Thomas J. Kenny
About Thomas J. Kenny
Independent Board Member of Nuveen Global High Income Fund (JGH). Former Co-Head of Goldman Sachs Asset Management’s Global Cash and Fixed Income Portfolio Management team (2002–2010), with prior roles as Managing Director (1999–2004), Partner (2004–2010) and Advisory Director (2010–2011) at Goldman Sachs; CFA charterholder with a B.A. from the University of California, Santa Barbara and an M.S. from Golden Gate University . Joined the Nuveen Funds boards in 2024 (fund complex service dates show broader tenure since 2011) . He currently serves as a Director of Aflac Incorporated and Chair of its Finance & Investment Committee (Director since 2015; Chair since 2018) .
Past Roles
| Organization | Role | Tenure | Committees / Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Co-Head, Global Cash and Fixed Income Portfolio Mgmt | 2002–2010 | Led fixed income and liquidity investment teams |
| Goldman Sachs Asset Management | Managing Director | 1999–2004 | Senior leadership in asset management |
| Goldman Sachs | Partner | 2004–2010 | Senior partnership responsibilities |
| Goldman Sachs | Advisory Director | 2010–2011 | Advisory capacity post-partnership |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Board leadership across large retirement investment platform |
| TIAA Separate Account VA-1 | Management Committee; Chairman | Committee 2011–2023; Chairman 2017–2023 | Oversight of variable annuity separate account |
External Roles
| Organization | Role | Tenure | Committees / Impact |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | Finance and investment oversight at S&P 500 insurer |
| ParentSquare | Director (prior) | 2021–2022 | Board service at edtech company (prior) |
| Sansum Clinic | Director (prior); Finance Committee Chair (prior) | Prior service | Nonprofit healthcare governance |
| B’Box | Advisory Board Member (prior) | 2017–2019 | Advisory role |
| UC Santa Barbara Arts & Lectures | Advisory Council Member (prior) | 2011–2020 | Community/academic engagement |
| Cottage Health System | Investment Committee Member (prior) | 2012–2020 | Investment oversight |
| Crane Country Day School | Board Member; President (prior) | 2009–2019; President 2014–2018 | School governance leadership |
Board Governance
- Independence: All nominees and current Board Members, including Kenny, are not “interested persons” under the 1940 Act and are deemed Independent Board Members .
- Class/Term at JGH: Class I nominee for a term expiring at the 2028 annual meeting (election of four Board Members for JGH) .
- Tenure: Joined the Nuveen Funds boards in 2024; broader fund complex service history shown since 2011 .
Committee Assignments (Nuveen Funds board complex)
- Executive Committee: Member (Chair: Robert L. Young) .
- Dividend Committee: Member (Chair: Matthew Thornton III) .
- Nominating & Governance Committee: Member (Chair: Robert L. Young) .
- Investment Committee: Member (Co-Chairs: Joseph A. Boateng and Amy B.R. Lancellotta) .
- Closed-End Fund Committee: Member (Chair: Albin F. Moschner) .
- Compliance, Risk Management & Regulatory Oversight Committee: Member (Chair: Margaret L. Wolff) .
Attendance and Meetings (last fiscal year)
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings during the last fiscal year .
- JGH (Global High Income) meeting counts (last fiscal year):
| Meeting Type | Count (JGH) |
|---|---|
| Regular Board Meetings | 5 |
| Special Board Meetings | 9 |
| Executive Committee | 5 |
| Dividend Committee | 10 |
| Compliance, Risk Mgmt & Regulatory Oversight | 5 |
| Audit Committee | 14 |
| Nominating & Governance Committee | 5 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
- Structure shift: Effective Jan 1, 2024, the Board moved from a per-meeting heavy schedule (e.g., $7,250 regular meeting; $4,000 special; committee per-meeting fees) with a $210,000 annual retainer to a higher fixed retainer model: $350,000 annual retainer plus annual committee retainers, with incremental increases effective Jan 1, 2025; ad hoc meetings now paid $1,000–$2,500 as applicable .
| Item | 2023 Structure | 2024 Structure | 2025 Structure |
|---|---|---|---|
| Annual Board Retainer | $210,000 | $350,000 | $350,000 |
| Audit Committee (member) | $2,500/meeting | $30,000 annual | $35,000 annual |
| Compliance, Risk Mgmt & Regulatory Oversight (member) | $5,000/meeting | $30,000 annual | $35,000 annual |
| Investment Committee (member) | $2,500/meeting | $20,000 annual | $30,000 annual |
| Dividend, Nominating & Governance, Closed-End (member) | $1,250 or $500/meeting depending on committee | $20,000 annual each | $25,000 annual each |
| Board Chair Retainer | $140,000 | $140,000 | $150,000 |
| Committee Chair Retainers | $20,000 (Audit/Div/Comp/Nom/CEF/Inv) | $20–30,000 by committee | $25–35,000 by committee |
| Ad hoc/ Special Assignment | Chair sets per-meeting fee; site visits $5,000/day | $1,000–$2,500 per ad hoc meeting; special assignment quarterly fees (chair from $1,250; members from $5,000) | Same as 2024 |
- Deferred Compensation Plan: Independent Board Members may defer fees into “book reserve” accounts notionally invested in eligible Nuveen funds; distributions paid lump sum or over 2–20 years .
