Joseph Boateng
About Joseph A. Boateng
Joseph A. Boateng (born 1963) is currently a consultant to the JMM Board and a nominee for election as a Class II Board Member; he has served as a TC (TIAA-CREF) Board Member since 2019 and joined the boards of most Nuveen funds (excluding Multi-Market Income) in 2024 . He is Chief Investment Officer of Casey Family Programs since 2007 and previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006); he holds a B.S. (University of Ghana) and an M.B.A. (UCLA) . All current nominees are deemed Independent Board Members under the 1940 Act (i.e., not “interested persons” of the Funds or Adviser) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | CIO with responsibility for investment oversight |
| Johnson & Johnson | Director of U.S. Pension Plans | 2002–2006 | Led U.S. pension plan oversight |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Board member for TC Funds family |
| TIAA Separate Account VA‑1 | Management Committee Member/Manager | 2019–2023 | Governance role for TIAA separate account |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lumina Foundation | Board Member | 2018–present | Nonprofit board service |
| Waterside School | Board Member | 2021–present | Nonprofit board service |
| Year Up Puget Sound | Board Member; Emeritus | 2012–2019; Emeritus since 2020 | Workforce development nonprofit |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; former Chair | Since 2007 | Public pension governance |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Community foundation investments |
Board Governance
- Status at JMM: Consultant to the Board effective January 1, 2024; nominee for election as a Class II Board Member (term through 2026 if elected) . Independence: nominees (including Boateng) are deemed independent under the 1940 Act .
- Committee assignments (JMM): As a consultant, he is not listed as a JMM committee member. Across other Nuveen funds, he serves on the Audit Committee and Nominating & Governance Committee (excluding certain funds that include JMM) and co‑chairs the Investment Committee (excluding certain funds that include JMM) .
- Audit Committee composition (complex-wide): Audit Committee is composed entirely of independent members; designated “audit committee financial experts” are Moschner, Nelson, Starr and Young (Boateng is not listed as the designated financial expert) .
- Attendance: In the last fiscal year, each Board Member attended at least 75% of Board and relevant committee meetings .
- Unitary board model: Nuveen employs a unitary board across the fund complex to enhance efficiency and oversight (context for multi-fund roles) .
| Committee | JMM (Multi‑Market Income) | Other Nuveen Funds (context) |
|---|---|---|
| Audit | Consultant; not listed as JMM member | Member for all funds except Core Plus Impact, Multi‑Asset Income, Multi‑Market Income (JMM), Real Asset, Variable Rate Preferred & Income |
| Nominating & Governance | Consultant; not listed as JMM member | Member for all funds except Core Plus Impact, Multi‑Asset Income, Multi‑Market Income (JMM), Real Asset, Variable Rate Preferred & Income |
| Investment | Consultant; not listed as JMM member | Co‑Chair (with Lancellotta) for all funds except Core Plus Impact, Multi‑Asset Income, Multi‑Market Income (JMM), Real Asset, Variable Rate Preferred & Income |
Fixed Compensation
- Structure: Independent Board Members are paid cash retainers (no pension); a deferred compensation plan is available to elect deferral into notional fund investments with flexible distribution elections .
| Component | 2024 Amount | 2025 Amount | Notes |
|---|---|---|---|
| Annual retainer – Independent Board Member | $350,000 | $350,000 (no change disclosed) | Paid by fund complex; allocated among funds |
| Committee membership – Audit | $30,000 | $35,000 | Per committee membership |
| Committee membership – Compliance, Risk Mgmt & Regulatory Oversight | $30,000 | $35,000 | Per committee membership |
| Committee membership – Investment | $20,000 | $30,000 | Per committee membership |
| Committee membership – Dividend; Nominating & Governance; Closed‑End Funds | $20,000 | $25,000 | Per committee membership |
| Board Chair/Co‑Chair | $140,000 | $150,000 | Additional to retainer |
| Committee Chair – Audit; Compliance/Risk | $30,000 | $35,000 | Additional |
| Committee Chair – Investment | $20,000 | $30,000 | Additional |
| Committee Chair – Dividend; Nominating & Governance; Closed‑End Funds | $20,000 | $25,000 | Additional |
| Ad hoc meeting fees | $1,000–$2,500 per meeting (length/immediacy) | $1,000–$2,500 per meeting | As applicable |
| Special assignment committees | Chair/co‑chair paid quarterly starting at $1,250; members at $5,000 | Same | As applicable |
| Retirement/pension | None | None | No retirement or pension plans |
| Deferred Compensation Plan | Available; deferrals notionally invested; lump sum or 2–20 year distributions; fund not liable for other funds’ obligations | Same | Elective deferral |
- Aggregate pay reference: Total compensation from funds in the Fund Complex paid to Boateng for the last fiscal year reported was $455,000 (includes deferred fees and, for 2023, compensation from CREF/VA‑1 where he served) .
