Thomas J. Kenny

About Thomas J. Kenny

Independent Board Member of Nuveen Floating Rate Income Fund (JFR); appointed to the Fund’s Board effective January 1, 2024. Born 1963; education includes B.A. (UC Santa Barbara), M.S. (Golden Gate University), and Chartered Financial Analyst (CFA) credential. Prior roles include Advisory Director, Partner, Managing Director, and Co‑Head of Global Cash & Fixed Income Portfolio Management at Goldman Sachs Asset Management (1999–2011). The Board deems him independent (not an “interested person” of the Funds, Nuveen Fund Advisors, TIAA or affiliates) .

Past Roles

External Roles

Board Governance

• Independence: All nominees and continuing Board Members (including Kenny) are not “interested persons” and are deemed Independent Board Members .
• Board structure: Unitary board across Nuveen funds with independent Chair (Robert L. Young) .
• Committee memberships for JFR:
  • Executive Committee (Young—Chair; Kenny; Nelson; Toth) .
  • Dividend Committee (Thornton—Chair; Lancellotta; Kenny; Nelson; Starr) .
  • Compliance, Risk Management & Regulatory Oversight Committee (Wolff—Chair; Kenny; Medero; Moschner; Toth; Forrester for other funds) .
  • Nominating & Governance Committee (Young—Chair; Kenny; Lancellotta; Medero; Moschner; Nelson; Toth; Thornton; plus others) .
  • Investment Committee (Co‑Chairs: Boateng/Lancellotta; Kenny member) .
  • Closed‑End Fund Committee (Moschner—Chair; Kenny member) .
  • Audit Committee: Kenny is not a member; Audit Chair is Nelson; members include Young, Lancellotta, Thornton, Wolff, Starr, Boateng (varies by fund) .
• Attendance: Each Board Member attended at least 75% of Board and committee meetings during the last fiscal year .

Fixed Compensation

• Board‑wide retainer and committee fees:
  • Annual Board retainer: $350,000 (effective Jan 1, 2024) .
  • Committee membership retainers: Audit $30,000→$35,000 (2025); Compliance $30,000→$35,000 (2025); Investment $20,000→$30,000 (2025); Dividend/Nominating/Closed‑End $20,000→$25,000 (2025) .
  • Committee chair retainers: Audit/Compliance $30,000→$35,000 (2025); Investment $20,000→$30,000 (2025); Dividend/Nominating/Closed‑End $20,000→$25,000 (2025); Board Chair $140,000→$150,000 (2025) .
  • Ad hoc meeting fees: $1,000 or $2,500 per meeting depending on length/immediacy; special assignment committees pay quarterly fees (chair/co‑chair from $1,250; members from $5,000) .
  • Deferred compensation plan is available; no pension/retirement plan for directors .

Performance Compensation

• No performance‑based cash bonuses, stock awards (RSUs/PSUs), or option awards disclosed for Independent Board Members; director compensation consists of retainers and per‑meeting/committee fees, with optional deferred compensation and no pension plan .

Other Directorships & Interlocks

Expertise & Qualifications

• Deep fixed income portfolio management expertise; former Co‑Head of GSAM Global Cash & Fixed Income PM team .
• Public company board experience with committee leadership (Aflac Finance & Investment Committee Chair) .
• CFA charterholder; advanced degree in finance .
• Service on investment oversight committees across non‑profit and educational institutions .

Equity Ownership

• Board‑adopted principle: each Board Member is expected to invest at least the equivalent of one year of compensation in funds in the Fund Complex (directly or deferred) .
• Beneficial ownership in JFR: Dollar range $0; shares owned 0 .
• Aggregate dollar range across all registered investment companies overseen: Over $100,000 .
• Group holdings: As of Feb 18, 2025, directors and officers as a group owned less than 1% of outstanding shares of each Fund .

Related‑Party Exposure (Potential Conflicts)

Note: These vehicles are advised by entities indirectly controlled by Nuveen; while independence from the Adviser is affirmed, such holdings represent potential perceived conflicts requiring oversight and disclosure .

Governance Assessment

• Strengths:
  • Independent status; extensive fixed income and investment oversight experience, including public company committee leadership at Aflac .
  • High engagement: multiple committee memberships (Executive; Dividend; Compliance; Nominating; Investment; Closed‑End) and Board‑level attendance ≥75% in a year with substantial meeting volume at JFR .
  • Transparent director compensation framework with structured retainers; optional deferral aligns long‑term fund exposure .
• Watch‑items / Red flags:
  • Direct JFR ownership is $0 with 0 shares; while aggregate fund complex exposure is “Over $100,000”, the lack of JFR holdings may be viewed as lower direct alignment with JFR shareholders relative to some peers .
  • Holdings via KSHFO and related vehicles in companies advised by affiliates under Nuveen’s common control create potential perceived conflicts; ongoing disclosure mitigates but warrants continued monitoring by Compliance and Audit committees .
  • Significant increase in Board retainer and committee fees effective 2024/2025 may draw investor scrutiny; however, changes are applied complex‑wide and overseen by Nominating & Governance Committee .
• Overall: Kenny’s fixed income acumen and committee workload support board effectiveness at JFR; oversight of potential affiliate‑advised investments and continued transparency on director fund investments should sustain investor confidence .