Joseph A. Boateng
About Joseph A. Boateng
Independent Board Member of Nuveen S&P 500 Buy-Write Income Fund (BXMX); born 1963, he was appointed to the Nuveen Funds boards (including BXMX) effective May 15, 2024, and is classified as a Class II trustee with a term expiring at the 2026 annual meeting; he is deemed an Independent Board Member under the 1940 Act and has never been an employee or director of TIAA/Nuveen or affiliates . Boateng is Chief Investment Officer of Casey Family Programs (since 2007), previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006), and holds a B.S. from the University of Ghana and an M.B.A. from UCLA .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | Since 2007 | Institutional CIO overseeing endowment assets |
| Johnson & Johnson | Director of U.S. Pension Plans | 2002–2006 | Oversight of U.S. corporate pension plan investments |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Lumina Foundation | Board Member | Since 2018 | Non-profit board service |
| Waterside School | Board Member | Since 2021 | Non-profit board service |
| Year Up Puget Sound | Board Member; Emeritus | 2012–2019; since 2020 | Workforce development non-profit |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Public pension oversight |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Community foundation oversight |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | TIAA-affiliated investment company |
| TIAA Separate Account VA-1 | Manager | 2019–2023 | TIAA-affiliated variable annuity account |
| TC Funds (TIAA-CREF Funds family) | Board Member | Since 2019 | Part of the “Fund Complex” with Nuveen funds |
Board Governance
| Item | Detail |
|---|---|
| Independence | All Nuveen Funds board members/nominees (including Boateng) are not “interested persons”; deemed Independent Board Members . |
| Board class/term (BXMX) | Class II; term expires at the 2026 annual meeting . |
| Appointment date (BXMX) | Appointed to the board effective May 15, 2024 . |
| Committee assignments (BXMX) | Audit Committee (Member); Nominating & Governance Committee (Member); Investment Committee (Co‑Chair with A. Lancellotta) . |
| Attendance | Each Board Member attended ≥75% of Board and applicable committee meetings in the last fiscal year . |
| Board leadership | Independent Chair: Robert L. Young; unitary board across Nuveen complex . |
BXMX – Meetings Held Last Fiscal Year (workload context)
| Meeting Type | Count |
|---|---|
| Regular Board | 5 |
| Special Board | 9 |
| Executive Committee | 5 |
| Dividend Committee | 10 |
| Compliance, Risk Mgmt & Regulatory Oversight | 5 |
| Audit Committee | 14 |
| Nominating & Governance | 5 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
Compensation is paid in cash retainers/fees allocated across the Nuveen fund complex; the Funds have no retirement or pension plans but offer a deferred compensation plan for independent trustees .
| Component | 2023 | 2024 | 2025 |
|---|---|---|---|
| Annual retainer (Independent Board Member) | $210,000 | $350,000 | $350,000 |
| Committee membership retainers – Audit; Compliance/Risk | Per‑meeting fees (see 2023 structure) | $30,000 each | $35,000 each |
| Committee membership – Investment | Per‑meeting fees (see 2023 structure) | $20,000 | $30,000 |
| Committee membership – Dividend; Nominating & Governance; Closed‑End Funds | Per‑meeting fees (see 2023 structure) | $20,000 each | $25,000 each |
| Board Chair retainer | $140,000 | $140,000 | $150,000 |
| Committee Chair retainers – Audit; Compliance/Risk | $20,000 | $30,000 | $35,000 |
| Investment Committee Chair retainer | $20,000 | $20,000 | $30,000 |
| Dividend; Nominating; Closed-End Chairs | $20,000 | $20,000 | $25,000 |
| Ad hoc Board/Committee meetings | — | $1,000 or $2,500 per meeting (length/immediacy) | Same |
| Special assignment committees | — | Chair/Co‑Chair: quarterly from $1,250; Members: quarterly from $5,000 | Same |
| Payer | Amount |
|---|---|
| Aggregate compensation from BXMX (last fiscal year) | $2,900 |
| Total compensation from funds in the Fund Complex (Boateng) | $464,250 |
| Deferred Compensation (credited amounts) | Amount |
|---|---|
| BXMX (S&P Buy-Write) – deferred fees credited (incl. investment return) | $723 |
Notes: Fees/expenses are allocated among Nuveen funds (minimum allocation may apply; some fees allocated only to funds discussed at a meeting). A deferred compensation plan allows deferral of fees into notional investments tracking eligible Nuveen funds; distributions can be lump sum or over 2–20 years .
