TIAA-CREF, one of the largest fund managers in the US and a strong corporate governance advocate, has taken the unprecedented step of giving its 3m insurance policyholders a say on the compensation of its top executives.
The move, to be announced on Friday, is the first time a US company has held a UK-style, non-binding vote on executive pay and will boost TIAA-CREF’s campaign to get the companies it invests in to do the same.
