Robert Young
About Robert L. Young
Independent Chair and Board Member of Nuveen Arizona Quality Municipal Income Fund (NAZ). Born 1963; service on the Nuveen fund boards since 2017 and elected independent Chair in 2025. Former COO and Director at J.P. Morgan Investment Management and President/Principal Executive Officer of J.P. Morgan Funds; former CPA; B.B.A. in Accounting from University of Dayton; oversees 220 portfolios across the Nuveen fund complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer; Director | 2010–2016 | Led service, administration, and business platform support for retail and institutional investment businesses |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | Established board agendas, addressed regulatory matters, policies, and procedures for mutual funds |
| J.P. Morgan Funds | Senior Vice President and Chief Operating Officer | 2005–2010 | Co-led global retail and institutional support activities |
| Deloitte & Touche LLP (formerly Touche Ross LLP) | Senior Manager (Audit); former CPA | 1985–1996 | Helped create and led midwestern mutual fund practice |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| University of Dayton | Investment Committee member, Board of Trustees | 2008–2011 | B.B.A. in Accounting from University of Dayton |
| — | Other public company directorships | None in past five years | — |
Board Governance
- Independence: Not an “interested person” under the 1940 Act; has never been an employee or director of TIAA or Nuveen; deemed an Independent Board Member .
- Chair role: Independent Chair of the Board since 2025 with responsibilities to set agendas, preside meetings, and liaise with management and counsel .
- Audit committee financial expert designation .
- Attendance: Each Board Member attended ≥75% of Board and committee meetings in the last fiscal year .
| Committee | Role | Membership |
|---|---|---|
| Executive Committee | Chair | Young (Chair), Kenny, Nelson, Toth |
| Audit Committee | Member; audit committee financial expert | Nelson (Chair), Boateng, Lancellotta, Starr, Thornton, Wolff, Young |
| Compliance, Risk Mgmt & Regulatory Oversight | Not listed | Wolff (Chair), Forrester, Kenny, Medero, Moschner, Toth |
| Nominating & Governance | Chair | Young (Chair), Boateng, Forrester, Kenny, Lancellotta, Medero, Moschner, Nelson, Starr, Thornton, Toth, Wolff |
| Investment Committee | Member | Boateng & Lancellotta (Co-Chairs), Forrester, Kenny, Medero, Moschner, Nelson, Starr, Thornton, Toth, Wolff, Young |
| Closed-End Fund Committee | Member | Moschner (Chair), Kenny, Nelson, Starr, Thornton, Wolff, Young |
| NAZ Board/Committee Meetings (FY last year) | Count |
|---|---|
| Regular Board Meetings | 6 |
| Special Board Meetings | 9 |
| Executive Committee Meetings | 3 |
| Dividend Committee Meetings | 8 |
| Compliance Committee Meetings | 4 |
| Audit Committee Meetings | 13 |
| Nominating & Governance Committee Meetings | 6 |
| Investment Committee Meetings | 3 |
| Closed-End Funds Committee Meetings | 4 |
Fixed Compensation
- Structure effective Jan 1, 2025:
- Annual retainer: $350,000 .
- Committee membership retainers: Audit and Compliance $35,000; Investment $30,000; Dividend, Nominating & Governance, Closed-End Funds $25,000 each .
- Chair retainers: Board Chair $150,000; Audit and Compliance Chairs $35,000; Investment Chair/Co-Chair $30,000; Dividend, Nominating & Governance, Closed-End Chair $25,000 .
- Ad hoc meeting fees: $1,000 or $2,500 per meeting depending on length/immediacy .
- Special assignment committees: Chair/Co-Chair quarterly fee starting $1,250; members quarterly starting $5,000 .
- Deferred Compensation Plan available for Independent Board Members .
| Compensation Component | Amount ($) | Notes |
|---|---|---|
| Annual retainer | 350,000 | Independent Board Member |
| Board Chair retainer | 150,000 | Young is Board Chair |
| Audit Committee membership | 35,000 | Young is a member |
| Nominating & Governance Chair | 25,000 | Young is Chair |
| Investment Committee membership | 30,000 | Young is a member |
| Closed-End Funds Committee membership | 25,000 | Young is a member |
| Ad hoc meeting fees | 1,000–2,500 per meeting | As applicable |
| Deferred compensation | Plan available; amounts credited to book reserve accounts and tracked to selected funds | Young has deferred amounts across funds |
| Actual Aggregate Compensation Paid (last fiscal year) | Amount ($) |
|---|---|
| Total compensation from Nuveen funds paid to Young | 502,381 |
| NAZ (Arizona Quality) compensation allocated to Young | 793 |
Performance Compensation
| Component | Status |
|---|---|
| Performance-based cash bonus | Not disclosed/applicable; Independent Board Members compensated via retainers and fees |
| Stock awards (RSUs/PSUs), options | None disclosed for Independent Board Members |
| Performance metrics tied to pay (TSR, EBITDA, ESG) | Not disclosed/applicable for Independent Board Members |
| Clawback/change-in-control provisions | Not disclosed/applicable for Independent Board Members |
Other Directorships & Interlocks
| Company | Role | Committee Roles | Potential Interlocks/Conflicts |
|---|---|---|---|
| None | — | — | No other public company boards in past five years |
Expertise & Qualifications
- 30+ years investment management operations leadership; former COO and President/PEO at J.P. Morgan’s asset management businesses .
- Former CPA; audit and financial reporting experience from Deloitte .
- Designated audit committee financial expert; broad governance and risk oversight across 220 Nuveen portfolios .
Equity Ownership
| Metric | Value |
|---|---|
| Beneficial ownership in NAZ | 0 shares as of Oct 22, 2025 |
| Ownership as % of NAZ outstanding | Less than 1% (group of Board Members and officers); each individual <1% |
| Aggregate dollar range in Nuveen fund complex | Over $100,000 |
| Stock ownership guideline | Expected to invest at least one year of compensation in Nuveen funds (direct or deferred) |
| Pledged shares | Not disclosed; no pledging noted |
Insider Trades (NAZ)
| Period | Buys | Sells | Net |
|---|---|---|---|
| Past 18 months | 0 | 0 | 0 |
Section 16(a) compliance: The Funds report compliance with applicable filing requirements by Board Members and officers during the last fiscal year .
Governance Assessment
- Board effectiveness: Strong engagement and oversight indicated by 6 regular and 9 special board meetings, 13 audit committee meetings, and robust committee coverage; Young chairs the Board, Executive Committee, and Nominating & Governance Committee, positioning him to drive agenda-setting, director rotations, and governance standards .
- Independence and alignment: Independent Chair, audit committee financial expert, and no TIAA/Nuveen employment history; expected fund investment equal to one year’s compensation with aggregate holdings “Over $100,000,” though NAZ-specific direct holdings are zero—a common pattern for unitary boards allocating investments across the complex .
- Compensation and incentives: Predominantly fixed cash retainers plus committee and chair fees; no performance-based equity or options—reduces pay-for-performance linkage but aligns with industry practice for investment company independent directors; total compensation reasonable given chair and multiple committee roles .
- Conflicts and related-party exposure: No other public company boards; no related-party transactions disclosed for Young; independence affirmed; no pledging noted—low conflict risk .
- RED FLAGS: None material disclosed. Monitoring considerations include the absence of performance-linked compensation for directors and NAZ-specific share ownership at zero, partially offset by complex-wide investment and deferred compensation participation .