Thomas J. Kenny
About Thomas J. Kenny
Independent director and finance veteran with deep fixed‑income portfolio management experience. Year of birth: 1963; education: B.A. (UC Santa Barbara) and M.S. (Golden Gate University); Chartered Financial Analyst. Appointed to JRI’s Board effective January 1, 2024; currently a Class I nominee with a term running to the 2028 annual meeting. Prior service across the Nuveen/TIAA fund complex dates to 2011, including roles at CREF and TIAA VA‑1.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Advisory Director; previously Partner, Managing Director; Co‑Head Global Cash & Fixed Income Portfolio Management | Advisory Director 2010–2011; Partner 2004–2010; MD 1999–2004; Co‑Head 2002–2010 | Led global cash/fixed income portfolio management team; senior investment leadership |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Governance oversight; chaired Board |
| TIAA Separate Account VA‑1 | Manager; Chairman | Manager 2011–2023; Chairman 2017–2023 | Management Committee leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated | Director; Chair of Finance & Investment Committee | Director since 2015; Chair since 2018 | Oversees finance/investment policy for a large public insurer |
| ParentSquare | Director | 2021–2022 (former) | Board service at ed‑tech platform |
| Sansum Clinic | Director; Finance Committee Chair | 2016–2022 (former) | Finance oversight in healthcare system |
| B’Box | Advisory Board Member | 2017–2019 (former) | Strategic advisory |
| UC Santa Barbara Arts & Lectures | Advisory Council Member | 2011–2020 (former) | Community/education engagement |
| Cottage Health System | Investment Committee Member | 2012–2020 (former) | Portfolio oversight |
| Crane Country Day School | Board Member; President of the Board | 2009–2019; President 2014–2018 (former) | Board leadership |
Board Governance
- Independence: Serves on committees composed entirely of Independent Board Members (e.g., Nominating & Governance; Audit Committee is independent, Kenny not listed as a member).
- Committee assignments:
- Executive Committee member.
- Dividend Committee member.
- Nominating & Governance Committee member.
- Investment Committee member.
- Closed‑End Fund Committee member.
- Not a member of the Audit Committee (current members listed without Kenny).
- Attendance: Each Board Member attended at least 75% of Board and relevant committee meetings in the last fiscal year.
- Tenure at JRI: Appointed January 1, 2024; currently a Class I nominee to 2028 annual meeting.
- Engagement: Executive and dividend committee responsibilities imply ongoing operational involvement between regular Board meetings.
Fixed Compensation
| Component | Amount (USD) | Effective Date | Notes |
|---|---|---|---|
| Annual retainer (Independent Board Members) | $350,000 | Jan 1, 2024 | Standard cash retainer |
| Audit Committee membership retainer | $30,000 → $35,000 | Jan 1, 2024 → Jan 1, 2025 | Per committee membership |
| Compliance, Risk Mgmt & Regulatory Oversight Committee membership retainer | $30,000 → $35,000 | Jan 1, 2024 → Jan 1, 2025 | Per committee membership |
| Investment Committee membership retainer | $20,000 → $30,000 | Jan 1, 2024 → Jan 1, 2025 | Per committee membership |
| Dividend Committee membership retainer | $20,000 → $25,000 | Jan 1, 2024 → Jan 1, 2025 | Per committee membership |
| Nominating & Governance Committee membership retainer | $20,000 → $25,000 | Jan 1, 2024 → Jan 1, 2025 | Per committee membership |
| Closed‑End Funds Committee membership retainer | $20,000 → $25,000 | Jan 1, 2024 → Jan 1, 2025 | Per committee membership |
| Board Chair retainer | $140,000 → $150,000 | Jan 1, 2024 → Jan 1, 2025 | Chair premium (not person‑specific) |
| Audit/Compliance Committee Chair | $30,000 → $35,000 | Jan 1, 2024 → Jan 1, 2025 | Chair premium |
| Investment Committee Chair | $20,000 → $30,000 | Jan 1, 2024 → Jan 1, 2025 | Chair premium |
| Dividend/Nominating/Closed‑End Chair | $20,000 → $25,000 | Jan 1, 2024 → Jan 1, 2025 | Chair premium |
