Robert Young
About Robert L. Young
Independent Chair of the Board of Nuveen New York Quality Municipal Income Fund (NAN), born 1963; Board service since 2017 and elected Independent Chair in 2025. Former Chief Operating Officer and Director at J.P. Morgan Investment Management Inc. (2010–2016) and President/Principal Executive Officer of J.P. Morgan Funds (2013–2016); earlier an audit Senior Manager at Deloitte & Touche LLP and former CPA; B.B.A. in Accounting from the University of Dayton . Deemed independent (not an “interested person” of the Funds, TIAA, or Nuveen) under the 1940 Act .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer; Director | 2010–2016 | Led service, administration and platform support for retail/Institutional businesses; co-led global support; governance interface with fund boards . |
| J.P. Morgan Funds | President; Principal Executive Officer | 2013–2016 | Established board agendas; addressed regulatory matters; policies and procedures; service-provider oversight . |
| J.P. Morgan (affiliates) | Various officer/director roles | 1999–2017 | Broad leadership across fund administration and distribution . |
| Deloitte & Touche LLP | Senior Manager (Audit) | 1985–1996 | Created and led midwestern mutual fund practice; former CPA . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Dayton | Investment Committee Member, Board of Trustees | 2008–2011 | Oversight of investment matters for the university endowment . |
| Other public company boards (past 5 years) | — | — | None disclosed . |
Board Governance
- Independence: All Nuveen fund Board Members, including Young, are independent (not interested persons) and have never been employees/directors of TIAA or Nuveen .
- Chair responsibilities: As Independent Chair, Young coordinates agendas, presides at Board/shareholder meetings, liaises with members/officers, and sets governance tone .
- Committee assignments:
- Executive Committee: Chair (members: Young, Kenny, Nelson, Toth) .
- Audit Committee: Member; designated “audit committee financial expert” .
- Nominating & Governance Committee: Chair (all independent members) .
- Investment Committee: Member (committee of all independent members) .
- Closed-End Fund Committee: Member .
- Dividend Committee: Not a member .
- Attendance: Each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year .
| NAN Meetings (FY ended Feb/29; Stub Mar–Aug 2024) | Regular Board | Special Board | Executive | Dividend | Compliance | Audit | Nominating & Governance | Investment | Closed-End |
|---|---|---|---|---|---|---|---|---|---|
| FY ended Feb/29, 2024 | 4 | 7 | 3 | 10 | 4 | 14 | 6 | 3 | 4 |
| Stub period (Mar–Aug 2024) | 3 | 3 | 4 | 4 | 2 | 7 | 2 | 2 | 2 |
Fixed Compensation
Structure (effective Jan 1, 2025):
- Annual retainer: $350,000 per Independent Board Member .
- Committee membership annual retainers: Audit $35,000; Compliance $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End $25,000 .
- Chair fees: Chair of the Board $150,000; Audit/Compliance Chair $35,000; Investment Chair/Co-Chair $30,000; Dividend/Nominating/Closed-End Chairs $25,000 .
- Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy; special assignment committee stipends (Chair quarterly from $1,250; members quarterly from $5,000) .
- Deferred Compensation Plan available; no retirement/pension plans; officers receive no fund compensation .
Applicability to Young (roles/fees as structured):
| Component | Amount | Applicability |
|---|---|---|
| Independent Board Member annual retainer | $350,000 | Yes (Independent Board Member) . |
| Chair of the Board | $150,000 | Yes (Chair since 2025) . |
| Audit Committee membership | $35,000 | Member; designated financial expert . |
| Nominating & Governance Chair | $25,000 | Chair . |
| Investment Committee membership | $30,000 | Member . |
| Closed-End Fund Committee membership | $25,000 | Member . |
| Dividend Committee membership | $25,000 | Not applicable (not a member) . |
| Ad hoc/special assignment fees | $1,000–$2,500; quarterly stipends as noted | As incurred; not itemized by director . |
Fund-level compensation paid to Young (aggregate, by fund):
| Fund | Period | Young Compensation ($) |
|---|---|---|
| New York Quality Income (NAN) | FY (to Aug 31, 2024) | 2,164 |
| New York Quality Income (NAN) | Stub (Mar 1–Aug 31, 2024) | 757 |
| Total from Nuveen Funds (all funds) | Latest disclosed | 502,381 |
Deferred (phantom) fees credited (NAN-specific):
| Fund | Period | Young Deferred Fees ($) |
|---|---|---|
| New York Quality Income (NAN) | FY (to Aug 31, 2024) | 1,454 |
| New York Quality Income (NAN) | Stub (Mar 1–Aug 31, 2024) | 492 |
Historical structure references: pre-2025 retainers/committee fees and pre-2024 per-meeting fee schedule are detailed in the proxy .
