Thomas J. Kenny
About Thomas J. Kenny
Independent Board Member of Nuveen Real Estate Income Fund (JRS) and nominee for Class I with a term through the 2028 annual meeting if elected; joined the Nuveen Funds Boards in 2024 (born 1963). Former Advisory Director, Partner, Managing Director, and Co‑Head of Global Cash & Fixed Income Portfolio Management at Goldman Sachs Asset Management; currently Director at Aflac Incorporated and Chair of its Finance & Investment Committee; B.A. (UC Santa Barbara), M.S. (Golden Gate University), and Chartered Financial Analyst. He is deemed an Independent Board Member (not an “interested person”) under the Investment Company Act of 1940.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Advisory Director; Partner; Managing Director; Co‑Head Global Cash & Fixed Income PM | 1999–2011 | Co‑Head of global cash and fixed income PM team (2002–2010) |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | 2011–2023 | Board Chair (2017–2023) |
| TIAA Separate Account VA‑1 (VA‑1) | Manager; Chairman | 2011–2023 | Management Committee Chair (2017–2023) |
External Roles
| Organization | Role | Dates | Committees/Notes |
|---|---|---|---|
| Aflac Incorporated (public) | Director | Since 2015 | Chair, Finance & Investment Committee (since 2018) |
| ParentSquare | Director (former) | 2021–2022 | — |
| Sansum Clinic | Director (former); Finance Committee Chair (former) | Director 2021–2022; Chair 2016–2022 | — |
| B’Box | Advisory Board Member (former) | 2017–2019 | — |
| UC Santa Barbara Arts & Lectures | Advisory Council Member (former) | 2011–2020 | — |
| Cottage Health System | Investment Committee Member (former) | 2012–2020 | — |
| Crane Country Day School | Board Member; President of the Board (former) | Member 2009–2019; President 2014–2018 | — |
Board Governance
| Attribute | Details |
|---|---|
| Independence | All nominees and continuing Board Members, including Kenny, are Independent Board Members (not “interested persons”) of the Funds and Adviser. |
| Board structure | Unitary board across the Nuveen Fund complex; independent Chair (Robert L. Young). |
| Committee memberships (JRS) | Executive (member); Dividend (member); Compliance, Risk Management & Regulatory Oversight (member); Nominating & Governance (member); Investment (member); Closed‑End Fund (member). Kenny is not listed on the Audit Committee. |
| Committee chairs | Not a chair of any committee. Chairs include: Executive (Young), Dividend (Thornton), Audit (Nelson), Compliance (Wolff), Closed‑End (Moschner), Investment (co‑chairs Boateng/Lancellotta for most funds), Nominating & Governance (Young). |
| Attendance | Each Board Member attended ≥75% of Board and applicable committee meetings in the last fiscal year. |
| Meeting cadence (JRS FY2024) | Regular Board: 5; Special Board: 9; Executive: 5; Dividend: 10; Compliance: 5; Audit: 14; Nominating & Governance: 5; Investment: 4; Closed‑End Fund: 4. |
| Current election status (JRS) | Class I nominee for term expiring at the 2028 annual meeting. |
Fixed Compensation
| Component | 2023 | 2024 (effective Jan 1) | 2025 (effective Jan 1) |
|---|---|---|---|
| Base annual retainer (Independent Board Members) | $210,000 | $350,000 | $350,000 |
| Audit Committee membership retainer | $0 (per‑meeting model) | $30,000 | $35,000 |
| Compliance, Risk Mgmt & Reg. Oversight membership retainer | $0 (per‑meeting model) | $30,000 | $35,000 |
| Investment Committee membership retainer | $0 (per‑meeting model) | $20,000 | $30,000 |
| Dividend, Nominating & Governance, Closed‑End membership retainer (each) | $0 (per‑meeting model) | $20,000 | $25,000 |
| Board Chair add‑on (if applicable) | $140,000 | $140,000 | $150,000 |
| Committee Chair add‑on (Audit; Compliance) | $20,000 each | $30,000 each | $35,000 each |
| Ad hoc/other | Per‑meeting fees in 2023 (varied); in 2024+, $1,000–$2,500 per ad hoc meeting; special assignment committee quarterly fees (chair from $1,250, members from $5,000). |
| Fund-Level Pay to Kenny (last fiscal year) | Amount |
|---|---|
| Aggregate compensation from JRS | $878 |
| Total compensation from funds in the Fund Complex | $610,000 |
| Deferred fees (JRS) credited (Participating Funds) | $220 |
The Board uses a governance principle expecting each Board Member to invest at least one year of compensation in funds within the Fund Complex (directly or on a deferred basis).
