Joseph A. Boateng
About Joseph A. Boateng
Independent Board Member of Nuveen Global High Income Fund (JGH); born 1963; CIO of Casey Family Programs since 2007; previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006); B.S. University of Ghana and M.B.A. UCLA; appointed to the JGH Board effective May 15, 2024; oversees 213 portfolios across the Nuveen/TIAA fund complex; deemed an Independent Board Member under the 1940 Act.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | Institutional CIO overseeing assets and investment policy |
| Johnson & Johnson | Director, U.S. Pension Plans | 2002–2006 | Led pension investment oversight |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lumina Foundation | Board Member | 2018–present | Governance of higher-education philanthropy |
| Waterside School | Board Member | 2021–present | Independent school governance |
| Year Up Puget Sound | Board Member (2012–2019); Emeritus Board Member | 2020–present | Workforce development nonprofit oversight |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | 2007–present | Public pension investment advisory |
| The Seattle Foundation | Investment Committee Member | 2012–present | Community foundation investment oversight |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Retirement fund governance |
| TIAA Separate Account VA-1 | Manager | 2019–2023 | Insurance separate account oversight |
Board Governance
- Board tenure: Appointed to JGH’s Board effective May 15, 2024; continuing service across the fund complex.
- Independence: The Board affirms all nominees and current members are “Independent Board Members” (not “interested persons”) and have never been employees or directors of TIAA, Nuveen, or affiliates.
- Committee assignments (JGH and most funds):
- Audit Committee member (Nelson, Chair); designated audit committee financial experts among peers; Boateng serves for all funds other than Core Plus Impact, Multi-Asset Income, Multi-Market Income, Real Asset, and Variable Rate Preferred & Income.
- Nominating & Governance Committee member (Young, Chair) for all funds other than Core Plus Impact, Multi-Asset Income, Multi-Market Income, Real Asset, and Variable Rate Preferred & Income.
- Investment Committee Co-Chair (with Lancellotta) for all funds other than Core Plus Impact, Multi-Asset Income, Multi-Market Income, Real Asset, and Variable Rate Preferred & Income; responsible for oversight of performance and investment risk.
- Attendance: Each Board Member attended at least 75% of Board and committee meetings during the last fiscal year; JGH’s last fiscal year ended December 31, 2024.
Fixed Compensation
- JGH uses a standardized framework for Independent Board Member pay (cash retainers plus committee retainers; no pension plan; optional deferred compensation).
| Compensation Element | 2024 Amount (USD) | 2025 Amount (USD) |
|---|---|---|
| Annual Board retainer | $350,000 | $350,000 |
| Audit Committee member retainer | $30,000 | $35,000 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee member retainer | $30,000 | $35,000 |
| Investment Committee member retainer | $20,000 | $30,000 |
| Dividend, Nominating & Governance, Closed-End Committees member retainer (each) | $20,000 | $25,000 |
| Board Chair additional retainer | $140,000 | $150,000 |
| Audit/Compliance Committee Chair additional retainer | $30,000 | $35,000 |
| Investment Committee Chair additional retainer | $20,000 | $30,000 |
| Dividend/Nominating/Closed-End Committee Chair additional retainer (each) | $20,000 | $25,000 |
| Ad hoc Board/Committee meeting fee | $1,000–$2,500 per meeting | $1,000–$2,500 per meeting |
| Special assignment committees (quarterly) | Chair from $1,250; Members from $5,000 | Chair from $1,250; Members from $5,000 |
| Pay Outcome | JGH (Global High Income) – Aggregate Compensation Paid to Boateng | Fund Complex Total – Aggregate Compensation Paid to Boateng |
|---|---|---|
| Last fiscal year compensation | $815 | $464,250 |
| Deferred fees credited (linked to fund investment equivalents) | $203 | See per‑fund deferred fees table |
Notes:
- Funds do not have retirement or pension plans; directors may elect to defer fees with investment-linked crediting in eligible Nuveen funds.
