In order to meet a higher standard of transparency for our clients, rather than providing rationales for select votes, we are disclosing all of our votes against directors at S&P 500 companies and the rationale for the vote against.1 This amounts to 140 directors at 92 distinct companies. The drivers of the votes against are based on a case-by-case assessment of the boards’ alignment with the principles in the TIAA Policy Statement on Responsible Investing regarding board quality, board structure and operation, business ethics transparency and accountability, as well as the board’s strategy and oversight of material ESG issues such as climate risk and diversity, equity, and inclusion as assessed within our thematic engagement initiatives.
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Key proxy vote rationales for 2025
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| COMPANY NAME | INDUSTRY | PROPOSAL TEXT | MANAGEMENT RECOMMENDATION | VOTE INSTRUCTION | VOTE RATIONALE |
|---|---|---|---|---|---|
| Walgreens Boots Alliance, Inc. | Consumer Staples Distribution & Retail | Elect Director John A. Lederer | For | Against | Business ethics, transparency, and accountability- escalation |
| Atmos Energy Corporation | Gas Utilities | Elect Director Richard A. Sampson | For | Against | Board Structure and Operation |
| Tyson Foods, Inc. | Food Products | Elect Director John H. Tyson | For | Against | Business ethics, transparency, and accountability |
| Tyson Foods, Inc. | Food Products | Elect Director Les R. Baledge | For | Against | Board Structure and Operation |
| Tyson Foods, Inc. | Food Products | Elect Director David J. Bronczek | For | Against | Business ethics, transparency, and accountability- Social |
| Tyson Foods, Inc. | Food Products | Elect Director Cheryl S. Miller | For | Against | Business ethics, transparency, and accountability- Governance |
| Tyson Foods, Inc. | Food Products | Elect Director Barbara A. Tyson | For | Against | Business ethics, transparency, and accountability |
| Raymond James Financial, Inc. | Capital Markets | Elect Director Anne Gates | For | Against | Business ethics, transparency, and accountability- Social |
| Fair Isaac Corporation | Software | Elect Director Braden R. Kelly | For | Against | Business ethics, transparency, and accountability- Social |
| Cencora, Inc. | Health Care Providers & Services | Elect Director Lon R. Greenberg | For | Against | Business ethics, transparency, and accountability- Social |
| Johnson Controls International plc | Building Products | Elect Director Jean Blackwell | For | Against | Business ethics, transparency, and accountability- Social |
| A. O. Smith Corporation | Building Products | Elect Director Todd W. Fister | For | Withhold | Business ethics, transparency, and accountability- escalation |
| A. O. Smith Corporation | Building Products | Elect Director Michael M. Larsen | For | Withhold | Business ethics, transparency, and accountability- Governance |
| A. O. Smith Corporation | Building Products | Elect Director Lois M. Martin | For | Withhold | Business ethics, transparency, and accountability- escalation |
| Lennar Corporation | Household Durables | Elect Director Stuart Miller | For | Against | Business ethics, transparency, and accountability |
| Lennar Corporation | Household Durables | Elect Director Jeffrey Sonnenfeld | For | Against | Business ethics, transparency, and accountability-escalation |
| Teledyne Technologies Incorporated | Electronic Equipment, Instruments & Components | Elect Director Michael T. Smith | For | Against | Board Quality |
| J.B. Hunt Transport Services, Inc. | Ground Transportation | Elect Director James L. Robo | For | Against | Board Quality |
| Snap-on Incorporated | Machinery | Elect Director David C. Adams | For | Against | Board Quality |
| Genuine Parts Company | Distributors | Elect Director P. Russell Hardin | For | Against | Board Structure and Operation |
| Coterra Energy Inc. | Oil, Gas & Consumable Fuels | Elect Director Frances M. Vallejo | For | Against | Board Structure and Operation |
