Joanne T. Medero
About Joanne T. Medero
Independent Board Member of Nuveen Real Estate Income Fund (JRS); year of birth 1954; joined the Board in 2021. She holds a B.A. from St. Lawrence University (1975) and a J.D. from George Washington University Law School (1978). Her background spans over 30 years in financial services, including senior legal, policy, and governance roles across asset management and U.S. regulatory institutions .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BlackRock, Inc. | Managing Director, Government Relations & Public Policy | 2009–2020 | Corporate governance and public policy leadership |
| BlackRock, Inc. | Senior Advisor to the Vice Chairman | 2018–2020 | Advised on public policy & governance |
| Barclays Group (IBIM) | Managing Director, Global Head of Government Relations & Public Policy | 2006–2009 | Directed legislative/regulatory advocacy across IB, IM, WM |
| Barclays Global Investors | Managing Director; Global General Counsel & Corporate Secretary | 1996–2006 | Led global legal & corporate secretary functions |
| Orrick, Herrington & Sutcliffe LLP | Partner | 1993–1995 | Derivatives and financial markets regulation |
| Commodity Futures Trading Commission (CFTC) | General Counsel | 1989–1993 | Agency’s chief legal officer |
| The White House, Office of Presidential Personnel | Deputy Associate Director/Associate Director (Legal & Financial Affairs) | 1986–1989 | Senior policy/oversight responsibilities |
| CFTC Global Markets Advisory Committee | Member | 2006–2010 | Market structure/regulatory advisory |
| SIFMA Asset Management Group | Chair, Steering Committee | 2016–2018 | Industry governance & policy leadership |
| Managed Funds Association | Chair, CTA/CPO & Futures Committee | 2010–2012 | Derivatives/futures industry standards |
| Federalist Society | Chair, Corporations/Antitrust/Securities Practice Group | 2010–2022; 2000–2002 | Policy thought leadership |
External Roles
| Organization | Type | Role | Tenure | Notes |
|---|---|---|---|---|
| Baltic-American Freedom Foundation | Non-profit | Director | Since 2019 | Education/professional exchanges for Baltic states |
| Other public company boards (past 5 years) | Public | None | N/A | No other public company directorships disclosed |
Board Governance
- Status: Independent Board Member (committees are composed entirely of Independent Board Members under NYSE/NASDAQ standards) .
- Committee memberships (no chair roles disclosed for Ms. Medero):
- Nominating & Governance Committee – Member
- Investment Committee – Member
- Compliance, Risk Management & Regulatory Oversight Committee – Member
- Not listed as a member of the Audit, Dividend, Executive, or Closed-End Fund Committees .
- Attendance: Each Board Member attended 75% or more of Board and committee meetings in the last fiscal year .
Fund-Level Meeting Activity (last fiscal year)
| Meeting Type | Count |
|---|---|
| Regular Board Meeting | 5 |
| Special Board Meeting | 9 |
| Executive Committee Meeting | 5 |
| Dividend Committee Meeting | 10 |
| Compliance, Risk Management & Regulatory Oversight Committee Meeting | 5 |
| Audit Committee Meeting | 14 |
| Nominating & Governance Committee Meeting | 5 |
| Investment Committee Meeting | 4 |
| Closed-End Fund Committee Meeting | 4 |
Fixed Compensation
| Component | 2023 | 2024 | 2025 |
|---|---|---|---|
| Annual retainer (Independent Board Member) | $210,000 | $350,000 | $350,000 |
| Committee retainer – Compliance | $0 (per-meeting fee model) | $30,000 | $35,000 |
| Committee retainer – Investment | $0 (per-meeting fee model) | $20,000 | $30,000 |
| Committee retainer – Nominating & Governance | $0 (per-meeting fee model) | $20,000 | $25,000 |
| Structure notes | Per-meeting fees: Board $7,250/day; Special Board $4,000; Audit/Closed-End/Investment $2,500; Compliance $5,000; Dividend $1,250; other committees $500; certain IPO pricing $100 | Fixed annual retainers; ad hoc meeting fees $1,000 or $2,500 depending on length/immediacy | Chair retainers increased: Board $150,000; Audit/Compliance $35,000; Investment $30,000; Dividend/Nominating/Closed-End $25,000 (not applicable to Medero unless appointed chair) |
| Aggregate compensation from Nuveen Funds (historical) | $366,323 (aggregate) | — | — |
Note: The Funds do not have retirement or pension plans; an elective Deferred Compensation Plan is available to Independent Board Members .
Performance Compensation
| Metric Category | Details |
|---|---|
| Equity awards (RSUs/PSUs/Options) | Not disclosed for Independent Board Members; compensation comprises cash retainers and committee retainers, with optional deferred compensation linked to Nuveen fund shares for bookkeeping purposes |
| Performance metrics tied to director pay (e.g., TSR, EBITDA) | Not applicable to Independent Board Members; structure is fixed cash retainers and committee retainers |
| Clawbacks/Change-in-control/Severance | Not disclosed for Independent Board Members |
Other Directorships & Interlocks
| Entity | Relationship | Potential Interlock/Conflict Consideration |
|---|---|---|
| Baltic-American Freedom Foundation | Non-profit directorship | No direct issuer interlock indicated; philanthropic focus |
| Public company boards | None | No interlocks with competitors/suppliers/customers disclosed |
Expertise & Qualifications
- Deep expertise in financial markets regulation, derivatives, and asset management policy from CFTC General Counsel tenure and senior roles at BlackRock/Barclays .
- Corporate governance leadership via chair roles at SIFMA AMG, MFA committee, and Federalist Society practice group .
- Legal credentials and senior general counsel/corporate secretary experience at BGI enhance compliance and oversight capabilities .
- Tenure as Independent Board Member since 2021, currently serving in governance, investment, and compliance oversight committees .
Equity Ownership
| Metric | Value |
|---|---|
| Individual beneficial ownership of JRS (as % of outstanding shares) | Less than 1% |
| Board members and officers as a group (each fund) | Less than 1% of outstanding shares |
| Dollar range of equity securities beneficially owned | Set forth in Appendix A (not itemized in visible sections) |
| Securities of companies advised by affiliates | Disclosed in Appendix A (as of 9/30/2024) |
Governance Assessment
- Alignment and independence: Medero is an Independent Board Member and serves on committees composed entirely of Independent Board Members, bolstering oversight quality. Attendance met or exceeded the 75% threshold, indicating engagement .
- Skills fit: Her regulatory/legal background is directly relevant to the Compliance and Nominating & Governance Committees and supports risk oversight and governance rigor .
- Compensation structure: Shift from per-meeting fees in 2023 to higher fixed retainers and committee retainers in 2024–2025 suggests emphasis on predictable compensation and committee workload; no equity-based awards or performance metrics are tied to director compensation, with optional deferral into fund-linked accounts .
- Ownership and conflicts: Individual holdings are below 1% of outstanding shares; additional cross-holdings in companies advised by affiliates are disclosed in Appendix A for monitoring, but no specific related-party transactions are highlighted in reviewed sections .
RED FLAGS to Monitor
- Increased cash retainers: Board retainer rose from $210k (2023) to $350k (2024), with committee retainers added/increased in 2025; monitor pay-for-workload calibration and any future disproportionate increases .
- Affiliate-advised securities: Appendix A lists board member securities in companies advised by affiliates; review for potential perceived conflicts, especially given her prior senior roles at large asset managers (historic roles only) .