Joseph Boateng
About Joseph A. Boateng
Independent Board Member of Nuveen Mortgage and Income Fund (JLS) since 2024; year of birth 1963. Chief Investment Officer at Casey Family Programs since 2007; previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Education: B.S. University of Ghana; MBA UCLA. Prior governance roles include Trustee of the College Retirement Equities Fund (CREF, 2018–2023) and member of the Management Committee for TIAA Separate Account VA‑1 (2019–2023) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | Oversees institutional portfolio |
| Johnson & Johnson | Director, U.S. Pension Plans | 2002–2006 | Led corporate pension oversight |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Board oversight of investment products |
| TIAA Separate Account VA‑1 | Management Committee Member | 2019–2023 | Management committee oversight |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lumina Foundation | Board Member | 2018–present | Non-profit governance |
| Waterside School | Board Member | 2021–present | Education non-profit governance |
| Year Up Puget Sound | Emeritus Board Member; former Board Member | 2012–2019; emeritus since 2020 | Workforce development |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; former Chair | Since 2007 | Public pension oversight |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Community foundation investment oversight |
Board Governance
- Independence: Listed among Board Members who are not “interested persons”; key committees (Nominating & Governance, Investment, Audit) are entirely independent per NYSE/NASDAQ and SEC standards .
- Committee assignments (JLS falls under “all funds other than the excepted set”):
- Investment Committee Co‑Chair (with Amy B.R. Lancellotta) .
- Nominating & Governance Committee Member .
- Audit Committee Member .
- Attendance: Met the minimum 75% attendance threshold for Board and applicable committee meetings in the last fiscal year .
- Tenure at JLS: Appointed to Nuveen closed‑end fund boards in 2024; serves as Board Member for all funds except Core Plus Impact, Multi‑Asset Income, Multi‑Market Income, Real Asset, and Variable Rate Preferred & Income (consultant to those) .
Fixed Compensation
| Component (USD) | 2024 | 2025 | Notes |
|---|---|---|---|
| Annual Board Retainer | $350,000 | $350,000 | Independent Board Members |
| Audit Committee Member Retainer | $30,000 | $35,000 | Per committee membership |
| Compliance, Risk Management & Regulatory Oversight Committee Member Retainer | $30,000 | $35,000 | If applicable |
| Investment Committee Member Retainer | $20,000 | $30,000 | Committee membership |
| Dividend Committee Member Retainer | $20,000 | $25,000 | Committee membership |
| Nominating & Governance Committee Member Retainer | $20,000 | $25,000 | Committee membership |
| Closed‑End Funds Committee Member Retainer | $20,000 | $25,000 | Committee membership |
| Board Chair/Co‑Chair Fee | $140,000 | $150,000 | If serving |
| Audit/Compliance Chair/Co‑Chair Fee | $30,000 | $35,000 | If serving |
| Investment Committee Chair/Co‑Chair Fee | $20,000 | $30,000 | If serving |
| Dividend/Nominating/Closed‑End Chair/Co‑Chair Fee | $20,000 | $25,000 | If serving |
| Ad hoc meeting fees | $1,000–$2,500 | $1,000–$2,500 | Per meeting length/immediacy |
| Special assignment committees (member) | $5,000 per quarter | $5,000 per quarter | If applicable |
| Special assignment committees (chair/co‑chair) | $1,250 per quarter | $1,250 per quarter | If applicable |
| Aggregate Compensation (Fund Complex) | FY 2024 |
|---|---|
| Total compensation paid to Joseph A. Boateng across Nuveen fund complex | $464,250 |
Performance Compensation
- No traditional performance‑based director pay (no options/PSUs tied to TSR/EBITDA disclosed). Independent directors may elect deferred compensation that notionally tracks returns of selected Nuveen funds; distributions may be lump sum or over 2–20 years .
| Deferred Compensation Payable (Participating Funds) | Amount |
|---|---|
| Mortgage & Income (JLS) – Boateng | $66 |
Other Directorships & Interlocks
| Company/Entity | Nature | Role | Tenure |
|---|---|---|---|
| CREF | Public investment entity | Trustee | 2018–2023 |
| TIAA Separate Account VA‑1 | Investment account | Management Committee Member | 2019–2023 |
| Multiple Nuveen closed‑end funds (Fund Complex) | Interlocks across funds | Board Member (2024–); Consultant to specific funds | Since 2024 |
- For Core Plus Impact, Multi‑Asset Income, Multi‑Market Income, Real Asset, and Variable Rate Preferred & Income, Boateng is a Board consultant compensated by consulting agreements (not a voting Board Member), which may be a perceived conflict if advisory scope overlaps with Board oversight at other funds .
Expertise & Qualifications
- Institutional investment leadership (CIO) and pension governance expertise; prior corporate pension oversight at J&J .
- Broad non‑profit and public pension investment committee experience (Lumina, Waterside School, Seattle City ERS, Seattle Foundation) .
- Education: B.S. University of Ghana; MBA UCLA .
Equity Ownership
| Beneficial Ownership in JLS | As of Dec 31, 2024 |
|---|---|
| Dollar range of equity securities (JLS) | $0 |
| Shares owned (JLS) | 0 |
| Aggregate Range of Equity Securities in Family of Investment Companies | As of Dec 31, 2024 |
|---|---|
| Boateng | Over $100,000 (includes CREF/VA‑1 holdings) |
- Board principle: Each Board Member is expected to invest at least the equivalent of one year of compensation in funds in the Fund Complex; specific compliance status by individual is not disclosed (only ranges) .
Governance Assessment
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Strengths
- Independent status with leadership in Investment Committee (Co‑Chair) and memberships in Nominating & Governance and Audit committees enhances board effectiveness in performance oversight, risk management, and governance .
- Solid attendance (≥75%) indicates engagement and reliability .
- Deep CIO‑level investment background aligns with fund performance oversight objectives .
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Alignment and compensation
- Director pay is primarily cash retainers with committee fees; no equity grants or options typical of operating companies; deferred compensation aligns interests via notional investment in Nuveen funds, including JLS ($66 payable) but is not direct share ownership .
- Aggregate compensation across the Fund Complex ($464,250) reflects extensive multi‑fund governance responsibilities .
-
Potential conflicts/RED FLAGS
- Consulting roles (and compensation) on certain Nuveen funds while serving as Board Member across other Nuveen funds may raise perceived conflict concerns about independence in cross‑fund oversight, though committees are explicitly independent by regulatory standards .
- Zero direct ownership in JLS (both dollar range and shares owned) could be viewed as weaker “skin‑in‑the‑game” alignment for this specific fund; the board‑level guideline expects one year’s compensation invested across the family, but only aggregate ranges are disclosed, not individual compliance details .
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Overall implication
- Governance credentials and committee leadership are strong positives for investor confidence in oversight quality. The main monitoring items are: clarity on consulting role boundaries vs. board oversight, and progress toward explicit ownership alignment at JLS beyond deferred plan exposures .