Performance Compensation
- No performance-based equity (RSUs/PSUs), options, or cash bonus metrics disclosed for Independent Board Members; director pay is fixed retainers plus committee/stipend fees .
- No pension; a Deferred Compensation Plan exists (phantom investment tracking eligible Nuveen funds) .
| Metric | Status |
|---|---|
| Stock awards (RSUs/PSUs) | None disclosed |
| Options/vesting schedules | None disclosed |
| Cash bonus/targets | None disclosed |
| Performance metrics (TSR/EBITDA/ESG) | None disclosed for directors |
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Other public company boards (last 5 years) | None |
| Roles at competitors/suppliers/customers | None disclosed |
| Shared directorships/interlocks | None disclosed for Young |
| Holdings in entities under common control with Adviser | No Young entries; only Kenny disclosed in table |
Expertise & Qualifications
- Former CPA; designated Audit Committee financial expert; deep fund governance and operations experience from J.P. Morgan roles .
- 30+ years investment management industry; board leadership and regulatory policy experience .
- Independence affirmed; not affiliated with TIAA/Nuveen or adviser .
Equity Ownership
Guideline: Each Board Member is expected to invest at least the equivalent of one year of compensation in the Fund Complex (directly or deferred) .
Beneficial ownership (as of May 31, 2025):
| Fund | Dollar Range | Shares Owned |
|---|---|---|
| New York Quality Income (NAN) | $0 | 0 |
| Credit Income (NZF) | Over $100,000 | 16,131 |
| Quality Municipal Income (NAD) | Over $100,000 | 32,727 |
| Aggregate range across Fund Complex | Over $100,000 | — |
- Ownership as % of shares outstanding: each Board Member’s individual holdings <1% in each Fund .
- Pledging/hedging: Not disclosed in proxy .
- Compliance with ownership guidelines: Not explicitly stated; guideline noted, but no compliance status reported .
Insider trades and Section 16:
| Item | Disclosure |
|---|---|
| Form 4 transactions (last fiscal year) | Not itemized; Funds state Board Members complied with Section 16(a) filing requirements in last fiscal year and prior year . |
Governance Assessment
- Board effectiveness: Young serves as Independent Chair and Nominating & Governance Chair, central to agenda-setting, committee rotation, and governance evaluation; broad committee participation (Executive Chair; Audit member; Investment; Closed-End) supports oversight coverage .
- Independence and conflicts: Independence affirmed; no TIAA/Nuveen affiliation; no related-party investment entries for Young in companies under common control with the Adviser; other public company directorships: none—reducing potential interlocks .
- Attendance and engagement: 75%+ attendance across Board/committee meetings; NAN Board/committee volumes indicate substantive engagement (e.g., 14 Audit meetings in FY) .
- Compensation alignment: Director compensation is fixed, with committee/Chair retainers; availability of Deferred Compensation Plan provides optional alignment via fund-linked phantom units; no performance-based equity or bonus metrics—common for independent directors of funds .
- Ownership: No holdings in NAN; significant holdings in other Nuveen funds; aggregate beneficial range “Over $100,000,” but guideline compliance not disclosed and individual holdings <1% of each fund’s shares .
RED FLAGS
- None disclosed regarding related-party transactions, tax gross-ups, option repricing, or pledging; Section 16 compliance affirmed .
- Note: Absence of NAN-specific ownership may be viewed by some investors as weaker “skin-in-the-game” for NAN specifically, though the Fund Complex ownership guideline and aggregate holdings exist; compliance status not reported .