Robert Young
About Robert L. Young
Independent Chair of the Nuveen Funds boards; born 1963; trustee since 2017. Former COO and Director at J.P. Morgan Investment Management (2010–2016), President and Principal Executive Officer of J.P. Morgan Funds (2013–2016), with earlier senior roles since 1999; previously Senior Manager (Audit) at Deloitte & Touche (1985–1996). Holds a B.B.A. in Accounting from the University of Dayton; former Certified Public Accountant; designated an “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer and Director | 2010–2016 | Led service, administration and platform support across retail and institutional businesses |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | Board liaison; set agendas, regulatory matters, policies and procedures |
| J.P. Morgan Funds/affiliates | Senior VP & COO; various officer/director roles | 1999–2017 | Broad mutual fund operations leadership |
| Deloitte & Touche LLP | Senior Manager (Audit) | 1985–1996 | Created and led midwestern mutual fund practice |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| University of Dayton | Investment Committee member, Board of Trustees | 2008–2011 | Governance and investment oversight |
Board Governance
- Independence: All nominees and trustees (including Young) are “Independent Board Members” (not “interested persons” and never employees/directors of TIAA/Nuveen) .
- Board leadership: Independent Chair of the Board (unitary board across Nuveen Funds). Chair responsibilities include agenda setting, presiding over board/shareholder meetings, and liaison with management and counsel .
- Committee assignments (JLS and Nuveen closed-end funds):
- Executive Committee: Chair; members include Kenny, Nelson, Toth
- Audit Committee: Member; designated audit committee financial expert (also Nelson, Moschner, Starr, Wolff)
- Nominating & Governance Committee: Chair; committee composed entirely of independent trustees
- Investment Committee: Member
- Closed-End Fund Committee: Member
- Dividend Committee: Not listed as a member
- Attendance: Each Board Member attended ≥75% of Board and committee meetings in the last fiscal year .
Meeting Load (Mortgage & Income Fund - JLS)
| Meeting Type | FY ended Dec 31, 2023 | FY ended Dec 31, 2024 |
|---|---|---|
| Regular Board Meetings | 5 | 5 |
| Special Board Meetings | 7 | 9 |
| Executive Committee Meetings | 0 | 5 |
| Dividend Committee Meetings | 8 | 10 |
| Compliance Committee Meetings | 5 | 5 |
| Audit Committee Meetings | 14 | 14 |
| Nominating & Governance Meetings | 6 | 5 |
| Investment Committee Meetings | 4 | 4 |
| Closed-End Fund Committee Meetings | 4 | 4 |
Fixed Compensation
- Structure (Independent Board Members):
- 2023: $210,000 annual retainer; per-meeting fees for Board and committees; Board Chair $140,000; committee chairs $20,000
- Effective Jan 1, 2024: $350,000 annual retainer; annual committee membership retainers ($30,000 Audit/Compliance; $20,000 Investment/Dividend/Nominating/Closed-End); Board Chair/Co-Chair $140,000; Audit/Compliance chairs $30,000; others $20,000; ad hoc meeting fees $1,000–$2,500; special assignment quarterly fees (chair $1,250; members $5,000)
- Effective Jan 1, 2025: increases to certain retainers—Board Chair $150,000; Audit/Compliance chairs $35,000; Investment chair $30,000; committee membership retainers raised (e.g., Audit/Compliance to $35,000; Investment to $30,000; Dividend/Nominating/Closed-End to $25,000)
- Deferred Compensation Plan: Directors may defer fees into fund-linked book accounts; distributions in lump sum or over 2–20 years
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Annual Director Retainer | $210,000 | $350,000 | $350,000 |
| Board Chair Retainer | $140,000 | $140,000 | $150,000 |
| Audit/Compliance Committee Membership Retainer | N/A (per-meeting fees) | $30,000 | $35,000 |
| Investment Committee Membership Retainer | N/A (per-meeting fees) | $20,000 | $30,000 |
| Dividend/Nominating/Closed-End Membership Retainer | N/A (per-meeting fees) | $20,000 | $25,000 |
| Audit/Compliance Chair Retainer | $20,000 | $30,000 | $35,000 |
| Investment Chair Retainer | $20,000 | $20,000 | $30,000 |
| Other Chairs (Dividend/Nominating/Closed-End) | $20,000 | $20,000 | $25,000 |
| Robert L. Young – Aggregate Compensation | FY 2023 | FY 2024 |
|---|---|---|
| Total from Fund Complex | $510,647 | $502,381 |
| From JLS (Mortgage & Income) | $473 | $417 |
| Deferred Fees – JLS (book value) | $324 | $272 |
Performance Compensation
- No performance-based compensation, stock options, RSUs, PSUs, severance, change-of-control, clawback, or tax gross-ups are disclosed for directors; compensation is cash retainers/fees with optional deferred compensation .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Tenure/Notes |
|---|---|---|---|
| None reported | — | — | Proxy lists “None” for other directorships in past five years |
Expertise & Qualifications
- Financial and operational governance expertise from senior roles at J.P. Morgan; audit background as former CPA; designated “audit committee financial expert” .
- Board leadership experience as Independent Chair; committee chair roles in Executive and Nominating & Governance .
- Education: B.B.A. in Accounting, University of Dayton .
Equity Ownership
- Ownership guideline: Each Board Member is expected to invest, directly or on a deferred basis, at least one year of compensation in funds in the Nuveen Fund Complex .
- Beneficial holdings:
- JLS (Mortgage & Income): Dollar range $0; shares owned 0
- Fund Complex aggregate: Over $100,000 in registered investment companies overseen (top-coded category)
- Example disclosed holdings: 16,475 shares in Global High Income; all individual holdings <1% of any fund’s outstanding shares
| Fund | Dollar Range | Shares Owned |
|---|---|---|
| Nuveen Mortgage & Income (JLS) | $0 | 0 |
| Nuveen Global High Income (JGH) | Over $100,000 | 16,475 |
Governance Assessment
- Strengths:
- Independent Chair with extensive investment management and audit experience; designated audit financial expert; multiple oversight committees (Audit, Investment, Closed-End) .
- High meeting load across JLS’s governance cycle; attendance ≥75% confirms engagement .
- No other public company directorships disclosed, reducing interlock/conflict risk .
- Section 16(a) compliance with no delinquent reports in the latest fiscal year .
- Watch items:
- Compensation structure shifted materially higher in 2024 (retainer from $210k to $350k) with further 2025 increases to chair and committee membership retainers—signal of increased workload but raises guaranteed cash vs. at-risk elements; absence of performance-linked director pay is standard but provides limited alignment levers .
- Ownership alignment at the specific fund level (JLS) is $0; guideline is at complex level, and aggregate holdings are “Over $100,000,” but disclosure is top-coded—unable to verify if one-year compensation threshold is fully met via direct/deferred holdings (monitor deferred balances and aggregate) .
- RED FLAGS:
- None disclosed for related-party transactions involving Young; the proxy’s related holdings table lists another trustee (Kenny) but not Young .
- No hedging/pledging, tax gross-ups, or option repricings disclosed for directors .
Overall, Robert L. Young presents as an experienced, independent financial operator with deep board leadership and committee oversight; compensation increases are noteworthy but broadly consistent with expanded responsibilities across the unitary board, while fund-specific ownership for JLS is zero and should be balanced against complex-wide holdings and deferred compensation expectations .