Thomas Kenny
About Thomas J. Kenny
Independent director with deep fixed-income and portfolio management credentials; born 1963; CFA charterholder; B.A. from UC Santa Barbara and M.S. from Golden Gate University . Has served on Nuveen fund boards within the fund complex since 2011 and is currently a Class I nominee with term running to the 2028 annual shareholder meeting . Served as Co‑Chair of the Board for a one‑year term ending December 31, 2024 . External roles include Director and Chair of the Finance & Investment Committee at Aflac Incorporated; prior director roles include ParentSquare (no longer current as of the 2025 proxy) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Managing Director; Co‑Head Global Cash & Fixed Income PM Team; Partner; Advisory Director | MD 1999–2004; Co‑Head 2002–2010; Partner 2004–2010; Advisory Director 2010–2011 | Led global cash and fixed income portfolio management |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Board leadership of major retirement investment vehicle |
| TIAA Separate Account VA‑1 | Management Committee; Chairman | Mgmt Committee 2011–2023; Chairman 2017–2023 | Oversight of variable annuity account |
| Sansum Clinic | Director; Finance Committee Chair | 2016–2022 | Finance oversight in nonprofit healthcare |
| B’Box (Advisory Board) | Advisory Board Member | 2017–2019 | Advisory role |
| UC Santa Barbara Arts & Lectures | Advisory Council Member | 2011–2020 | Advisory role |
| Cottage Health System | Investment Committee Member | 2012–2020 | Investment oversight |
| Crane Country Day School | Board Member; President of the Board | 2009–2019 (President 2014–2018) | Board leadership |
External Roles
| Organization | Role | Tenure / Status | Notes |
|---|---|---|---|
| Aflac Incorporated | Director; Chair of Finance & Investment Committee | Director since 2015; Chair since 2018 | Public company directorship with finance oversight |
| ParentSquare | Director | Formerly Director (2021–2022) | No longer current per 2025 proxy |
| CREF | Trustee; Chairman | 2011–2023 (Chair 2017–2023) | Prior leadership in retirement investment complex |
| TIAA Separate Account VA‑1 | Manager; Chairman | 2011–2023 (Chair 2017–2023) | Prior leadership |
Board Governance
- Committee assignments (current): Executive Committee (member); Dividend Committee (member); Nominating & Governance Committee (member); Investment Committee (member); Closed‑End Fund Committee (member) .
- Audit Committee: Not a current member (Audit Committee members listed do not include Kenny) .
- Independence: Serves as an Independent Board Member; Nominating & Governance Committee is composed entirely of independent trustees .
- Attendance: Each Board Member attended at least 75% of Board and relevant committee meetings in the last fiscal year .
- Board service/tenure: Listed as “Since 2011” within the fund complex; currently a Class I nominee to serve until the 2028 annual meeting .
Fixed Compensation
Board members are compensated via fixed retainers and committee retainers; no stock or option grants.
| Program Element | 2023 Structure | 2024 Structure (effective Jan 1, 2024) | 2025 Updates (effective Jan 1, 2025) |
|---|---|---|---|
| Annual retainer (Independent Board Member) | $210,000 | $350,000 | $350,000 (unchanged) |
| Audit Committee member retainer | Per‑meeting $2,500 | $30,000 annual | $35,000 annual |
| Compliance/Risk/Regulatory member retainer | Per‑meeting $5,000 | $30,000 annual | $35,000 annual |
| Investment Committee member retainer | Per‑meeting $2,500 | $20,000 annual | $30,000 annual |
| Dividend / Nominating & Governance / Closed‑End member retainer | Dividend: $1,250 per mtg; N&G/CEF: $500 per mtg | $20,000 annual each | $25,000 annual each |
| Board Chair/Co‑Chair retainer | $140,000 | $140,000 | $150,000 |
| Committee Chair retainers | $20,000 each | $20,000 (Audit/Compliance $30,000) | Audit/Compliance $35,000; Investment $30,000; Dividend/N&G/CEF $25,000 |
| Ad hoc meetings | N/A (per‑meeting structure) | $1,000 or $2,500 depending on length/immediacy | Same |
| Fund-Level Compensation (most recent fiscal year) | Amount |
|---|---|
| JCE (S&P 500 Buy‑Write Income Fund) – Aggregate Compensation paid to Thomas J. Kenny | $3,841 |
| Total compensation from funds in the Fund Complex paid to Kenny | $610,000 |
| Deferred fees payable balance attribution – JCE (S&P Buy‑Write) | $960 |
Additional notes:
- Funds do not have retirement or pension plans; an optional deferred compensation plan credits deferrals as if invested in eligible Nuveen funds, with distributions in lump sum or over time .