| Metric | Amount | Period/Context |
|---|---|---|
| “Total Compensation from funds in the Fund Complex Paid to Board Members” – Boateng | $455,000 | Last fiscal year reported (table as of 2023 year end; includes CREF/VA‑1 for 2023) |
Performance Compensation
| Element | Disclosure |
|---|---|
| Equity awards (RSUs/PSUs), options, performance metrics (revenue, EBITDA, TSR, ESG) | Not used for fund Independent Board Members; compensation is cash retainers/fees; no performance metrics disclosed . |
| Clawbacks, change‑of‑control, severance, tax gross‑ups | Not disclosed/applicable to fund directors in proxy materials reviewed . |
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Current public company boards | None disclosed for Boateng in JMM proxy materials reviewed . |
| Fund complex oversight breadth | Oversees 213 portfolios in the fund complex (context for broader Nuveen roles) . |
| Board consolidation | 2023–2024 alignment across Nuveen/TC Funds to a unitary board to capture efficiencies and standardize oversight . |
Expertise & Qualifications
- CIO of large institutional asset owner (Casey Family Programs) with pension plan leadership at J&J; education includes B.S. (University of Ghana) and M.B.A. (UCLA) .
- Serves on investment and audit-related committees across the fund complex (excluding certain funds including JMM); not designated as an “audit committee financial expert” in the list of designees .
Equity Ownership
| Category | Value |
|---|---|
| Dollar range of equity securities held by Boateng in each of the listed Nuveen funds (subset shown in proxy appendix) | $0 across the listed funds in the table (none disclosed for JMM in that table) . |
| Aggregate range of equity securities in all registered investment companies overseen in the family of investment companies | Over $100,000 (includes holdings in CREF and/or VA‑1 for 2023) . |
Insider Filings (context)
| Date | Filing | Issuer | Ticker | Reported Holdings | Note |
|---|---|---|---|---|---|
| Period of Report: 2024‑01‑01 | Form 3 | Nuveen Taxable Municipal Income Fund | NBB | No securities owned (Box checked) | Filing lists Boateng as reporting owner; multi‑fund POA appendix includes JMM among funds for which filings may be made . |
| 2024‑01‑10 (site record) | Form 3 listing | Nuveen Core Plus Impact Fund (context) | NPCT | Form 3; 0 reported | Third‑party index shows Boateng as “consultant” with Form 3 and zero holdings (cross‑fund context) . |
Governance Assessment
- Strengths: Independent status; robust institutional investment background; service on audit, nominating/governance, and co‑chairing investment committee across the fund complex (excluding a small subset, including JMM); attendance met ≥75% threshold in the last fiscal year .
- Alignment: Fund directors are paid in cash retainers/fees; no equity awards; directors can elect deferred compensation tied to fund returns; Boateng disclosed $0 in the listed funds’ dollar‑range table, while aggregate family holdings are “Over $100,000” (largely due to CREF/VA‑1 for 2023), which may dilute direct alignment to any single CEF like JMM .
- Potential red flags/risks: Consultant status at JMM (compensated via consulting agreement) without specific dollar disclosure could be viewed as a transparency gap versus standard board retainer disclosure; no related‑party transactions or loans disclosed .
- Structural context: The unitary board and 2023–2024 consolidation across Nuveen/TC Funds is intended to increase efficiency and negotiating leverage; effective oversight depends on managing workload across 200+ portfolios .