Thomas Kenny
About Thomas J. Kenny
Thomas J. Kenny (born 1963) is an independent Board Member of the Nuveen Multi-Market Income Fund (JLS) and other Nuveen funds. He was appointed to the Funds’ boards effective January 1, 2024, is a Class I nominee with a term running to the 2028 annual meeting, and has served within the broader TIAA/Nuveen fund complex since 2011. He is a former Co-Head of Goldman Sachs Asset Management’s Global Cash and Fixed Income Portfolio Management team, holds a B.A. (UC Santa Barbara), an M.S. (Golden Gate University), and is a CFA charterholder .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Co-Head, Global Cash & Fixed Income PM; Managing Director; Partner; Advisory Director | Co-Head 2002–2010; MD 1999–2004; Partner 2004–2010; Advisory Director 2010–2011 | Led global cash and fixed income PM functions . |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Oversight of large retirement fund complex . |
| TIAA Separate Account VA-1 | Management Committee; Chairman | 2011–2023; Chairman 2017–2023 | Oversight of variable annuity separate account . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Committee Chair since 2018 | Public company board; capital and investment oversight background . |
| ParentSquare | Director | 2021–2022 (former) | Private company; former directorship . |
| Sansum Clinic | Director; Finance Committee Chair (former) | 2016–2022 | Nonprofit governance experience . |
| Various nonprofit and advisory roles | Board/Advisory positions (former) | Various | B’Box (Advisory Board), UCSB Arts & Lectures Council, Cottage Health System IC, Crane Country Day School (President) . |
Board Governance
- Independence: Identified as an Independent Board Member. Not a member of the Audit Committee; Audit Committee is fully independent and chaired by John K. Nelson, with designated audit committee financial experts (Moschner, Nelson, Starr, Young) .
- Committee assignments (current): Executive Committee; Dividend Committee; Nominating & Governance Committee; Investment Committee; Compliance, Risk Management & Regulatory Oversight Committee; Closed-End Fund Committee .
- Board leadership: The Boards use a unitary structure across the Nuveen complex; the Chair is independent (Robert L. Young) .
- Attendance: Each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year .
Meetings held during last fiscal year (JLS/Multi-Market Income):
| Meeting Type | Count |
|---|---|
| Regular Board | 5 |
| Special Board | 8 |
| Executive Committee | 9 |
| Dividend Committee | 9 |
| Compliance, Risk Mgmt & Regulatory Oversight | 6 |
| Audit Committee | 14 |
| Nominating & Governance | 5 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
Compensation structure for Independent Board Members (effective January 1, 2024; with 2025 changes noted):
| Component | 2024 Amount | 2025 Amount |
|---|---|---|
| Annual base retainer | $350,000 | $350,000 |
| Audit Committee membership (per member) | $30,000 | $35,000 |
| Compliance, Risk Mgmt & Regulatory Oversight membership (per member) | $30,000 | $35,000 |
| Investment Committee membership (per member) | $20,000 | $30,000 |
| Dividend, Nominating & Governance, Closed-End Fund membership (each, per member) | $20,000 | $25,000 |
| Chair/Co-Chair of the Board | $140,000 | $150,000 |
| Chair of Audit or Compliance Committee | $30,000 | $35,000 |
| Chair of Investment Committee | $20,000 | $30,000 |
| Chairs of Dividend, Nominating & Governance, Closed-End Committees | $20,000 | $25,000 |
| Ad hoc meetings (per meeting) | $1,000–$2,500 | $1,000–$2,500 |
| Special assignment committees (per member, quarterly; chair starting fee) | Members: $5,000; Chair: $1,250 | Members: $5,000; Chair: $1,250 |
Director-specific compensation (last fiscal year):
- Aggregate compensation from the funds in the Fund Complex paid to Kenny: $610,000 (includes deferred fees and compensation attributed across the complex; note includes CREF/VA-1 as of Dec 31, 2023 per footnote) .
- JLS (Multi-Market Income) allocation to Kenny: $68 .
Deferred compensation: Independent Board Members may defer fees into notional investments in eligible Nuveen funds. Kenny’s deferred fees allocated to JLS (Multi-Market Income) were $17; amounts are tracked per fund and paid by the respective funds .
