Robert L. Young
About Robert L. Young
Independent Chair of the Nuveen Funds’ unitary board since 2017; born 1963. Previously Chief Operating Officer and Director of J.P. Morgan Investment Management Inc. (2010–2016) and President/Principal Executive Officer of J.P. Morgan Funds (2013–2016). Former Senior Manager (Audit) at Deloitte & Touche LLP; former CPA. Holds a B.B.A. in Accounting from the University of Dayton and served on its board investment committee (2008–2011). Designated an “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer; Director | 2010–2016 | Led service/administration/business platform support across retail/institutional businesses; co-led global investment management support |
| J.P. Morgan Funds | President; Principal Executive Officer | 2013–2016 | Board agenda-setting, regulatory matters, fund governance procedures |
| J.P. Morgan affiliates | Director and various officer positions | 1999–2017 | Distribution and administration roles across fund complexes |
| Deloitte & Touche LLP | Senior Manager (Audit) | 1985–1996 | Built/led midwestern mutual fund audit practice; former CPA |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Dayton | Board Investment Committee Member | 2008–2011 | Oversight of endowment investments |
| Other public company boards | None | N/A | None disclosed (past 5 years) |
Board Governance
- Independent Chair of the Board; coordinates agendas, presides over Board/shareholder meetings, liaison to trustees/officers/counsel .
- Independence: All nominees and continuing members are “Independent Board Members” (not “interested persons” of the Funds or Nuveen/TIAA) .
- Committee assignments: Executive (Chair), Nominating & Governance (Chair), Audit (member; designated financial expert), Investment (member), Closed-End Fund (member). Not on Dividend or Compliance Committees .
- Attendance: Each Board Member attended ≥75% of Board and applicable committee meetings in the last fiscal year .
| JRI (Nuveen Real Asset Income and Growth Fund) – Meeting Counts, Last Fiscal Year | Count |
|---|---|
| Regular Board Meetings | 5 |
| Special Board Meetings | 9 |
| Executive Committee Meetings | 5 |
| Dividend Committee Meetings | 10 |
| Compliance, Risk & Regulatory Oversight Committee Meetings | 5 |
| Audit Committee Meetings | 14 |
| Nominating & Governance Committee Meetings | 5 |
| Investment Committee Meetings | 4 |
| Closed-End Fund Committee Meetings | 4 |
Fixed Compensation
- Structure (independent directors):
- Annual retainer: $350,000 (effective Jan 1, 2024) .
- Committee membership annual retainers (2024; increases Jan 1, 2025): Audit/Compliance $30,000→$35,000; Investment $20,000→$30,000; Dividend/Nominating/Closed-End $20,000→$25,000 .
- Chair retainers: Board Chair $140,000→$150,000 (as of Jan 1, 2025); Audit/Compliance Chair $30,000→$35,000; Investment Chair $20,000→$30,000; Dividend/Nominating/Closed-End Chair $20,000→$25,000 .
- Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy; special assignment committees paid quarterly (chair from $1,250; members from $5,000) .
- Prior schedule (2023): $210,000 annual retainer plus per-meeting fees (e.g., Board $7,250/day; Audit $2,500/meeting; Compliance $5,000/meeting; Board Chair $140,000) .
| Compensation (Last Fiscal Year) | Amount |
|---|---|
| Aggregate compensation paid by JRI to Robert L. Young | $1,546 |
| Total compensation from funds in the Nuveen Fund Complex (all funds) paid to Robert L. Young | $502,381 |
| Deferred fee balance credited (JRI) for Robert L. Young | $1,007 |
Performance Compensation
| Performance-linked pay mechanisms | Status |
|---|---|
| Equity awards (RSUs/PSUs), options, performance bonus, TSR/EBITDA targets, vesting schedules | Not applicable to independent directors; compensation delivered via cash retainers/fees and optional deferred compensation plan |
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed (past five years) |
| Committee roles at other public companies | None disclosed |
| Interlocks with competitors/suppliers/customers | None disclosed |
Expertise & Qualifications
- 30+ years in investment management operations and fund governance; former COO of a major asset manager and PEO of a large U.S. mutual fund complex .
- Former audit senior manager; former CPA; designated audit committee financial expert .
- Experienced in board processes, regulatory matters, valuation oversight, and closed-end fund market dynamics as committee member/chair .
Equity Ownership
- Board policy: Each Independent Board Member is expected to invest at least the equivalent of one year of compensation in funds within the Fund Complex (direct or deferred) .
- JRI ownership: 0 shares held by Robert L. Young; individual beneficial stake <1% of shares outstanding (as of Feb 18, 2025) .
- Aggregate holdings across registered investment companies overseen (family of investment companies): “Over $100,000” .
- Example of fund complex exposure: 16,475 shares of Nuveen Global High Income Fund (JGH) .
| Ownership Metric | JRI | Fund Complex |
|---|---|---|
| Shares owned | 0 | N/A (aggregate by fund varies; aggregate dollar range “Over $100,000”) |
| % of shares outstanding | <1% (individual) | N/A |
| Pledged shares | Not disclosed in proxy | |
| Compliance with ownership guideline (one-year comp) | Principle stated; individual compliance not explicitly stated; aggregate holdings “Over $100,000” |
Insider Trades
| Item | Status |
|---|---|
| Section 16(a) filings (Forms 3/4/5) | Funds report directors and officers complied with applicable Section 16(a) filing requirements during the last fiscal year |
| Reported Form 4 transactions | Not detailed in the proxy; compliance affirmed |
Governance Assessment
-
Strengths:
- Independent Chair with deep operational and audit background; designated audit committee financial expert .
- Active committee engagement (chairs Executive and Nominating & Governance; member of Audit, Investment, Closed-End), with ≥75% attendance in a year of high meeting volume, indicating strong engagement .
- Board-wide independence (no Nuveen/TIAA employees), diversified committee oversight including valuation, compliance, and discount management for closed-end funds .
-
Compensation and alignment signals:
- Board compensation increased materially in 2024 (retainer from $210k to $350k; 2025 chair/member increases), shifting pay mix toward guaranteed cash retainers versus per-meeting fees relative to prior year .
- Deferred compensation plan available; Young has a deferred balance linked to fund shares (e.g., JRI $1,007) .
-
Red flags and watch items:
- No direct JRI share ownership (0 shares) despite an expectation to invest one year of compensation across the complex—alignment is at the fund complex level rather than fund-specific; individual stake in JRI is <1% (immaterial) .
- Classified Board terms can delay shareholder-driven board turnover by up to two years, potentially reducing responsiveness to investor concerns .
-
Conflicts/related-party:
- No related-party transactions or external public company directorships disclosed for Young; board affirms Section 16(a) compliance—low apparent conflict risk .