Thomas Kenny
About Thomas J. Kenny
Independent trustee of Nuveen Multi-Market Income Fund (JMM) in the Nuveen closed‑end funds complex. Year of birth 1963; appointed to JMM’s board effective January 1, 2024, with prior service across the Nuveen/TIAA fund complex since 2011 . Former Co‑Head of Goldman Sachs Asset Management’s Global Cash & Fixed Income Portfolio Management team; CFA charterholder; B.A. University of California, Santa Barbara, and M.S. Golden Gate University . Currently a director of Aflac Incorporated and Chair of its Finance & Investment Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Advisory Director; Partner; Managing Director; Co‑Head Global Cash & Fixed Income PM | 1999–2011 (MD 1999–2004; Partner 2004–2010; Advisory Director 2010–2011; Co‑Head 2002–2010) | Led global fixed income portfolio management platform |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Oversight of TIAA-affiliated fund complex |
| TIAA Separate Account VA‑1 | Manager; Chairman | Manager 2011–2023; Chairman 2017–2023 | Governance of variable annuity account |
| Sansum Clinic | Director; Finance Committee Chair | Director 2021–2022; Finance Chair 2016–2022 | Finance oversight at non‑profit health system |
| Cottage Health System | Investment Committee Member | 2012–2020 | Investment oversight for hospital system |
| Crane Country Day School | Board Member; President of the Board | Board 2009–2019; President 2014–2018 | Board leadership |
| UCSB Arts & Lectures Advisory Council | Member | 2011–2020 | Advisory role |
| B’Box | Advisory Board Member | 2017–2019 | Advisory role to private company |
External Roles
| Company/Institution | Role | Since/Through | Notes |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | Public company board; finance oversight role |
| ParentSquare | Director | 2021–2022 (former); another section lists “Director” current | Proxy contains an internal inconsistency: Board table lists “formerly 2021–2022,” while qualifications section states he “is a Director” of ParentSquare; requires verification |
Board Governance
- Independence: JMM board members/nominees, including Kenny, are not “interested persons” of the Funds or the Adviser and have never been employees/directors of TIAA/Nuveen; deemed Independent Board Members .
- Years of service on JMM: Appointed January 1, 2024; standing for election as a Class I Board Member with term to 2028 if elected .
- Committee assignments (JMM):
- Executive Committee (member)
- Dividend Committee (member)
- Compliance, Risk Management & Regulatory Oversight Committee (member)
- Nominating & Governance Committee (member)
- Investment Committee (member)
- Closed‑End Fund Committee (member)
- Not an Audit Committee member
- Chair roles at JMM: None; Board Chair is Robert L. Young (Independent Chair) .
- Attendance: Each board member attended at least 75% of Board and committee meetings during the last fiscal year; JMM meeting counts shown below .
| JMM Meeting Activity (last fiscal year) | Count |
|---|---|
| Regular Board Meetings | 5 |
| Special Board Meetings | 8 |
| Executive Committee Meetings | 9 |
| Dividend Committee Meetings | 9 |
| Compliance Committee Meetings | 6 |
| Audit Committee Meetings | 14 |
| Nominating & Governance Committee Meetings | 5 |
| Investment Committee Meetings | 4 |
| Closed‑End Fund Committee Meetings | 4 |
Fixed Compensation
- Structure: As of Jan 1, 2024 independent board members receive a $350,000 annual retainer; committee membership retainers (2025 levels): Audit $35,000; Compliance/Risk $35,000; Investment $30,000; Dividend/Nominating/Closed‑End $25,000; Chair retainers: Board $150,000; Audit & Compliance $35,000; Investment $30,000; Dividend/Nominating/Closed‑End $25,000. Ad hoc meeting fees $1,000–$2,500; special assignment committee stipends apply .
- Deferred compensation plan available; deferrals treated as if invested in designated Nuveen funds; distributions elective over 2–20 years .
