Robert Young
About Robert L. Young
Robert L. Young (born 1963) is the Independent Chair and Board Member of the Nuveen funds, serving on the NAC board since 2017 and as Board Chair since 2025. He has over 30 years of investment management experience, including senior leadership at J.P. Morgan Investment Management Inc.; he is a former Certified Public Accountant with a Bachelor of Business Administration 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; employed at J.P. Morgan 1997–2017 | Led service, administration and business platform support for domestic retail mutual fund and institutional businesses; co-led global support activities; directly involved in board agendas, regulatory matters, policies and procedures . |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | Oversight of fund service providers, board relations, regulatory matters, board agendas . |
| J.P. Morgan Funds | Senior Vice President and Chief Operating Officer | 2005–2010 | Operated fund administration and platform support functions . |
| Deloitte & Touche LLP (formerly Touche Ross LLP) | Senior Manager (Audit) | 1985–1996 | Created and led the firm’s midwestern mutual fund practice . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Dayton | Investment Committee Member, Board of Trustees | 2008–2011 | Investment oversight for university endowment; complements audit/financial expertise . |
| Other public company or fund boards (past five years) | None | — | No additional directorships disclosed . |
Board Governance
- Independent Chair of the Board with responsibilities to set agendas, preside at board and shareholder meetings, and serve as liaison among directors, officers, fund management and counsel; elected specifically to enhance independence of governance structure .
- Committee memberships and roles:
- Executive Committee: Chair (members: Young, Kenny, Nelson, Toth) .
- Nominating & Governance Committee: Chair; committee composed entirely of Independent Board Members .
- Audit Committee: Member; designated “audit committee financial expert” (alongside Boateng, Nelson, Starr) .
- Investment Committee: Member (committee composed of Independent Board Members) .
- Closed-End Fund Committee: Member .
- Attendance: Each Board Member attended at least 75% of board and applicable committee meetings during the last fiscal year .
- Meeting cadence (last fiscal year) – per fund example counts for Arizona Quality, California AMT-Free, California Value, California Quality, Massachusetts Quality (indicative of workload): Regular Board 5–6; Special Board 9–10; Executive Committee 3–4; Dividend Committee 8; Compliance Committee 4; Audit Committee 13; Nominating & Governance 6; Investment 3–4; Closed-End 4 .
Fixed Compensation
Compensation framework (effective January 1, 2025):
- Annual retainer for Independent Board Members: $350,000 .
- Committee membership retainers: Audit $35,000; Compliance/Risk $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000 .
- Chair retainers: Board Chair $150,000; Audit Chair $35,000; Compliance Chair $35,000; Investment Chair $30,000; Dividend Chair $25,000; Nominating & Governance Chair $25,000; Closed-End Chair $25,000 .
- Ad hoc meetings: $1,000 or $2,500 per meeting depending on length/immediacy; special assignment committee fees: Chair starting $1,250 quarterly; members starting $5,000 quarterly .
Actual aggregate compensation paid (last fiscal year):
| Fund | Aggregate Compensation Paid to Robert L. Young ($) |
|---|---|
| Arizona Quality | 793 |
| California AMT-Free | 3,480 |
| California Value | 1,061 |
| California Quality | 10,203 |
| Massachusetts Quality | 589 |
| Total Compensation from Nuveen Funds Paid to Board Members/Nominees | 502,381 |
Notes:
- The Nuveen fund complex allocates annual retainers, fees and expenses across funds; some fees may be allocated only to funds discussed at a given meeting .
- Prior to January 1, 2025, committee and chair fees were lower (e.g., Audit membership $30,000; Board Chair $140,000), with a step-up implemented effective January 1, 2025 .
Performance Compensation
| Item | Disclosure | Detail |
|---|---|---|
| Equity grants (RSUs/PSUs/Options) | None disclosed | No stock awards or option grants to Independent Board Members; compensation is cash-based with optional deferred compensation elections . |
| Performance metrics tied to compensation | Not applicable | No incentive plan metrics (e.g., revenue, EBITDA, TSR) disclosed for directors . |
| Clawback provisions | Not disclosed | No director clawback terms specified in the proxy . |
| Change-of-control/severance | Not disclosed | No director CoC or severance provisions described . |
| Deferred compensation plan | Disclosed | Directors may defer fees into a book reserve account notionally invested in eligible Nuveen funds; distributions may be lump sum or over 2–20 years; no pension plans . |
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Other public company directorships (past five years) | None |
| Interlocks/related-party securities | None for Young; example related investments disclosed for another director (Thomas J. Kenny) in entities commonly controlled with the adviser; no such holdings listed for Young . |
Expertise & Qualifications
- Audit committee financial expert designation; deep fund operations, valuation, audit oversight experience .
- Former CPA; BBA in Accounting (University of Dayton) .
- Senior leadership roles in global mutual fund administration, risk and compliance at J.P. Morgan Investment Management; extensive board-facing responsibilities .
Equity Ownership
Policy and reported holdings:
- Governance principle: each Board Member is expected to invest, directly or via deferral, at least the equivalent of one year of compensation in funds within the Nuveen fund complex .
- Beneficial ownership by fund (as of October 22, 2025): Young reported 0 shares in Arizona Quality, California AMT-Free, California Value, California Quality, and Massachusetts Quality .
- Aggregate dollar range of equity securities across all Nuveen registered investment companies overseen: “Over $100,000” for Young .
- Ownership concentration: individual Board Member holdings in each fund were less than 1% of outstanding shares; Board Members and officers as a group owned less than 1% in each fund .
Governance Assessment
- Strengths: Independent Chair role enhances board independence and agenda-setting; Young holds audit committee financial expert designation, supporting robust financial oversight; attendance exceeded the 75% threshold; committee structure covers valuation, compliance, investment risk, closed-end market dynamics .
- Alignment: No equity grants; alignment facilitated through expected one-year compensation investment and optional deferred compensation plan linked to fund returns; Young’s aggregate fund complex holdings in “Over $100,000” range indicate some skin-in-the-game, but specific compliance with one-year compensation expectation is not confirmed .
- Compensation structure changes: 2025 increases in committee membership and chair retainers (e.g., Audit membership to $35,000; Board Chair to $150,000) signal higher fixed cash compensation; absence of performance-based incentives for directors is typical for investment company boards but reduces direct pay-for-performance linkage .
- Conflicts/related party exposure: No related-party transactions or external directorships disclosed for Young; selected related holdings disclosed for another director, not Young .
- RED FLAGS: None disclosed specific to Young (no pledging, hedging, repricing, loans, tax gross-ups, or attendance shortfalls identified) .