Joanne T. Medero
About Joanne T. Medero
Independent director with 30+ years in financial services and public policy. Former Managing Director, Government Relations and Public Policy at BlackRock (2009–2020) and Senior Advisor to BlackRock’s Vice Chairman focused on corporate governance (2018–2020); previously Global General Counsel & Corporate Secretary at Barclays Global Investors (1996–2006), and MD, Global Head of Government Relations & Public Policy at Barclays Group (IBIM) (2006–2009). Former General Counsel of the CFTC (1989–1993) and Partner at Orrick (1993–1995); B.A. (St. Lawrence University, 1975) and J.D. (GWU Law, 1978); born 1954; joined the Nuveen Funds Board in 2021 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BlackRock, Inc. | Managing Director, Government Relations & Public Policy | 2009–2020 | Senior Advisor to the Vice Chairman focusing on public policy and corporate governance (2018–2020) |
| Barclays Group (IBIM) | Managing Director, Global Head of Government Relations & Public Policy | 2006–2009 | Directed legislative and regulatory advocacy for IB, IM and wealth businesses |
| Barclays Global Investors | Managing Director; Global General Counsel & Corporate Secretary | 1996–2006 | Legal leadership across BGI globally |
| Commodity Futures Trading Commission (CFTC) | General Counsel | 1989–1993 | Chief legal officer for U.S. derivatives regulator |
| Orrick, Herrington & Sutcliffe LLP | Partner | 1993–1995 | Specialized in derivatives and financial markets regulation |
| The White House, Office of Presidential Personnel | Deputy Associate Director/Associate Director (Legal & Financial Affairs) | 1986–1989 | Federal personnel policy roles |
| Industry associations | Chair, SIFMA AMG Steering Committee; Chair, MFA CTA/CPO & Futures Committee; Chair, Federalist Society practice group | 2016–2018; 2010–2012; 2010–2022 and 2000–2002 | Governance, legal policy leadership in asset management and derivatives |
External Roles
| Organization | Type | Role | Tenure |
|---|---|---|---|
| Baltic-American Freedom Foundation | Non-profit | Director | Since 2019 |
Board Governance
- Classification and tenure: Class III Board Member with term until the 2027 annual shareholder meeting; service since 2021 .
- Independence: Not an “interested person” under the 1940 Act; never an employee/director of TIAA or Nuveen; deemed Independent Board Member .
- Committee assignments (member):
- Compliance, Risk Management and Regulatory Oversight Committee
- Nominating and Governance Committee
- Investment Committee
- Committee chair roles: None disclosed for Ms. Medero (chairs are identified as other directors) .
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings during the last fiscal year .
Board and committee meeting volumes for JGH (last fiscal year):
| Meeting Type | Count (JGH) |
|---|---|
| Regular Board Meetings | 5 |
| Special Board Meetings | 9 |
| Compliance, Risk Mgmt & Regulatory Oversight | 5 |
| Audit Committee | 14 |
| Nominating & Governance | 5 |
| Investment Committee | 4 |
| Dividend Committee | 10 |
| Executive Committee | 5 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
- Structure change: Effective Jan 1, 2024, moved from per-meeting fees to a larger fixed retainer plus committee retainers; annual independent director retainer increased to $350,000. Committee membership retainers (2024 → 2025): Audit and Compliance $30,000 → $35,000; Investment $20,000 → $30,000; Dividend, Nominating & Governance, Closed-End $20,000 → $25,000; Chair/Co-Chair retainers also increased (e.g., Board Chair $140,000 → $150,000). Ad hoc meeting fees of $1,000 or $2,500 apply based on length/immediacy; special assignment committee fees apply (chair quarterly from $1,250; members quarterly from $5,000) .
