Thomas Kenny
About Thomas J. Kenny
Independent trustee of Nuveen Credit Strategies Income Fund (JQC) since January 1, 2024; born 1963; career fixed-income investor and portfolio manager with Goldman Sachs Asset Management (GSAM); CFA charterholder; B.A., University of California, Santa Barbara; M.S., Golden Gate University . Deemed an Independent Board Member (not an “interested person” under the 1940 Act and with no employment ties to TIAA/Nuveen or affiliates) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Co-Head Global Cash & Fixed Income PM Team; Partner; MD; Advisory Director | Co-Head 2002–2010; Partner 2004–2010; MD 1999–2004; Advisory Director 2010–2011 | Led global cash/fixed income PM platform . |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Led board oversight for major retirement fund complex . |
| TIAA Separate Account VA-1 | Manager; Chairman | Manager 2011–2023; Chairman 2017–2023 | Chaired management committee . |
| Sansum Clinic | Director; Finance Committee Chair | Director/Chair 2016–2022 | Finance oversight for non-profit health system . |
| B’Box | Advisory Board Member | 2017–2019 | Advisory capacity . |
| UCSB Arts & Lectures Advisory Council | Member | 2011–2020 | Advisory capacity . |
| Cottage Health System | Investment Committee Member | 2012–2020 | Investment oversight . |
| Crane Country Day School | Board Member; President of the Board | Board 2009–2019; President 2014–2018 | Board leadership . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated | Director | Since 2015 | Chair, Finance & Investment Committee since 2018 . |
| ParentSquare | Director | 2021–2022 | Board member (ended 2022) . |
Board Governance
- Independence: Independent Board Member (not an “interested person” of JQC or the Adviser) .
- Years of service on JQC: Appointed January 1, 2024; nominee for Class I term expiring at the 2028 annual meeting .
- Board leadership: Independent Chair is Robert L. Young .
- Committee memberships (no chair roles disclosed for Kenny):
- 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)
- Attendance: Each Board Member attended ≥75% of Board and committee meetings during the last fiscal year .
Board and committee meeting cadence for JQC (last fiscal year):
| Meeting Type | Count |
|---|---|
| Regular Board Meetings | 5 |
| Special Board Meetings | 8 |
| Executive Committee | 8 |
| Dividend Committee | 8 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee | 6 |
| Audit Committee | 14 |
| Nominating & Governance Committee | 5 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
- Structure (effective Jan 1, 2024; increases noted Jan 1, 2025):
- Annual retainer: $350,000; Committee retainers (2024) Audit & Compliance $30,000; Investment $20,000; Dividend/Nominating/Closed-End $20,000; Chair adders $140,000 (Board), $30,000 (Audit/Compliance), $20,000 (Investment), $20,000 (Dividend/Nominating/Closed-End). As of Jan 1, 2025 these increase to: Audit & Compliance $35,000; Investment $30,000; Dividend/Nominating/Closed-End $25,000; Board Chair $150,000; Investment Chair $30,000 .
- Prior to Jan 1, 2024 (CY2023): $210,000 annual retainer plus per-meeting fees for Board/committee meetings; additional chair retainers ($140,000 Board Chair; $20,000 for key committees) .
Director compensation received (last fiscal year):
| Payer | Amount (USD) |
|---|---|
| JQC – Aggregate compensation paid to Kenny | $2,145 |
| All funds in the Nuveen Fund Complex – Total to Kenny | $610,000 |
| JQC – Deferred fees elected by Kenny | $536 |
Performance Compensation
| Metric | Disclosure |
|---|---|
| Equity/option awards | Not described for Independent Board Members; compensation consists of cash retainers/fees with optional deferral via a Deferred Compensation Plan . |
| Performance metrics linked to pay (e.g., TSR, EBITDA) | None disclosed for Independent Board Members . |
| Clawbacks / change-in-control provisions | Not disclosed/applicable to Independent Board Member retainers . |
Other Directorships & Interlocks
| Company | Role | Notes |
|---|---|---|
| Aflac Incorporated | Director; Chair of Finance & Investment Committee | Current public company board; committee chair role since 2018 . |
| Companies advised by affiliates of the Adviser (Nuveen common control) | Investor via Thomas Joseph Kenny 2021 Trust and KSHFO, LLC | Disclosed holdings include Global Timber Resources LLC ($39,673); Global Timber Resources Investor Fund, LP via KSHFO ($598,506; 6.01% of commitments); Global Agriculture II Investor Fund LP via KSHFO ($765,198; 0.05% of commitments); Global Agriculture II AIV (US) LLC via KSHFO ($707,487; 0.17% of commitments). Kenny owns 6.60% of KSHFO, LLC . |
Expertise & Qualifications
- 20+ years in fixed income and cash management at GSAM; co-led global fixed income PM; CFA charterholder .
- Public company oversight as Aflac director and finance/investment committee chair; extensive fund board leadership at CREF and VA-1 .
- Legal/regulatory independence affirmed; broad committee participation across investment, compliance, governance and closed-end fund oversight .
Equity Ownership
| Measure | JQC | Fund Complex (all registered investment companies overseen) |
|---|---|---|
| Shares beneficially owned | 0 | Aggregate dollar range: Over $100,000 (includes CREF/VA-1 family per footnote) |
| Dollar range in JQC | $0 | — |
| Ownership as % of JQC outstanding | Each Board Member <1% (as of Feb 18, 2025) | — |
| Ownership guideline | Board principle expects each Board Member to invest at least one year of compensation in funds in the Fund Complex (no individual compliance status disclosed) . | — |
Governance Assessment
- Positives:
- Deep fixed-income expertise and fund board leadership background; current chair of Aflac’s Finance & Investment Committee, signaling capital allocation and risk oversight experience .
- Active across six JQC-relevant committees; independent status; ≥75% attendance; robust board/committee cadence supports engagement .
- Compensation framework migrated from meeting-fee heavy to higher fixed retainers and role-based retainers in 2024–2025, aligning incentives to ongoing oversight rather than meeting count .
- Watch items / potential red flags:
- $0 direct ownership in JQC; while a complex-wide ownership guideline exists, the proxy discloses only an “Over $100,000” aggregate range across the broader family, not fund-specific alignment; no explicit compliance statement provided .
- Disclosed personal/trust holdings in vehicles advised by entities under common control with the Adviser (Nuveen), which can raise perceived conflict risks despite independence determinations; board discloses these interests and maintains independence classification .
- Significant total complex compensation ($610,000) versus low fund-level holdings disclosure could prompt investor scrutiny on pay-for-alignment; note optional deferral elections and lack of equity grants at the fund level .
No delinquent Section 16(a) filings were noted for Board Members in the last fiscal year, per fund disclosure .