| Coterra Energy Inc. | Oil, Gas & Consumable Fuels | Elect Director Marcus A. Watts | For | Against | Board Structure and Operation |
| Eastman Chemical Company | Chemicals | Elect Director Julie F. Holder | For | Against | Board Quality |
| Illinois Tool Works Inc. | Machinery | Elect Director Pamela B. Strobel | For | Against | Board Quality |
| Berkshire Hathaway Inc. | Financial Services | Elect Director Susan L. Decker | For | Withhold | Business ethics, transparency, and accountability- Social |
| Berkshire Hathaway Inc. | Financial Services | Elect Director Charlotte Guyman | For | Withhold | Business ethics, transparency, and accountability |
| Aflac Incorporated | Insurance | Elect Director Katherine T. Rohrer | For | Against | Business ethics, transparency, and accountability |
| Danaher Corporation | Life Sciences Tools & Services | Elect Director Linda Filler | For | Against | Board Quality |
| Expeditors International of Washington, Inc. | Air Freight & Logistics | Elect Director Brandon S. Pedersen | For | Against | Business ethics, transparency, and accountability |
| NVR, Inc. | Household Durables | Elect Director Alfred E. Festa | For | Against | Business ethics, transparency, and accountability-escalation |
| Pentair plc | Machinery | Elect Director Billie I. Williamson | For | Against | Business ethics, transparency, and accountability- Environmental |
| Valero Energy Corporation | Oil, Gas & Consumable Fuels | Elect Director Deborah P. Majoras | For | Against | Business ethics, transparency, and accountability- Environmental |
| Brown & Brown, Inc. | Insurance | Elect Director H. Palmer Proctor, Jr. | For | Withhold | Board Quality |
| Packaging Corporation of America | Containers & Packaging | Elect Director Roger B. Porter | For | Against | Board Quality |
| Capital One Financial Corporation | Consumer Finance | Elect Director Craig Anthony Williams | For | Against | Board Quality |
| CME Group Inc. | Capital Markets | Elect Director Phyllis M. Lockett | For | Against | Business ethics, transparency, and accountability |
| Ford Motor Company | Automobiles | Elect Director William E. Kennard | For | Against | Business ethics, transparency, and accountability |
| United Parcel Service, Inc. | Air Freight & Logistics | Elect Director William Johnson | For | Against | Business ethics, transparency, and accountability |
| AbbVie Inc. | Biotechnology | Elect Director Thomas C. Freyman | For | Against | Board Quality |
| Camden Property Trust | Residential REITs | Elect Director Frances Aldrich Sevilla-Sacasa | For | Against | Board Quality |
| 3M Company | Industrial Conglomerates | Elect Director Gregory R. Page | For | Against | Business ethics, transparency, and accountability- Environmental |
| Essex Property Trust, Inc. | Residential REITs | Elect Director Keith R. Guericke | For | Against | Board Structure and Operation |
| Loews Corporation | Insurance | Elect Director Anthony Welters | For | Against | Board Quality |
| American International Group, Inc. | Insurance | Elect Director Linda A. Mills | For | Against | Business ethics, transparency, and accountability- Governance |
| Enphase Energy, Inc. | Semiconductors & Semiconductor Equipment | Elect Director Thurman John Rodgers | For | Withhold | Board Quality- Diversity |
| Everest Group, Ltd. | Insurance | Elect Director John J. Amore | For | Against | Board Quality- Diversity |
| Universal Health Services, Inc. | Health Care Providers & Services | Elect Director Maria R. Singer | For | Withhold | Business ethics, transparency, and accountability |
| Bunge Global SA | Food Products | Elect Director Carol Browner | For | Against | Business ethics, transparency, and accountability- Environmental |
| Chubb Limited | Insurance | Elect Director David H. Sidwell | For | Against | Business ethics, transparency, and accountability- Social |
| Las Vegas Sands Corp. | Hotels, Restaurants & Leisure | Elect Director Micheline Chau | For | Withhold | Board Quality- Diversity |
| Las Vegas Sands Corp. | Hotels, Restaurants & Leisure | Elect Director Lewis Kramer | For | Withhold | Business ethics, transparency, and accountability- Governance |