Performance Compensation
| Component | Disclosure for Independent Board Members |
|---|---|
| Stock awards (RSUs/PSUs), option awards, performance metrics (TSR, EBITDA, ESG), vesting schedules, bonuses, severance/CoC provisions, clawbacks, tax gross-ups | Not disclosed; compensation framework consists of cash retainers and meeting/committee fees for independent trustees, with optional deferred compensation; no equity grant programs described for directors. |
Other Directorships & Interlocks
| Company/Entity | Type | Role | Potential Interlock/Notes |
|---|---|---|---|
| Lumina Foundation | Non-profit | Board Member | Philanthropic; no JGH conflict noted |
| Waterside School | Non-profit | Board Member | Education; no JGH conflict noted |
| CREF (College Retirement Equities Fund) | Investment company | Trustee (2018–2023) | Prior governance role within TIAA ecosystem; Board affirms independence from TIAA/Nuveen |
| TIAA Separate Account VA-1 | Insurance separate account | Manager (2019–2023) | Prior oversight role; Board affirms independence from TIAA/Nuveen |
| Seattle City Employees’ Retirement System | Public pension | Investment Advisory Committee; former Chair | External fiduciary role; no JGH conflict disclosed |
| The Seattle Foundation | Community foundation | Investment Committee Member | External fiduciary role; no JGH conflict disclosed |
Expertise & Qualifications
- Institutional investment leadership as CIO and public pension advisory experience; audit and investment oversight through committee service and Investment Committee Co-Chair role, indicating portfolio risk/performance governance expertise.
- Educational credentials: B.S. University of Ghana; M.B.A. UCLA.
Equity Ownership
| Metric | JGH (Global High Income) |
|---|---|
| Dollar range of equity securities beneficially owned | $0 |
| Shares owned | 0 |
| Ownership as % of shares outstanding | <1% for each Board Member; Board and officers as a group <1% per fund |
| Aggregate holdings across family of investment companies | Over $100,000 |
| Board guideline | Expectation that each Board Member invests at least one year of compensation in funds in the fund complex (direct or deferred) |
Insider Trades
| Item | Status |
|---|---|
| Section 16(a) filing compliance (last fiscal year) | Fund states Board Members and officers complied with all applicable Section 16(a) filing requirements |
| Form 4 transactions for Boateng (JGH) | No specific transactions disclosed in the proxy; no delinquencies reported |
Governance Assessment
- Independence and committee leadership: Deemed independent; serves on Audit and Nominating & Governance Committees and Co‑Chairs the Investment Committee across most Nuveen funds, strengthening oversight of financial reporting and investment risk.
- Engagement: Board reports ≥75% meeting attendance for all trustees; JGH held extensive committee cycles (e.g., 14 Audit Committee meetings), indicating robust governance cadence.
- Alignment: JGH-specific holdings are zero, but aggregate holdings across the fund family exceed $100,000 and directors are expected to invest the equivalent of one year’s compensation across funds, partially addressing alignment concerns.
- Compensation signals: 2024–2025 increases in retainers and committee fees reflect expanded oversight scope and complexity; compensation is cash‑based with optional deferral, and no equity award programs are described for directors, reducing equity-alignment but standard for closed-end funds.
- Conflicts/Red flags: No related‑party transactions or legal proceedings disclosed; Section 16 compliance affirmed; prior roles within TIAA‑related entities noted but independence affirmed by the Board.
Board Governance (JGH Meeting Load – Last Fiscal Year)
| Meeting Type | Count |
|---|---|
| Regular Board | 5 |
| Special Board | 9 |
| Executive Committee | 5 |
| Dividend Committee | 10 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee | 5 |
| Audit Committee | 14 |
| Nominating & Governance Committee | 5 |
| Investment Committee | 4 |
| Closed‑End Fund Committee | 4 |