CREF Governors & Trustees

Because CREF is a SEC-registered investment company, CREF’s Boards of Governors and Trustees play a slightly different role than the TIAA Boards. But their responsibility remains the same – to make sure our organization is managed properly.

About governors

What is the CREF Board of Governors?

For TIAA's first twenty years, its corporate stock was owned by Carnegie Corporation of New York, which provided TIAA's $500,000 endowment grant. In 1938, Carnegie Corporation turned over ownership of TIAA to the new company, named Trustees of T.I.A.A. Stock. In 1989, Trustees of T.I.A.A. Stock was renamed TIAA Board of Overseers. In 2021, the Board voted to change its name to the TIAA Board of Governors.

The Governors are responsible for defining the mission of TIAA, overseeing TIAA’s business strategies and performance in consultation with the CEO and management, reviewing policy issues affecting TIAA, overseeing matters that could threaten the general reputation of TIAA, electing the members of the TIAA Board of Trustees, filling vacancies by appointment, and approving amendments to TIAA's charter and bylaws.

The TIAA Board of Governors normally consists of seven members — including the TIAA CEO and president — and each member serves a seven-year term. By charter, the seven members of the TIAA Board of Governors are the same seven members of the CREF Board of Governors.

Who are the Governors?

Participant since 1984
TIAA Governor since 2001

Participant since 2006
TIAA Governor since 2022

Participant since 2021
TIAA Governor since 2021

Participant since 1986
TIAA Governor since 2021

Participant since 1999
TIAA Governor since 2018

Participant since 1986
TIAA Governor since 2024

About trustees

What is the CREF Board of Trustees?

The CREF Board of Trustees consists of 7 people who oversee the management of CREF. Each individual is an independent trustee under the Investment Company Act of 1940 (for example, they cannot be a current or former employee of TIAA). By policy, the positions of Chairman of the CREF Board of Trustees and Chief Executive Officer of CREF are held by different individuals.

CREF Trustees are elected directly by CREF participants. Each participant has a number of votes equal to the dollar amount of his or her CREF accumulation (or the dollar amount of assets underlying that individual’s CREF’s annuity if he or she is receiving annuity income).

Participant since 1984
CREF Trustee since 2006

Participant since 2023
CREF Trustee since 2023

Participant since 2007
CREF Trustee since 2018

Participant since 2007
CREF Trustee since 2007

Participant since 1990
CREF Trustee since 2005

Participant since 2016
CREF Trustee since 2023

Participant since 1991
CREF Trustee since 2006

About committees

Committees of the CREF/VA-1 Accounts

The Trustees of the CREF board work largely through committees, which meet frequently and shape policy for CREF and TIAA Separate Account VA-1.  Committee assignments are effective as of January 1, 2024.

Vested with full Board powers for emergent matters that arise between regularly scheduled Board meetings.  The Board Chair, Chair of the Nominating and Governance Committees, and the Chair of the Audit and Compliance Committees are members, with Prof. Poterba serving as chair.

Assists the Board in fulfilling its oversight responsibilities relating to the accounting and financial reporting processes, valuation issues, and certain other compliance matters. All members of the Board are members of the Audit and Compliance Committees, with Mr. Carrier serving as chair.

Assists the Board in fulfilling its oversight responsibilities for certain financial matters, including reviewing the processes and methodologies used to determine expense allocations charged to CREF and its Accounts, expense adjustments and 12b-1 plan expenditures for CREF, and certain arrangements with Teachers Insurance and Annuity Association of America (TIAA) and other key vendors. All members of the Board are members of the Finance Committees, with Ms. Eckl serving as chair.

Assists the Board in fulfilling its oversight responsibilities for the investment management process, strategies and policies for CREF.  This includes review of investment performance and risk metrics, the process utilized for environmental, social and governance (ESG) focused funds, and the Accounts and their Adviser's trading practices. All members of the Board are members of the Investment Committees, with Mr. Berkley serving as chair.

Assists the Board in addressing internal governance matters for CREF, including determining the criteria, policies and process for consideration and selection of Trustee candidates and recommending persons to be nominated or re-nominated as Trustees, reviewing Trustee and Chief Compliance Officer compensation matters, periodically reviewing the size, composition, independence, and functioning of the Board and its Committees, recommending the appointment of officers and signatories for CREF, and overseeing certain ESG and responsible investing matters. All members of the Board are members of the Nominating and Governance Committees, with Prof. Eberly serving as chair.

Assists the Board in fulfilling its oversight responsibilities for CREF and/or its Accounts, including monitoring certain annuity features, reviewing management proposals to modernize the structure, operations and marketing strategy, monitoring certain financial and operational metrics, and reviewing certain matters related to distribution. All members of the Board are members of the Products Committees, with Prof. Jackson serving as chair.

Proxy information

Participants can vote for CREF Trustees

TIAA participants have a say when it comes to who sits on our trustee boards. CREF Trustees are elected every four years.

3066919