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TIAA-CREF ISSUES POLICY STATEMENT ON CORPORATE GOVERNANCE

 NEW YORK, Oct. 6 /PRNewswire/ -- TIAA-CREF, the world's largest pension system, issued today its first comprehensive set of corporate governance principles. Over a year in the making, TIAA-CREF's policy statement on corporate governance has been carefully reviewed by leaders from both corporations and academic institutions. TIAA-CREF believes that it may be the first all-inclusive document of its kind in the investment industry.
 As a major institutional investor, TIAA-CREF offers its statement for the purpose of improving corporate governance policies and procedures. The organization believes that the structure and framework of each corporation is unique, and has no intention of intervening in strategic management operations. However, TIAA-CREF also believes that certain principles are universally essential to effective governance and the organization hopes to play a defining role in establishing them.
 TIAA-CREF currently has nearly $125 billion in assets under management. Its pension system serves approximately 1.6 million employees at some 5,000 educational and research institutions in the U.S.
 Copies of statement available upon request.
 -0- 10/6/93
 /CONTACT: Tom Pinto, public relations officer, 212-916-5986, or Claire M. Sheahan, second vice president, 212-916-4666, both of TIAA- CREF/


CO: Teachers Insurance and Annuity Association College Retirement
 Equities Fund ST: New York IN: INS SU:


WB-TS -- NY054 -- 9393 10/06/93 14:15 EDT
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Publication:PR Newswire
Date:Oct 6, 1993
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