Joseph Boateng
About Joseph A. Boateng
Independent director of Nuveen New York Quality Municipal Income Fund (NAN); born 1963; appointed to NAN’s Board effective January 1, 2024; serves across the Nuveen fund complex since 2019. Chief Investment Officer at Casey Family Programs since 2007; previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Holds a B.S. from the University of Ghana and an MBA from UCLA; designated an SEC “audit committee financial expert.” Independent under the 1940 Act and not an “interested person.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–Present | CIO of large U.S. foundation; institutional investment leadership |
| Johnson & Johnson | Director, U.S. Pension Plans | 2002–2006 | Oversight of corporate pension investments |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Board and oversight at major retirement fund complex |
| TIAA Separate Account VA-1 | Management Committee Member | 2019–2023 | Product oversight within TIAA complex |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Lumina Foundation | Board Member | 2018–Present | Education-focused foundation |
| Waterside School | Board Member | 2021–Present | Education nonprofit |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Public pension advisory; former committee chair |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Community foundation investment oversight |
| Year Up Puget Sound | Board Member; Emeritus Board Member | 2012–2019; since 2020 | Workforce development nonprofit |
Board Governance
| Item | Status/Details |
|---|---|
| Independence | Independent director; not an “interested person” of the Funds, Adviser, TIAA or Nuveen |
| Committee Assignments | Audit Committee (member; designated audit committee financial expert); Nominating & Governance Committee (member); Investment Committee (Co-Chair) |
| Other Committees | Not on Executive, Dividend, Compliance/Risk, or Closed-End Fund Committees |
| Board Chair | Independent Chair: Robert L. Young |
| Attendance | Each Board Member attended ≥75% of Board and applicable committee meetings in last fiscal year |
NAN Meeting Load (governance intensity)
| Meeting Type | FY ended Feb 29, 2024 | Stub: Mar 1–Aug 31, 2024 |
|---|---|---|
| Regular Board | 4 | 3 |
| Special Board | 7 | 3 |
| Executive Committee | 3 | 4 |
| Dividend Committee | 10 | 4 |
| Compliance/Risk Committee | 4 | 2 |
| Audit Committee | 14 | 7 |
| Nominating & Governance | 6 | 2 |
| Investment Committee | 3 | 2 |
| Closed-End Fund Committee | 4 | 2 |
Fixed Compensation
Board Compensation Structure (Independent Directors)
| Component | 2023 Policy | 2024 Policy (pre–Jan 1, 2025) | 2025 Policy (effective Jan 1, 2025) |
|---|---|---|---|
| Annual Retainer | $210,000; plus per-meeting fees (Board: $7,250 regular; $4,000 special; committees $500–$5,000; site visit $5,000) | $350,000; plus annual committee membership retainers (Audit & Compliance: $30,000; Investment: $20,000; Dividend/Nominating/Closed-End: $20,000) | $350,000; committee membership retainers increased (Audit & Compliance: $35,000; Investment: $30,000; Dividend/Nominating/Closed-End: $25,000) |
| Chair of Board Retainer | $140,000 | $140,000 | $150,000 |
| Committee Chair Retainers | $20,000 (Audit, Dividend, Compliance, Nominating, Closed-End, Investment) | Audit & Compliance Chair: $30,000; Investment Chair: $20,000; Dividend/Nominating/Closed-End Chair: $20,000 | Audit & Compliance Chair: $35,000; Investment Chair/Co-Chair: $30,000; Dividend/Nominating/Closed-End Chair: $25,000 |
| Ad hoc meetings | N/A in schedule; per-meeting rates described above | $1,000 or $2,500 depending on length/immediacy | $1,000 or $2,500 depending on length/immediacy |
| Deferred Compensation Plan | Available; fees may be deferred into notional fund shares; lump sum or 2–20 year distributions | Available | Available |
Compensation Paid to Boateng by NAN
| Period | Cash Paid by NAN ($) |
|---|---|
| FY ended Feb 29, 2024 | $0 |
| Stub: Mar 1–Aug 31, 2024 | $756 |
Deferred Fees (Boateng) Attributable to NAN
| Period | Deferred Amount ($) |
|---|---|
| FY ended Feb 29, 2024 | $0 |
| Stub: Mar 1–Aug 31, 2024 | $188 |
Aggregate Compensation Across Nuveen Funds (Latest Reported)
| Metric | Amount ($) |
|---|---|
| Total Compensation from Nuveen Funds Paid to Boateng | $464,250 |
Notes:
- The Funds have no retirement or pension plans; officers are unpaid by the Funds; CCO costs reimbursed to Adviser in part .
