For example, TIAA-CREF’s Corporate Governance team monitors governance practicesof the 4,000 companies in which it invests its pension funds through its Corporate Assessment Program. If its analysis of a company reveals problems, TIAA-CREF first sends letters stating its concerns, followed up by visits, and it finally sponsors a shareholder resolution in opposition to management’s action. Institutional investors are also powerful in many other countries. In Germany, bankers are represented on almost every board primarily because they own large blocks of stockin German corporations. In Denmark, Sweden, Belgium, and Italy, however, investment companies assume this role. For example, the investment company Investor casts 42.5% of the Electrolux shareholder votes, thus guaranteeing itself positions on the Electrolux board.