| Las Vegas Sands Corp. | Hotels, Restaurants & Leisure | Elect Director Alain Li | For | Withhold | Board Quality- Diversity |
| Align Technology, Inc. | Health Care Equipment & Supplies | Elect Director Joseph Lacob | For | Against | Business ethics, transparency, and accountability- Social |
| ONEOK, Inc. | Oil, Gas & Consumable Fuels | Elect Director Brian L. Derksen | For | Against | Business ethics, transparency, and accountability- Environmental |
| ONEOK, Inc. | Oil, Gas & Consumable Fuels | Elect Director Julie H. Edwards | For | Against | Business ethics, transparency, and accountability- Environmental |
| ONEOK, Inc. | Oil, Gas & Consumable Fuels | Elect Director Randall J. Larson | For | Against | Business ethics, transparency, and accountability- Environmental |
| ONEOK, Inc. | Oil, Gas & Consumable Fuels | Elect Director Eduardo A. Rodriguez | For | Against | Business ethics, transparency, and accountability- Environmental |
| APA CORPORATION | Oil, Gas & Consumable Fuels | Elect Director Annell R. Bay | For | Against | Business ethics, transparency, and accountability- Governance |
| APA CORPORATION | Oil, Gas & Consumable Fuels | Elect Director Juliet S. Ellis | For | Against | Business ethics, transparency, and accountability- Governance |
| APA CORPORATION | Oil, Gas & Consumable Fuels | Elect Director Charles W. Hooper | For | Against | Business ethics, transparency, and accountability- Governance |
| APA CORPORATION | Oil, Gas & Consumable Fuels | Elect Director Chansoo Joung | For | Against | Business ethics, transparency, and accountability- Environmental |
| APA CORPORATION | Oil, Gas & Consumable Fuels | Elect Director David L. Stover | For | Against | Business ethics, transparency, and accountability- Governance |
| EPAM Systems, Inc. | IT Services | Elect Director Richard Michael Mayoras | For | Against | Board Quality |
| Mohawk Industries, Inc. | Household Durables | Elect Director Joseph A. Onorato | For | Against | Board Quality- Diversity |
| Mohawk Industries, Inc. | Household Durables | Elect Director William H. Runge, III | For | Against | Board Quality- Diversity |
| Mohawk Industries, Inc. | Household Durables | Elect Director W. Christopher Wellborn | For | Against | Board Quality |
| SBA Communications Corporation | Specialized REITs | Elect Director Jeffrey A. Stoops | For | Against | Board Quality |
| Meta Platforms, Inc. | Interactive Media & Services | Elect Director Peggy Alford | For | Withhold | Business ethics, transparency, and accountability |
| Meta Platforms, Inc. | Interactive Media & Services | Elect Director John Elkann | For | Withhold | Board Quality |
| Meta Platforms, Inc. | Interactive Media & Services | Elect Director Mark Zuckerberg | For | Withhold | Business ethics, transparency, and accountability |
| Axon Enterprise, Inc. | Aerospace & Defense | Elect Director Adriane Brown | For | Against | Business ethics, transparency, and accountability- Environmental |
| Dollar General Corporation | Consumer Staples Distribution & Retail | Elect Director Warren F. Bryant | For | Against | Business ethics, transparency, and accountability- Governance |
| Dollar General Corporation | Consumer Staples Distribution & Retail | Elect Director Timothy I. McGuire | For | Against | Business ethics, transparency, and accountability- Governance |
| Dollar General Corporation | Consumer Staples Distribution & Retail | Elect Director Kathleen M. Scarlett | For | Against | Business ethics, transparency, and accountability- Governance |
| Gartner, Inc. | IT Services | Elect Director William O. Grabe | For | Against | Board Quality |
| UnitedHealth Group Incorporated | Health Care Providers & Services | Elect Director Michele Hooper | For | Against | Business ethics, transparency, and accountability- Governance |
| Warner Bros. Discovery, Inc. | Entertainment | Elect Director Richard W. Fisher | For | Withhold | Business ethics, transparency, and accountability- Governance |
| Warner Bros. Discovery, Inc. | Entertainment | Elect Director Paul A. Gould | For | Withhold | Business ethics, transparency, and accountability- Governance |
