Strong Corporate Governance Annual Report 2023-24 | 30 Michael & Susan Dell Foundation (MSDF) Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. (FMO) The Investment Fund for Developing Countries (IFU) Teachers Insurance and Annuity Association of America (TIAA) The Michael & Susan Dell Foundation (www.dell.org) is dedicated to transforming the lives of children living in urban poverty around the world. With offices in Austin, TX, New Delhi, India, and Cape Town, South Africa, the Dell Foundation funds programs that foster high-quality public education and childhood health and improve the economic stability of the families we serve. To date, the foundation has committed USD 2.3 bn to global children’s issues and community initiatives to accelerate opportunity for families. TIAA was chartered in 1918 as a stock life insurance company, domiciled in New York State, to provide employees of nonprofit education and research institutions with the means to enhance their future financial security. The Carnegie Corporation had provided TIAA’s initial USD 1 mn capital, and as sole owner of TIAA, it held all the stock: five hundred shares. For TIAA’s first twenty years, the Carnegie Corporation paid the organization’s business expenses. However, in 1937, The Carnegie Corporation formed a new nonprofit company to hold the shares of stock in TIAA to enable the organization to be governed on its own. Named Trustees of T.I.A.A. Stock, it was incorporated by a Special Act of the New York State legislature. The Carnegie Corporation then turned over ownership of TIAA to the new company. In 1989, Trustees of T.I.A.A. Stock was renamed TIAA Board of Overseers and again renamed in 2021 to be called the TIAA Board of Governors. TIAA Board of Governors normally consists of seven members, each of whom serves a seven-year term. The members do not FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable. FMO focuses on three sectors that have high development impact: Agribusiness, Food & Water, Energy, and Financial Institutions. With a total committed portfolio of over EUR 13 bn spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. IFU is a Danish impact investor contributing to green, just and inclusive societies as well as supporting the Sustainable Development Goals. IFU provides risk capital to companies operating in developing countries across Africa, Asia, Latin America and parts of Europe. Investments are made on commercial terms in the form of equity, loans and guarantees. IFU has co-invested in over 1,300 companies in more than 100 developing countries and emerging markets. IFU is fund manager for a number of funds and facilities, including the Danish SDG Investment Fund, a public-private partnership with Danish pension funds. Capital under management is EUR 2.1 bn. owners of private equity assets through single asset and portfolio transactions. The firm invests in innovative leaders in the Technology, Next-Generation Consumer and Healthcare sectors across Asia. TR Capital is an active investor and shareholder and works with its portfolio companies to optimize their business models and capital structures. The firm’s sophisticated global investor base includes sovereign funds, pension funds, asset management firms, entrepreneurs, and family offices. TR Capital’s 31 professionals are based across 6 offices in Asia: Hong Kong, Singapore, Shanghai, Shenzhen, Mumbai and Delhi. directly supervise TIAAmanagement, but they elect the members of the TIAA Board of Trustees, which does exercise such supervision. They also approve amendments to TIAA’s Charter and Bylaws. TIAA Board of Governors meets at least twice a year. TIAA is regulated principally by the New York Department of Financial Services.
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