Robert Young
About Robert L. Young
Robert L. Young is the Independent Chair and a Class I Board Member nominee of the Nuveen Funds’ unitary board overseeing JCE (Nuveen Core Equity Alpha Fund). He has served on the Board since 2017 (year of birth: 1963) and previously held senior leadership roles at J.P. Morgan Investment Management and the J.P. Morgan Funds; he is a former CPA with a B.B.A. in Accounting from the University of Dayton . All current nominees, including Young, are deemed Independent Board Members under the 1940 Act and NYSE/NASDAQ standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer and Director | 2010–2016 | Led service, administration, and platform support across retail and institutional businesses . |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | Liaised with service providers and fund boards; set agendas and policies . |
| JPMorgan affiliates (incl. JPMorgan Distribution Services, Inc.) | Director and various officer positions | 1999–2017 | Senior leadership across fund administration and distribution . |
| Deloitte & Touche LLP (formerly Touche Ross LLP) | Senior Manager (Audit) | 1985–1996 | Built and led the firm’s midwestern mutual fund audit practice . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| University of Dayton | Investment Committee member, Board of Trustees | 2008–2011 | Governance and oversight of endowment investments . |
| Public company directorships (last 5 years) | None | N/A | “Other Directorships … None” for Young in proxy table . |
Board Governance
- Independence: All nominees, including Young, are “not interested persons” and have never been employees/directors of TIAA/Nuveen; they are Independent Board Members .
- Board leadership: The Board has elected Young as Independent Chair; responsibilities include coordinating agendas, presiding over meetings, and serving as liaison among trustees, officers, and counsel .
- Attendance: Each Board Member attended at least 75% of Board and committee meetings during the last fiscal year for the funds on which they serve .
Committee assignments (Young-specific):
| Committee | Role | Notes |
|---|---|---|
| Executive Committee | Chair and Member | Authorized to exercise Board powers between meetings . |
| Nominating & Governance Committee | Chair and Member | Oversees governance, board evaluation, committee rotation, and director nominations . |
| Audit Committee | Member | Designated an “audit committee financial expert” by the Board . |
| Closed-End Fund Committee | Member | Reviews premiums/discounts, leverage, distributions, and market dynamics of Nuveen CEFs . |
| Investment Committee | Member | Oversees performance and investment risk management . |
| Dividend Committee | Not a member | Dividend Committee membership listed without Young . |
JCE (Core Equity Alpha) meeting cadence (last fiscal year):
| Meeting Type | Count |
|---|---|
| Regular Board | 5 |
| Special Board | 9 |
| Executive Committee | 5 |
| Dividend Committee | 10 |
| Compliance, Risk & Regulatory Oversight | 5 |
| Audit Committee | 14 |
| Nominating & Governance | 5 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
Compensation structure (Independent Board Members):
| Component | 2023 Terms | 2024 Terms | 2025 Terms |
|---|---|---|---|
| Annual retainer | $210,000 | $350,000 | $350,000 |
| Chair of the Board retainer | $140,000 | $140,000 | $150,000 |
| Audit Committee member | $2,500/meeting (committee meetings) | $30,000 retainer | $35,000 retainer |
| Compliance, Risk & Regulatory member | $5,000/meeting | $30,000 retainer | $35,000 retainer |
| Investment Committee member | $2,500/meeting | $20,000 retainer | $30,000 retainer |
| Dividend, Nominating & Gov., Closed-End member | $1,250–$2,500/meeting depending on committee | $20,000 retainer each | $25,000 retainer each |
| Ad hoc Board/Committee meetings | N/A | $1,000–$2,500 per meeting | $1,000–$2,500 per meeting |
| Special assignment committees | Chair/members determined by complexity | Quarterly fees: Chair from $1,250; Members from $5,000 | Quarterly fees: Chair from $1,250; Members from $5,000 |
Total actual compensation (last fiscal year, all funds overseen):
- Robert L. Young: $502,381 total compensation from funds in the Fund Complex (includes any deferred fees) .
Performance Compensation
Independent Board Members receive cash retainers/fees; the proxy describes no equity (RSU/PSU) or option awards for directors .
Deferred compensation plan details:
- Directors may defer all/part of fees into book accounts tracking Nuveen funds; distributions may be taken in a lump sum or over 2–20 years; liabilities are borne by participating funds .
- Young has deferred fee balances across multiple funds; examples include Preferred & Income Opportunities $6,464, NASDAQ 100 Dynamic Overwrite $2,470, and S&P 500 Buy-Write $2,910 (amounts reflect deferred fees plus assumed investment returns) .
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Current public company boards | None disclosed for the past five years for Young . |
| Related-party security holdings (adviser affiliates) | Appendix lists such holdings for certain trustees (e.g., Kenny); Young is not listed, indicating none disclosed for him as of Sep 30, 2024 . |
| Section 16(a) ownership reporting | Funds report full compliance by trustees and officers in the last fiscal year . |
Expertise & Qualifications
- Designated audit committee financial expert; former CPA; deep fund operations and governance experience from J.P. Morgan roles .
- Unitary board leadership as Independent Chair, with responsibilities for agenda-setting, presiding, and liaison across stakeholders .
- Over 30 years in investment management; education: B.B.A. in Accounting (University of Dayton) .
Equity Ownership
Ownership guideline and alignment:
- Governance principle: each Board Member is expected to invest, directly or on a deferred basis, at least one year of compensation in funds within the Fund Complex .
- As of Feb 18, 2025, each Board Member’s individual holdings in any fund were <1% of that fund’s shares; trustees and officers as a group also held <1% per fund .
Selected beneficial ownership (as of Dec 31, 2024):
| Fund | Dollar Range | Shares |
|---|---|---|
| Nuveen Core Equity Alpha (JCE) | $0 | 0 |
| Nuveen Global High Income (JGH) | Over $100,000 | 16,475 |
| Aggregate range across all registered investment companies overseen | Over $100,000 | N/A |
Governance Assessment
- Strengths: Independent Chair with extensive fund operations background; chairs Executive and Nominating & Governance Committees; Audit Committee member and designated financial expert; attendance threshold met; independence affirmed for all nominees .
- Compensation structure: Notable reset effective Jan 1, 2024 (annual retainer from $210k to $350k), with Chair retainer rising to $150k in 2025; Young’s total complex-wide compensation was $502,381 in the last fiscal year .
- Alignment: Board guideline encourages at least one year of compensation invested across the complex; Young’s aggregate fund family holdings are “Over $100,000.” Compliance status versus the guideline is not explicitly stated in the proxy .
- RED FLAGS to monitor: No direct ownership in JCE (JCE holding $0), which may be viewed as weaker fund-level alignment despite aggregate complex holdings . No related-party transactions or Section 16(a) delinquencies disclosed for Young .