| Warner Bros. Discovery, Inc. | Entertainment | Elect Director Debra L. Lee | For | Withhold | Business ethics, transparency, and accountability- Governance |
| Warner Bros. Discovery, Inc. | Entertainment | Elect Director Kenneth W. Lowe | For | Withhold | Business ethics, transparency, and accountability- Governance |
| Warner Bros. Discovery, Inc. | Entertainment | Elect Director Geoffrey Y. Yang | For | Withhold | Business ethics, transparency, and accountability- Governance |
| Expedia Group, Inc. | Hotels, Restaurants & Leisure | Elect Director Craig Jacobson | For | Withhold | Board Structure and Operation |
| Airbnb, Inc. | Hotels, Restaurants & Leisure | Elect Director Joseph Gebbia | For | Withhold | Business ethics, transparency, and accountability |
| Airbnb, Inc. | Hotels, Restaurants & Leisure | Elect Director Jeffrey Jordan | For | Withhold | Business ethics, transparency, and accountability |
| Alphabet Inc. | Interactive Media & Services | Elect Director Larry Page | For | Against | Board Quality |
| Alphabet Inc. | Interactive Media & Services | Elect Director John L. Hennessy | For | Against | Board Quality |
| Alphabet Inc. | Interactive Media & Services | Elect Director Robin L. Washington | For | Against | Business ethics, transparency, and accountability |
| Garmin Ltd. | Household Durables | Elect Director Jonathan C. Burrell | For | Against | Board Structure and Operation |
| T-Mobile US, Inc. | Wireless Telecommunication Services | Elect Director André Almeida | For | Withhold | Board Structure and Operation |
| T-Mobile US, Inc. | Wireless Telecommunication Services | Elect Director Timotheus Höttges | For | Withhold | Board Quality |
| T-Mobile US, Inc. | Wireless Telecommunication Services | Elect Director Christian P. Illek | For | Withhold | Board Quality |
| T-Mobile US, Inc. | Wireless Telecommunication Services | Elect Director Raphael Kübler | For | Withhold | Board Quality |
| T-Mobile US, Inc. | Wireless Telecommunication Services | Elect Director Thorsten Langheim | For | Withhold | Board Quality |
| T-Mobile US, Inc. | Wireless Telecommunication Services | Elect Director Dominique Leroy | For | Withhold | Board Quality |
| T-Mobile US, Inc. | Wireless Telecommunication Services | Elect Director Letitia A. Long | For | Withhold | Board Quality |
| T-Mobile US, Inc. | Wireless Telecommunication Services | Elect Director Teresa A. Taylor | For | Withhold | Board Quality |
| NXP Semiconductors N.V. | Semiconductors & Semiconductor Equipment | Reelect Anthony Foxx as Non-Executive Director | For | Against | Business ethics, transparency, and accountability- Environmental |
| W. R. Berkley Corporation | Insurance | Elect Director Ronald E. Blaylock | For | Against | Business ethics, transparency, and accountability- Social |
| W. R. Berkley Corporation | Insurance | Elect Director Mary C. Farrell | For | Against | Board Structure and Operation |
| Live Nation Entertainment, Inc. | Entertainment | Elect Director Chad Hollingsworth | For | Against | Business ethics, transparency, and accountability- Social |
| Monolithic Power Systems, Inc. | Semiconductors & Semiconductor Equipment | Elect Director Carintia Martinez | For | Withhold | Board Quality |
| Regeneron Pharmaceuticals, Inc. | Biotechnology | Elect Director Michael S. Brown | For | Against | Board Quality |
| Comcast Corporation | Diversified Telecommunication Services | Elect Director Kenneth J. Bacon | For | Withhold | Business ethics, transparency, and accountability |
| Match Group, Inc. | Interactive Media & Services | Elect Director Stephen Bailey | For | Withhold | Business ethics, transparency, and accountability |
| Paramount Global | Media | Elect Director Barbara M. Byrne | For | Against | Business ethics, transparency, and accountability |
| Paramount Global | Media | Elect Director Linda M. Griego | For | Against | Business ethics, transparency, and accountability |
| Paramount Global | Media | Elect Director Susan Schuman | For | Against | Board Structure and Operation |
