Joseph A. Boateng
About Joseph A. Boateng
Independent Board Member of NAD (Nuveen funds complex); born 1963; appointed to NAD’s Board effective January 1, 2024 with current term designated as Class II expiring at the 2026 annual meeting. CIO of Casey Family Programs since 2007, formerly Director of U.S. Pension Plans at Johnson & Johnson (2002–2006); oversees 216 portfolios within the fund complex. Education: B.S., University of Ghana; M.B.A., UCLA. Audit Committee financial expert designation; business address 333 West Wacker Drive, Chicago, IL 60606.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Johnson & Johnson | Director of U.S. Pension Plans | 2002–2006 | Oversight of U.S. pension investments |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Governance and investment oversight |
| TIAA Separate Account VA-1 | Manager (Management Committee) | 2019–2023 | Investment oversight for separate account |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–Present | Leads endowment/investment program |
| Lumina Foundation | Board Member | Since 2018 | Higher-education philanthropy oversight |
| Waterside School | Board Member | Since 2021 | Education-focused nonprofit governance |
| Year Up Puget Sound | Board Member; Emeritus Board Member | 2012–2019; Since 2020 | Workforce development oversight |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Pension investment policy oversight |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Community foundation investment oversight |
Board Governance
- Independence: Serves as an Independent Board Member; committees composed entirely of independent directors per NYSE/NASDAQ listing standards. Designated audit committee financial expert.
- Committee assignments: Audit Committee Member; Nominating & Governance Committee Member; Investment Committee Co-Chair (with Amy Lancellotta).
- Term and service: Class II term through 2026 annual meeting; appointed to Board effective January 1, 2024; service in the fund complex since 2019.
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings in the last fiscal year.
Board and committee meetings for “Quality Income” (fund group including NAD), last fiscal year:
| Meeting Type | Count |
|---|---|
| Regular Board | 4 |
| Special Board | 8 |
| Executive Committee | 4 |
| Dividend Committee | 10 |
| Compliance, Risk Management & Regulatory Oversight | 6 |
| Audit Committee | 14 |
| Nominating & Governance Committee | 5 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
- Compensation structure: Independent Board Members receive fund-level fees; participation in a Deferred Compensation Plan is available (deferrals tracked as “share equivalents” in Nuveen funds). No RSU/PSU or option awards disclosed for Independent Board Members.
NAD-specific (Quality Income) – Aggregate compensation paid for fiscal year ended Oct 31, 2024:
| Fund | Period | Joseph A. Boateng |
|---|---|---|
| Quality Income | Fiscal Year | $9,046 |
Total compensation from Nuveen funds paid to Board Members/Nominees (aggregate across fund complex):
| Metric | Amount |
|---|---|
| Total Compensation from Nuveen Funds | $464,250 |
Performance Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Annual bonus / target bonus | None disclosed | Independent directors compensated via fees; proxy does not present bonus targets or payouts |
| RSUs/PSUs (grant date/shares/fair value) | None disclosed | No equity grants presented for Independent Board Members |
| Stock options (strike/expiry/vesting) | None disclosed | No options presented; compensation may be deferred into share equivalents |
| Performance metrics (TSR/EBITDA/ESG) | None disclosed | No performance-linked metrics disclosed for director pay |
| Clawback / CoC / severance | None disclosed | Not applicable for Independent Board Members based on proxy content |
Other Directorships & Interlocks
| Company/Entity | Type | Role | Tenure |
|---|---|---|---|
| Lumina Foundation | Nonprofit | Board Member | Since 2018 |
| Waterside School | Nonprofit | Board Member | Since 2021 |
| CREF (College Retirement Equities Fund) | Investment company | Trustee | 2018–2023 |
| TIAA Separate Account VA-1 | Investment product | Manager (Management Committee) | 2019–2023 |
- Potential interlocks: Prior roles at TIAA-affiliated entities (CREF, VA-1) ended in 2023; current independent status affirmed and committee memberships meet independence standards.
Expertise & Qualifications
- CIO experience overseeing large diversified portfolios; pension and endowment governance background.
- Audit Committee financial expert designation; experience in valuation oversight and financial reporting for investment funds.
- Education: B.S. (University of Ghana); M.B.A. (UCLA).
Equity Ownership
- NAD/Quality Income shares: 0 shares beneficially owned as of May 31, 2025.
- Aggregate holdings across Nuveen fund complex: Dollar range “Over $100,000.”
- Ownership guideline: Board Members expected to invest at least the equivalent of one year of compensation in Nuveen funds (directly or deferred).
- Ownership concentration: Individual beneficial shareholdings of each Fund by Board Members <1% of outstanding shares as of June 20, 2025.
| Fund | Shares Beneficially Owned | Date |
|---|---|---|
| Quality Income (NAD) | 0 | May 31, 2025 |
| Aggregate across Nuveen funds | Over $100,000 (dollar range) | As of May 31, 2025 |
Governance Assessment
- Strengths: Independent status with Audit Committee Financial Expert designation and Co-Chair role on Investment Committee indicates high engagement in financial oversight and performance/risk governance; attendance at or above the 75% threshold; broad institutional investment experience (pension/endowment) enhances Board effectiveness.
- Alignment: Aggregate Nuveen fund holdings over $100,000 and a formal guideline to invest at least one year’s compensation supports shareholder alignment; deferral into fund share equivalents is available.
- Conflicts and related-party exposure: Proxy discloses related holdings in adviser-affiliated companies for another director (Thomas J. Kenny) but does not list Boateng in that table; no Boateng-related party transactions disclosed. Prior TIAA-affiliated roles concluded by 2023, mitigating ongoing affiliation concerns.
- Signals for investors: Chair/co-chair responsibilities and financial expert status are positives for audit/valuation rigor; compensation is fee-based without performance-linked components, consistent with investment company governance norms; zero NAD-specific share ownership balanced by substantial aggregate holdings in the complex via ownership/deferred compensation.