Robert L. Young
About Robert L. Young
Robert L. Young (born 1963) is the Independent Chair of the Nuveen Funds’ Boards and a trustee of Nuveen Quality Municipal Income Fund (NAD). He joined the Nuveen fund boards in 2017 and became Independent Chair in 2025. He holds a B.B.A. in Accounting from the University of Dayton and is a former CPA, with 30+ years in investment management, including senior roles at J.P. Morgan Investment Management and Deloitte & Touche LLP .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer and Director | 2010–2016 | Led service, administration, business platform support for retail mutual fund and institutional businesses; co-led global support activities |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | Managed fund service provider relationships; established board agendas, policies, and regulatory matters |
| Deloitte & Touche LLP (formerly Touche Ross LLP) | Senior Manager (Audit); Former CPA | 1985–1996 | Created and led the firm’s midwestern mutual fund practice |
| University of Dayton Board of Trustees | Investment Committee Member | 2008–2011 | Participated in endowment oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| — | None (other public company directorships) | Past five years | The proxy lists no other directorships for Young in the past five years |
Board Governance
- Independent Chair of the Board (appointed by independent board members), with responsibilities including agenda-setting, presiding at meetings, and serving as liaison across board members and fund management .
- Committee leadership: Chair, Executive Committee; Chair, Nominating & Governance Committee. Committee memberships: Audit Committee (designated “audit committee financial expert”), Investment Committee, Closed-End Fund Committee .
- Attendance: Each board member, including Young, attended at least 75% of board and committee meetings during the last fiscal year .
- Election class and tenure: For Massachusetts closed-end funds including Quality Income (NAD), Young is a Class I nominee for a term expiring at the 2028 annual meeting; he joined the Board in 2017 .
- Unitary board structure and independence: All committees are composed of independent board members; Young serves as independent Chair to enhance governance effectiveness and independence .
Committee Meetings (NAD – last fiscal year)
| Meeting Type | Count |
|---|---|
| Regular Board | 4 |
| Special Board | 8 |
| Executive Committee | 4 |
| Dividend Committee | 10 |
| Compliance, Risk Management & Regulatory Oversight Committee | 6 |
| Audit Committee | 14 |
| Nominating & Governance Committee | 5 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
Effective January 1, 2025 cash retainers and fees applicable to Young’s roles (no equity grants for directors):
| Component | Amount (Annual) |
|---|---|
| Independent Board Member base retainer | $350,000 |
| Chair of the Board | $150,000 |
| Audit Committee membership | $35,000 |
| Investment Committee membership | $30,000 |
| Nominating & Governance Committee membership | $25,000 |
| Nominating & Governance Committee Chair | $25,000 |
| Closed-End Fund Committee membership | $25,000 |
| Ad hoc Board/Committee meeting fee | $1,000 or $2,500 per meeting (length/immediacy) |
Compensation structure changes (context):
- 2023 (prior to 1/1/2024): $210,000 base retainer plus per-meeting fees (e.g., $7,250/day regular board; $2,500 committee meetings; higher fees for Compliance at $5,000/meeting), and $140,000 for the Board Chair .
- 2024 (prior to 1/1/2025): $350,000 base retainer plus annual retainers for committee memberships (Audit/Compliance $30,000; Investment $20,000; Dividend/NG/Closed-End $20,000) and $140,000 for Board Chair; ad hoc meeting fees remained .