Performance Compensation
There is no performance‑based pay for directors (no bonuses, stock awards, options, or performance metrics).
| Performance Metric | Applied to Director Pay? | Details |
|---|---|---|
| Revenue/EBITDA/TSR/ESG targets | No | Director compensation consists of cash annual and committee retainers; no equity awards or performance criteria disclosed . |
| Options/RSUs/PSUs | No | No option or stock award programs for fund directors disclosed . |
| Clawbacks/COC provisions | N/A | Not applicable to director fee program . |
Other Directorships & Interlocks
| Company/Entity | Relationship | Potential Interlock Notes |
|---|---|---|
| Aflac Incorporated | Director; Chair of Finance & Investment Committee | Large public insurer; no fund‑level holdings disclosed here; committee chair role signals finance oversight strength . |
| ParentSquare | Director (past) | Listed as “formerly Director (2021–2022)” in 2025 proxy . |
| CREF; TIAA Separate Account VA‑1 | Prior chair roles | Prior leadership in retirement/annuity complexes; strong governance exposure . |
Related‑party/affiliated adviser exposure (disclosed):
- As of September 30, 2024, Kenny had interests via the Thomas Joseph Kenny 2021 Trust and through KSHFO, LLC (6.60% owned by Kenny) in entities advised by firms under common control with the Funds’ investment adviser, including Global Timber Resources LLC ($39,673), Global Timber Resources Investor Fund, LP ($598,506; 6.01% of committed capital), Global Agriculture II Investor Fund LP ($765,198; 0.05%), and Global Agriculture II AIV (US) LLC ($707,487; 0.17%) .
- Note: Percentages reflect commitments, not current ownership percentages .
Expertise & Qualifications
- Fixed‑income and cash management expertise from GSAM leadership roles; CFA charterholder .
- Governance and risk oversight experience across multiple committees (Investment, Nominating & Governance, Closed‑End, Dividend, Executive) .
- Not designated as an “audit committee financial expert” in the 2024 Audit Committee disclosure (experts named were Moschner, Nelson, Starr, Young) .
Equity Ownership
- JCE (S&P 500 Buy‑Write Income Fund) holdings: Kenny reported $0 beneficial ownership as of December 31, 2024; dollar‑range table also shows $0 for JCE and other listed funds in Appendix A .
- Aggregate range across all registered investment companies in the family overseen by the Board Member: “Over $100,000” (note: range, not exact figure) .
- As of February 18, 2025, each Board Member’s individual beneficial shareholdings of each Fund constituted less than 1% of the relevant Fund; Board Members and officers as a group owned less than 1% of each Fund .
- Stock ownership guideline: Board governance principle expects each Board Member to invest, directly or on a deferred basis, at least the equivalent of one year of compensation in funds in the Nuveen complex (principle reiterated in prior proxies) . Specific compliance status versus this guideline is not quantifiable from the disclosed ranges .
Governance Assessment
Strengths
- Deep fixed‑income and portfolio management background; current public company oversight as Aflac committee chair, which supports risk and capital markets expertise beneficial to JCE’s covered‑call strategy governance .
- Broad committee participation (Executive, Investment, Nominating & Governance, Dividend, Closed‑End) enhances board effectiveness and cross‑committee information flow .
- Independence affirmed; committee structures (e.g., Nominating & Governance) comprised entirely of independent trustees; attendance exceeded 75% threshold .
Risk indicators / Watch items
- Fund‑level ownership alignment: $0 direct ownership in JCE as of Dec 31, 2024; while aggregate family holdings exceed $100,000, the absence of JCE‑specific holdings may be viewed as weaker “skin‑in‑the‑game” for this fund .
- Compensation escalation: significant shift from per‑meeting fees to higher fixed annual retainers in 2024 (board retainer to $350k, committee member retainers added) with further increases in 2025, which may draw investor scrutiny on pay inflation absent commensurate governance outcomes .
- Related‑party exposure: personal interests via KSHFO, LLC and a trust in vehicles advised by affiliates under common control with the adviser; disclosed values and commitment percentages mitigate opacity but warrant monitoring for conflicts management .
- Concentration of authority: membership on the Executive Committee centralizes authority among a small group; routine but merits oversight of process transparency .
Director Compensation – Fund-Level Detail (for JCE)
| Metric | JCE Amount |
|---|---|
| Aggregate compensation paid by JCE to Kenny (last fiscal year) | $3,841 |
| Deferred fees payable balance attribution – JCE | $960 |
Complex-Level Compensation Snapshot
| Metric | Amount |
|---|---|
| Total compensation from funds in the Fund Complex paid to Kenny (last fiscal year) | $610,000 |
Attendance and Independence
- Attendance: ≥75% for Board and applicable committees (all Board Members met threshold) .
- Independence: Identified as Independent Board Member; service on all‑independent Nominating & Governance and Investment Committees .
Director Ownership Ranges (as of Dec 31, 2024)
| Fund | Kenny $ Range | Shares |
|---|---|---|
| JCE (S&P 500 Buy‑Write Income Fund) | $0 | Not listed in share table; dollar range for JCE is $0 |
| Aggregate across all Nuveen registered investment companies overseen | Over $100,000 | N/A |
Policy References
- Deferred Compensation Plan mechanics and distribution options; no pension/retirement plans for directors .
- Ownership guideline: expected investment of at least one year’s compensation in Nuveen funds; range disclosures limit precise compliance assessment .
Appendix – Committee Memberships (current)
- Executive Committee: Young (Chair), Kenny, Nelson, Toth .
- Dividend Committee: Thornton (Chair), Lancellotta, Kenny, Nelson, Starr (except Multi‑Market Income) .
- Nominating & Governance: Young (Chair), Kenny, Lancellotta, Medero, Moschner, Nelson, Starr (except Multi‑Market Income), Thornton, Toth, Wolff; plus Boateng/Forrester with noted fund exceptions .
- Investment Committee: Boateng/Lancellotta (Co‑Chairs) with Kenny among members; fund‑specific exceptions noted .
- Closed‑End Fund Committee: Moschner (Chair), Kenny, Nelson, Starr (except Multi‑Market Income), Thornton, Wolff, Young .
- Audit Committee: current members do not include Kenny .