Robert L. Young
About Robert L. Young
Robert L. Young (born 1963) is the Independent Chair of the Nuveen Funds’ unitary Board, serving across 218 portfolios; he joined the Board in 2017 and is a former CPA with 30+ years in investment management, including COO and President roles at J.P. Morgan Investment Management and J.P. Morgan Funds. He holds a BBA in Accounting from the University of Dayton and served on its board of trustees’ investment committee from 2008–2011 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer and Director | 2010–2016 | Led service, administration and platform support for retail and institutional businesses globally |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | Established board agendas, addressed regulatory matters, policies, procedures |
| J.P. Morgan Funds | SVP & Chief Operating Officer | 2005–2010 | Operating leadership for funds complex |
| J.P. Morgan affiliates | Director and various officer roles | 1999–2017 | Distribution/services leadership |
| Deloitte & Touche LLP | Senior Manager (Audit) | 1985–1996 | Created and led Midwestern mutual fund practice |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| University of Dayton | Board of Trustees Investment Committee | 2008–2011 | Trustee investment oversight |
| Other public company directorships (past 5 years) | None | N/A | No other directorships disclosed |
Board Governance
- Independent Chair of the Board; responsibilities include agenda setting, presiding at meetings, liaison across trustees, officers, management and counsel .
- Committee assignments and chair roles:
- Executive Committee: Chair; members Young, Kenny, Nelson, Toth .
- Nominating & Governance Committee: Chair; composed entirely of Independent Board Members .
- Audit Committee: Member; chair is John K. Nelson; committee meets independence/experience requirements .
- Investment Committee: Member; co-chairs are Boateng and Lancellotta .
- Closed-End Fund Committee: Member; chair is Moschner .
- Election/term: Class I nominee for multiple funds with terms expiring at 2028 annual meetings; last elected as Class I Board Member on May 8, 2023 for applicable funds .
- Attendance: Each Board Member attended 75% or more of Board and committee meetings for the last fiscal year; meeting counts by fund are disclosed (e.g., Real Estate Income: 5 regular Board, 9 special, 5 Executive Committee, 10 Dividend, 5 Compliance/Risk, 14 Audit, 5 N&G, 4 Investment, 4 Closed-End) .
Fixed Compensation
| Component | Amount | Effective Date | Notes |
|---|---|---|---|
| Annual retainer (Independent Board Members) | $210,000 | 2023 | Plus per-meeting fees (see below) |
| Per-meeting (Regular Board) | $7,250/day | 2023 | No fees when held same day as regular Board meeting |
| Per-meeting (Special Board) | $4,000/meeting | 2023 | |
| Per-meeting (Audit/Closed-End/Investment) | $2,500/meeting | 2023 | |
| Per-meeting (Compliance, Risk & Regulatory) | $5,000/meeting | 2023 | |
| Per-meeting (Dividend) | $1,250/meeting | 2023 | |
| Board Chair additional retainer | $140,000 | 2023 | |
| Committee Chair additional retainers | $20,000 each | 2023 | Audit, Dividend, Compliance, N&G, Closed-End, Investment |
| Site visits (non-meeting days) | $5,000/day | 2023 | Service provider visits |
| Annual retainer (Independent Board Members) | $350,000 | Jan 1, 2024 | Structure shifted to membership retainers |
| Committee membership retainers | Audit: $30,000; Compliance: $30,000; Investment: $20,000; Dividend: $20,000; N&G: $20,000; Closed-End: $20,000 | Jan 1, 2024 | Increases Jan 1, 2025 (next row) |
| Committee membership retainers (2025) | Audit: $35,000; Compliance: $35,000; Investment: $30,000; Dividend: $25,000; N&G: $25,000; Closed-End: $25,000 | Jan 1, 2025 | |
| Board Chair additional retainer | $150,000 | Jan 1, 2025 | |
| Committee chair retainers | Audit/Compliance: $35,000; Investment: $30,000; Dividend/N&G/Closed-End: $25,000 | Jan 1, 2025 | |
| Ad hoc meeting fees | $1,000 or $2,500 per meeting (length/immediacy) | 2024+ | |
| Special assignment committees | Chair/co-chair quarterly fees from $1,250; members quarterly fees from $5,000 | 2024+ |
| Fund | Aggregate Compensation to Robert L. Young (last fiscal year) |
|---|---|
| Real Estate Income (JRS) | $1,034 |
| Total compensation from Nuveen Fund Complex | $502,381 |
Performance Compensation
- No performance-based stock awards, options, or cash bonuses are disclosed for Independent Board Members; compensation is structured via retainers and committee fees .