| Ad hoc meeting fees | $1,000 or $2,500 per meeting | Ongoing | Based on meeting length/immediacy |
| Special assignment committee fees | Chair $1,250/quarter; Members $5,000/quarter | Ongoing | For special assignments |
| Deferred Compensation Plan | Eligible; deferrals track Nuveen fund shares | Ongoing | Lump sum or 2–20 year distributions |
| Prior structure (2023) | $210,000 base + per‑meeting fees | 2023 calendar year | Detailed meeting fee schedule in proxy |
Performance Compensation
| Item | Disclosure |
|---|---|
| Cash bonus | None disclosed for Independent Board Members; compensation is retainers/fees only |
| Stock awards (RSUs/PSUs) | None disclosed for Independent Board Members |
| Options | None disclosed for Independent Board Members |
| Performance metrics (TSR/EBITDA/ESG) | None disclosed; Board compensation overseen by Nominating & Governance Committee |
Other Directorships & Interlocks
| Company/Entity | Role | Dates | Interlock/Notes |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | External public company board; finance oversight expertise |
| ParentSquare | Director | 2021–2022 (former) | External private company board service (date per proxy table) |
| CREF (College Retirement Equities Fund) | Trustee; Chairman | 2011–2023 | Significant prior fund governance; part of Nuveen/TIAA complex |
| TIAA Separate Account VA‑1 | Manager; Chairman | 2011–2023 | Significant prior fund governance; part of Nuveen/TIAA complex |
Expertise & Qualifications
- Fixed‑income portfolio management leader (GSAM Co‑Head Global Cash & Fixed Income) and seasoned board chair in retirement/insurance contexts.
- Chartered Financial Analyst; B.A. UC Santa Barbara; M.S. Golden Gate University.
Equity Ownership
| Fund | Shares Owned | Dollar Range | Ownership % of Fund |
|---|---|---|---|
| Nuveen Real Estate Income Fund (JRI) | 0 | $0 | <1% of outstanding shares (as of 2/18/2025) |
| Aggregate holdings in all registered investment companies overseen (family of investment companies) | N/A | Over $100,000 | N/A (includes CREF/VA‑1 holdings as of 12/31/2023) |
Related-party exposure: Mr. Kenny, via the Thomas Joseph Kenny 2021 Trust and KSHFO, LLC (6.60% owned by Mr. Kenny), holds interests in companies advised by entities under common control with Nuveen’s adviser: Global Timber Resources LLC ($39,673), Global Timber Resources Investor Fund LP ($598,506; 6.01% of commitments), Global Agriculture II Investor Fund LP ($765,198; 0.05% of commitments), and Global Agriculture II AIV (US) LLC ($707,487; 0.17% of commitments) as of 9/30/2024. These percentages reflect committed capital, not current ownership percents.
Governance Assessment
- Strengths
- Independent director with deep fixed‑income investment management background; committee breadth (Executive, Investment, Dividend, Nominating & Governance, Closed‑End) enhances board effectiveness and risk oversight.
- Strong attendance (≥75% threshold met) and regular engagement through committees between quarterly meetings.
- External public company experience (Aflac finance committee chair) adds capital allocation and risk governance credibility.
- Alignment and Pay Structure
- Compensation is entirely cash retainer/committee fees; no equity or performance‑based incentives—typical for closed‑end funds but provides limited pay‑for‑performance linkage.
- No JRI share ownership (0 shares; dollar range $0) may be perceived as weaker “skin‑in‑the‑game,” though aggregate holdings across the broader investment company family exceed $100,000.
- Potential Conflicts and RED FLAGS
- Related‑party exposure: holdings in entities advised by firms under common control with the Funds’ adviser via KSHFO, LLC and the Kenny trust—monitor for recusal and conflict management; mark as a governance risk indicator.
- Committee oversight of Board compensation resides in Nominating & Governance, not a standalone compensation committee; remain attentive to independence and benchmarking rigor.
- Tenure and Election
- Appointed Jan 1, 2024; Class I nominee through 2028—newer tenure on JRI relative to long fund complex experience (since 2011).