Thomas J. Kenny

About Thomas J. Kenny

Independent Board Member of Nuveen Quality Municipal Income Fund (NAD); born 1963; service in Nuveen fund complex since 2011 and appointed to NAD’s Board effective January 1, 2024; CFA charterholder . Former Advisory Director, Partner, Managing Director and Co-Head of Global Cash and Fixed Income Portfolio Management at Goldman Sachs Asset Management (1999–2011) . Education: B.A. University of California, Santa Barbara; M.S. Golden Gate University .

Past Roles

External Roles

Board Governance

• Independence: All directors (including Kenny) are “Independent Board Members” under the 1940 Act and independent of TIAA/Nuveen affiliates .
• Tenure and class: For NAD (Quality Income), Kenny is standing as a Class I nominee with term expiring at the 2028 annual meeting if elected .
• Committee assignments:
  • Executive Committee (member)
  • Dividend Committee (member)
  • Compliance, Risk Management & Regulatory Oversight Committee (member)
  • Nominating & Governance Committee (member)
  • Investment Committee (member)
  • Closed-End Fund Committee (member)
  • Audit Committee: Kenny is not listed; the Audit Committee members are Nelson (Chair), Boateng, Lancellotta, Starr, Thornton, Wolff, Young
• Attendance: Each Board Member attended at least 75% of Board and committee meetings in the last fiscal year .
• Meeting cadence (NAD last fiscal year): Regular Board 4; Special Board 8; Executive 4; Dividend 10; Compliance 6; Audit 14; Nominating & Governance 5; Investment 4; Closed-End Fund 4 .
• Board leadership: Independent Chair is Robert L. Young .

Fixed Compensation

• Structure evolution (Independent Board Members):
  • 2023: $210,000 annual retainer; per-meeting fees (Board $7,250/day; special $4,000; Audit/Closed-End/Investment $2,500; Compliance/Risk $5,000; Dividend $1,250; other committees $500); Chair of Board $140,000; key committee chairs $20,000 .
  • 2024 (pre-2025): $350,000 annual retainer; membership retainers: Audit $30,000; Compliance/Risk $30,000; Investment $20,000; Dividend/Nominating/Closed-End $20,000; Board Chair $140,000; committee chairs $20,000–$30,000; ad hoc meeting fees $1,000 or $2,500 .
  • 2025 (effective Jan 1, 2025): $350,000 annual retainer; membership retainers: Audit $35,000; Compliance/Risk $35,000; Investment $30,000; Dividend/Nominating/Closed-End $25,000; Board Chair $150,000; committee chairs $25,000–$35,000; ad hoc fees as above .

• NAD-specific compensation (fiscal year ended Oct 31, 2024): Kenny received $11,976 from NAD; total compensation across Nuveen Funds complex was $610,000 .
• Deferred compensation: Kenny deferred $2,994 attributable to NAD for FY2024 under the Director Deferred Compensation Plan .
• Notes: Directors may elect to defer fees into notional investments in Nuveen funds; distributions can be lump sum or over 2–20 years; no retirement/pension plan for directors .

Performance Compensation

• Directors do not receive performance-based bonuses, stock awards, options, or COI-linked incentives; compensation is structured as cash retainers/fees with optional fee deferral .

Other Directorships & Interlocks

Expertise & Qualifications

• Fixed income and cash management leadership (GSAM); senior governance experience across large investment complexes (CREF, VA-1); CFA; graduate degrees; extensive committee service at nonprofits and education institutions .

Equity Ownership

• Ownership guideline: Each Board Member is expected to invest at least one year of compensation in Nuveen funds in the complex .
• NAD holdings: Kenny reports $0 dollar range in NAD and 0 NAD shares beneficially owned as of May 31, 2025 .
• Fund complex holdings: Aggregate dollar range “Over $100,000” across registered investment companies overseen .
• Group holdings context: Directors/officers as a group own less than 1% of shares of each fund; individual beneficial holdings of each fund are <1% .

Related-Party Exposure

• Kenny’s beneficial interests (via Thomas Joseph Kenny 2021 Trust and KSHFO, LLC) in companies advised by entities under common control with the Funds’ adviser (Nuveen/TIAA):

• Context: These vehicles are advised by entities under common control with Nuveen (the Funds’ adviser), indicating potential related-party exposure to TIAA/Nuveen platforms; percentages reflect committed amounts, not current ownership percentages .

Governance Assessment

• Board effectiveness and engagement: Kenny serves on six standing committees (Executive, Dividend, Compliance/Risk, Nominating & Governance, Investment, Closed-End), supporting robust oversight of dividends, investment performance, compliance/risk, governance, and closed-end fund market dynamics . Attendance thresholds were met (≥75% of meetings), and NAD’s committee cadence reflects active oversight (e.g., 10 Dividend Committee meetings; 14 Audit Committee meetings) .
• Independence signal: Formally independent under the 1940 Act and exchange listing standards; not an “interested person” of Nuveen/TIAA . Independent Board Chair structure enhances oversight .
• Alignment and incentives: Compensation is cash-based with substantial committee retainers; optional deferral aligns director economic exposure to Nuveen funds, and Board guideline expects investment equal to one year’s compensation . Kenny’s NAD position shows no direct ownership as of May 31, 2025 (0 shares; $0 range), while aggregate complex exposure is “Over $100,000”—insufficient to confirm guideline compliance given total complex compensation ($610,000) without exact amounts; investors may view zero NAD holding as an alignment gap .
• Conflicts/Risk indicators:
  • Related-party exposure via investments in Nuveen/TIAA-advised private vehicles (Global Timber Resources and Global Agriculture II structures) may warrant monitoring for any transactional overlap or preferential access; disclosure clarifies common control with the Adviser .
  • No Section 16 delinquency issues reported; directors and officers complied in last fiscal year .
• Compensation structure trends: Shift from meeting-fee heavy 2023 schedule to higher fixed retainers and standardized committee membership retainers in 2024–2025, with increases in 2025 (Audit/Compliance from $30k to $35k; Investment from $20k to $30k; others from $20k to $25k), signaling emphasis on ongoing governance workload rather than per-meeting pay .

Appendix: NAD Meeting Cadence (Board and Committees)