Robert L. Young
About Robert L. Young
Robert L. Young is the Independent Chair and a trustee of the Nuveen Funds, including Nuveen Global High Income Fund (JGH), serving on the board since 2017 (born 1963). He previously served as COO and Director of J.P. Morgan Investment Management Inc. (2010–2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (2013–2016); earlier he was a Senior Manager (Audit) at Deloitte & Touche and a former CPA; he holds a BBA in Accounting from the University of Dayton. He oversees 218 portfolios across the fund complex, is designated an “audit committee financial expert,” and is classified as an Independent Board Member (not an “interested person” under the 1940 Act). As Independent Chair, he sets agendas, presides over meetings, and liaises with management and counsel.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. and affiliates | Chief Operating Officer and Director; President and Principal Executive Officer, J.P. Morgan Funds | COO/Director: 2010–2016; President/PEO: 2013–2016; various roles 1999–2017 | Led service, administration and platform support for retail and institutional businesses; fund board liaison and governance process leadership |
| Deloitte & Touche LLP (formerly Touche Ross LLP) | Senior Manager (Audit) | 1985–1996 | Created and led the firm’s Midwestern mutual fund practice; former CPA |
External Roles
| Category | Details |
|---|---|
| Public company boards (current, last 5 years) | None |
Board Governance
- Role and independence: Independent Chair of the Board; Independent Board Member (not an “interested person”) .
- Committee leadership and memberships (JGH board complex):
- Executive Committee: Chair .
- Nominating & Governance Committee: Chair .
- Audit Committee: Member; designated “audit committee financial expert” .
- Investment Committee: Member .
- Closed-End Fund Committee: Member .
- Attendance: Each Board Member attended 75% or more of Board and committee meetings during the last fiscal year .
Board and committee meeting cadence (JGH – last fiscal year):
| Fund | Regular Board | Special Board | Executive Committee | Dividend Committee | Compliance, Risk Mgmt & Regulatory Oversight | Audit | Nominating & Governance | Investment | Closed-End Fund |
|---|---|---|---|---|---|---|---|---|---|
| Nuveen Global High Income (JGH) | 5 | 9 | 5 | 10 | 5 | 14 | 5 | 4 | 4 |
Fixed Compensation
Compensation structure for Independent Board Members (effective dates and amounts):
| Component | 2023 Structure | 2024 Structure (from Jan 1, 2024) | 2025 Structure (from Jan 1, 2025) |
|---|---|---|---|
| Annual retainer (Independent Board Member) | $210,000 | $350,000 | $350,000 |
| Board Chair retainer | $140,000 | $140,000 | $150,000 |
| Committee membership – Audit | $2,500 per meeting (2023) | $30,000 annual retainer | $35,000 annual retainer |
| Committee membership – Compliance, Risk Mgmt & Regulatory Oversight | $5,000 per meeting (2023) | $30,000 annual retainer | $35,000 annual retainer |
| Committee membership – Investment | $2,500 per meeting (2023) | $20,000 annual retainer | $30,000 annual retainer |
| Committee membership – Dividend; Nominating & Governance; Closed-End Funds | $1,250 per meeting (Dividend in 2023) and $500 for other committees | $20,000 annual retainer (each) | $25,000 annual retainer (each) |
| Committee chair add-on (Audit; Compliance) | $20,000 (2023) | $30,000 | $35,000 |
| Committee chair add-on (Investment) | $20,000 (2023) | $20,000 | $30,000 |
| Committee chair add-on (Dividend; Nominating & Governance; Closed-End) | $20,000 (2023) | $20,000 | $25,000 |
| Ad hoc meeting fees | — | $1,000 or $2,500 per meeting (length/immediacy) | $1,000 or $2,500 per meeting (length/immediacy) |
Per-fund and total compensation paid to Robert L. Young (latest fiscal year):
| Fund | Aggregate Compensation Paid to R.L. Young ($) |
|---|---|
| Nuveen Global High Income (JGH) | 1,270 |
| Total from funds in the Fund Complex | 502,381 |
Performance Compensation
- Independent trustees do not receive performance-based bonuses, stock options, or equity awards; compensation consists of retainers, committee fees, chair fees, and limited ad hoc/special assignment fees; a Deferred Compensation Plan is available at the director’s election .
Deferred compensation elections (payable amounts, including assumed investment returns) – JGH:
| Fund | Deferred Fees Payable – R.L. Young ($) |
|---|---|
| Nuveen Global High Income (JGH) | 828 |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public company boards (current, last 5 years) | None |
| Related-party holdings in adviser-affiliated companies | None disclosed for R.L. Young (appendix list shows other trustee, not Young) |
Expertise & Qualifications
- Audit and financial oversight: Former CPA; Senior Manager (Audit) at Deloitte; designated “audit committee financial expert,” supporting robust financial reporting oversight .
- Investment management leadership: COO/Director at J.P. Morgan Investment Management and President/PEO of J.P. Morgan Funds; deep governance/process experience interfacing with fund boards .
- Education: BBA in Accounting, University of Dayton .
Equity Ownership
Ownership alignment and guideline framework:
- 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 the funds within the Nuveen fund complex (principle-based expectation; not a formal rule) .
- Individual fund ownership and aggregate ranges:
| Item (as of dates noted) | Value |
|---|---|
| JGH shares beneficially owned (12/31/2024) | 16,475 shares |
| JGH dollar range | Over $100,000 |
| Aggregate range across all registered funds overseen | Over $100,000 |
| Ownership as % of JGH outstanding | Each Board Member held <1% of outstanding shares of each Fund (as of 2/18/2025) |
| JGH common shares outstanding (2/18/2025) | 23,177,392 |
Governance Assessment
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Strengths
- Independent Chair with defined responsibilities; also chairs Executive and Nominating & Governance Committees, reinforcing independent agenda-setting and board evaluation processes .
- Audit Committee member and designated “audit committee financial expert,” enhancing financial reporting and valuation oversight; strong audit background (former CPA, Deloitte audit leadership) .
- Attendance: at least 75% participation at Board/committee meetings; cadence shows active committee cycle for JGH (e.g., 14 Audit Committee meetings in the last fiscal year) .
- Ownership alignment: direct JGH ownership (16,475 shares; >$100,000 range) and an expectation to invest at least one year’s compensation in Nuveen funds (principle-based) .
- Independence: Board Members (including Young) are not “interested persons”; no disclosed related-party exposures for Young; Section 16 reporting compliance stated .
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Considerations / potential investor watch-items
- Compensation structure shifted materially in 2024 to a larger flat retainer ($350,000) with added annual committee retainers and higher chair fees (further increases in 2025), which may be viewed as pay inflation risk absent commensurate workload/performance justification across the complex .
- Classified board structure with staggered terms can delay replacement of a majority of trustees by up to two years, which some investors view as entrenchment risk (applies to the funds generally) .
-
RED FLAGS
- None specifically disclosed for Young regarding related-party transactions, pledging/hedging, legal proceedings, or Section 16 delinquencies in the latest proxy materials .
Overall, Young’s profile combines independent board leadership, audit expertise, and direct fund ownership, supporting governance effectiveness at JGH; compensation changes in 2024–2025 warrant monitoring for alignment and cost discipline across the fund complex .