US. educator pension fund TIAA-CREF has promulgated a reputation of upholding socially responsible values, and even goes as far as highlighting its role in drafting UN principles of transparency, environmental sustainability and respect for land rights in farmland purchases.
However, it turns out that the U.S. pension fund titan and its partners may have done some naughty things in a country which lately seems rifle with corruption. TIAA-CREFF is alleged to have bought hundreds of millions of dollars of farmland in the cerrado, the area on the edge of the Amazon rain forest where wooded plains are being converted to agriculture. The scale and the rapidity of the transition to farmland in the cerrado has led to an outcry from environmentalists.