John Nelson
About John K. Nelson
Independent Board Member (Class II) of NAC since 2013; year of birth 1962. Former CEO of ABN AMRO Bank N.V. North America and Global Head of Financial Markets; earlier senior roles at ABN AMRO/LaSalle (1996–2007). Education: Fordham University (BA Economics; MBA Finance). Designated “audit committee financial expert” and currently serves as Audit Committee Chair; oversees 220 portfolios in the Fund Complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ABN AMRO Bank N.V. North America | Chief Executive Officer; Global Head, Financial Markets Division | 2007–2008 | Led Currency, Commodity, Fixed Income, Emerging Markets, Derivatives businesses; represented bank on committees of Bank of Canada, ECB, Bank of England; member of the Fed FX Committee . |
| ABN AMRO/LaSalle Bank Corporation | Senior executive leadership roles | 1996–2007 | Various senior roles across banking and markets . |
| Deloitte Consulting LLP | Senior External Advisor, Financial Services practice | 2012–2014 | Advised financial services clients . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Core12, LLC (private) | Director | 2008–2023 | Branding/marketing firm board service . |
| Fordham University | Director, The President’s Council | 2010–2019 | University advisory leadership . |
| Fordham University | Director, Curran Center for Catholic American Studies | 2009–2018 | Academic advisory . |
| Marian University | Trustee; Chairman, Board of Trustees | 2011–2013 | Board leadership . |
Board Governance
- Committees: Audit Committee Chair; member, Nominating & Governance Committee; member, Investment Committee; member, Closed-End Fund Committee .
- Independence: All listed committees are composed entirely of Independent Board Members per NYSE/NASDAQ standards; Audit Committee members meet SEC Section 10A independence and experience requirements .
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings during the last fiscal year .
- Tenure/Term: Class II Board Member; term expires at the 2026 annual shareholder meeting .
- Leadership: Audit Committee Charter publicly available; Nelson designated an “audit committee financial expert” .
Fixed Compensation
| Component | Prior to Jan 1, 2025 | Effective Jan 1, 2025 |
|---|---|---|
| Annual retainer (Independent Board Member) | $350,000 | $350,000 |
| Audit Committee membership | $30,000 | $35,000 |
| Audit Committee Chair fee | $30,000 | $35,000 |
| Investment Committee membership | $20,000 | $30,000 |
| Closed-End Funds Committee membership | $20,000 | $25,000 |
| Nominating & Governance Committee membership | $20,000 | $25,000 |
| Ad hoc meeting fee | $1,000 or $2,500 per meeting | $1,000 or $2,500 per meeting |
| Special assignment committee fees | Chair: $1,250/quarter; Members: $5,000/quarter (starting) | Chair: $1,250/quarter; Members: $5,000/quarter (starting) |
Aggregate Compensation (Last Fiscal Year)
| Fund | Amount (USD) |
|---|---|
| Arizona Quality | $636 |
| California AMT-Free | $2,792 |
| California Value | $851 |
| California Quality | $8,183 |
| Massachusetts Quality | $505 |
| Total Compensation from Nuveen Funds Paid to Board Members/Nominees (Nelson) | $483,250 |
Performance Compensation
| Element | Status |
|---|---|
| Annual/target bonus | Not applicable to Independent Board Members . |
| Stock awards (RSUs/PSUs), option awards | Not offered to Independent Board Members; no equity award program disclosed . |
| Performance metrics tied to pay (revenue, EBITDA, TSR, ESG) | None disclosed/applicable for Independent Board Members . |
| Deferred compensation | Available via the Deferred Compensation Plan; credits tracked to eligible Nuveen funds; distributions can be lump sum or 2–20 years . |
| Nelson deferred fees (fund-level shown) | No deferred fees indicated in the displayed fund lines (—) . |
| Retirement/pension | Funds do not have retirement or pension plans for Board Members . |
The Deferred Compensation Plan credits are a book reserve of the participating fund and economically track selected Nuveen funds; they are not equity awards of NAC and do not add performance-based incentive pay .
Other Directorships & Interlocks
| Category | Company | Role | Tenure |
|---|---|---|---|
| Public company boards (last 5 years) | None disclosed | — | — |
| Private/academic/non-profit | Core12, LLC | Director | 2008–2023 |
| Private/academic/non-profit | Fordham University (President’s Council) | Director | 2010–2019 |
| Private/academic/non-profit | Curran Center for Catholic American Studies | Director | 2009–2018 |
| Private/academic/non-profit | Marian University | Trustee; Chairman | 2011–2013 |
Expertise & Qualifications
- Global banking and markets leadership, including derivatives, FX, fixed income, commodities, and emerging markets; former member of the Federal Reserve FX Committee; represented ABN AMRO at major central banks .
- Audit Committee financial expert designation; extensive oversight experience across compliance, valuation and auditor independence .
- Fordham University BA Economics; MBA Finance .
Equity Ownership
| Fund | Shares Beneficially Owned (Oct 22, 2025) | Notes |
|---|---|---|
| Arizona Quality | 0 | Less than 1% of outstanding shares for each Board Member . |
| California AMT-Free | 0 | — |
| California Value | 0 | — |
| California Quality | 0 | — |
| Massachusetts Quality | 0 | — |
| Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen | Value Range |
|---|---|
| Nelson | Over $100,000 (as of Oct 22, 2025) |
- Board Member investment guideline: expected to invest (directly or deferred) at least the equivalent of one year of compensation in funds in the Fund Complex. Individual holdings per fund were <1% of outstanding shares as of Oct 22, 2025; compliance with the “one-year compensation” guideline is not determinable from disclosed ranges .
Insider Trades
| Query Period | Person | Result |
|---|---|---|
| 2022-01-01 to 2025-11-20 | John Nelson (NAC) | No Form 4 insider trades found (insider-trades tool query) |
Governance Assessment
- Strengths: Chair of Audit Committee with SEC “financial expert” designation; independent status across all key committees; consistent attendance (≥75%); long tenure providing continuity; broad markets expertise valuable for valuation and risk oversight .
- Alignment: Aggregate fund complex exposure “Over $100,000”; deferred compensation mechanism available to align with Nuveen fund shareholders; board-level guideline expects investment equivalent to one year’s compensation, though exact compliance is not disclosed .
- Compensation Structure: Predominantly fixed cash fees with committee and chair retainers; no equity awards, options, or performance-linked pay for independent directors; fee schedule modestly increased effective Jan 1, 2025 (committee/chair fees) .
- Potential Conflicts: No related-party transactions or affiliated company holdings disclosed for Nelson; committee independence standards met; no other public company directorships to create interlocks .
- RED FLAGS: None evident in disclosures. Note that per-fund direct ownership is zero; while aggregate complex holdings exist, precise ownership relative to the “one-year compensation” guideline is not disclosed, limiting assessment of full alignment .