Robert Young
About Robert L. Young
Independent Chair of the Nuveen Funds and Board Member of JMM (Nuveen Multi-Market Income Fund); born 1963; joined the Nuveen Fund Boards in 2017 . More than 30 years in investment management, including COO and Director at J.P. Morgan Investment Management and President/PEO of J.P. Morgan Funds; former CPA; BBA in Accounting from the University of Dayton . He is nominated as a Class I Board Member with a term expiring at the 2028 annual meeting across applicable funds, and serves as the independent Chair elected to reinforce board independence .
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 for retail and institutional businesses; co-led global functions; facilitated fund-board relationships and governance as President/PEO of J.P. Morgan Funds (2013–2016) . |
| J.P. Morgan Investment Management Inc. and affiliates | Various positions | 1997–2017 | Direct involvement in establishing board agendas, regulatory matters, and policies/procedures for funds . |
| Deloitte & Touche LLP (formerly Touche Ross) | Senior Manager (Audit) | 1985–1996 | Created and led the firm’s Midwestern mutual fund practice . |
| University of Dayton | Investment Committee, Board of Trustees | 2008–2011 | Service on institutional investment oversight; BBA in Accounting from the University of Dayton . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Public company boards | None | — | “Other Directorships Held… during the past five years” shows none for Robert L. Young . |
| Nuveen Fund Complex | Portfolios overseen | Ongoing | Oversees 218 portfolios across the Fund Complex as Independent Chair/Board Member . |
Board Governance
- Independence: Elected Independent Chair to strengthen board independence; unitary board structure across Nuveen Funds to enhance governance efficiency .
- Tenure and classification: Class I nominee with term to 2028 for applicable funds .
- Attendance: Each Board Member attended ≥75% of Board and applicable committee meetings during the last fiscal year .
| Committee | Role | Citation |
|---|---|---|
| Executive Committee | Chair; members: Young (Chair), Kenny, Nelson, Toth | |
| Nominating & Governance Committee | Chair; all Independent Members; Young chairs and is a member | |
| Audit Committee | Member; committee of Independent Members overseeing accounting/audit; current members list includes Robert L. Young | |
| Investment Committee | Member; oversight of fund performance and investment risks | |
| Closed-End Fund Committee | Member; oversight of Nuveen closed-end funds, discounts/premiums, leverage strategies |
Fixed Compensation
Compensation transitioned from per-meeting fees (2023) to higher fixed retainers and committee retainers (2024–2025).
| Component | 2023 (pre-1/1/2024) | 2024 (effective 1/1/2024) | 2025 (effective 1/1/2025) |
|---|---|---|---|
| Annual retainer (Independent Board Member) | $210,000 | $350,000 | $350,000 |
| Chair of Board additional retainer | $140,000 | $140,000 | $150,000 |
| Audit Committee membership retainer | $2,500 per meeting (committee meetings) | $30,000 annually | $35,000 annually |
| Compliance, Risk Mgmt & Reg Oversight membership retainer | $5,000 per meeting | $30,000 annually | $35,000 annually |
| Investment Committee membership retainer | $2,500 per meeting | $20,000 annually | $30,000 annually |
| Dividend Committee membership retainer | $1,250 per meeting | $20,000 annually | $25,000 annually |
| Closed-End Funds Committee membership retainer | $500 per meeting | $20,000 annually | $25,000 annually |
| Audit/Compliance Committee chair retainer | $20,000 (committee chairs) | $30,000 | $35,000 |
| Investment Committee chair retainer | $20,000 | $20,000 | $30,000 |
| Dividend/Nominating/Closed-End chair retainer | $20,000 | $20,000 | $25,000 |
| Regularly scheduled Board meeting fee | $7,250 per day | Not specified; structure moved to retainers | Not specified; structure moved to retainers |
| Special Board meeting fee | $4,000 per meeting | Ad hoc Board/Committee meetings: $1,000 or $2,500 depending on length/immediacy | Same |
| Site visits | $5,000 per day (no Board meeting day) | Not specified; likely as needed | Not specified |
| Special assignment committees | Chair fee: determined per complexity/time | Chair/co-chair quarterly fee starting at $1,250; members quarterly fee starting at $5,000 | Same |
Fund-level compensation (last fiscal year):
- Aggregate compensation from JMM (Multi-Market Income): $303 paid to Robert L. Young .
