Joseph Boateng
About Joseph A. Boateng
Joseph A. Boateng (born 1963) is an Independent Board Member of Nuveen Arizona Quality Municipal Income Fund (NAZ) in Class II with a term expiring at the 2026 annual meeting; he was appointed to the Fund’s Board effective January 1, 2024. He is Chief Investment Officer of Casey Family Programs (since 2007) and previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006); he holds a B.S. from the University of Ghana and an MBA from UCLA. Boateng is deemed independent (not an “interested person” of the Funds, Nuveen, TIAA or affiliates) and has been designated an “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | Leads investment strategy for national nonprofit endowment |
| Johnson & Johnson | Director, U.S. Pension Plans | 2002–2006 | Oversight of corporate pension investment programs |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Oversight of mutual fund governance and investment management |
| TIAA Separate Account VA-1 | Manager (Management Committee) | 2019–2023 | Oversight of variable annuity separate account governance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Lumina Foundation | Board Member | 2018–present | Education-focused foundation governance |
| Waterside School | Board Member | 2021–present | Independent school governance |
| Year Up Puget Sound | Board Member; Emeritus | 2012–2019; Emeritus since 2020 | Workforce development nonprofit |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | since 2007 | Public fund investment oversight |
| The Seattle Foundation | Investment Committee Member | since 2012 | Community foundation investment oversight |
Board Governance
- Independence: All current Board Members, including Boateng, are not “interested persons” of the Funds or Nuveen/TIAA; they have never been employees/directors of TIAA or Nuveen. Boateng is thus an Independent Board Member.
- Committee assignments:
- Audit Committee member; designated “audit committee financial expert.”
- Nominating & Governance Committee member.
- Investment Committee Co-Chair (with Amy Lancellotta).
- Attendance: During the last fiscal year, each Board Member attended at least 75% of Board and applicable committee meetings.
- Meeting cadence (FY ended Aug 31, 2025 for NAZ): Regular Board 6; Special Board 9; Executive Committee 3; Dividend Committee 8; Compliance Committee 4; Audit Committee 13; Nominating & Governance 6; Investment 3; Closed-End Funds 4.
- Board leadership: Independent Chair (Robert L. Young) sets agenda, presides meetings, and liaises between independent trustees and management.
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual Board retainer (Independent Board Members) | $350,000 | Effective Jan 1, 2025 |
| Audit Committee membership retainer | $35,000 | Per member, annual |
| Compliance/Risk/Regulatory Oversight Committee membership retainer | $35,000 | Per member, annual |
| Investment Committee membership retainer | $30,000 | Per member, annual |
| Dividend Committee membership retainer | $25,000 | Per member, annual |
| Nominating & Governance Committee membership retainer | $25,000 | Per member, annual |
| Closed-End Funds Committee membership retainer | $25,000 | Per member, annual |
| Committee Chair (Audit; Compliance) | $35,000 | Per chair, annual |
| Committee Chair (Investment) | $30,000 | Per chair/co-chair, annual |
| Committee Chair (Dividend; Nominating & Governance; Closed-End) | $25,000 | Per chair, annual |
| Board Chair premium | $150,000 | Independent Chair only |
| Ad hoc meeting fee | $1,000–$2,500 | Per meeting, length/immediacy dependent |
| Special assignment committees | Chair quarterly ≥$1,250; Member quarterly ≥$5,000 | If convened |
Aggregate compensation paid (FY 2025) by fund (select NAZ-related lines) and total:
| Fund | Aggregate Compensation to Boateng (USD) |
|---|---|
| NAZ (Arizona Quality) | $600 |
| CA AMT-Free (NKX) | $2,633 |
| CA Municipal Value (NCA) | $802 |
| CA Quality (NAC) | $7,717 |
| MA Quality (NMT) | $476 |
| Total from Nuveen Funds | $464,250 |
Deferred compensation elected by Boateng (booked per fund; includes assumed fund returns):
| Fund | Deferred Fees (USD) |
|---|---|
| NAZ (Arizona Quality) | $150 |
| CA AMT-Free (NKX) | $658 |
| CA Municipal Value (NCA) | $201 |
| CA Quality (NAC) | $1,929 |
| MA Quality (NMT) | $119 |
- Plans/Pensions: The Funds do not have retirement or pension plans; Independent Board Members may elect to defer fees via the Deferred Compensation Plan (credited to a book account tracking eligible Nuveen funds).