| Brown-Forman Corporation | Beverages | Elect Director Campbell P. Brown | For | Against | Board Structure and Operation |
| Brown-Forman Corporation | Beverages | Elect Director Elizabeth M. Brown | For | Against | Business ethics, transparency, and accountability |
| Brown-Forman Corporation | Beverages | Elect Director Marshall B. Farrer | For | Against | Business ethics, transparency, and accountability |
| Brown-Forman Corporation | Beverages | Elect Director W. Austin Musselman, Jr. | For | Against | Business ethics, transparency, and accountability |
| Brown-Forman Corporation | Beverages | Elect Director Jan E. Singer | For | Against | Business ethics, transparency, and accountability |
| Brown-Forman Corporation | Beverages | Elect Director Tracy L. Skeans | For | Against | Business ethics, transparency, and accountability |
| Ralph Lauren Corporation | Textiles, Apparel & Luxury Goods | Elect Director Angela Ahrendts | For | Withhold | Business ethics, transparency, and accountability |
| Ralph Lauren Corporation | Textiles, Apparel & Luxury Goods | Elect Director Darren Walker | For | Withhold | Business ethics, transparency, and accountability |
| STERIS plc | Health Care Equipment & Supplies | Elect Director Cynthia L. Feldmann | For | Against | Business ethics, transparency, and accountability- Environmental |
| Qorvo, Inc. | Semiconductors & Semiconductor Equipment | Elect Director Judy Bruner | For | Against | Board Quality- Diversity |
| Qorvo, Inc. | Semiconductors & Semiconductor Equipment | Elect Director Roderick D. Nelson | For | Against | Board Quality- Diversity |
| Qorvo, Inc. | Semiconductors & Semiconductor Equipment | Elect Director Walden C. Rhines | For | Against | Board Quality- Diversity |
| Qorvo, Inc. | Semiconductors & Semiconductor Equipment | Elect Director Susan L. Spradley | For | Against | Board Quality- Diversity |
| Tesla, Inc. | Automobiles | Elect Director Ira Ehrenpreis | For | Against | Business ethics, transparency, and accountability- Governance |
| Tesla, Inc. | Automobiles | Elect Director Kathleen Wilson-Thompson | For | Against | Business ethics, transparency, and accountability- Governance |
| The Estee Lauder Companies Inc. | Personal Care Products | Elect Director William P. Lauder | For | Withhold | Board Structure and Operation |
| The Estee Lauder Companies Inc. | Personal Care Products | Elect Director Jennifer Tejada | For | Withhold | Business ethics, transparency, and accountability |
| The Estee Lauder Companies Inc. | Personal Care Products | Elect Director Eric L. Zinterhofer | For | Withhold | Board Structure and Operation |
| Fox Corporation | Media | Elect Director Tony Abbott | For | Against | Board Quality- Diversity |
| Fox Corporation | Media | Elect Director William A. Burck | For | Against | Board Quality- Diversity |
| Fox Corporation | Media | Elect Director Roland A. Hernandez | For | Against | Board Quality- Diversity |
| Fox Corporation | Media | Elect Director Paul D. Ryan | For | Against | Business ethics, transparency, and accountability |
| Oracle Corporation | Software | Elect Director Bruce R. Chizen | For | Withhold | Board Quality |
| News Corporation | Media | Elect Director José María Aznar | For | Against | Board Quality |
| Copart, Inc. | Commercial Services & Supplies | Elect Director Diane M. Morefield | For | Against | Board Quality |
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1 Votes included from reporting period July 1, 2023 – June 30, 2024. This report reflects proxy voting for the College Retirement Equities Fund (“CREF”), TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (collectively “TIAA-CREF Fund Complex”), the General Account of Teachers Insurance and Annuity Association of America (“TIAA”), and Nuveen Asset Management (NAM), which comprises approximately 94% of Nuveen, LLC equity assets under management as of June 30, 2024. As a result of the One Nuveen proxy initiative, effective 10/1/2022, the TIAA-CREF Fund Complex and Nuveen Asset Management, LLC follow the same voting processes and policies.
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