TIAA-CREF Proposal to Boycott Israeli Firms Illegal, Says Activist Group

[davidhaslanded]

A TIAA-CREF member proposal to divest from Israeli holdings would violate New York and federal law, according to a legal and civil rights organization.

(April 10, 2013) - Asset manager TIAA-CREF has become the latest battleground in the Palestine-Israel conflict.

In February, members of the Palestinian-led Boycott, Divestment and Sanctions (BDS) movement submitted a proposal to TIAA-CREF calling for divestment from companies that it claims profit from Israeli settlements in Gaza and the West Bank. These firms include multinationals such as Caterpillar, Motorola, Veolia Transportation, and Northrop Grumman, among others. The divestment campaign also has an online petition with over 24,000 signatures supporting the proposed boycott.

Now, a Tel Aviv-based advocacy organization has joined the fray. The director of the Israel Law Center (Shurat HaDin), which litigates on behalf of Israeli interests, sent a letter today to TIAA-CREF, expressing "grave concern about an extreme anti-Israel resolution," and urging the pension giant not to present it at its shareholder meeting.

http://www.ai-cio.com/channel/NEWSMAKERS/TIAA-CREF_Proposal_to_Boycott_Israeli_Firms_Illegal,_Says_Activist_Group.html