Performance Compensation
- No performance-based compensation, stock/option awards, or performance metrics are disclosed for Independent Board Members. Director pay is cash-based retainers/fees with optional deferred compensation tracking fund returns.
Other Directorships & Interlocks
| Company | Nature | Potential Interlock/Conflict Note |
|---|---|---|
| Aflac Incorporated | Current public company directorship; Kenny is Chair of Finance & Investment Committee | External role; no interlock with JRS disclosed in the proxy. |
| Holdings in affiliate‑advised private companies | Kenny (via Thomas Joseph Kenny 2021 Trust and KSHFO, LLC) holds interests in Global Timber Resources LLC, Global Timber Resources Investor Fund, LP, Global Agriculture II Investor Fund LP, and Global Agriculture II AIV (US) LLC; these are “companies … advised by entities … under common control with the Funds’ investment adviser.” Values: $39,673; $598,506; $765,198; $707,487 (as of 9/30/2024). Kenny owns 6.60% of KSHFO, LLC. | Related‑party exposure via Adviser affiliates; disclosed for transparency; not an investment in JRS itself. |
Expertise & Qualifications
- Fixed income, liquidity and portfolio management expertise from senior roles at GSAM (Co‑Head Global Cash & Fixed Income PM).
- Governance and investment oversight experience (CREF and VA‑1 Chair roles).
- Capital markets/finance acumen (CFA; Aflac Finance & Investment Committee Chair).
- Education: B.A. (UC Santa Barbara), M.S. (Golden Gate University), CFA charterholder.
Equity Ownership
| Measure | JRS (Fund-level) | Nuveen Fund Complex (aggregate) |
|---|---|---|
| Beneficial ownership – Dollar range | $0 | Over $100,000 (family of investment companies; includes CREF/VA‑1 holdings as of 12/31/2023 context) |
| Shares owned (JRS) | 0 shares (as of 12/31/2024) | Group ownership across Funds <1% per Fund; Kenny individually <1% in each Fund. |
| Pledging/hedging | No pledging/hedging disclosures; no >5% ownership. |
Governance Assessment
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Strengths
- Independent director with deep fixed income and investment oversight experience; sits on multiple key committees (Executive, Compliance, Investment, Dividend, Nominating & Governance, Closed‑End).
- Strong engagement: Board reports ≥75% attendance for all Board Members; JRS had robust committee cadence (14 Audit; 10 Dividend; others 4–5).
- External finance leadership (Aflac Finance & Investment Committee Chair) enhances oversight credibility.
-
Concerns / Watch items
- RED FLAG: Zero direct ownership in JRS as of 12/31/2024, despite a board guideline encouraging one year of compensation invested across the complex; while Kenny shows “Over $100,000” invested in the complex, no JRS holdings may be viewed as weaker fund‑specific alignment.
- Related‑party exposure: disclosed personal/LLC interests in several private vehicles advised by affiliates under common control with the Adviser; transparency is positive, but such ties can raise perceived conflict risk and warrant ongoing monitoring of recusal practices.
- Pay structure shift: Director compensation materially increased in 2024 (retainer moved from $210,000 to $350,000 with added committee retainers), which helps reflect workload but may attract scrutiny if fund performance/discounts do not improve.
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Process and controls
- Nominating & Governance Committee oversees board governance, continuing education, and periodically reviews Board Member compensation (no separate compensation committee for directors).
- Section 16(a) compliance: the Funds report Board Members and officers complied with Section 16(a) filing requirements in the last fiscal year and prior year.
Overall: Kenny brings high‑caliber fixed income and governance expertise with broad committee engagement. The absence of JRS share ownership and disclosed affiliate‑advised private holdings are perceptual alignment/conflict watchpoints for investors focused on fund‑specific skin‑in‑the‑game and independence optics.