Thomas Kenny
About Thomas J. Kenny
Independent Board Member of Nuveen Arizona Quality Municipal Income Fund (NAZ). Year of birth: 1963; CFA charterholder; B.A. University of California, Santa Barbara; M.S. Golden Gate University . Appointed to NAZ’s Board effective January 1, 2024 and nominated as a Class I Board Member for a term expiring at the 2028 annual meeting; length of service within the Nuveen fund complex since 2011; oversees 220 portfolios in the complex . The Board classifies Mr. Kenny as an Independent Board Member (not an “interested person” of the Funds or the Adviser) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Advisory Director; Partner; Managing Director; Co-Head Global Cash & Fixed Income Portfolio Management | Advisory Director 2010–2011; Partner 2004–2010; Managing Director 1999–2004; Co-Head 2002–2010 | Led global cash and fixed income PM team; senior leadership in asset management |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Oversight of large retirement fund complex; governance leadership |
| TIAA Separate Account VA-1 | Manager; Chairman | Manager 2011–2023; Chairman 2017–2023 | Board leadership across insurance-affiliated investment accounts |
| Sansum Clinic | Director; Finance Committee Chair | Finance Committee Chair 2016–2022; Director 2021–2022 (former) | Healthcare governance; finance oversight |
| Cottage Health System | Investment Committee Member | 2012–2020 (former) | Oversight of investment policies |
| Crane Country Day School | Board Member; President of the Board | Board 2009–2019; President 2014–2018 (former) | Non-profit leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Committee Chair since 2018 | Finance and investment oversight at a NYSE-listed insurer |
| ParentSquare | Director | Listed as Director in narrative; prior table lists former Director 2021–2022 | EdTech governance; note disclosure inconsistency across sections |
| UC Santa Barbara Arts & Lectures Advisory Council | Member (former) | 2011–2020 | Advisory role |
| B’Box | Advisory Board Member (former) | 2017–2019 | Advisory role |
Board Governance
- Independence: Not an “interested person” of the Funds, Adviser, TIAA, Nuveen or affiliates; classified as Independent Board Member .
- Committee memberships (no chair roles):
- Executive Committee (members: Young, Chair; Kenny; Nelson; Toth) .
- Dividend Committee (members: Thornton, Chair; Lancellotta; Kenny; Nelson; Starr) .
- Compliance, Risk Management & Regulatory Oversight Committee (members: Wolff, Chair; Forrester; Kenny; Medero; Moschner; Toth) .
- Nominating & Governance Committee (members: Young, Chair; includes Kenny among Independent members) .
- Investment Committee (members: Boateng and Lancellotta, Co-Chairs; includes Kenny among Independent members) .
- Closed-End Funds Committee (members: Moschner, Chair; Kenny; Nelson; Starr; Thornton; Wolff; Young) .
- Not on Audit Committee (members listed do not include Kenny) .
- Attendance: During the last fiscal year, each Board Member attended 75% or more of Board and applicable committee meetings .
- NAZ meeting cadence (FY last ended Aug 31, 2025): 6 regular Board; 9 special Board; 3 Executive; 8 Dividend; 4 Compliance; 13 Audit; 6 Nominating & Governance; 3 Investment; 4 Closed-End Funds .
Fixed Compensation
- Cash retainer and fees effective January 1, 2025:
- Annual retainer: $350,000 .
- Committee membership retainers: Audit $35,000; Compliance $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End $25,000 .
- Chair fees: Board Chair $150,000; Audit Chair $35,000; Compliance Chair $35,000; Investment Chair $30,000; Dividend Chair $25,000; Nominating & Governance Chair $25,000; Closed-End Chair $25,000 .
- Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy; special assignment committee fees: Chair quarterly from $1,250; members quarterly from $5,000 .
- Historical (pre-2025) fee levels provided for context (lower committee rates and Chair fees) .
| Metric | Amount |
|---|---|
| NAZ (Arizona Quality) — Aggregate compensation paid to Kenny, last fiscal year | $708 |
| Total compensation from Nuveen funds paid to Kenny (Fund Complex) | $610,000 |
| Deferred fees credited by fund (Kenny) — Arizona Quality | $161 |
| Deferred fees credited — California AMT-Free | $707 |
| Deferred fees credited — California Value | $215 |
| Deferred fees credited — California Quality | $2,074 |
| Deferred fees credited — Massachusetts Quality | $145 |
- Deferred Compensation Plan: Independent Board Members may elect to defer fees; accounts notionally invested in eligible Nuveen funds with distributions in lump sum or over 2–20 years; no pension plans for Board Members .
