July 7th, 2010


The pension fund, TIAA-CREF, currently owns approximately $230,000,000.00 in Nike stock and to date, they have done nothing significant in terms of pressuring Nike to pay living wages, negotiate union contracts, and clean up their environmental damage in the countries where Nike products are made.  TC has also placed Nike in their “social choice for social change” account, which is a signal to their investors that they believe that Nike is “socially responsible.”  Clearly the facts show that Nike is anything but socially responsible.

That is why on Tuesday, July 20th at 9:30am - when TC holds their annual meeting of participants at 730 Third Avenue, New York, NY 10017 - TEAM SWEAT will be there!

We will be asking the TC Board of Directors to take the following actions:

* TC should make a formal request to Nike to pay the $2.6 million dollars in back wages and severance owed to 1,700 Honduran Nike workers.  If Nike refuses to pay, we will recommend that TC divests some of its holdings with Nike.  This would be in line with similar actions take by the University of Wisconsin-Madison and Cornell University, who recently cut their contracts with Nike over this issue.

* TC should make a formal request to Nike to create a pilot project in which Nike would take part in tri-party collective bargaining with a Nike shoe factory in Indonesia.  The result of this bargaining would be legally-binding and enforceable labor agreement that was signed by Nike, the factory management and the trade union at the plant.

* TC should make a formal request to Nike to pay for an independent assessment of the environmental damage done by the burning of scrap shoe rubber in Indonesian villages for the past 20 years.

If you would like to attend the TIAA-CREF annual meeting and take part in pressuring them to hold Nike accountable, please email Jim Keady at jim@educatingforjustice.org no later than July 10th as arrangements will need to be made to get member proxies so you can enter the meeting.

Tags: , , ,
Posted in News

Leave a Reply

Subscribe Unsubscribe