Fund Trustees Resign Over Auditor Dealings
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Two trustees of pension fund TIAA-CREF, the largest institutional investor in the U.S., have resigned after they were accused of violating Securities and Exchange Commission rules by doing business separately with the fund’s auditor, Ernst & Young.
According to a filing with the SEC, TIAA-CREF said the two trustees -- Stephen Ross and William Waltrip -- resigned as of Tuesday. The pension fund will also put its auditing business out to bid for 2005.
TIAA-CREF said a company owned by the two trustees entered into an agreement with Ernst & Young in August 2003 to help the auditing firm value corporate stock options.
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