- Total compensation paid from funds in the Fund Complex to Robert L. Young: $502,381 .
Performance Compensation
| Item | Disclosure |
|---|---|
| Deferred Compensation Plan | Independent Board Members may elect to defer all or part of compensation; deferrals credited to a book reserve account that tracks selected Nuveen funds; distributions in lump sum or over 2–20 years; no retirement/pension plans . |
No stock awards, options, or performance-based bonuses are referenced for Independent Board Members in the proxy; compensation consists of cash retainers/fees and optional deferred compensation .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public company boards (past five years) | None disclosed for Robert L. Young . |
| Portfolios overseen in Fund Complex | 218 overseen by Robert L. Young . |
| Board-wide governance | Unitary board across Nuveen Funds to leverage common service providers/policies; strengthens oversight efficiency . |
Expertise & Qualifications
- Former CPA and Senior Audit Manager at Deloitte; led Midwestern mutual fund practice .
- Executive leadership at J.P. Morgan Investment Management (COO/Director) and J.P. Morgan Funds (President/PEO); deep mutual fund operations, board interface, and regulatory agenda experience .
- University of Dayton BBA in Accounting; service on University of Dayton investment committee .
Equity Ownership
- Board Member investment principle: expected to invest at least one year of compensation in funds in the Fund Complex (directly or deferred) to align interests with shareholders .
- As of Feb 18, 2025, each Board Member’s individual beneficial holdings of each Fund, including JMM, were less than 1% of outstanding shares .
| Fund | Dollar Range of Equity Securities Beneficially Owned (as of Dec 31, 2024) |
|---|---|
| Global High Income | Over $100,000 |
| Core Equity Alpha | $0 |
| Core Plus Impact | $0 |
| Credit Strategies | $0 |
| Dow Dynamic Overwrite | $0 |
| Multi-Asset Income | $0 |
Note: The provided excerpt lists select funds; JMM-specific dollar range was not shown in the excerpt. Aggregate disclosure indicates <1% holdings at each fund level .
Governance Assessment
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Positive signals:
- Independent Chair role with broad oversight across committees (Executive Chair; Nominating & Governance Chair; Audit/Investment/Closed-End member) supports board effectiveness and independent agenda-setting .
- Attendance at ≥75% of meetings indicates engagement and baseline commitment .
- Ownership alignment principle requiring at least one year of compensation invested in the Fund Complex enhances skin-in-the-game for directors .
-
Structural changes in compensation:
- Shift in 2024–2025 from per-meeting fees to higher fixed annual retainers and committee retainers increases predictability and may reduce incentives tied to meeting frequency; Chair retainer increased to $150,000 in 2025 .
- Per-meeting Board fees (e.g., $7,250/day in 2023) were replaced by ad hoc fees ($1,000–$2,500) and quarterly special assignment fees, reflecting rebalanced governance workloads .
-
Potential conflicts and red flags:
- No other public company directorships disclosed; reduces external interlocks .
- No related-party transactions or equity awards disclosed for Independent Board Members in the proxy; compensation is cash-based with optional deferral .
- Concentration of leadership (Independent Chair plus multiple committee roles) centralizes governance influence; mitigated by committee independence and charters, but warrants continued monitoring of board processes and rotation practices .
Overall, Robert L. Young’s governance profile combines deep mutual fund operations expertise, independent leadership, and solid engagement, with compensation structure realigned toward fixed retainers and formalized committee roles—supportive of board effectiveness for JMM while presenting limited conflict risk in current disclosures .