Performance Compensation
| Performance-based element | Detail |
|---|---|
| Equity/Options/PSUs/RSUs | None disclosed for Independent Board Members; compensation is structured as cash retainers, membership and chair fees, plus limited meeting/special assignment fees . |
| Performance metrics (TSR, EBITDA, ESG, etc.) | None disclosed for Independent Board Members . |
Other Directorships & Interlocks
| Company/Entity | Role | Potential Interlock/Notes |
|---|---|---|
| Aflac Incorporated | Director; Chair of Finance & Investment Committee | Public insurer; no disclosed supplier/customer conflict with Nuveen funds; relevant capital markets expertise . |
| ParentSquare | Former Director (2021–2022) | Private company; former role reduces ongoing interlock concerns . |
| CREF and TIAA VA-1 | Former Chairman roles and leadership | Prior ties to related TIAA entities end in 2023; reduces recurrence of intra-complex interlocks . |
Expertise & Qualifications
- Fixed income and liquidity management expertise from senior roles at GSAM (Co-Head Global Cash & Fixed Income PM) .
- Capital allocation oversight as Chair of Aflac’s Finance & Investment Committee .
- Academic credentials: B.A. (UC Santa Barbara), M.S. (Golden Gate University), CFA charterholder .
Equity Ownership
Fund-level and complex-level beneficial ownership (as of the latest disclosures):
- JLS (Multi-Market Income) direct ownership: $0; shares owned: 0 .
- Aggregate range across registered funds overseen (family of funds): Over $100,000 for Kenny; note that for Kenny this includes holdings in CREF and/or VA-1 as of Dec 31, 2023 per footnote .
- Board guideline: Each Board Member is expected to invest at least one year of compensation in funds within the Fund Complex (directly or deferred); disclosure shows aggregate “Over $100,000” and participation in deferred fee plan .
Related holdings in companies advised by affiliates (potential conflict consideration):
| Owner/Vehicle | Company | Value | % of Class | Notes |
|---|---|---|---|---|
| Thomas Joseph Kenny 2021 Trust | Global Timber Resources LLC | $39,673 | 0.01% | Adviser to these companies is under common control with Nuveen . |
| KSHFO, LLC (Kenny owns 6.60% of KSHFO LLC) | Global Timber Resources Investor Fund, LP | $598,506 | 6.01% | Common-control advisory relationship; commitment-based % . |
| KSHFO, LLC | Global Agriculture II Investor Fund LP | $765,198 | 0.05% | Common-control advisory relationship; commitment-based % . |
| KSHFO, LLC | Global Agriculture II AIV (US) LLC | $707,487 | 0.17% | Common-control advisory relationship; commitment-based % . |
Governance Assessment
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Strengths
- Independent status with deep fixed-income expertise, aligning with JLS’s closed-end income focus; multi-committee engagement (Executive, Dividend, Investment, Compliance, Nominating, Closed-End) supports robust board coverage .
- Proven capital allocation oversight from Aflac committee leadership; relevant for leverage, distribution policy, and discount management oversight within closed-end funds .
- Attendance compliance met; unitary board with independent chair enhances oversight consistency across the complex .
- Participation in deferred compensation plan provides alignment via notional fund exposure, and complex-wide ownership guideline targets “one year of compensation” invested in the Fund Complex .
-
Watch items / potential conflicts
- Affiliated-entity exposure: personal/vehicle investments in companies advised by entities under common control with Nuveen; while disclosed and percentage references are commitment-based, this is a standing related-party sensitivity for independent director optics. Transparency is good, but continued monitoring of any transactions, valuations, or fee arrangements is warranted. RED FLAG: related-party exposure exists via common-control advisers .
- No direct JLS share ownership as of the latest date; however, aggregate “Over $100,000” in the family of funds and deferred fee allocations partially mitigate alignment concerns per governance principle .
- Not on Audit Committee and not designated an audit committee financial expert; this is not a deficiency but clarifies his oversight focus (investment, compliance, governance, closed-end market dynamics) .
-
Compensation mix and incentives
- Compensation is largely fixed (base and committee retainers), with meeting/special assignment fees; no equity or performance-based awards for independent trustees. This reduces pay-for-performance alignment but supports independence and objectivity in a registered fund context .
- Fee structure increased in 2025 for committee memberships and chairs, consistent with workload and market norms for large complexes; no evidence of discretionary bonuses or repricing-type actions .
-
Engagement signals
- Substantial committee rotation and workload evidenced by meeting counts (Board, committees, Executive, Dividend, Closed-End) support active engagement. Closed-End Fund Committee’s focus on discounts, leverage, and repurchases aligns with shareholder-return levers for JLS .
Overall, Kenny adds fixed-income and capital markets depth with broad fund-governance experience. The disclosed common-control investments are the primary conflict sensitivity; continued transparent disclosure and recusal where appropriate should maintain investor confidence .