Performance Compensation
| Element | Disclosure for Independent Directors |
|---|---|
| Performance-based bonus | Not applicable; director pay is retainers/fees (no bonus metrics disclosed) |
| Stock/Option awards | None disclosed for directors; compensation described solely as cash retainers/fees and optional deferral |
| Clawback/COC/Severance | Not disclosed for directors in the proxy |
| Performance metrics (e.g., TSR, EBITDA) | Not applicable to director compensation |
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed |
| Nonprofit/other boards | Lumina Foundation; Waterside School; Investment Advisory Committee (Seattle City Employees’ Retirement System); Investment Committee (The Seattle Foundation) |
| Prior boards (finance complex) | Trustee, CREF (2018–2023); Manager, TIAA Separate Account VA-1 (2019–2023) |
| Related party holdings | No Boateng-related holdings disclosed in companies under common control with Adviser (examples provided only for another director) |
Expertise & Qualifications
- CIO of Casey Family Programs; former director of corporate pension plans, indicating deep institutional asset management and fiduciary oversight experience .
- SEC-designated “audit committee financial expert”; serves on Audit Committee .
- MBA (UCLA) and B.S. (University of Ghana) .
- Co-Chair of Investment Committee overseeing performance and investment risk across the fund complex .
Equity Ownership
| Ownership Measure | NAN | Across Nuveen Registered Funds (Aggregate Range) |
|---|---|---|
| Beneficial dollar range | $0 | Over $100,000 |
| Shares owned | 0 | N/A (aggregate range only) |
| Board guideline | Directors are expected to invest at least one year of compensation in funds in the complex (directly or deferred) | — |
Insider Trading and Section 16 Compliance
| Item | Disclosure |
|---|---|
| Section 16(a) forms (ownership/changes) | Fund believes Board Members and officers complied with applicable Section 16(a) filing requirements during the last fiscal year |
Governance Assessment
-
Strengths
- Independent status; designated audit committee financial expert; active on Audit and Nominating & Governance Committees; Co-Chair of Investment Committee—strong signals for oversight of financial reporting, governance quality, and portfolio risk/performance .
- Attendance threshold met (≥75%) amid a high meeting cadence (e.g., 14 Audit Committee meetings in FY 2024), suggesting engagement .
- No related-party transactions or Section 16 delinquencies disclosed for Boateng—low conflict profile .
-
Compensation and incentives
- Cash-based retainer structure with increased committee retainers in 2025; optional deferral into notional fund shares aligns some pay with fund outcomes without equity risk-taking incentives (appropriate for closed-end funds) .
-
Alignment and potential watch items
- RED FLAG (Alignment gap at the fund level): $0 holdings and 0 shares in NAN as of May 31, 2025, though aggregate Nuveen complex holdings disclosed as “Over $100,000.” The Board guideline expects at least one year of compensation invested across the complex; disclosure is aggregate range only—monitor progression toward guideline over time and consider investor Q&A on alignment approach (direct vs deferred) .
- No other conflicts identified; no public-company interlocks that could create supplier/customer conflicts for NAN disclosed .
-
Implications for investor confidence
- Committee leadership and financial expertise support board effectiveness on valuation, audit quality, and performance oversight. The explicit alignment principle is positive, but the absence of NAN-specific ownership is a perception risk; continued monitoring of ownership disclosures and any changes to deferred compensation elections is warranted .