Performance Compensation
No performance metrics, stock awards, stock options, or performance‑linked compensation are described for Independent Board Members in the proxy; compensation is structured as retainers, committee retainers, and meeting/ad hoc fees with an optional deferred compensation plan .
Other Directorships & Interlocks
| Company/Entity | Type | Role | Potential Interlock |
|---|---|---|---|
| CREF; TIAA Separate Account VA‑1 | Investment companies (TIAA‑affiliated) | Trustee (2018–2023); Manager (2019–2023) | Within “Fund Complex”; not employment; independence from TIAA/Nuveen affirmed |
| Lumina Foundation; Waterside School; Year Up Puget Sound; Seattle City ERS; The Seattle Foundation | Non‑profit/committee | Board/Committee roles | None with BXMX competitors disclosed |
No public company directorships are disclosed for Boateng in the past five years in the board member table .
Regulatory filings: The Funds report that board members and officers complied with Section 16(a) ownership reporting requirements in the last fiscal year .
Expertise & Qualifications
- Institutional CIO with asset allocation and manager oversight expertise; prior corporate pension leadership at Johnson & Johnson .
- Academic credentials: B.S. (University of Ghana) and M.B.A. (UCLA) .
- Governance experience across large multi‑fund complexes (Nuveen/TC Funds) and multiple investment committees .
Equity Ownership
| Metric | BXMX | Complex-level |
|---|---|---|
| Dollar range of equity in BXMX | $0 | — |
| Shares owned in BXMX | 0 | — |
| Ownership as % of BXMX outstanding | <1% (all board members individually below 1%) | — |
| Aggregate equity holdings in family of investment companies overseen | — | Over $100,000 (includes CREF/VA‑1 where applicable) |
| Shares pledged as collateral | Not disclosed | Not disclosed |
| Ownership guidelines | Board expects each member to invest at least the equivalent of one year of compensation in funds in the Fund Complex | — |
| Compliance with ownership guideline | Not disclosed | Not disclosed |
Governance Assessment
-
Strengths
- Independent director, not an “interested person”; brings significant institutional investment oversight experience as CIO; co‑chairs the Investment Committee, directly influencing performance oversight and risk discussions for BXMX .
- Active committee roles (Audit; Nominating & Governance; Investment Co‑Chair) indicate high engagement; ≥75% attendance threshold met; BXMX had substantial committee workload (e.g., 14 Audit meetings), implying substantive oversight exposure during the year .
- No related‑party holdings or transactions disclosed for Boateng; independence from TIAA/Nuveen employment affirmed; Section 16(a) compliance reported .
-
Alignment and compensation
- Receives cash retainers/fees allocated across the fund complex; BXMX‑specific compensation was $2,900, with total complex compensation of $464,250; he elected to defer a portion (BXMX deferral credit $723) which notionally tracks Nuveen funds .
- Board adopts an ownership expectation of one year’s compensation invested across the Fund Complex; Boateng’s aggregate holdings across the family of investment companies are disclosed as “Over $100,000,” but BXMX‑specific ownership is $0, and compliance status with the guideline is not stated .
-
Potential watch items
- RED FLAG (alignment): $0 direct ownership in BXMX may be perceived as weaker fund‑level alignment, though the board’s guideline applies at the complex level and Boateng discloses >$100,000 aggregate holdings across the family of funds .
- Pay structure shifts: Board retainer increased from $210,000 (2023) to $350,000 (2024) with higher committee retainers in 2025; investors may monitor whether fee escalations correlate with enhanced oversight outcomes (discount/premium management, distribution policy, risk) .
- Dual roles in complex: He serves as a compensated consultant to several Nuveen funds (not BXMX), which is disclosed and governed by consulting agreements; while not a related‑party transaction, investors may watch for any perceived time/attention conflicts across the complex .