Joseph Boateng
About Joseph A. Boateng
Joseph A. Boateng (born 1963) is an Independent Board Member of Nuveen Credit Strategies Income Fund (JQC) under the Nuveen Funds unitary board structure. He joined the boards of each Fund other than certain exceptions in 2024 and was appointed to the Fund boards effective May 15, 2024; his “Length of Service” in the Fund Complex dates to 2019. He serves as Chief Investment Officer of Casey Family Programs (since 2007) and previously served as Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). He holds a B.S. from the University of Ghana and an M.B.A. from UCLA. He oversees 213 portfolios in the Fund Complex.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Johnson & Johnson | Director of U.S. Pension Plans | 2002–2006 | Oversaw U.S. pension investments (prior to CIO role at Casey). |
| Casey Family Programs | Chief Investment Officer | 2007–present | Leads endowment investment strategy and policy. |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lumina Foundation | Board Member | 2018–present | Governance/oversight for education-focused nonprofit. |
| Waterside School | Board Member | 2021–present | Governance for education nonprofit. |
| Year Up Puget Sound | Board Member; Emeritus | 2012–2019; Emeritus since 2020 | Workforce development nonprofit governance. |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Public pension oversight; prior committee chair leadership. |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Community foundation investment oversight. |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Board fiduciary for TIAA fund complex; prior. |
| TIAA Separate Account VA‑1 | Management Committee Member (Manager) | 2019–2023 | Governance for TIAA separate account; prior. |
Board Governance
- Independence: The board states all nominees and current/continuing Board Members (including Boateng) are “Independent Board Members” (not “interested persons” under the 1940 Act) and have never been an employee or director of TIAA/Nuveen or any affiliate.
- Committee assignments (JQC): Audit Committee Member; Nominating & Governance Committee Member; Investment Committee Co‑Chair (with Amy Lancellotta).
- Board structure: Unitary board across the Nuveen Funds; independent Chair (Robert L. Young).
- Attendance: Each Board Member attended at least 75% of Board and committee meetings for the last fiscal year.
- JQC meeting load (last fiscal year): 5 Regular Board; 8 Special Board; 8 Executive Committee; 8 Dividend; 6 Compliance/Risk/Regulatory; 14 Audit; 5 Nominating & Governance; 4 Investment; 4 Closed‑End Fund Committee.
Fixed Compensation
Compensation framework (Independent Board Members):
- Effective Jan 1, 2024: $350,000 annual retainer; committee membership retainers; chair retainers; ad hoc meeting fees; special assignment committee fees; with specified increases effective Jan 1, 2025.
- Prior to Jan 1, 2024: $210,000 annual retainer plus per‑meeting fees (Board and committees) and chair retainers under a meeting‑fee model.
| Component | 2023 Structure | 2024 Structure | 2025 Adjustment |
|---|---|---|---|
| Base annual retainer | $210,000 per director. | $350,000 per director. | Unchanged. |
| Audit Committee membership retainer | $2,500/meeting under meeting‑fee model (no standing retainer). | $30,000 annual retainer. | $35,000 annual retainer. |
| Compliance/Risk/Regulatory membership | $5,000/meeting (committee). | $30,000 annual retainer. | $35,000 annual retainer. |
| Investment Committee membership | $2,500/meeting. | $20,000 annual retainer. | $30,000 annual retainer. |
| Dividend, Nominating & Governance, Closed‑End membership | $1,250 or $500/meeting depending on committee; $100 for pricing actions. | $20,000 annual retainer per committee. | $25,000 annual retainer per committee. |
| Board Chair retainer | $140,000. | $140,000. | $150,000. |
| Committee Chair retainers | $20,000 (Audit, Dividend, Compliance, N&G, Closed‑End, Investment). | $20,000–$30,000 depending on committee. | $25,000–$35,000 depending on committee. |
Director‑specific paid amounts (last fiscal year):
- Aggregate compensation paid by JQC (Credit Strategies) to Boateng: $1,625.
- Total compensation from funds in the Fund Complex paid to Boateng (last fiscal year): $464,250.
- Deferred compensation credited (notional) from JQC (Credit Strategies) for Boateng: $404.
- Deferred Compensation Plan allows deferral of fees, notionally invested in eligible Nuveen funds; distributions can be lump sum or 2–20 years.
Performance Compensation
- Independent Board Members are paid through fixed retainers and committee retainers; the proxy does not disclose any equity grants, options, or performance‑linked incentive metrics for directors.
| Performance Metric | Disclosed for Independent Directors? | Notes |
|---|---|---|
| Equity/stock awards (RSUs/PSUs) | Not disclosed | Compensation described consists of retainers/fees; no equity awards referenced. |
| Option awards | Not disclosed | No option grant disclosures for directors. |
| Financial/TSR/ESG targets | Not disclosed | No performance targets tied to director pay. |
Other Directorships & Interlocks
- Current public company boards: None disclosed for Boateng in the past five years.
- Prior roles within the broader TIAA/CREF complex (CREF Trustee; VA‑1 Manager) ended by 2023; the board nonetheless affirms independence from TIAA/Nuveen (not an employee or director of TIAA/Nuveen/affiliates).
Expertise & Qualifications
- CIO of a large endowment (Casey Family Programs) with deep institutional investment oversight.
- Education: B.S., University of Ghana; M.B.A., UCLA.
- Audit Committee “financial expert” designation: Not among the named designees (Moschner, Nelson, Starr, Young).
Equity Ownership
| Measure | JQC (Credit Strategies) | Fund Complex (all registered investment companies overseen) |
|---|---|---|
| Dollar range held (as of Dec 31, 2024) | $0. | Over $100,000. |
| Shares owned (as of Dec 31, 2024) | 0. | Not aggregated by share count; range disclosed above. |
| Ownership as % of JQC shares outstanding | <1% (all Board Members individually). | N/A |
| Board policy: Ownership guideline | Expected to invest at least the equivalent of one year of compensation in funds in the Fund Complex (directly or deferred). | N/A |
Note: The “Over $100,000” aggregate range is top‑coded; the proxy does not disclose a precise amount, so compliance with the “one year of compensation” guideline cannot be confirmed or refuted from disclosed data.
Governance Assessment
-
Strengths
- Independent status affirmed; extensive institutional investment experience (CIO), and leadership as Co‑Chair of the Investment Committee improves oversight of performance and investment risk.
- Active on key oversight committees (Audit; Nominating & Governance; Investment), aligning with governance best practices.
- Attendance met threshold (≥75%) across Board/committees in the last fiscal year; JQC also had a high volume of Audit Committee meetings (14), evidencing active oversight cadence.
-
Alignment and Risks
- Direct JQC ownership is $0 with 0 shares; while aggregate complex holdings exceed $100,000 and deferred fees are invested notionally, the absence of JQC‑specific holdings may be viewed as weaker fund‑level alignment by some investors.
- Total Nuveen Fund Complex compensation for Boateng was $464,250 in the last fiscal year; the move from meeting fees to higher fixed retainers in 2024–2025 improves predictability but may reduce direct pay‑for‑activity sensitivity.
- Prior governance roles within the TIAA complex (CREF/VA‑1) could be perceived as potential interlocks; however, the board explicitly affirms independence (not employee/director of TIAA/Nuveen/affiliates), and those roles ended by 2023.
-
Other Notes
- Section 16(a) reporting compliance: the funds report compliance by Board Members and officers during the last fiscal year.
- Independent Chair structure (Robert L. Young) and a unitary board framework support consistency in oversight across funds.