Performance Compensation
- No performance-based compensation, stock awards, options, severance, or change-of-control provisions disclosed for Independent Board Members; compensation consists of retainers and fees outlined above .
- Clawbacks, tax gross-ups, hedging/pledging policies for directors not disclosed; Section 16(a) filing compliance affirmed (no delinquencies) .
Other Directorships & Interlocks
| Company/Entity | Type | Role/Committee | Tenure |
|---|---|---|---|
| Aflac Incorporated | Public | Director; Chair, Finance & Investment Committee | Director since 2015; Committee Chair since 2018 |
| ParentSquare | Private | Director | Narrative lists current Director; table lists former Director 2021–2022 |
| CREF and VA-1 (TIAA affiliates) | Investment funds | Trustee/Manager; Chairman (both) | 2011–2023; Chair 2017–2023 |
- Interlocks/related exposure: Ownership interests disclosed in companies advised by entities under common control with the Adviser/Nuveen/TIAA:
- Global Timber Resources LLC — value $34,063 .
- Global Timber Resources Investor Fund, LP — value $523,049 .
- TIAA-CREF Global Agriculture II LLC — value $770,200 .
- Global Agriculture II AIV (US) LLC — value $681,237 .
- Kenny owns 6.60% of KSHFO, LLC (holding vehicle noted) .
Expertise & Qualifications
- Fixed income portfolio management leadership at GSAM; global cash and fixed income co-head experience .
- Governance credentials across large fund complexes (CREF, VA-1) and major corporate board (Aflac) .
- CFA charter; advanced finance education (M.S.) .
Equity Ownership
| Fund | Shares Beneficially Owned (Oct 22, 2025) | Dollar Range in Fund | Aggregate Range Across All Nuveen Funds Overseen |
|---|---|---|---|
| NAZ (Arizona Quality) | 0 | $0 | Over $100,000 |
| California AMT-Free | 0 | $0 | Over $100,000 |
| California Value | 0 | $0 | Over $100,000 |
| California Quality | 0 | $0 | Over $100,000 |
| Massachusetts Quality | 0 | $0 | Over $100,000 |
- Governance alignment principle: Board Members are expected to invest at least one year of compensation in funds in the Fund Complex (directly or via deferral) . Exact compliance level for Mr. Kenny not determinable from disclosed ranges; per-fund holdings show 0 as of record date .
Governance Assessment
- Strengths:
- Independent status with no employment ties to Adviser/TIAA/Nuveen; extensive fixed income and board oversight experience (GSAM; Aflac; CREF/VA-1) .
- Heavy committee engagement (Executive, Dividend, Compliance, Nominating & Governance, Investment, Closed-End) supports board effectiveness and oversight of performance, risk, governance, and discounts/leverage for closed-end funds .
- Attendance threshold met (≥75% across Board/committees); robust meeting cadence at NAZ indicates active governance .
- Transparent director fee structure; availability of deferred compensation and board investment expectation fosters potential alignment .
- Watchpoints / RED FLAGS:
- Related-party exposure: disclosed personal interests in vehicles advised by entities under common control with the Adviser/TIAA (KSHFO LLC interests; multiple private funds) — small absolute values but may present perceived conflicts; monitor recusal practices on related matters .
- Ownership alignment: per-fund beneficial holdings at NAZ (and sister funds) disclosed as $0 at record date; while aggregate range across complex is “Over $100,000,” exact compliance with “one-year compensation” guideline cannot be verified from ranges; engagement on alignment may be warranted .
- Role load: oversight of 220 portfolios plus multiple committees may pose time-commitment risk; balance appears managed given attendance disclosures, but remains a capacity consideration for complex-wide governance .
- Signals affecting investor confidence:
- Nomination as Class I Board Member through 2028 suggests continuity; Independent Chair structure (Young) and comprehensive committee framework support governance robustness .
- Audit oversight handled by a separate committee with designated financial experts; Kenny not on Audit, but participates in performance, governance, compliance, and closed-end market oversight, aligning with fixed income expertise .
- Section 16(a) compliance confirmed; change of auditor from KPMG to PwC at the fund complex level indicates active audit oversight — not specific to Kenny but relevant to governance environment .