Margaret L. Wolff
About Margaret L. Wolff
Independent board member since 2016 (year of birth 1955). Retired Skadden, Arps M&A lawyer with 30+ years advising boards and senior management on corporate, securities, regulatory and governance matters; BA Mt. Holyoke College and JD Case Western Reserve University School of Law . Oversees 218 Nuveen/TIAA portfolios within the fund complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Skadden, Arps, Slate, Meagher & Flom LLP (M&A Group) | Of Counsel | 2005–2014 | Advised boards/senior management on governance, fiduciary and strategic issues |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| New York-Presbyterian Hospital | Trustee | Since 2005 | — |
| The John A. Hartford Foundation | Trustee; Chair | Trustee since 2004; Chair 2015–2022 | Philanthropy focused on care of older adults |
| Travelers Insurance Company of Canada | Director | 2013–2017 | Part of The Travelers Companies’ Canadian operations |
| The Dominion of Canada General Insurance Company | Director | 2013–2017 | Part of Travelers Canada |
| Mt. Holyoke College | Trustee; Vice Chair of Board | Trustee 2005–2015; Vice Chair 2011–2015 | — |
Board Governance
| Committee | Role | Notes |
|---|---|---|
| Compliance, Risk Management and Regulatory Oversight | Chair | Quarterly oversight of compliance, liquidity/derivatives, leverage, operational risks; private sessions with CCO |
| Audit Committee | Member | Oversees financial reporting, audit, valuation policy; members independent; charter available online |
| Investment Committee | Member | Reviews fund performance, investment risks, leverage/hedging; quarterly reporting cadence |
| Nominating & Governance Committee | Member | Oversees board evaluation, committee rotation, governance guidelines, continuing education, and director compensation policy |
| Closed-End Fund Committee | Member | Reviews premiums/discounts, leverage, distribution data, repurchases; workshops on addressing discounts |
- Independence: All nominees and continuing board members, including Ms. Wolff, are “Independent Board Members” under the 1940 Act; none have been employees or directors of TIAA/Nuveen or affiliates .
- Attendance: Each board member attended at least 75% of board and applicable committee meetings in the last fiscal year .
- Board Leadership: Independent Chair is Robert L. Young (not Wolff) .
Fixed Compensation
| Component | 2024 Amount | 2025 Amount | Notes |
|---|---|---|---|
| Annual retainer (Independent Board Members) | $350,000 | $350,000 | Effective Jan 1, 2024 |
| Audit Committee membership retainer | $30,000 | $35,000 | Effective Jan 1, 2025 |
| Compliance Committee membership retainer | $30,000 | $35,000 | Effective Jan 1, 2025 |
| Investment Committee membership retainer | $20,000 | $30,000 | Effective Jan 1, 2025 |
| Dividend, Nominating & Governance, Closed-End Committees (membership) | $20,000 | $25,000 | Effective Jan 1, 2025 |
| Board Chair/Co-Chair fee | $140,000 | $150,000 | Effective Jan 1, 2025 |
| Chair fees (Audit, Compliance) | $30,000 | $35,000 | Effective Jan 1, 2025 |
| Chair fee (Investment) | $20,000 | $30,000 | Effective Jan 1, 2025 |
| Chair fees (Dividend, Nominating & Governance, Closed-End) | $20,000 | $25,000 | Effective Jan 1, 2025 |
| Ad hoc meeting fee | $1,000 or $2,500 per meeting | $1,000 or $2,500 per meeting | Based on length/immediacy |
| Special assignment committees | Chair/co-chair: quarterly fee starting at $1,250; members: quarterly fee starting at $5,000 | Same | Fees allocated equitably across funds |
| JRI (Real Asset) – Aggregate Compensation Paid (last fiscal year) | Amount |
|---|---|
| Aggregate fees paid by JRI to Ms. Wolff | $1,636 |
| Total compensation from funds in the Fund Complex (all funds) | $535,644 |
Performance Compensation
No bonuses, options, RSUs, performance share units, or performance-based pay disclosed for independent directors; compensation consists of retainers and committee-related fees only .
Other Directorships & Interlocks
| Company/Organization | Type | Role | Potential Interlock/Conflict Note |
|---|---|---|---|
| Travelers Insurance Company of Canada | Insurer (Travelers Companies) | Director (2013–2017) | No related-party transactions disclosed for Ms. Wolff; independence affirmed |
| The Dominion of Canada General Insurance Company | Insurer (Travelers Companies) | Director (2013–2017) | Same as above |
| New York-Presbyterian Hospital | Non-profit | Trustee (since 2005) | — |
| The John A. Hartford Foundation | Non-profit | Trustee (since 2004), Chair (2015–2022) | — |
Expertise & Qualifications
- Deep governance, M&A and fiduciary expertise from >30 years of legal practice advising boards/senior management on governance and strategic matters .
- Extensive fund governance exposure overseeing 218 portfolios within Nuveen/TIAA fund complex .
- Chair of Compliance Committee indicates strengths in regulatory oversight, risk frameworks, and interaction with CCO and compliance programs .
- Education: BA Mt. Holyoke; JD Case Western Reserve .
Equity Ownership
| Measure | JRI (Real Asset) | Fund Complex Policy/Other |
|---|---|---|
| Beneficial ownership (dollar range) | $0 as of Dec 31, 2024 | Governance principle expects each board member to invest at least one year of compensation directly or via deferred basis in the fund complex |
| Shares owned (count) | 0 as of Dec 31, 2024 | Group share counts show some directors own shares; Ms. Wolff reported zero in tables shown |
| Deferred compensation (allocated to JRI) | $582 (deferred fees, including assumed investment returns) | Participates in Deferred Compensation Plan; deferrals treated as if invested in selected Nuveen funds |
Note: The deferred compensation plan permits independent directors to defer fees into book accounts that track investment in eligible Nuveen funds; distributions occur per elected schedule (lump sum or 2–20 years) .
Governance Assessment
-
Strengths:
- Independent status under the 1940 Act and no employment/directorship ties to TIAA/Nuveen or affiliates enhances board objectivity .
- Chairs Compliance Committee; regular private sessions with CCO and quarterly risk oversight spanning liquidity, derivatives, leverage, and operational risks .
- Broad committee engagement (Audit, Investment, Nominating & Governance, Closed-End), supporting comprehensive oversight of financial reporting, governance, performance, and market structure .
- Attendance at or above 75% threshold signals engagement .
-
Alignment/Red Flags:
- Reports $0 beneficial ownership and 0 shares in JRI as of year-end 2024, which may be viewed as weak fund-specific alignment even though the complex-level principle allows deferred investments; Ms. Wolff does have deferred compensation allocated across funds, including $582 to JRI .
- No related-party holdings or transactions disclosed for Ms. Wolff in companies advised by affiliates (a positive) .
- Compensation is entirely fixed/committee-based; absence of performance-linked elements is typical for independent fund directors but offers limited pay-for-performance signaling .
-
Compensation Structure Signals:
- 2025 increases in committee membership and chair retainers across committees indicate higher governance workload/complexity and may reflect strengthened oversight expectations .
- Nominating & Governance Committee oversees director compensation and continuing education, suggesting active calibration of governance quality and incentives .