Joseph A. Boateng

About Joseph A. Boateng

Independent trustee of Nuveen Preferred & Income Opportunities Fund (JPC) and other Nuveen funds; appointed to the Nuveen Funds boards effective May 15, 2024, serving as a Class II trustee with term expiring at the 2026 annual meeting . He is designated an Independent Board Member (not an “interested person”) and has never been an employee or director of TIAA or Nuveen . Professional background: Chief Investment Officer of Casey Family Programs since 2007; previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006); education includes a B.S. (University of Ghana) and an M.B.A. (UCLA) . Year of birth: 1963 .

Past Roles

External Roles

Board Governance

• Independence and role: Independent trustee; not an “interested person” of the Funds or Adviser, and has never been an employee/director of TIAA or Nuveen .
• Term and tenure: Appointed to the Funds’ Boards May 15, 2024; Class II trustee with term ending at the 2026 annual meeting for JPC; continues until successor duly elected and qualified .
• Committee assignments (JPC scope):
  • Co‑Chair, Investment Committee (oversees performance and investment risk) .
  • Member, Audit Committee (financial reporting, auditor oversight, valuation oversight) .
  • Member, Nominating & Governance Committee (board composition, governance, board compensation oversight) .
  • Not designated as an “audit committee financial expert” (experts designated: Moschner, Nelson, Starr, Young) .
• Attendance: Each Board Member attended at least 75% of board and applicable committee meetings during the last fiscal year .
• Board structure context: Unitary board across Nuveen Funds with an independent Chair (Robert L. Young); committee system covers Audit, Compliance/Risk, Investment, Nominating & Governance, Dividend, Closed-End, Executive .

JPC Meetings Held (last fiscal year)

Fixed Compensation

• Structure (effective Jan 1, 2024; increases noted from Jan 1, 2025):
  • Annual Board retainer: $350,000 .
  • Committee membership retainers (2025 levels): Audit $35,000; Investment $30,000; Nominating & Governance $25,000; (others not applicable to Mr. Boateng: Compliance/Risk $35,000; Dividend $25,000; Closed-End Funds $25,000) .
  • Chair retainers (2025 levels): Investment Committee chair/co‑chair $30,000; Audit and Compliance/Risk chairs $35,000; Nominating, Dividend, Closed-End chairs $25,000 .
  • Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy; special assignment committees pay quarterly fees (chair from $1,250; members from $5,000) .
  • No retirement/pension plans for the Funds; a Deferred Compensation Plan is available for Independent Board Members (phantom investment into eligible Nuveen funds) .

Reported Compensation (last fiscal year)

Performance Compensation

Other Directorships & Interlocks

• Public company boards (current): None disclosed for Mr. Boateng in the past five years in the proxy’s board table .
• Fund/affiliated complex roles (prior): Trustee, CREF (2018–2023); Manager, TIAA Separate Account VA‑1 (2019–2023) .
• Independence note: Despite prior service on TIAA-affiliated funds, he is deemed independent and has never been an employee/director of TIAA or Nuveen .

Expertise & Qualifications

• CIO of a large institutional asset owner (Casey Family Programs), bringing asset allocation and manager oversight experience to investment oversight; prior corporate pension leadership at J&J .
• Education: B.S. (University of Ghana); M.B.A. (UCLA) .
• Committee leadership: Co‑Chair of the Investment Committee across Nuveen Funds (excluding specified funds), indicating a central role in performance and investment risk oversight .
• Not designated an “audit committee financial expert” (others designated) .

Equity Ownership

Governance Assessment

• Positives

  • Independence affirmed; no employment ties to TIAA/Nuveen; board led by an independent Chair; robust committee structure; Mr. Boateng serves as Co‑Chair of the Investment Committee and sits on Audit and Nominating & Governance—key levers for oversight of performance, valuation, and board quality .
  • Attendance threshold met (≥75%); JPC held 14 Audit Committee and 4 Investment Committee meetings in the last fiscal year, indicating active oversight cadence .
  • Participation in the Deferred Compensation Plan evidences some alignment with shareholders through phantom investments in Nuveen funds .

• Watch items / potential red flags

  • Direct JPC ownership is $0 and 0 shares as of 12/31/2024; while the board’s policy expects investment equivalent to one year’s compensation across the complex, disclosed aggregate holdings are only categorized as “Over $100,000,” which is insufficient to verify compliance with the ≥1x guideline given his reported total complex compensation ($464,250) .
  • Not designated an “audit committee financial expert,” while others on the Audit Committee are; mitigated by multi‑member committee composition with multiple designated experts .
  • Prior service on TIAA‑affiliated fund boards (CREF/VA‑1) may create a perception of ties to the adviser complex, though the proxy explicitly classifies him as independent and states no employment/director roles at TIAA/Nuveen .

• Related‑party and compliance checks

  • No related‑party ownership items for Mr. Boateng are listed in the table of board members with securities in companies advised by affiliates (an entry exists for another trustee, not for Mr. Boateng) .
  • The Funds report compliance with Section 16(a) filing requirements for board members and officers in the last fiscal year .