Margaret Wolff
About Margaret L. Wolff
Independent director (not an “interested person”) of Nuveen New York Quality Municipal Income Fund (NAN) since 2016; year of birth 1955. Retired M&A lawyer (Skadden, Arps) with extensive board advisory experience on governance, fiduciary, and regulatory matters; B.A. Mt. Holyoke College and J.D. Case Western Reserve University School of Law .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Skadden, Arps, Slate, Meagher & Flom LLP (M&A Group) | Of Counsel | 2005–2014 | Advised boards/senior management on governance, shareholder and fiduciary issues |
| Mt. Holyoke College | Trustee; Vice Chair of the Board | 2005–2015; 2011–2015 | Institutional governance leadership |
| Travelers Insurance Company of Canada; The Dominion of Canada General Insurance Company (Travelers Canada) | Director | 2013–2017 | Oversight of Canadian operations of The Travelers Companies, Inc. |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| NewYork-Presbyterian Hospital | Trustee | 2005 | Board leadership at major academic medical center |
| The John A. Hartford Foundation | Trustee; former Chair | 2004; Chair 2015–2022 | Philanthropy focused on improving care for older adults |
Board Governance
- Independence: Classified as an Independent Board Member (not an “interested person”) .
- Election by preferred holders: Standing nominee to be elected by holders of Preferred Shares (one-year term for preferred-only seats) at the 2025 meeting, underscoring accountability to preferred investors .
- Committee leadership and memberships:
- Chair, Compliance, Risk Management and Regulatory Oversight Committee .
- Member, Audit Committee .
- Member, Nominating and Governance Committee .
- Member, Investment Committee .
- Member, Closed-End Fund Committee .
- Attendance and engagement:
- Each Board Member (including Wolff) attended ≥75% of Board and applicable committee meetings in the last fiscal year .
- New York Quality Income (NAN) meeting cadence:
- Last fiscal year: Board (Reg 4; Special 7), Audit 14, Compliance 4, Nominating 6, Investment 3, Closed-End 4, Dividend 10, Exec 3 .
- Stub period (Mar 1–Aug 31, 2024): Board (Reg 3; Special 3), Audit 7, Compliance 2, Nominating 2, Investment 2, Closed-End 2, Dividend 4, Exec 4 .
Fixed Compensation
Compensation is fixed-fee based (no salary/bonus), with fund-complex retainers plus committee and chair retainers; ad hoc meeting fees and a deferred compensation plan are available. Key structures (oldest→newest):
| Component | 2024 Amount | 2025 Amount |
|---|---|---|
| Annual retainer (Independent Board Member) | $350,000 | $350,000 |
| Committee membership – Audit | $30,000 | $35,000 |
| Committee membership – Compliance | $30,000 | $35,000 |
| Committee membership – Investment | $20,000 | $30,000 |
| Committee membership – Dividend | $20,000 | $25,000 |
| Committee membership – Nominating & Governance | $20,000 | $25,000 |
| Committee membership – Closed-End | $20,000 | $25,000 |
| Chair premium – Audit | $30,000 | $35,000 |
| Chair premium – Compliance | $30,000 | $35,000 |
| Chair premium – Investment | $20,000 | $30,000 |
| Chair premium – Dividend/N&G/Closed-End | $20,000 each | $25,000 each |
| Board Chair premium | $140,000 | $150,000 |
| Ad hoc meeting fee | $1,000–$2,500 | $1,000–$2,500 |
| Deferred compensation plan available | Yes | Yes |
Performance Compensation
- None disclosed for directors; no stock, options or performance-linked incentives for Board service at the funds .
Director Compensation (Actuals)
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Total compensation from Nuveen Funds paid to Margaret L. Wolff | $493,842 | $535,644 |
By-fund allocation for NAN (New York Quality Income):
- FY 2024 aggregate paid by NAN to Wolff: $2,143 .
- Stub period (Mar 1–Aug 31, 2024) paid by NAN to Wolff: $907 .
Other Directorships & Interlocks
| Company/Institution | Type | Role | Overlap/Interlock Relevance |
|---|---|---|---|
| NewYork-Presbyterian Hospital | Non-profit | Trustee | No supplier/customer interlock to NAN disclosed . |
| The John A. Hartford Foundation | Non-profit | Trustee; fmr Chair | No NAN interlock disclosed . |
| Travelers Canada subsidiaries | Private subsidiaries | Director (2013–2017) | Prior role; no current interlock to NAN . |
No related-party transactions or affiliated-company security holdings were disclosed for Ms. Wolff; the only director-specific affiliated holdings disclosure pertained to Mr. Kenny (not Ms. Wolff) .
Expertise & Qualifications
- Governance and fiduciary advisory expert (decades in complex M&A, corporate and securities law at Skadden) .
- Chairing Compliance committee indicates deep familiarity with risk, derivatives, leverage, liquidity and oversight frameworks for investment companies .
- Service breadth across Audit, Nominating & Governance, Investment and Closed-End Fund committees supports board effectiveness .
Equity Ownership
| Item | NAN (Fund-level) | Fund Complex (All funds overseen) |
|---|---|---|
| Dollar range of equity securities beneficially owned by Wolff | $0 | Over $100,000 |
| Shares owned in NAN | 0 | n/a |
| Ownership as % of NAN outstanding | <1% (all directors individually) | n/a |
| Ownership guideline | Expected to invest ≥1 year of compensation in funds within the Fund Complex |
Insider trading/ownership updates: No Form 4 insider transactions by a person matching “Wolff” for NAN were found from 2020-01-01 to 2025-11-20 using the insider-trades skill (Form 4 data search; 2020–2025 window; person filter “Wolff”).
Governance Assessment
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Strengths
- Independent, long-tenured director with legal/governance depth; chairs Compliance and serves on Audit and other key committees—positive for risk oversight and board effectiveness .
- Meeting attendance ≥75% and robust committee cadence indicate active engagement .
- No Ms. Wolff-specific related-party or affiliated-entity holdings disclosed—low apparent conflict risk .
- Preferred shareholders directly elect Ms. Wolff to specific board seats, providing a mechanism for accountability to that investor class .
-
Watch items
- Zero direct ownership reported in NAN (though “Over $100,000” in the broader Fund Complex and a board guideline expects investment at the fund-complex level). Some investors prefer fund-specific ownership alignment; current NAN-specific holding is $0 .
- Director compensation rose YoY (approx. +8.5% total across funds, $493,842 → $535,644), while 2025 also increased committee retainers—reasonable given responsibilities, but merits monitoring relative to fund performance and discount management outcomes .
-
Net: Governance profile is strong on independence, compliance/risk oversight leadership, breadth of committee work, and attendance. Alignment is at the fund-complex level rather than NAN-specific; absent any related-party exposure, signals are generally supportive of investor confidence .