| Compensation Amounts (last fiscal year) | Amount |
|---|---|
| Aggregate compensation paid by JGH (Global High Income) to Kenny | $1,080 |
| “Total Compensation from funds in the Fund Complex Paid to Board Members” – Kenny | $610,000 (includes deferred fees; note: includes CREF/VA-1 for applicable members per footnote) |
Performance Compensation
- No equity-based awards (RSUs/PSUs/options), no performance metrics or bonus plans are disclosed for Independent Board Members; compensation is cash-based retainers and fees with an optional deferred compensation plan .
Other Directorships & Interlocks
| Company | Role | Committee/Notes |
|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Current; Director since 2015; Chair since 2018 |
| ParentSquare | Director (prior) | 2021–2022 (prior role) |
- Interlocks with Nuveen/TIAA: None disclosed; all Board Members, including Kenny, are independent under the 1940 Act and have never been employees or directors of TIAA or Nuveen .
Expertise & Qualifications
- Fixed income and liquidity management expertise from GSAM leadership roles (Co-Head of Global Cash & Fixed Income) .
- Education and credentials: B.A. (UCSB), M.S. (Golden Gate University), Chartered Financial Analyst (CFA) .
- Chairing Aflac’s Finance & Investment Committee demonstrates public company finance oversight experience .
Equity Ownership
| Item | Detail |
|---|---|
| JGH Shares Beneficially Owned (as of Dec 31, 2024) | 0 |
| Ownership as % of JGH Outstanding Shares | <1% (each Board Member <1% as of Feb 18, 2025) |
| Aggregate Dollar Range in All Registered Investment Companies overseen (Fund Family) | Over $100,000 |
| Shares pledged/hedged | Not disclosed |
| Ownership guideline | Governance principle: each Board Member is expected to invest at least one year of compensation in funds in the Fund Complex (directly or deferred) |
Related-Party Exposure and Conflicts
- Related holdings in affiliates: Disclosure notes Kenny (via the Thomas Joseph Kenny 2021 Trust and KSHFO, LLC) holds interests in companies advised by entities under common control with the Funds’ adviser, including Global Timber Resources LLC ($39,673), Global Timber Resources Investor Fund, LP ($598,506 via KSHFO, LLC; 6.01% of committed amount), Global Agriculture II Investor Fund LP ($765,198 via KSHFO, LLC; 0.05%), and Global Agriculture II AIV (US) LLC ($707,487 via KSHFO, LLC; 0.17%). Kenny owns 6.60% of KSHFO, LLC. Percentages reflect committed capital, not current ownership percentages .
- Independence maintained: Despite these affiliated relationships, the Board categorizes Kenny as an Independent Board Member under the 1940 Act .
Governance Assessment
- Strengths: Deep fixed income and risk oversight expertise from GSAM; current chair of Aflac’s Finance & Investment Committee; extensive committee service at Nuveen Funds (Executive, Dividend, Nominating & Governance, Investment, Closed-End, Compliance); met attendance threshold (≥75%) .
- Engagement signals: JGH held a high cadence of Board and committee meetings (e.g., 5 regular and 9 special Board meetings; 14 Audit Committee meetings) indicating active oversight cadence; Kenny serves across the key oversight committees aligned with his finance/risk background .
- Alignment considerations: Direct ownership in JGH was 0 shares as of Dec 31, 2024; however, governance principle expects members to invest at least one year’s compensation in the family of funds and Kenny’s aggregate fund family holdings are “Over $100,000” (no compliance status disclosed) .
- Pay structure shift: The move to a higher fixed retainer ($350,000) with annual committee retainers (raised further in 2025) reduces variability versus the prior per-meeting regime; this can improve predictability but lowers “at-risk” pay sensitivity; ad hoc fees remain for special sessions .
- Potential conflicts: Disclosed interests in companies advised by affiliates (via KSHFO, LLC and a family trust) merit monitoring, though small and explicitly disclosed; independence under the 1940 Act is affirmed .
- RED FLAGS: None explicit in filings regarding low attendance, option repricing, tax gross-ups, hedging/pledging, or related-party transactions with JGH itself; low direct JGH ownership (0 shares) may be viewed as a softer alignment flag in a closed-end fund context, offset partially by deferred compensation and broader fund family exposure .