- Aggregate compensation paid (last fiscal year, allocated across funds):
- From JMM to Kenny: $68
- Total from funds in the Fund Complex paid to Kenny: $610,000
- Kenny’s deferred fee amounts example (allocated): JMM $17; multiple other funds also show deferrals .
Performance Compensation
- None disclosed for independent directors. Compensation is cash retainers and meeting/committee fees; no cash bonus, option awards, RSUs/PSUs, or performance‑metric‑based pay for directors. Deferred compensation mirrors returns of selected Nuveen funds but is not an equity grant nor performance pay .
No director‑specific performance metrics, severance, change‑of‑control, clawbacks, or tax gross‑ups are disclosed for independent trustees .
Other Directorships & Interlocks
- Current public company board: Aflac Incorporated; Chair of Finance & Investment Committee (finance oversight interlock; time commitment and cross‑industry insight) .
- TIAA/CREF/VA‑1 governance experience: Prior chair/manager roles at TIAA‑affiliated vehicles (not employment), relevant to fund governance; independence affirmed in proxy .
- Note: ParentSquare directorship disclosure is inconsistent within the proxy (see External Roles) .
Expertise & Qualifications
- Deep fixed‑income portfolio management expertise from GSAM leadership; valuable for JMM’s income‑focused mandate .
- Governance/oversight credentials: Aflac F&I Committee Chair; prior chair roles at CREF/VA‑1; CFA charterholder .
- Legal/regulatory and board‑process familiarity through extensive service across 218 portfolios in the fund complex .
Equity Ownership
| Holding | Amount/Range | As‑of Date |
|---|---|---|
| JMM shares beneficially owned by Kenny | $0 dollar range; 0 shares | Dec 31, 2024 |
| Aggregate in “family of investment companies” overseen | Over $100,000 (dollar range) | Dec 31, 2024 |
| Individual/Group % of JMM shares outstanding | Each director <1% individually; directors/officers as a group <1% | Feb 18, 2025 |
| Board investment guideline | Expectation to invest at least one year of compensation in Nuveen/TIAA family funds (direct or deferred) | Policy statement |
- Related holdings (affiliates under common control): Kenny has interests via Thomas Joseph Kenny 2021 Trust and KSHFO, LLC in vehicles advised by entities under common control with the Funds’ adviser (e.g., Global Timber Resources Investor Fund LP $598,506; Global Agriculture II Investor Fund LP $765,198; Global Agriculture II AIV (US) LLC $707,487; Kenny owns 6.60% of KSHFO, LLC). Values as of Sep 30, 2024; percentages reflect commitment, not ownership .
Governance Assessment
-
Strengths
- Independent trustee with robust fixed‑income and portfolio risk expertise aligned to JMM’s strategy .
- High engagement across key committees (Executive, Dividend, Compliance, Nominating, Investment, Closed‑End) and attendance threshold met; JMM saw extensive meeting activity year‑over‑year .
- Significant external finance oversight (Aflac F&I Chair) enhances capital allocation and risk oversight skill set .
-
Watch items
- Zero direct ownership in JMM while aggregate family‑fund holdings exceed $100k; alignment is at complex level rather than fund‑specific; guideline encourages one‑year comp invested across the complex, not necessarily in JMM .
- Related‑party adjacency: Personal/LLC interests in products advised by affiliates under common control with the Adviser—appropriately disclosed but merits monitoring for perceived conflicts; independence retained under the 1940 Act .
- Disclosure inconsistency regarding ParentSquare directorship (current vs. former) indicates a need for external verification before relying on that interlock .
-
RED FLAGS
- None identified on attendance, Section 16 compliance, or option/award repricing. The related‑party adjacency via affiliate‑advised vehicles and the lack of JMM‑specific share ownership are the primary potential investor‑confidence considerations to monitor .
Additional notes: The Nuveen funds employ a unitary board structure across 200+ portfolios, centralizing oversight; leadership is by an independent Chair (Robert L. Young) with strong committee architecture and rotation practices, which generally supports board effectiveness .