Thomas Kenny
About Thomas J. Kenny
Thomas J. Kenny (born 1963) is an Independent Board Member for Nuveen California Quality Municipal Income Fund (NAC). He served as Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management (2002–2010) at Goldman Sachs Asset Management; he holds a B.A. from the University of California, Santa Barbara, an M.S. from Golden Gate University, and is a CFA charterholder . He has served in the Nuveen fund complex since 2011, and for NAC specifically was appointed effective January 1, 2024; he is a Class I nominee for a term expiring at the 2028 annual meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Advisory Director | 2010–2011 | Co-Head of Global Cash & Fixed Income PM Team (2002–2010) |
| Goldman Sachs Asset Management | Partner | 2004–2010 | Senior leadership in fixed income |
| Goldman Sachs Asset Management | Managing Director | 1999–2004 | Portfolio management leadership |
| College Retirement Equities Fund (CREF) | Trustee (Chair 2017–2023) | 2011–2023 | Board leadership |
| TIAA Separate Account VA-1 | Manager (Chair 2017–2023) | 2011–2023 | Management committee leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | Oversees investment and finance strategy |
| ParentSquare | Director | 2021–2022 | Board governance |
| Sansum Clinic | Director; Finance Committee Chair | Finance Chair 2016–2022; Director 2021–2022 | Financial oversight |
| B’Box | Advisory Board Member | 2017–2019 | Advisory capacity |
| Cottage Health System | Investment Committee Member | 2012–2020 | Investment oversight |
| Crane Country Day School | Board Member; President of the Board | 2009–2019; President 2014–2018 | Board leadership |
Board Governance
- Independence: All nominees and current Board Members are deemed Independent (not “interested persons” under the 1940 Act) and have not been employees/directors of TIAA or Nuveen .
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings in the last fiscal year .
- Tenure and Service: Class I nominee with service in the fund complex since 2011; appointed to NAC’s Board effective January 1, 2024; term as Class I nominee to 2028 annual meeting if elected .
| Committee | Role | Chair | Source |
|---|---|---|---|
| Executive Committee | Member | Robert L. Young | |
| Dividend Committee | Member | Matthew Thornton III | |
| Compliance, Risk Management & Regulatory Oversight Committee | Member | Margaret L. Wolff | |
| Nominating & Governance Committee | Member | Robert L. Young | |
| Investment Committee | Member | Co-Chairs: Joseph A. Boateng and Amy B.R. Lancellotta | |
| Closed-End Fund Committee | Member | Albin F. Moschner |
| NAC (California Quality) – Meetings in Last Fiscal Year | Count | Source |
|---|---|---|
| Regular Board Meetings | 6 | |
| Special Board Meetings | 9 | |
| Executive Committee Meetings | 3 | |
| Dividend Committee Meetings | 8 | |
| Compliance Committee Meetings | 4 | |
| Audit Committee Meetings | 13 | |
| Nominating & Governance Committee Meetings | 6 | |
| Investment Committee Meetings | 3 | |
| Closed-End Fund Committee Meetings | 4 |
Fixed Compensation
- Structure (effective Jan 1, 2025): Annual retainer $350,000; Committee retainers: Audit $35,000; Compliance $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000; Chair premiums: Board $150,000; Audit/Compliance $35,000; Investment $30,000; Dividend/Nominating/Closed-End $25,000. Ad hoc meetings: $1,000 or $2,500 per meeting; special assignment committees: Chair ≥$1,250/quarter; members ≥$5,000/quarter .
- Pension: Funds do not have retirement/pension plans .
- Deferred compensation: Independent Board Members may elect to defer compensation into book accounts notionally invested in Nuveen funds; distributions can be lump-sum or over 2–20 years .