- 2023 (pre-change) comparator: $210,000 annual retainer plus per-meeting fees (e.g., $7,250 regular Board per day; $4,000 special Board; committee fees $500–$5,000 per meeting; additional chair retainers $20,000; Board Chair $140,000) .
| Component | 2024 Amount | 2025 Amount |
|---|---|---|
| Annual Director Retainer | $350,000 | $350,000 |
| Audit Committee (member) | $30,000 | $35,000 |
| Compliance, Risk Mgmt & Regulatory Oversight (member) | $30,000 | $35,000 |
| Investment Committee (member) | $20,000 | $30,000 |
| Dividend; Nominating & Governance; Closed-End (member) | $20,000 each | $25,000 each |
| Board Chair/Co-Chair | $140,000 | $150,000 |
| Audit/Compliance Chair | $30,000 | $35,000 |
| Investment Chair | $20,000 | $30,000 |
| Dividend; N&G; Closed-End Chair | $20,000 each | $25,000 each |
Director-level amounts (last fiscal year):
| Metric | Amount |
|---|---|
| Aggregate compensation from JGH (Global High Income Fund) | $1,158 |
| Total compensation from funds in the Fund Complex | $461,987 |
Additional notes:
- No retirement/pension plans; officers of the funds receive no compensation from the funds; the CCO is paid by the adviser with Board oversight .
- Deferred Compensation Plan available; amounts credited as if invested in selected Nuveen funds .
Performance Compensation
| Element | Disclosure |
|---|---|
| Performance-linked bonuses or equity awards | None disclosed for directors; compensation described consists of fixed retainers, committee retainers and meeting/assignment fees . |
| Deferred compensation | Optional deferral; account value tracks selected Nuveen funds; not an incentive award; for JGH, Ms. Medero’s deferred amount shown as $404 (Participating Funds schedule) . |
Other Directorships & Interlocks
| Organization | Public/Private/Non-profit | Role | Committee/Chair | Notes |
|---|---|---|---|---|
| Baltic-American Freedom Foundation | Non-profit | Director | N/A | Only other directorship disclosed in past five years |
- Public company boards (past five years): none disclosed for Ms. Medero .
- Related-party/affiliate exposure: The appendix lists directors with securities in companies advised by affiliates; Ms. Medero is not listed—no such holdings disclosed for her .
Expertise & Qualifications
- Regulatory and governance expertise: Former CFTC General Counsel; senior public policy/government relations roles at BlackRock/Barclays; chaired SIFMA AMG Steering Committee and MFA CTA/CPO & Futures Committee; chaired Federalist Society Corporations/Antitrust/Securities practice group—supports risk, compliance and governance oversight .
- Education: B.A., St. Lawrence University (1975); J.D., George Washington University Law School (1978) .
Equity Ownership
| Metric | JGH (Global High Income) | Notes |
|---|---|---|
| Shares owned (Dec 31, 2024) | 0 | Individual beneficial holdings <1% of outstanding shares for each fund, for each Board Member |
| Dollar range | $0 | — |
| Deferred comp credited to JGH | $404 | Deferred plan tracks selected funds; not equity grants |
Ownership guidelines:
- Governance principle: Each Board Member is expected to invest, directly or on a deferred basis, at least the equivalent of one year of compensation in funds in the Fund Complex (family of Nuveen/TIAA funds) . Compliance status by individual not disclosed.
Governance Assessment
-
Strengths
- Independence affirmed under the 1940 Act; no TIAA/Nuveen employment history .
- Relevant committee assignments (Compliance; Nominating & Governance; Investment) align with her regulatory and corporate governance background, enhancing board effectiveness .
- Attendance: Board reports each director met at least the 75% attendance threshold across Board and committee meetings in the last fiscal year .
- Deep regulatory/policy and legal credentials (CFTC GC; public policy leadership) support risk oversight and governance rigor .
-
Watch items / potential red flags
- No direct ownership of JGH shares as of Dec 31, 2024 (0 shares; $0 range), which may signal weaker fund-specific alignment; offset partially by optional deferred compensation mechanisms and fund-complex investment expectation .
- Not serving as chair of any committee (chairs are other directors), which limits direct agenda-setting influence despite subject-matter expertise .
- Compensation structure shifted in 2024 from per-meeting fees to larger fixed retainers and committee retainers; while consistent with industry practice for complex multi-fund boards, it reduces explicit meeting-based at-risk pay; continued monitoring of workload, attendance and outcomes remains appropriate .
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No related-party transactions or affiliate-advised company holdings disclosed for Ms. Medero; she is not listed in the appendix of such holdings .