Equities, which totalled $51.7 billion at year end 2011, include stocks and the Teachers' Private Capital portfolio.

We invest in public equities in several major ways:

• Stock market indexes
• Actively managed portfolios
• Relationship investing
• Long-term equities

Most of our investments in public companies are managed in-house.

Good corporate governance
We believe good governance is good business.
As a shareholder in more than 1,400 public companies worldwide, we play an active leadership role in promoting the importance of good corporate governance to achieve better long-term performance.