Performance Compensation
| Item | Disclosure |
|---|---|
| Stock awards (RSUs/PSUs), options, performance shares | Not applicable; directors receive cash retainers and may elect deferred compensation; no equity awards disclosed |
| Performance metrics tied to director pay | None disclosed (no revenue/EBITDA/TSR metrics for directors) |
| Deferred compensation plan | Available for independent board members; distributions may be lump sum or over 2–20 years; value tracks investments in selected Nuveen funds |
Deferred compensation – NAD (Quality Income) total deferred fees payable (includes returns from assumed investment):
| Fund | Period | Robert L. Young Deferred Amount |
|---|---|---|
| Quality Income (NAD) | Fiscal year ended Oct 31, 2024 | $9,624 |
Aggregate compensation paid by each fund (Mr. Young) – selected line items:
| Fund | Period | Amount |
|---|---|---|
| Quality Income (NAD) | Fiscal year ended Oct 31, 2024 | $14,603 |
| Credit Income (NZF) | Fiscal year ended Oct 31, 2024 | $11,959 |
| AMT-Free Quality (NEA) | Fiscal year ended Oct 31, 2024 | $18,307 |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public company boards (past 5 years) | None |
| Interlocks with competitors/suppliers/customers | Not disclosed for Young; Audit Committee auditor rotation noted (PwC appointed for current fiscal year; KPMG prior year) |
| Consultant relationships, related-party ties | None disclosed for Young; table notes certain holdings for another trustee (Kenny) in adviser-affiliated entities; no such disclosure for Young |
Expertise & Qualifications
- Former CPA; designated “audit committee financial expert” under SEC rules, reflecting financial reporting and valuation oversight expertise .
- Senior leadership in investment management operations and fund governance (COO/President roles at J.P. Morgan), including board agenda-setting, regulatory policy development, and service-provider oversight .
- Prior audit practice leading mutual fund audit initiatives (Deloitte) .
Equity Ownership
| Measure | NAD (Quality Income) | Citation |
|---|---|---|
| Beneficial shares owned (as of May 31, 2025) | 32,727 | |
| Dollar range of equity securities in NAD | Over $100,000 | |
| NAD common shares outstanding (record date June 20, 2025) | 233,404,655 | |
| Ownership % of NAD outstanding | ~0.014% (32,727 ÷ 233,404,655) | |
| Shares pledged/hedged | Not disclosed | — |
| Stock ownership guideline | Expected to invest at least the equivalent of one year of compensation across Fund Complex; individual compliance not specified | |
| Group holdings threshold | Board members and officers as a group beneficially owned less than 1% of outstanding shares of each fund (as of June 20, 2025) |
Note: Young also beneficially owns 16,131 shares in Nuveen Municipal Credit Income Fund; the proxy shows “Over $100,000” aggregate range across Nuveen funds overseen .
Governance Assessment
-
Strengths
- Independence: Serves as Independent Chair; all key committees composed of independent members; Young chairs Executive and Nominating & Governance, and serves on Audit, Investment, and Closed-End Committees .
- Financial oversight: SEC-designated audit committee financial expert; Audit Committee met 14 times, indicating robust financial control engagement in the period .
- Engagement: At least 75% attendance at board/committee meetings; committee meeting cadence suggests active oversight on valuation, compliance, investment performance, and market discount/premium dynamics for closed-end funds .
-
Compensation & alignment
- Cash-heavy structure: High fixed retainer with role-based committee fees; no equity awards or option grants for directors; deferred compensation election available and utilized (NAD deferred fees $9,624) .
- Ownership: Direct/beneficial holding of NAD shares (32,727) with “Over $100,000” dollar range supports alignment; individual holdings are a small fraction of outstanding shares as expected for fund trustees (~0.014%) .
-
Potential conflicts and red flags
- Related-party transactions: None disclosed for Young; Section 16(a) filing compliance is affirmed for board members and officers (positive signal) .
- Hedging/pledging: Not disclosed; absence of disclosure is typical for fund trustees but remains a monitoring point if future filings add detail [—].
- Compensation escalation: Transition from per-meeting fees (2023) to higher fixed retainers (2024–2025) increases guaranteed cash; investors may monitor whether higher fixed pay is matched by continued strong board effectiveness and discount management for closed-end funds .
Overall, Young’s deep fund operations experience, independence, financial expertise, and active committee leadership underpin board effectiveness for NAD; no material conflicts or attendance issues are disclosed, and ownership plus deferred compensation provide modest alignment consistent with closed-end fund trustee norms .