Thomas J. Kenny
About Thomas J. Kenny
Independent trustee of Nuveen S&P 500 Buy‑Write Income Fund (BXMX), born 1963, appointed to the Fund’s Board effective January 1, 2024; nominee for Class I term expiring at the 2028 annual meeting. Former Co‑Head of Goldman Sachs Asset Management’s Global Cash & Fixed Income Portfolio Management team; Chartered Financial Analyst with B.A. (UC Santa Barbara) and M.S. (Golden Gate University). He is currently a Director of Aflac Incorporated and Chair of Aflac’s Finance & Investment Committee. All Nuveen closed‑end fund trustees, including Kenny, are deemed “Independent Board Members” under the 1940 Act and have never been employees or directors of TIAA/Nuveen or affiliates .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Advisory Director; Partner; Managing Director; Co‑Head Global Cash & Fixed Income PM | Advisory Director 2010–2011; Partner 2004–2010; MD 1999–2004; Co‑Head 2002–2010 | Led fixed income and cash management globally . |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Oversight of large investment complex governance . |
| TIAA Separate Account VA‑1 | Management Committee Member; Chairman | Member 2011–2023; Chairman 2017–2023 | Oversight of variable annuity investment operations . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | Leads capital allocation/investment policy oversight . |
| ParentSquare | Director | 2021–2022 | Board service at K‑12 communications platform . |
| Sansum Clinic | Director; Finance Committee Chair | Finance Chair 2016–2022; Director (former) | Financial oversight in nonprofit healthcare . |
| B’Box (Advisory) | Advisory Board Member | 2017–2019 | Advisory role . |
| UCSB Arts & Lectures Advisory Council | Member | 2011–2020 | Civic/educational engagement . |
| Cottage Health System | Investment Committee Member | 2012–2020 | Oversight of endowment investments . |
| Crane Country Day School | Board Member; Board President | Director 2009–2019; President 2014–2018 | Governance leadership . |
Board Governance
- Independence: All nominees and trustees are “Independent Board Members” under the 1940 Act; none have been employees/directors of TIAA/Nuveen or affiliates .
- Years of service at BXMX: Appointed January 1, 2024; Class I nominee through 2028 annual meeting .
- Board leadership: Independent Chair (Robert L. Young) .
- Committee memberships (BXMX):
- Executive Committee (Member) .
- Dividend Committee (Member) .
- Compliance, Risk Management & Regulatory Oversight Committee (Member) .
- Nominating & Governance Committee (Member) .
- Investment Committee (Member) .
- Closed‑End Fund Committee (Member) .
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings during last fiscal year .
- Meeting cadence (BXMX last fiscal year):
- Regular Board: 5; Special Board: 9; Executive: 5; Dividend: 10; Compliance: 5; Audit: 14; Nominating & Governance: 5; Investment: 4; Closed‑End Fund: 4 .
Fixed Compensation
- Structure (Independent Board Members; effective dates noted):
- Annual base retainer: $350,000 (effective Jan 1, 2024) .
- Committee membership retainers (annual): Audit $30,000 → $35,000 (2025); Compliance $30,000 → $35,000 (2025); Investment $20,000 → $30,000 (2025); Dividend $20,000 → $25,000 (2025); Nominating & Governance $20,000 → $25,000 (2025); Closed‑End Funds $20,000 → $25,000 (2025) .
- Chair/Co‑Chair stipends (annual): Board Chair $140,000 → $150,000 (2025); Audit & Compliance Chair $30,000 → $35,000 (2025); Investment Chair $20,000 → $30,000 (2025); Dividend, Nominating & Governance, Closed‑End Chair $20,000 → $25,000 (2025) .
- Ad hoc/special assignment fees: $1,000 or $2,500 per ad hoc meeting depending on length/immediacy; special assignment committee quarterly fees: Chair from $1,250; Members from $5,000 .
Director-level last fiscal year compensation (BXMX and complex):
| Metric | BXMX (Aggregate $) | Fund Complex (Aggregate $) |
|---|---|---|
| Kenny – Aggregate compensation paid by BXMX | $3,841 | |
| Kenny – Total compensation paid by funds in Fund Complex | $610,000 |
Performance Compensation
- Equity or option awards: Not applicable; independent trustees are compensated via cash retainers/fees (with optional deferral) and do not receive RSUs/PSUs/options tied to performance .
- Performance metrics tied to pay: None disclosed; director fees are not contingent on Fund performance .
Other Directorships & Interlocks
| Company/Entity | Type | Role | Potential Interlock/Notes |
|---|---|---|---|
| Aflac Incorporated | Public company | Director; Chair, Finance & Investment Committee | External financial oversight role; no disclosed direct conflict with BXMX . |
| ParentSquare | Private | Former Director | Former role; no current interlock . |
| CREF; TIAA VA‑1 | Investment complexes | Former Trustee/Chair; Former Manager/Chair | Under TIAA/Nuveen umbrella; governance experience . |
Expertise & Qualifications
- Fixed income leadership: Former GSAM Co‑Head Global Cash & Fixed Income PM; deep markets/portfolio risk experience .
- Governance and investment oversight: Current Aflac committee chair; prior chair roles at CREF/VA‑1 .
- Credentials: CFA; B.A. UC Santa Barbara; M.S. Golden Gate University .
Equity Ownership
| Item | BXMX | Fund Complex |
|---|---|---|
| Dollar range of equity securities beneficially owned | $0 | Over $100,000 (aggregate across family of investment companies) . |
| Shares owned (BXMX) | 0 | Group ownership for trustees/officers <1% per fund . |
| Ownership % of outstanding | <1% for each Board Member in each Fund | |
| Deferred compensation (notional investment) – BXMX | $960 | Deferred amounts by fund detailed in proxy . |
| Ownership guidelines | Expected to invest at least one year of compensation in funds in Fund Complex | Compliance level not explicitly disclosed per individual . |
Governance Assessment
- Strengths: Independent status; broad capital markets expertise; active service across key committees (Executive, Dividend, Compliance, Nominating & Governance, Investment, Closed‑End), and satisfactory attendance (≥75%) .
- Alignment signals: Board principle expects trustees to invest at least one year of compensation in Fund Complex; Kenny’s aggregate family holdings exceed $100,000; optional deferral used (e.g., $960 attributed to BXMX) .
- Potential red flags and conflicts:
- No direct BXMX share ownership (dollar range $0; shares 0), which may be viewed as weaker direct alignment for BXMX specifically despite broader family holdings and deferrals .
- Related‑party exposure: Kenny (via a trust and KSHFO, LLC) holds positions in entities advised by advisers under common control with Nuveen (Global Timber Resources LLC; Global Timber Resources Investor Fund, LP; Global Agriculture II Investor Fund LP; Global Agriculture II AIV (US) LLC). Kenny owns 6.60% of KSHFO, LLC; values reported as of Sept 30, 2024 (e.g., $598,506; $765,198; $707,487) and noted percentages reflect committed amounts (not current ownership %). This creates a potential perceived conflict given oversight of Nuveen funds while investing in Nuveen‑controlled products, albeit disclosed in Appendix A .
- Controls and compliance: Section 16(a) ownership reporting compliance indicated for Board Members and officers in last fiscal year .
Overall, Kenny brings strong fixed‑income and governance expertise and is active across pivotal board committees. Key investor‑confidence watch‑items are absence of direct BXMX holdings and disclosed investments in Nuveen‑controlled vehicles, which should be weighed against his independence designation, attendance, and broad Fund Complex holdings and deferrals .