TIAA Customers and Products Committee Charter
Adopted on July 20, 2006
Introduction
The Customers and Products Committee ("Committee") is a standing committee of the Board of Trustees ("Board") of TIAA ("Company"), established to support the Board by monitoring various customers and products issues. The Committee will accomplish this purpose by, among other things,
- Monitoring product and service strategies, execution and results,
- Monitoring product and service development and recommending
significant new products and services to the Board,
- Monitoring the Company's competitive position,
- Monitoring customer service quality issues,
- Monitoring institutional and individual marketing,
- Monitoring technology issues that have a customer impact.
This Charter of the Committee, which has been approved by the Board, constitutes a statement of the Committee's authority, structure and responsibilities. It provides guidelines for the Committee's interactions with the Board and the management of the Company.
Authority
The Committee shall have authority to retain or obtain advice from internal or external advisors as appropriate. The Committee may also appoint subcommittees.
Composition
The Committee shall have at least three members. Members of the Committee, including the Chairperson, shall be appointed annually by the Board and may be replaced by the Board.
Meetings
The Committee shall meet at least three times annually, or more frequently as circumstances require. The Chairperson of the Committee, in consultation with the other Committee members, shall direct the meeting agendas and determine the frequency and length of the Committee meetings. The Committee shall regularly report to the Board and shall regularly submit approved minutes of its meetings to the Board.
Responsibilities
The Committee's responsibilities include the following:
Monitoring product and service strategies, execution and results
- Maintain ongoing knowledge of current product and service strategies and approaches, including forecasted and actual results, across all distribution channels.
- Monitor material product and service changes that could impact the customer relationship in a significant way
Monitoring product and service development and recommending significant new products and services to the Board
- Develop knowledge of new product and service offerings and make recommendations to the Board based on the benefit to our customers and the business.
Monitoring the Company's competitive position
- Maintain ongoing knowledge of ever-changing competitive marketplace for our institutional, individual and asset management businesses.
- Maintain ongoing knowledge of our core TIAA-CREF value propositions and how we compare to our primary competitors.
Monitoring customer service quality issues
- Maintain ongoing knowledge of our service results with an emphasis on quality from a customer experience point of view.
- Monitor across all distribution channels.
Monitoring institutional and individual marketing
- Maintain ongoing knowledge of marketing and communication strategies and tactics to both institutional and individual customers.
- Maintain ongoing knowledge of corporate branding and sponsorship initiatives.
Monitoring technology issues that have a customer impact
- Maintain ongoing knowledge of both the customer relationship staff's (institutional and individual consultants) service and sales technology.
- Maintain ongoing knowledge of all aspects of the TIAA-CREF's web center including the individual and institutional secure sites.
Reporting to the Board
- Make assessments and reports to the Board regarding customer or product issues whenever the Committee deems it necessary.
