Amy Lancellotta
About Amy B. R. Lancellotta
Independent Board Member (Class II) of Nuveen California Quality Municipal Income Fund (NAC); length of service since 2021, with current term continuing to the 2026 annual meeting. Year of birth: 1959. Retired at end-2019 from Investment Company Institute (ICI) after 30 years; Managing Director of ICI’s Independent Directors Council (IDC) from 2006–2019, with prior roles at ICI from 1989–2006 and earlier as an associate at two Washington, D.C. law firms. Education: B.A., Pennsylvania State University (1981); J.D., George Washington University Law School (1984). She also serves as President (since 2023) and Board Member (since 2020) of the Jewish Coalition Against Domestic Abuse (JCADA) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ICI – Independent Directors Council (IDC) | Managing Director | 2006–2019 | Led education, communication, governance and policy initiatives supporting fund independent directors; advised IDC/ICI and independent directors on fund governance and director roles . |
| Investment Company Institute (ICI) | Various positions | 1989–2006 | Progressively responsible roles prior to IDC leadership . |
| Washington, D.C. law firms (not named) | Associate | Not disclosed | Pre-ICI legal practice; served as associate at two firms . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Jewish Coalition Against Domestic Abuse (JCADA) | President; Director | President since 2023; Director since 2020 | Non-profit board service . |
Board Governance
- Independence: The NAC board classifies all listed trustees, including Lancellotta, as “Independent Board Members” (not “interested persons” under the 1940 Act and never employees/directors of TIAA/Nuveen or affiliates) .
- Lead Independent Director: Robert L. Young serves as Independent Chair of the Board .
- Attendance: Each Board Member attended 75% or more of board and relevant committee meetings in the last fiscal year .
- Years of service on Fund Complex boards: Oversees 220 portfolios in the Fund Complex .
| Committee | Role | Chair? | Source |
|---|---|---|---|
| Investment Committee | Co-Chair | Yes (Co-Chair) | |
| Audit Committee | Member | No | |
| Dividend Committee | Member | No | |
| Nominating & Governance Committee | Member | No |
Board and committee meeting counts (context – last fiscal year):
| Body (NAC) | Meetings Held |
|---|---|
| Regular Board | 6 |
| Special Board | 9 |
| Executive Committee | 3 |
| Dividend Committee | 8 |
| Compliance, Risk & Regulatory Oversight Committee | 4 |
| Audit Committee | 13 |
| Nominating & Governance Committee | 6 |
| Investment Committee | 3 |
| Closed-End Funds Committee | 4 |
Fixed Compensation
Compensation schedule for Independent Board Members (effective January 1, 2025):
- Annual retainer: $350,000; Committee retainers: Audit $35,000; Compliance, Risk & Regulatory Oversight $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000. Chair fees: Board Chair $150,000; Audit Chair $35,000; Compliance Chair $35,000; Investment Chair/Co-Chair $30,000; Dividend Chair $25,000; Nominating & Governance Chair $25,000; Closed-End Funds Chair $25,000 .
- Deferred Compensation Plan available; fees may be deferred into Nuveen funds; no retirement/pension plans .
Aggregate compensation paid (last fiscal year) to Lancellotta:
| Fund | Aggregate Compensation ($) |
|---|---|
| Arizona Quality | 653 |
| California AMT‑Free | 2,866 |
| California Value | 873 |
| California Quality (NAC) | 8,400 |
| Massachusetts Quality | 518 |
| Total from Nuveen Funds | 469,250 |
Deferred compensation recognized (Lancellotta):
| Fund | Deferred Fees (including returns) ($) |
|---|---|
| Arizona Quality | 138 |
| California AMT‑Free | 604 |
| California Value | 184 |
| California Quality (NAC) | 1,777 |
| Massachusetts Quality | 139 |
Performance Compensation
- None disclosed for independent directors. Compensation is retainer- and committee fee-based; no stock or option awards are used for Independent Board Members .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed for Lancellotta in the past five years . |
| Non-profit/other boards | JCADA – President (since 2023) and Director (since 2020) . |
| Potential interlocks/conflicts | No additional directorships with NAC advisers, distributors, or key service providers disclosed for Lancellotta . |
Expertise & Qualifications
- Fund governance expert via 13+ years leading IDC (2006–2019), advising independent directors and directing education, governance and policy initiatives; prior decades at ICI .
- Education: B.A., Pennsylvania State University (1981); J.D., George Washington University Law School (1984) .
- Oversees 220 portfolios across Fund Complex; committee leadership as Investment Committee Co‑Chair .
Equity Ownership
| Item | Value |
|---|---|
| NAC (California Quality) shares beneficially owned | 0 |
| Dollar range across all registered investment companies overseen (Fund Complex) | Over $100,000 |
| Ownership guideline | Board principle expects each Board Member to invest at least one year of compensation in Fund Complex funds (direct or deferred) |
| Ownership concentration | Each Board Member’s holdings represented less than 1% of outstanding shares of each Fund as of Oct 22, 2025 |
Governance Assessment
- Positive signals: Independent status, non‑affiliation with Adviser/TIAA, and Independent Chair structure enhance oversight; Lancellotta serves as Co‑Chair of the Investment Committee and sits on Audit, Dividend, and Nominating & Governance committees, indicating active engagement .
- Engagement: Board reports ≥75% attendance for all trustees; NAC’s committee cadence is robust (e.g., 13 Audit meetings), supporting regular oversight .
- Compensation structure: Cash retainers and committee fees without equity awards reduce pay‑for‑performance distortions for a fund board; deferral option supports alignment to the fund complex .
- Alignment consideration: Lancellotta reports no direct NAC share ownership (0 shares) while reporting “Over $100,000” aggregate range across the Fund Complex and a board guideline expects investment equal to one year’s compensation; lack of NAC‑specific holdings may be viewed as a modest alignment gap at the single‑fund level, albeit consistent with complex‑wide alignment practices .
- Conflicts/related‑party exposure: No personal related‑party transactions or adviser‑affiliated holdings disclosed for Lancellotta (contrast: the proxy explicitly lists certain other trustees’ outside holdings when applicable) .
- Additional context: Governance provisions updated to eliminate “control share” by‑laws in 2024, which can be seen as shareholder‑friendly in the closed‑end fund context (fund‑level) .