Joseph A. Boateng
About Joseph A. Boateng
Independent Board Member of Nuveen Floating Rate Income Fund (JFR). Born 1963; B.S. University of Ghana and MBA UCLA Anderson. Chief Investment Officer at Casey Family Programs since 2007; previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Joined the Nuveen funds’ Boards in 2024 for JFR (appointed May 15, 2024) and has served within the broader fund complex since 2019; classified as an Independent Board Member (not an “interested person” and has never been an employee/director of TIAA/Nuveen) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | Institutional CIO leadership; investment oversight |
| Johnson & Johnson | Director of U.S. Pension Plans | 2002–2006 | Corporate pension management experience |
External Roles
| Organization | Role | Tenure | Type |
|---|---|---|---|
| Lumina Foundation | Board Member | Since 2018 | Non-profit education foundation |
| Waterside School | Board Member | Since 2021 | Non-profit/education |
| Year Up Puget Sound | Board Member; Emeritus | 2012–2019; Emeritus 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 | Philanthropy investment oversight |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Registered investment company governance |
| TIAA Separate Account VA-1 | Manager | 2019–2023 | Insurance separate account governance |
Board Governance
- Independence: All Nuveen fund Board Members, including Boateng, are Independent Board Members (not “interested persons”) and have never been employees/directors of TIAA/Nuveen or affiliates .
- Committee assignments at JFR:
- Audit Committee member (not designated as an Audit Committee Financial Expert) .
- Nominating & Governance Committee member .
- Investment Committee Co-Chair (with Lancellotta) .
- Attendance: Each Board Member attended 75% or more of Board and committee meetings during the last fiscal year .
| JFR Board and Committee Meetings (last fiscal year) | Count |
|---|---|
| Regular Board Meetings | 5 |
| Special Board Meetings | 8 |
| Executive Committee | 8 |
| Dividend Committee | 8 |
| Compliance, Risk Management & Regulatory Oversight Committee | 6 |
| Audit Committee | 14 |
| Nominating & Governance Committee | 5 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
- Structure and rates: Independent Board Members receive cash retainers and committee retainers (no equity awards). Retainer increased to $350,000 effective Jan 1, 2024; committee membership and chair/co-chair retainers increased again effective Jan 1, 2025. Deferred Compensation Plan available; no retirement/pension plans .
| Component | 2024 Rate | 2025 Rate |
|---|---|---|
| Annual Board Retainer (Independent Board Members) | $350,000 | $350,000 |
| Audit Committee membership retainer | $30,000 | $35,000 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee membership retainer | $30,000 | $35,000 |
| Investment Committee membership retainer | $20,000 | $30,000 |
| Dividend, Nominating & Governance, Closed-End Funds Committee membership retainer | $20,000 | $25,000 |
| Board Chair | $140,000 | $150,000 |
| Audit/Compliance Committee Chair | $30,000 | $35,000 |
| Investment Committee Chair/Co-Chair | $20,000 | $30,000 |
| Dividend/Nominating/Closed-End Committee Chair/Co-Chair | $20,000 | $25,000 |
| Ad hoc Board/Committee meeting fee | $1,000 or $2,500 per meeting | $1,000 or $2,500 per meeting |
| Special Assignment Committee fees (Chair/Co-Chair and Members) | $1,250 quarterly (Chair); $5,000 quarterly (Members) | $1,250 quarterly (Chair); $5,000 quarterly (Members) |
| Actual Compensation Paid (last fiscal year) | Amount |
|---|---|
| JFR (Floating Rate Income) – Boateng | $2,520 |
| Total compensation from funds in the Nuveen Fund Complex – Boateng | $464,250 |
| Deferred fees (Participating Funds) – JFR (Floating Rate Income) – Boateng | $627 |
Performance Compensation
| Performance-linked pay elements | Status |
|---|---|
| Bonus/Target bonus | Not disclosed for directors; compensation described as retainers/meeting fees |
| Stock awards (RSUs/PSUs) | None disclosed for directors |
| Option awards | None disclosed for directors |
| Pay-for-performance metrics (TSR/EBITDA/ESG) | None disclosed for directors |
| Clawbacks/COC/Severance for directors | Not disclosed |
Other Directorships & Interlocks
| Entity | Type | Role | Tenure |
|---|---|---|---|
| Public company boards | — | None disclosed | — |
| CREF | Registered investment company | Trustee | 2018–2023 |
| TIAA Separate Account VA-1 | Insurance separate account | Manager | 2019–2023 |
| Lumina Foundation | Non-profit | Board Member | Since 2018 |
| Waterside School | Non-profit | Board Member | Since 2021 |
| Seattle City Employees’ Retirement System | Public pension | Investment Advisory Committee Member; Former Chair | Since 2007 |
| The Seattle Foundation | Philanthropy | Investment Committee Member | Since 2012 |
No related party securities holdings table lists Boateng; the disclosed related-party securities holdings pertain to another Board Member (Thomas J. Kenny), not Boateng .
Expertise & Qualifications
- Institutional CIO with long-tenured fiduciary oversight across endowment/foundation and pension contexts .
- Governance experience across multiple investment entities; MBA with investment management background .
- Audit Committee member (not designated SEC “financial expert”); Co-Chair of Investment Committee overseeing fund performance and risk .
Equity Ownership
| Measure | Boateng |
|---|---|
| JFR shares owned (as of Dec 31, 2024) | 0 |
| Ownership % of JFR | <1% (each Board Member individually held <1% across funds) |
| Aggregate range of equity securities in all registered investment companies overseen (family of investment companies) | Over $100,000 |
| Board guideline: expected to invest ≥ one year of compensation in the fund complex (direct or deferred) | Guideline in place |
Note: Beneficial ownership requirement applies at fund complex level; Boateng had no JFR-specific holdings as of year-end, while aggregate complex holdings were “Over $100,000” .
Governance Assessment
- Strengths: Independent status; active committee roles (Audit; Nominating & Governance; Co-Chair of Investment Committee) that directly influence financial reporting, board composition, and performance oversight; attendance ≥75% across Board/committees; well-aligned institutional investor background .
- Compensation structure: Purely cash-based retainers/fees with transparent increases in 2024–2025; ability to defer fees into participating funds improves alignment; no equity/options grants that could misalign incentives in a closed-end fund context .
- Alignment: Board guideline expects at least one year of compensation invested across the complex; Boateng’s aggregate complex holdings “Over $100,000” and use of deferred compensation are noted, but no JFR-specific ownership at year-end (alignment is complex-level vs. fund-specific) .
- Conflicts/Red Flags:
- RED FLAG (fund-specific alignment): 0 JFR shares owned as of 12/31/2024, despite the complex-wide investment guideline. While the policy focuses on complex-level investment or deferred holdings, lack of JFR-specific ownership may be viewed negatively by some investors seeking tighter fund-level alignment .
- No related-party transactions or pledging/hedging disclosed for Boateng; Section 16(a) filings complied during last fiscal year (reduces regulatory risk) .
- Not designated as SEC “audit committee financial expert,” though he serves on the Audit Committee; this is mitigated by other designated experts on the committee (Nelson, Moschner, Starr, Young) .
Insider Filings Summary
| Item | Status |
|---|---|
| Section 16(a) filing compliance (last fiscal year) | Compliant per proxy statement review |