Joseph Boateng
About Joseph A. Boateng
Joseph A. Boateng (born 1963) is an Independent Board Member of the Nuveen California Quality Municipal Income Fund (NAC) and funds in the Nuveen complex. He has served on the fund complex board since 2019 and was appointed to the NAC board effective January 1, 2024; he is a Class II director with a term expiring at the 2026 annual meeting. Boateng is Chief Investment Officer of Casey Family Programs (since 2007) and holds a B.S. from the University of Ghana and an M.B.A. from UCLA. He has been designated an SEC “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | Leads endowment investment program |
| Johnson & Johnson | Director, U.S. Pension Plans | 2002–2006 | Oversaw U.S. pension plan investments |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Oversight of TIAA-affiliated registered investment company |
| TIAA Separate Account VA-1 | Management Committee Member | 2019–2023 | Governance of TIAA variable annuity separate account |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Lumina Foundation | Board Member | Since 2018 | Non-profit higher education philanthropy |
| Waterside School | Board Member | Since 2021 | Non-profit education |
| Year Up Puget Sound | Board Member (2012–2019); Emeritus Board Member | Since 2020 (Emeritus) | Workforce development non-profit |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Public pension oversight |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Community foundation investment oversight |
Board Governance
- Independence status: The board consists entirely of “Independent Board Members” (not “interested persons”) and Boateng has never been an employee or director of TIAA, Nuveen, or affiliates.
- Committee assignments:
- Investment Committee: Co-Chair (with Amy Lancellotta). Mandate includes oversight of fund performance and investment risk; receives quarterly reporting from Nuveen oversight and risk groups.
- Nominating & Governance Committee: Member.
- Audit Committee: Member; designated as an SEC “audit committee financial expert.”
- Attendance: During the last fiscal year, each Board Member attended 75% or more of board and applicable committee meetings.
- Board structure: Unitary board across the Nuveen fund complex; independent Chair of the Board is Robert L. Young.
- Term and tenure: Class II director; term expires at the 2026 annual meeting; service in the fund complex since 2019; appointed to NAC’s board effective January 1, 2024.
Fixed Compensation
Director compensation is paid in cash by each fund; directors may elect to defer fees into a book reserve account tracking eligible Nuveen funds (no pension/retirement plans).
| Compensation Metric | FY 2024 Stub (Mar 1–Aug 31, 2024) | FY 2025 (Last Fiscal Year) |
|---|---|---|
| NAC (California Quality) – Aggregate Compensation paid to Boateng | $3,802 | $7,717 |
| Total Compensation from Nuveen Funds Paid to Boateng (Fund Complex) | $455,000 | $464,250 |
Notes:
- FY 2024 reflects a stub period following change in fiscal year-end; per-fund compensation shown is paid by each respective fund.
- Deferred amounts (if elected) are treated as if invested in eligible Nuveen funds; distributions paid in lump sum or over 2–20 years.
Performance Compensation
- No equity-based or performance-linked director compensation disclosed (no RSUs/PSUs/options for directors); compensation is cash fees per fund with optional fee deferral.
Other Directorships & Interlocks
- Public company directorships: None disclosed for Boateng in the proxy’s “Other Directorships Held … During the Past Five Years.” Listed positions are with non-profits and investment fund entities.
- Fund complex oversight breadth: Oversees 219 portfolios within the Nuveen fund complex, indicating broad governance scope and workload.
Expertise & Qualifications
- CIO of a major U.S. foundation (asset owner) and former pensions leader at a blue-chip corporation; SEC-designated audit committee financial expert.
- Academic credentials: B.S. (University of Ghana), M.B.A. (UCLA).
- Governance scope: 219 portfolios overseen in the fund complex, aligning with risk and performance oversight mandates.
Equity Ownership
| Item | NAC (California Quality) | Notes |
|---|---|---|
| Shares beneficially owned | 0 | Reported as of Oct 22, 2025 |
| Dollar range of equity securities in NAC | $0 | Reported as of Oct 22, 2025 |
| Aggregate dollar range across all Nuveen funds overseen | Over $100,000 | As reported in Appendix A |
Governance Assessment
-
Positives
- Independence and expertise: Independent director with no ties to TIAA/Nuveen; designated audit committee financial expert; CIO background and committee leadership (Investment Committee Co-Chair) strengthen oversight of performance and risk.
- Engagement: Met or exceeded the 75% attendance threshold for board/committee meetings.
- Committee breadth: Service on Audit and Nominating & Governance, plus Investment Committee Co-Chair, positions him centrally in financial reporting, board refreshment, and performance oversight.
-
Potential Investor-Confidence Risks / Watch Items
- Alignment: Boateng reported $0 ownership in NAC (dollar range also $0), although he has an aggregate “Over $100,000” across all Nuveen funds overseen; lack of NAC-specific ownership may reduce alignment with NAC common shareholders.
- Complex-wide commitments: Oversight of 219 portfolios and multiple committee roles may diffuse focus; however, the unitary board is designed for efficiency across common policies and service providers.
-
Conflicts/Related Party
- No related-party transactions or pledging/hedging disclosures identified for Boateng in the proxy; board affirms independence (not “interested persons”).