Brett E. Black
About Brett E. Black
Brett E. Black (born 1972) serves as Vice President and Chief Compliance Officer (CCO) of Nuveen’s closed-end funds, including Nuveen Quality Municipal Income Fund (NAD), with an indefinite officer term and service since 2022 . Officers receive no compensation from the Funds; the CCO’s compensation is paid by the Adviser (Nuveen) with Board review, and the Funds reimburse the Adviser for an allocable portion of the CCO’s incentive compensation . Board oversight of compliance occurs via a standing Compliance, Risk Management and Regulatory Oversight Committee, which meets quarterly and privately with the CCO; the CCO provides an annual report to the full Board .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Nuveen | Managing Director, Chief Compliance Officer | 2022–present | CCO for Nuveen fund complex; leads compliance and AML oversight for Funds |
| Nuveen | Enterprise Senior Compliance Officer | 2022 | Senior compliance leadership role prior to CCO appointment |
| BMO Funds, Inc. | Vice President; Chief Compliance Officer; Deputy CCO; Anti‑Money Laundering Compliance Officer | VP 2014–2022; CCO 2017–2022; Deputy CCO 2014–2017; AML CO 2017–2022 | Oversight of fund compliance and AML programs |
External Roles
No public company directorships or external board roles for Brett E. Black are disclosed in NAD’s proxy materials .
Fixed Compensation
| Component | Detail |
|---|---|
| Fund-paid officer compensation | Officers (including CCO) receive no compensation from the Funds |
| CCO compensation source and oversight | Paid by the Adviser (Nuveen); the Board reviews CCO compensation; the Funds reimburse the Adviser for an allocable portion of the CCO’s incentive compensation |
| Base salary, target bonus, actual bonus (Fund-level) | Not disclosed; compensation administered by Adviser (Nuveen), not paid by the Funds |
Performance Compensation
| Metric | Weighting/Target | Actual/Payout | Vesting |
|---|---|---|---|
| CCO incentive compensation (Adviser-based) | Not specified in Fund documents | Funds reimburse Adviser for allocable portion of CCO’s incentive compensation; no Fund-level metrics disclosed | Not disclosed in Fund documents |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership – officers and board as a group | As of June 20, 2025, board members and executive officers as a group beneficially owned less than 1% of the outstanding shares of each Fund . As of June 13, 2024 and June 12, 2023, the same <1% threshold applied . |
| Individual holdings (Brett E. Black) | Not individually disclosed in NAD’s proxy materials; Appendix tables present group totals and board member ranges but do not break out officers by name . |
| Stock pledging/hedging | No pledging or hedging by the CCO is disclosed in Fund documents . |
| Ownership guidelines | Board members are expected to invest at least one year of compensation in the Fund complex; this principle applies to Board Members, not officers . |
Employment Terms
| Term | Detail |
|---|---|
| Title | Vice President and Chief Compliance Officer |
| Term of office | Indefinite; elected annually by the Board |
| Length of service | Since 2022 |
| Employer for compensation | Adviser (Nuveen) administers compensation for the CCO |
| Severance / change-of-control | Not disclosed for officers; the Funds have no employees and do not pay officer compensation |
| Clawback policy | Not specified for officers in Fund documents; compliance oversight and reporting frameworks detailed via Board committees |
Performance & Track Record
- Compliance governance and reporting: The Compliance Committee meets quarterly and privately with the CCO; the CCO provides an annual report to the Board regarding compliance program operations and recommended modifications .
- Fund board consolidation (context): Governance changes aligned Board membership across the Nuveen/TIAA fund complex in 2023–2024 to enhance efficiency; not specific to the CCO role .
Board Governance (CCO interactions)
- Compliance, Risk Management and Regulatory Oversight Committee: Oversees compliance and risk matters not covered elsewhere; evaluates policies, regulatory exam feedback, and risk controls; meets quarterly and engages privately with the CCO .
- Audit Committee: Oversees financial reporting and valuation policies; separate from the CCO’s compensation oversight noted above .
Compensation Structure Analysis
- Adviser-paid, Board-reviewed structure: The CCO’s compensation is set and paid by the Adviser (Nuveen), not the Funds; the Board provides review and Funds reimburse the Adviser for part of the CCO’s incentive compensation, limiting direct pay‑for‑performance linkages to Fund TSR or EBITDA metrics at the Fund level .
- No Fund-level equity/option awards: There are no Fund-paid stock or option awards for officers disclosed; the Funds do not have employees and do not pay officer compensation .
Insider Transactions and Selling Pressure
- Form 4 data: Attempt to retrieve Brett E. Black’s Form 4 transactions for NAD from 2023–2025 failed due to API authorization (401). Query targeted insider trades filtered by person name and date range. Based on proxy disclosures, individual officer ownership is not itemized—group ownership remains <1%—suggesting limited insider selling pressure from officers at the Fund level .
Investment Implications
- Pay-for-performance assessment at the Fund level is not applicable for the CCO: Officer compensation is administered by the Adviser and not paid by the Funds; no Fund-level performance metrics or incentive formulae are disclosed for the CCO .
- Alignment is primarily via governance and oversight: The Compliance Committee’s quarterly private sessions and annual reporting by the CCO provide structured oversight; officers and board members collectively hold <1% across Funds, indicating limited alignment via direct share ownership and minimal insider-driven trading signals .
- Retention and contract economics: No Fund-level employment contracts, severance, change-of-control multiples, or clawback terms for officers are disclosed; the Funds have no employees and do not pay officer compensation, placing employment economics at the Adviser level outside Fund proxy scope .