Robert L. Young
About Robert L. Young
Independent Chair of the Nuveen Funds boards with 30+ years in investment management. Former COO and Director of J.P. Morgan Investment Management (2010–2016), President and Principal Executive Officer of J.P. Morgan Funds (2013–2016), and previously a Senior Manager (Audit) at Deloitte & Touche; former CPA; B.B.A. in Accounting from the University of Dayton; served on the University’s board investment committee (2008–2011). Born 1963; joined the Nuveen Funds boards in 2017 and is a Class I nominee with term running to the 2028 annual meeting . As Independent Chair, he sets agendas, presides at meetings, and serves as liaison among trustees, management, and independent counsel .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer; Director | 2010–2016 | Led service, administration, and platform support for domestic retail and institutional businesses; co-led globally . |
| J.P. Morgan Funds | President & Principal Executive Officer | 2013–2016 | Managed fund service-provider relations; board agendas; regulatory matters; policies and procedures . |
| Deloitte & Touche LLP | Senior Manager (Audit) | 1985–1996 | Helped create and ultimately led the firm’s Midwestern mutual fund practice . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| University of Dayton | Investment Committee of Board of Trustees | 2008–2011 | B.B.A. in Accounting; former CPA designation . |
| Other public company directorships (past 5 years) | None | — | No other public company boards disclosed . |
Board Governance
| Item | Details |
|---|---|
| Board leadership | Independent Chair of the Board (elected by trustees) . |
| Independence | All board members, including Young, are “Independent Board Members” (not “interested persons” and never employees/directors of TIAA/Nuveen or affiliates) . |
| Committees – roles | Executive Committee (Chair) ; Nominating & Governance Committee (Chair) ; Audit Committee (Member; designated “audit committee financial expert”) ; Closed-End Fund Committee (Member) ; Investment Committee (Member) . |
| Attendance | Each Board Member attended at least 75% of board and applicable committee meetings in the last fiscal year . |
| Scope/workload | Oversees 218 portfolios in the Nuveen/TIAA-CREF fund complex . |
| Chair responsibilities | Coordinates agendas with management; presides over board/shareholder meetings; liaison with trustees, officers, and independent counsel . |
Fixed Compensation
| Component | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base retainer (Independent Board Members) | $210,000 | $350,000 | $350,000 |
| Board Chair stipend | $140,000 | $140,000 | $150,000 |
| Audit Committee member retainer | Per-meeting fees in 2023 (e.g., $2,500/meeting) | $30,000 | $35,000 |
| Compliance/Risk/Reg. Oversight member | $5,000/meeting in 2023 | $30,000 | $35,000 |
| Investment Committee member | $2,500/meeting in 2023 | $20,000 | $30,000 |
| Dividend Committee member | $1,250/meeting in 2023 | $20,000 | $25,000 |
| Nominating & Governance member | $500/meeting in 2023 | $20,000 | $25,000 |
| Closed-End Funds Committee member | $500/meeting in 2023 | $20,000 | $25,000 |
| Ad hoc meetings | — | $1,000 or $2,500 per meeting based on length/immediacy | Same |
| Special assignment committees | — | Chair/co-chair: quarterly from $1,250; members: quarterly from $5,000 | Same |
Additional compensation disclosures:
- Aggregate compensation from JFR (Nuveen Floating Rate Income Fund) to Young in last fiscal year: $6,597 .
- Total compensation from funds in the fund complex paid to Young in the last fiscal year: $502,381 .
- No retirement or pension plans; a Deferred Compensation Plan allows Independent Board Members to defer fees into notional accounts tied to Nuveen funds, paid later in lump sum or installments .
Performance Compensation
- No performance-based director compensation (no bonus, PSU/RSU, option awards, or explicit performance metrics for directors are disclosed). Director pay is cash retainer- and role-based, plus committee retainers and meeting/ad hoc fees .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Public company boards (current/past 5 years) | None for Young . |
| Interlocks/conflicts | Table of holdings in companies advised by affiliates lists only Mr. Kenny; no such holdings disclosed for Young . |
| Section 16 compliance | Funds report all trustees/officers, adviser, and affiliates complied with Section 16(a) filing requirements in the last fiscal year . |
Expertise & Qualifications
- Audit Committee Financial Expert (SEC-defined) .
- Former CPA; Senior Manager (Audit) at Deloitte & Touche; led mutual fund audit practice in the Midwest .
- Deep fund operations and governance experience as COO of J.P. Morgan Investment Management and President/PEO of J.P. Morgan Funds .
- Over 30 years in investment management; B.B.A. in Accounting (University of Dayton) .
Equity Ownership
| Measure | Young – Value/Amount |
|---|---|
| JFR (Nuveen Floating Rate Income) – shares owned | 0 . |
| JFR – dollar range | $0 . |
| Global High Income – shares owned | 16,475 . |
| Global High Income – dollar range | Over $100,000 . |
| Aggregate dollar range across fund family | Over $100,000 . |
| % of outstanding shares | Each trustee individually held <1% of outstanding shares of each fund as of Feb 18, 2025 . |
Deferred compensation (notional balances credited under the Deferred Compensation Plan; selected funds):
- JFR (Floating Rate Income): $4,420; Preferred & Income Opportunities: $6,464; NASDAQ 100 Dynamic Overwrite: $2,470; S&P 500 Buy-Write: $2,910; Variable Rate Preferred & Income: $1,625; S&P 500 Dynamic Overwrite: $592 .
Ownership/alignment policy:
- Governance principle: each Board Member is expected to invest, directly or on a deferred basis, at least one year of compensation in the fund complex . The proxy does not disclose individual compliance status relative to this guideline .
Governance Assessment
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Strengths
- Independent Chair with explicit oversight and agenda-setting responsibilities; reinforces independent board culture .
- Broad committee leadership: Chair of Executive and Nominating & Governance; member of Audit (SEC “financial expert”), Investment, and Closed-End Fund Committees—indicative of deep engagement across risk, valuation, performance, and discount management topics .
- Attendance ≥75% at board and applicable committee meetings across funds; Section 16 compliance confirmed .
- No related-party transactions or affiliated-company holdings disclosed for Young, reducing conflict risk .
-
Watch items
- Compensation structure reset in 2024 increased fixed retainer (to $350,000) and layered in committee retainers (with further increases effective 2025) while maintaining chair stipends—raising guaranteed cash vs. prior per‑meeting model; monitor total pay trajectory vs. workload/complexity and closed‑end discount outcomes for alignment signals .
- Direct JFR ownership is $0, though he holds a significant position in another Nuveen fund and uses the deferred plan; alignment with JFR specifically is via fiduciary role and deferred balances rather than direct shares in JFR .
- Board oversees 218 portfolios under a unitary board structure; efficiency benefits are acknowledged by the board, but breadth underscores the importance of committee processes for fund‑specific oversight .
-
Red flags
- None disclosed relating to legal proceedings, option repricing, tax gross‑ups, or related‑party transactions for Young; no Section 16 delinquencies reported .
Notes on director elections:
- Young is a Class I nominee across several Nuveen closed‑end funds with terms expiring at the 2028 annual meeting; proxy cards include his nomination for JFR’s 2025 annual meeting .