear you are "packing heat". But for the first time in 2005, they used a metal detector arch at 730 Third Avenue for the meeting. There has always been a magnetometer and an x-ray machine in Charlotte.
You might be given a "Visitor" ID badge, probably adhesive-backed, to display on your chest. It won't show your name. If they don't use badges, keep your admission pass with you at all times. You may have to present it again. You don't have to remember which floor you're going to. There will be a dedicated elevator with an operator to prevent you from going anywhere else.
The front row or two may be set off for seating by the TIAA trustees and TIAA-CREF management.
(Note that these agendas are the ones handed out at the meetings. The agenda that's printed in the proxy seems to be "preliminary".)
2018 Agenda
Welcome and introductions (by Thomas J. Kenny, Chairman, CREF)
Introductions and remarks (by Roger W. Ferguson, Jr., President and CEO, CREF)
Remarks by Vijay Advani (Chief Executive Officer, Nuveen)
Remarks by Jose Minaya (Chief Investment Officer and President, Nuveen Global Investments)
Opportunity for questions
Election of Trustees
Report of balloting results
Adjournment
2014 Agenda
Welcome and introductions (Howell E. Jackson, Chairman, CREF)
Introductions and remarks (by Roger W. Gerguson, Jr., President and CEO, CREF)
Remarks (Robert G. Leary, President of Asset Management)
Opportunity for Questions
Election of Trustees
Ratification of slection of Auditors
Report of balloting results
Adjournment
Speaking
The proponent of a proxy proposal gets 5 minutes to present it. Other speakers are limited to 2 minutes.
There are two likely times to speak. One would be "on" one of the participant proposals. The other would be during the general comment period. When the chair recognizes you, an attendant will bring you a wireless microphone. Do not attempt to hold the microphone. This is to prevent you from "seizing" the floor! There's a "quiz show" timeclock on the dais, and a loud hockey-buzzer when your two minutes run out.) When you start to speak, identify yourself, and where you are a participant.
I've found that it's better not to try and pack too much into your speech. If you can speak slowly and thoughtfully, you may be more effective. One question is whether you wish to force them to wait to the end of your speech to answer your questions. This can be done with your voice and compositional structure, but you also risk their not remembering all the questions in the body of the speech. It may be best to put your questions all at the end.
Speaking Etiquette
After you speak, do not sit down. Aside from courtesy, this increases your (slim) chance of following up your question, or getting a conversation going with the person you addressed. I sat near the trustees because I wanted to include them in my presentation. But you'll have to decide where you want to sit, depending on space availability. If I'd been forced to sit in the rearmost rows in 2003, the posters held up by some motion-supporters might have blocked my view during the presentation of those motions. In the New York auditorium, it's been necessary to chose between a seat either in front of the lectern, or in front of the trustees.
Past Demonstrations
It's fair to note that in past years, many meeting had question sessions that ran two hours. Socially Responsible Investing proponents, and later, Boycott, Divestiture, and Sanctions groups packed the meetings with (opinion) ill-prepared speakers who made the same points, endlessly. This gave rise to the 3-minute, later reduced to 2-minute, speaking limit. I believe it also encouraged them to hold meetings outside New York City.
Some of the speakers, like one who had embedded himself with exploited Nike workers in Asia, gave compelling presentations. But it simply was not sustainable to continue the way the meetings were going. Because the news media no longer bother to cover the CREF meetings, there may be less benefit for interest groups to speak at them today.