Performance Compensation
- Equity, options, performance metrics (TSR, revenue/EBITDA, ESG), and cash bonuses for directors are not disclosed; the compensation framework is retainer/committee-fee based with optional deferral, and no performance-based equity awards are described.
| Performance-linked Component | Disclosure Status |
|---|---|
| Stock awards (RSUs/PSUs): grant date, shares, fair value | Not disclosed for directors |
| Option awards: strike, expiry, vesting | Not disclosed for directors |
| Cash bonus, target/actual | Not disclosed for directors |
| Performance metrics (TSR/EBITDA/ESG) | Not disclosed for directors |
Other Directorships & Interlocks
| Company/Institution | Type | Role | Potential Interlock Relevance |
|---|---|---|---|
| Lumina Foundation | Nonprofit | Board Member (since 2018) | None to NAZ operations |
| Waterside School | Nonprofit | Board Member (since 2021) | None to NAZ operations |
| CREF; TIAA Separate Account VA-1 | Mutual fund/variable annuity | Trustee (2018–2023); Manager (2019–2023) | Prior governance ties within TIAA/Nuveen fund family but independence affirmed; not employee/director of Nuveen/TIAA |
Expertise & Qualifications
- Designated Audit Committee Financial Expert; CIO experience overseeing institutional portfolios and pension plans.
- Education: B.S. (University of Ghana); MBA (UCLA).
- Oversees 219 portfolios across the Fund Complex, indicating broad fund governance exposure.
Equity Ownership
- Beneficial ownership in NAZ and the other listed funds: $0 and 0 shares (as of Oct 22, 2025).
- Aggregate range of equity securities across the Nuveen Fund Complex overseen: Over $100,000.
- Ownership guideline: Trustees are expected to invest (directly or deferred) at least the equivalent of one year of compensation in funds within the Fund Complex; actual per-fund holdings for Boateng in the listed funds are $0, while he participates in deferred compensation. Compliance vs the guideline cannot be fully assessed with the disclosed aggregate “Over $100,000” figure.
| Item | NAZ (Arizona Quality) | Complex-wide |
|---|---|---|
| Shares beneficially owned | 0 | Not specific; aggregate dollar range “Over $100,000” |
| % of shares outstanding | 0.00% (0 of 12,276,463) | Each trustee <1% in each fund; group <1% in each fund |
Governance Assessment
- Board effectiveness and engagement: Boateng’s roles as Investment Committee Co-Chair and Audit Committee financial expert signal deep engagement in performance oversight, valuation/compliance, and risk management; attendance ≥75% meets governance expectations amid a high meeting cadence (13 Audit; 6 Board; 9 Special for NAZ).
- Independence and conflicts: Independence is explicitly affirmed; no related-party transactions or pledged shares disclosed for Boateng. Prior service on TIAA-affiliated fund boards (CREF, VA-1) is disclosed but does not compromise independence under the 1940 Act as he has never been an employee/director of TIAA/Nuveen.
- Compensation alignment: Director pay is primarily fixed (retainers/committee fees) with optional deferral; no performance-based equity disclosed, which reduces pay-for-performance alignment but is typical for investment company trustees. Total FY 2025 compensation from Nuveen funds for Boateng: $464,250, with modest deferred amounts per fund disclosed.
- Ownership alignment: Trustees are expected to hold at least one year’s compensation across the Fund Complex; Boateng’s aggregate is “Over $100,000,” and he uses the deferral program, but per-fund holdings for NAZ are $0—an optics issue for single-fund alignment though mitigated by complex-wide expectations for unitary board governance.
- RED FLAGS:
- None disclosed regarding related-party transactions, hedging/pledging, delinquent Section 16 filings, or legal proceedings. Section 16(a) filing compliance is affirmed.
- Pay anomalies: No equity award repricing or guaranteed bonuses disclosed; fee increases in 2025 reflect committee membership adjustments across the board, not individual discretion.