| Aggregate Compensation Paid (Last Fiscal Year) | Amount (USD) | Source |
|---|---|---|
| Total compensation from Nuveen funds paid to Thomas J. Kenny | $610,000 | |
| NAC (California Quality) – Aggregate compensation paid to Thomas J. Kenny | $9,114 | |
| California AMT-Free (NKX) – Aggregate compensation | $3,107 | |
| Arizona Quality (NAZ) – Aggregate compensation | $708 | |
| California Municipal Value (NCA) – Aggregate compensation | $947 | |
| Massachusetts Quality (NMT) – Aggregate compensation | $605 |
| Deferred Compensation Balances (Participating Funds) | Amount (USD) | Source |
|---|---|---|
| NAC (California Quality) – Deferred fees balance (incl. returns) for Thomas J. Kenny | $2,074 | |
| California AMT-Free (NKX) – Deferred fees balance | $707 | |
| Arizona Quality (NAZ) – Deferred fees balance | $161 | |
| California Municipal Value (NCA) – Deferred fees balance | $215 | |
| Massachusetts Quality (NMT) – Deferred fees balance | $145 |
Performance Compensation
| Metric | Disclosure | Source |
|---|---|---|
| Bonus | Not applicable; director pay is fixed retainers and committee fees; no bonus disclosed | |
| Equity awards (RSUs/PSUs/Options) | Not applicable; no stock/option grants disclosed for directors | |
| Performance metrics (revenue/EBITDA/TSR/ESG) | None disclosed; director compensation not tied to performance metrics | |
| Clawback provisions on director pay | Not disclosed in proxy; Board Conduct Policies exist for governance/ethics |
Other Directorships & Interlocks
| Company | Role | Committee Roles | Tenure | Source |
|---|---|---|---|---|
| Aflac Incorporated | Director | Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | |
| ParentSquare | Director | — | 2021–2022 | |
| Sansum Clinic | Director; Finance Committee Chair | Finance Chair | Finance Chair 2016–2022; Director 2021–2022 |
Expertise & Qualifications
- Fixed income and cash management leadership as Co-Head of GSAM Global Cash & Fixed Income PM team (2002–2010) .
- Board leadership in large fund complexes (Chair of CREF and VA-1, 2017–2023) .
- Finance and investment oversight experience (Chair, Aflac Finance & Investment Committee) .
- Education: BA (UCSB); MS (Golden Gate University); CFA charterholder .
Equity Ownership
| Holding in NAC/Related Funds | Amount | Source |
|---|---|---|
| Beneficial ownership of NAC Common Shares | 0 | |
| Beneficial ownership across NAZ/NKX/NCA/NMT funds | 0 in each | |
| Aggregate dollar range of equity securities owned in all Nuveen funds overseen | Over $100,000 | |
| Ownership guideline (governance principle): expected to invest at least one year’s compensation in funds in the complex | Guideline disclosed; compliance status not determinable from disclosed ranges |
| Interests in Companies Advised by Entities Under Common Control with the Adviser (as of June 30, 2025) | Vehicle | Value | % of Class | Source |
|---|---|---|---|---|
| Global Timber Resources LLC | Thomas Joseph Kenny 2021 Trust | $34,063 | 0.01% | |
| Global Timber Resources Investor Fund, LP | KSHFO, LLC 4 | $523,049 | 6.01% | |
| TIAA-CREF Global Agriculture II LLC | KSHFO, LLC 4 | $770,200 | 0.05% | |
| Global Agriculture II AIV (US) LLC | KSHFO, LLC 4 | $681,237 | 0.17% | |
| Ownership in KSHFO, LLC | Mr. Kenny | 6.60% | — |
Governance Assessment
- Independence and engagement: Board affirms independence from Adviser/TIAA; Mr. Kenny attended ≥75% of meetings and serves on six key committees, supporting robust oversight of dividends, compliance/risk, investment, governance and closed-end fund market dynamics .
- Compensation mix: Structure is predominantly fixed cash retainers and committee fees; no performance-linked bonuses or equity awards for directors; deferral aligned to Nuveen funds, but not directly tied to fund performance metrics .
- Ownership alignment: Governance principle expects directors to invest at least one year’s compensation; Mr. Kenny’s aggregate Nuveen fund holdings are disclosed as “Over $100,000” but NAC-specific holdings are 0; disclosed ranges are insufficient to confirm guideline compliance, which may be an alignment watchpoint .
- Potential conflicts: Disclosed investments via KSHFO, LLC and trusts in vehicles advised by entities under common control with the Adviser could present perceived conflicts if Board decisions intersect with those vehicles; transparency mitigates but remains a diligence item (RED FLAG) .
- Governance practices: Elimination of “control share” by-law provisions in February 2024 improves shareholder rights (positive signal); Section 16(a) filing compliance reported as fully compliant (reduces regulatory risk) .
- Board activity: High meeting cadence (e.g., 13 Audit Committee meetings at NAC) indicates active oversight of valuation, leverage, premiums/discounts, and risk management in the closed-end fund context .
RED FLAGS
- Cross-holdings in adviser-affiliated vehicles under common control (KSHFO and related funds) warrant monitoring for related-party or perceived conflicts .
- NAC-specific share ownership is 0, and aggregate range disclosure does not confirm adherence to the one-year compensation investment guideline; potential alignment shortfall cannot be ruled out based on available data .
Positive Signals
- Independent status and broad committee participation .
- Elimination of control share provisions (shareholder-friendly governance) .
- Strong finance/investment expertise (GSAM, Aflac committee chair) .
Notes on Data Sources
- Latest Proxy Statement (DEF 14A) for NAC dated November 6, 2025 was primary for governance, biography, compensation, committee roles, and ownership .
- 8-K (March 6, 2024) provided by-laws update (control share elimination) and governance framework – .