Margaret L. Wolff
About Margaret L. Wolff
Independent Board Member of Nuveen Global High Income Fund (JGH) and other Nuveen funds; year of birth 1955; service on Nuveen fund boards since 2016. Former Skadden, Arps M&A lawyer (Of Counsel 2005–2014) with deep experience advising boards on governance, fiduciary duties, and strategic transactions. She oversees 218 portfolios in the Nuveen/TIAA fund complex and is standing for election as a Class I trustee for JGH at the April 17, 2025 annual meeting. She is deemed an Independent Board Member (not an “interested person” of the adviser or TIAA/Nuveen).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Skadden, Arps, Slate, Meagher & Flom LLP (M&A Group) | Of Counsel | 2005–2014 | Advised boards/senior management on U.S. and international corporate, securities, regulatory, and governance matters |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| New York-Presbyterian Hospital | Trustee | Since 2005 | Non-profit health system board |
| The John A. Hartford Foundation | Trustee (Chair 2015–2022) | Since 2004 | Philanthropy focused on improving care for older adults |
| Mount Holyoke College | Trustee; Vice Chair | 2005–2015; Vice Chair 2011–2015 | Higher education board leadership |
| Travelers Insurance Company of Canada; The Dominion of Canada General Insurance Company (Travelers Canada) | Director | 2013–2017 | Subsidiaries of The Travelers Companies, Inc. |
Board Governance
| Attribute | Details |
|---|---|
| Independence | Independent Board Member; never employed by TIAA/Nuveen or affiliates |
| JGH election status | Class I nominee for term expiring at the 2028 annual meeting (election April 17, 2025) |
| Committees (membership) | Audit Committee (member); Compliance, Risk Management & Regulatory Oversight Committee (Chair); Nominating & Governance (member); Investment (member); Closed-End Fund (member) |
| Attendance | Each Board Member attended ≥75% of Board and committee meetings in the last fiscal year |
| Meeting load (JGH last fiscal year) | Regular Board 5; Special Board 9; Executive Committee 5; Dividend 10; Compliance 5; Audit 14; Nominating & Governance 5; Investment 4; Closed-End Fund 4 |
Fixed Compensation
| Component | 2023 | 2024 | 2025 | Notes |
|---|---|---|---|---|
| Annual base retainer (Independent Board Member) | $210,000 | $350,000 | $350,000 | Effective 1/1/2024 increased to $350k |
| Committee membership retainers | Audit: $2,500/mtg; others varied | Audit & Compliance: $30,000; Investment: $20,000; Dividend/Nominating/Closed-End: $20,000 | Audit & Compliance: $35,000; Investment: $30,000; Dividend/Nominating/Closed-End: $25,000 | Increases effective 1/1/2025 |
| Chair retainers | Board Chair: $140,000; Key committee chairs: $20,000 | Board Chair: $140,000; Audit/Compliance chairs: $30,000; Investment chair: $20,000; Div/Nom/CEF chairs: $20,000 | Board Chair: $150,000; Audit/Compliance chairs: $35,000; Investment chair: $30,000; Div/Nom/CEF chairs: $25,000 | Effective 1/1/2025 |
| Ad hoc/special assignment fees | N/A | $1,000 or $2,500 per ad hoc meeting; special assignment committees paid quarterly (chair from $1,250; members from $5,000) | Same | Effective 1/1/2024 |
| Fund | Aggregate Compensation to Wolff – last fiscal year |
|---|---|
| JGH (Nuveen Global High Income Fund) | $1,347 |
| Total from funds in Nuveen/TIAA Fund Complex | $535,644 |
Additional notes:
- Deferred Compensation Plan available; Wolff elected to defer portions of fees (e.g., deferred amounts credited include JGH $479 among other funds) .
Performance Compensation
- Independent board members receive no performance-based bonuses, stock/option awards, PSUs/RSUs, or incentive metrics; compensation is cash retainers/fees and optional deferred compensation. No pension/SERP or severance/CoC benefits are provided to directors.
Other Directorships & Interlocks
| Company | Type | Role | Timing | Potential Interlock/Conflict Notes |
|---|---|---|---|---|
| New York-Presbyterian Hospital | Non-profit | Trustee | Since 2005 | None disclosed with JGH/Nuveen |
| The John A. Hartford Foundation | Non-profit | Trustee; Chair (2015–2022) | Since 2004 | None disclosed |
| Mount Holyoke College | Non-profit | Trustee; Vice Chair | 2005–2015 | None disclosed |
| Travelers Canada subsidiaries | Private (subsidiaries) | Director | 2013–2017 | Prior role; no current interlock disclosed |
- Board lists holdings-related conflicts for certain trustees; no such related holdings are disclosed for Wolff in the table of securities of adviser-affiliated companies (Kenny only listed).
Expertise & Qualifications
- Legal/governance: 30+ years advising boards and management on governance, fiduciary, and strategic M&A matters as Skadden M&A counsel.
- Education: B.A. Mount Holyoke College; J.D. Case Western Reserve University School of Law.
- Not designated as an “audit committee financial expert” (AC financial experts are Moschner, Nelson, Starr, Young).
Equity Ownership
| Item | Detail |
|---|---|
| JGH shares beneficially owned (12/31/2024) | 0 shares (individual holdings in each fund were <1% of outstanding; group <1%) |
| JGH dollar range held | $0 |
| Aggregate holdings across all registered investment companies overseen (fund family) | “Over $100,000” dollar range |
| Ownership guideline | Board 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 on a deferred basis |
| Deferred compensation | Participates; deferred fee amounts credited by fund (e.g., JGH $479, Floating Rate Income $3,051, etc.) |
Insider filings:
- Form 3 (initial statement of beneficial ownership) filed 02/24/2016; reported “No securities are beneficially owned.”
Governance Assessment
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Strengths:
- Independent status and extensive governance/legal background; chairs the Compliance, Risk Management & Regulatory Oversight Committee and serves on Audit, Nominating & Governance, Investment, and Closed-End Fund Committees, signaling deep engagement in risk, compliance, and oversight functions.
- Attendance: met the ≥75% attendance threshold across Board and committee meetings; JGH had a robust meeting cadence (e.g., 14 Audit Committee meetings), indicating active oversight.
- Clear, transparent director fee structure with increases in 2024–2025 aligned to elevated responsibilities and committee work; optional deferral aligns interests to fund complex performance.
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Watch items / potential red flags for investor alignment:
- No direct ownership of JGH shares as of 12/31/2024, though she reports an aggregate “Over $100,000” invested across the broader fund family and participates in deferred compensation; alignment appears at fund-complex level rather than JGH-specific.
- Oversight span is very large (218 portfolios overseen), which can strain bandwidth; however, the unitary board structure is designed to manage complex-wide common issues efficiently.
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No related-party transactions, hedging/pledging disclosures, legal proceedings, or Section 16(a) delinquencies are reported for Wolff; the funds state applicable Section 16(a) compliance.