- Deferred Compensation Plan: Independent Board Members may elect to defer all or part of fees; deferrals credited to a book reserve account as if invested in eligible Nuveen funds; distributions may be lump sum or 2–20 years; fund liabilities limited to their own obligations .
| Deferred Fees Payable (book value including assumed investment returns) | Amount |
|---|---|
| Real Estate Income (JRS) | $673 |
| Selected examples across funds (for context) | Preferred & Income Opportunities: $6,464; NASDAQ Dynamic Overwrite: $2,470; S&P Buy-Write: $2,910 |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Public company boards (current, past 5 years) | None disclosed |
| Interlocks with competitors/suppliers/customers | Not disclosed; N&G Committee monitors governance; members are independent per NYSE/NASDAQ standards |
| Related holdings in affiliate-advised companies | Appendix shows such holdings for other trustees; none for Young |
Expertise & Qualifications
- Independent governance leader: Board Chair across 218 portfolios in a unitary board structure; deep understanding of fund operations, compliance, valuation, liquidity, risk .
- Operating executive: Led global mutual fund administration and platform support at J.P. Morgan Investment Management; President/PEO of J.P. Morgan Funds .
- Accounting/controls: Former CPA; senior audit manager; created and led Deloitte’s Midwestern mutual fund practice .
- Education: BBA, Accounting (University of Dayton) .
Equity Ownership
| Fund | Shares Beneficially Owned | Dollar Range |
|---|---|---|
| Real Estate Income (JRS) | 0 | $0 |
| Global High Income | 16,475 | Over $100,000 |
| Aggregate in family of investment companies | N/A | Over $100,000 |
| Ownership as % of each fund | <1% (each Board Member) as of Feb 18, 2025 |
- Board principle: each Board Member is expected to invest at least one year of compensation in funds in the complex, directly or on a deferred basis .
- Pledging/hedging: No pledging or hedging disclosures specific to Young; Appendix includes related holdings for other trustees, not Young .
Governance Assessment
- Strengths: Independent Chair status; chairs Executive and Nominating & Governance Committees; sits on Audit, Investment, and Closed-End Fund Committees—strong engagement and oversight footprint. Board attendance threshold met; extensive meeting cadence across JRS (Real Estate Income) and peer funds signals active governance .
- Alignment: Explicit expectation to invest at least one year of compensation; Young reports “Over $100,000” aggregate holdings across the fund family and participates in deferred compensation, which aligns interests with shareholders, though he holds zero JRS shares directly .
- Compensation structure: Shift from 2023 meeting-based fees to higher fixed retainers and committee membership/chair retainers in 2024–2025; Board Chair retainer increased to $150,000. This simplifies incentives and may reduce meeting-volume bias, but raises the fixed portion—investors should monitor pay-for-engagement signals via attendance and committee outputs .
- Conflicts/related party exposure: No other public company boards in last five years; no related-party company holdings disclosed for Young; independence reinforced by committee composition standards .
- Red flags: None disclosed for Young (no low attendance, no related-party transactions, no tax gross-ups, no option repricing). Note the overall pay increases; watch for retention of independent posture and responsiveness to shareholder discounts and performance via Closed-End Fund Committee work .