Joseph A. Boateng
About Joseph A. Boateng
Independent Board Member of Nuveen Real Estate Income Fund (JRS); appointed May 15, 2024; born 1963; Chief Investment Officer at Casey Family Programs since 2007; formerly Director of U.S. Pension Plans at Johnson & Johnson (2002–2006); B.S., University of Ghana; M.B.A., UCLA . He serves across the Nuveen Fund Complex on a unitary board and oversees 213 portfolios, bringing institutional investment expertise to fund governance .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | Leads endowment CIO function; investment governance |
| Johnson & Johnson | Director, U.S. Pension Plans | 2002–2006 | Oversight of U.S. pension investments |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lumina Foundation | Board Member | Since 2018 | Governance of education-focused foundation |
| Waterside School | Board Member | Since 2021 | School governance |
| Year Up Puget Sound | Board Member; Emeritus Board Member | 2012–2019; Emeritus since 2020 | Workforce development nonprofit oversight |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Public pension oversight |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Endowment investment oversight |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Governance of TIAA-affiliated funds |
| TIAA Separate Account VA-1 | Manager | 2019–2023 | Management committee member |
Board Governance
- Independence: Not an “interested person” under the 1940 Act; deemed an Independent Board Member; never an employee/director of TIAA or Nuveen .
- Class/Term at JRS: Class II Board Member; current term expires at the 2026 annual meeting (or until successor elected and qualified) .
- Committee assignments (JRS): Audit Committee Member (not designated as audit committee financial expert); Nominating & Governance Committee Member; Investment Committee Co‑Chair (with Ms. Lancellotta) .
- Engagement/Attendance: Each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year .
| JRS Meeting Activity (last fiscal year) | Count |
|---|---|
| Regular Board Meetings | 5 |
| Special Board Meetings | 9 |
| Executive Committee Meetings | 5 |
| Dividend Committee Meetings | 10 |
| Compliance, Risk Mgmt & 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 Board Members received cash retainers and committee retainers; no pension plans; deferred compensation election available .
- 2024 base retainer: $350,000; committee retainers—Audit ($30,000), Compliance ($35,000), Investment ($20,000), Dividend/Nominating/Closed‑End ($20,000); Chair retainers—Board Chair ($140,000), Audit/Compliance Chairs ($30,000), Investment Chair ($20,000), others ($20,000); ad hoc meeting fees ($1,000 or $2,500) .
- 2025 increases: Board Chair to $150,000; Audit/Compliance Chair to $35,000; Investment membership to $30,000; Dividend/Nominating/Closed‑End memberships to $25,000; Audit membership to $35,000 .
- Consulting arrangements: For specific funds (not JRS), Mr. Boateng serves as a Board consultant under a paid consulting agreement (effective Jan 1, 2024) .
| Compensation Item | Amount | Notes |
|---|---|---|
| Aggregate compensation from JRS (last fiscal year) | $663 | Paid by JRS to Boateng |
| Aggregate compensation across Fund Complex (last fiscal year) | $464,250 | Total from all funds overseen |
| Deferred fees at JRS (Real Estate Income) | $165 | Deferred into plan-linked fund equivalents |
| Deferred comp plan availability | Yes | Lump sum or 2–20 years distributions |
Performance Compensation
| Component | Status | Evidence |
|---|---|---|
| Bonus/Annual Incentive | Not disclosed for Independent Board Members | Compensation disclosure details only retainers/fees and deferred comp; no bonus language |
| Equity awards (RSUs/Options) | Not disclosed for Independent Board Members | No equity awards described; fees may be deferred into fund equivalents |
| Performance metrics tied to pay | Not disclosed | No TSR/EBITDA/ESG metric linkage disclosed |
Other Directorships & Interlocks
| Company/Entity | Type | Role | Potential Interlock |
|---|---|---|---|
| CREF; TIAA VA‑1 | Investment funds (TIAA‑affiliated) | Trustee/Manager (ended 2023) | TIAA is Nuveen’s parent; independence affirmed; no current employment/board at TIAA/Nuveen |
| Lumina Foundation; Waterside School; Seattle City ERS; Seattle Foundation; Year Up Puget Sound | Nonprofit/Public pension | Board/Committee roles | No related‑party transactions disclosed |
Expertise & Qualifications
- Institutional CIO and pension investment oversight expertise; governance experience across 213 portfolios .
- Audit Committee member experience; not designated SEC “financial expert” (others are designated) .
- Education: B.S. (University of Ghana), M.B.A. (UCLA) .
Equity Ownership
| Measure | JRS (Real Estate Income Fund) | Fund Complex |
|---|---|---|
| Dollar range (beneficial ownership) | $0 | Aggregate range “Over $100,000” across registered investment companies overseen |
| Shares owned as of Dec 31, 2024 | 0 | Group total across funds listed; see Appendix tables |
| Ownership as % of outstanding | <1% per Board Member (all funds) | Board Members and officers as a group <1% per fund |
| Pledged shares | Not disclosed | Not disclosed |
| Ownership guidelines | Expected to invest at least equivalent of one year’s compensation in funds in the Fund Complex | Governance principle adopted by board |
Governance Assessment
- Strengths: Independent status; multi‑fund governance experience; Investment Committee Co‑Chairship indicates active role in performance/portfolio risk oversight; consistent attendance (≥75%); robust committee activity at JRS (14 Audit meetings) supports strong oversight cadence .
- Alignment: Board principle expects one year’s comp invested across the complex; Boateng’s aggregate fund holdings are “Over $100,000,” and he participates in deferred compensation, aligning economics with fund outcomes at the complex level .
- Compensation signals: Board‑wide retainer increases starting 2024 (and 2025) materially lifted fixed cash pay, which may raise pay‑inflation optics but reflect expanded governance workload across the complex .
- Potential conflicts: Prior roles at TIAA‑affiliated CREF and VA‑1 ended in 2023, and the proxy affirms independence from TIAA/Nuveen; no related‑party transactions disclosed; Section 16(a) compliance clean (no delinquent reports) .
- RED FLAGS: No direct JRS share ownership (as of Dec 31, 2024), despite the board’s identity‑of‑interests principle—mitigated by aggregate complex holdings and deferred comp participation; monitor ongoing holdings disclosures for alignment with guideline intent .