Joanne Medero
About Joanne T. Medero
Independent Trustee of Nuveen Taxable Municipal Income Fund (NBB); born 1954; joined the Nuveen funds board in 2021; oversees 217 portfolios across the Nuveen/TIAA fund complex. Former Managing Director, Government Relations and Public Policy at BlackRock (2009–2020) and Senior Advisor to BlackRock’s Vice Chairman (2018–2020). Previously Global General Counsel and Corporate Secretary at Barclays Global Investors (1996–2006); J.D. George Washington University Law School; B.A. St. Lawrence University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BlackRock, Inc. | Managing Director, Government Relations & Public Policy | Dec 2009–Jul 2020 | Led policy and regulatory advocacy; Senior Advisor to Vice Chair (2018–2020) |
| Barclays Group (IBIM) | Managing Director, Global Head of Government Relations & Public Policy | 2006–2009 | Directed legislative/regulatory programs across IB, IM, and WM |
| Barclays Global Investors | Global General Counsel & Corporate Secretary | 1996–2006 | Governance and legal oversight for global asset manager |
| Orrick, Herrington & Sutcliffe LLP | Partner | 1993–1995 | Derivatives and financial markets regulation |
| Commodity Futures Trading Commission | General Counsel | 1989–1993 | Led legal function for U.S. derivatives regulator |
| The White House (Office of Presidential Personnel) | Deputy Associate Director/Associate Director, Legal & Financial Affairs | 1986–1989 | Senior policy and personnel oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Baltic-American Freedom Foundation | Director | Since 2019 | Non-profit supporting Baltic-U.S. exchanges |
| SIFMA Asset Management Group | Steering Committee Chair | 2016–2018 | Industry association leadership |
| Managed Funds Association | Chair, CTA/CPO & Futures Committee | 2010–2012 | Industry policy leadership |
| Federalist Society | Chair, Corporations/Antitrust/Securities Practice Group | 2010–2022 and 2000–2002 | Legal-policy network leadership |
Board Governance
- Independence: The Board confirms all nominees and continuing Trustees, including Medero, are independent under the 1940 Act and have never been employees/directors of TIAA or Nuveen or affiliates (other than other funds), affirming independence status .
- Committee assignments: Medero serves on Compliance, Risk Management & Regulatory Oversight (member), Nominating & Governance (member), and Investment (member). She is not listed on Audit, Dividend, Closed-End Fund, or Executive Committees; no chair roles disclosed .
- Attendance and engagement: Each Board Member attended at least 75% of Board and committee meetings in the last fiscal year for the period served, indicating strong engagement . NBB (“Taxable Income”) held 4 regular Board, 7 special Board, 3 Executive, 8 Dividend, 4 Compliance, 14 Audit, 6 Nominating & Governance, 4 Investment, and 4 Closed-End Fund Committee meetings in the last fiscal year, evidencing active oversight cadence .
- Board structure and refresh: Following Board consolidation across Nuveen/TIAA funds, the Board size was set at 12 effective Jan 1, 2024; several independent members were added. Medero continues as an independent Trustee under the unitary board structure .
Fixed Compensation
- Program structure: Independent Board Members receive retainers and committee fees (no salary/bonus). Effective Jan 1, 2025: $350,000 annual Board retainer; committee membership retainers—Audit & Compliance $35,000; Investment $30,000; Dividend/Nominating/Closed-End $25,000; Chair fees—Board Chair $150,000; Audit/Compliance Chairs $35,000; Investment Chair/Co-Chair $30,000; Dividend/Nominating/Closed-End Chairs $25,000; ad hoc meeting fees $1,000–$2,500 depending on length/immediacy .
| Element | Amount ($) | Notes |
|---|---|---|
| Board Annual Retainer | 350,000 | Paid to each Independent Board Member |
| Audit Committee Member Retainer | 35,000 | Annual; non-chair |
| Compliance Committee Member Retainer | 35,000 | Annual; non-chair |
| Investment Committee Member Retainer | 30,000 | Annual; non-chair |
| Dividend Committee Member Retainer | 25,000 | Annual; non-chair |
| Nominating & Governance Member Retainer | 25,000 | Annual; non-chair |
| Closed-End Fund Committee Member Retainer | 25,000 | Annual; non-chair |
| Board Chair Additional Retainer | 150,000 | Applies to Independent Chair (not Medero) |
| Committee Chair Additional Retainers | 25,000–35,000 | By committee as specified |
| Ad hoc meeting fee | 1,000–2,500 | Depending on meeting parameters |
- Fund-level compensation: Aggregate fees paid by NBB (“Taxable Income”) to Medero for the last fiscal year ended Mar 31, 2025 were $1,827; total compensation across the Nuveen funds paid to Medero was $461,987 (includes allocations from multiple funds) .
| Fund | Period | Joanne T. Medero – Aggregate Compensation ($) |
|---|---|---|
| Nuveen Taxable Municipal Income Fund (NBB) | FY ended Mar 31, 2025 | 1,827 |
| All Nuveen Funds (sum across funds) | Various fiscal periods per fund | 461,987 |
- Deferred compensation: Medero elected deferrals with certain funds; NBB (“Taxable Income”) deferred fees booked were $541 for FY ended Mar 31, 2025 (book reserve invested in eligible Nuveen funds) .
| Fund | Period | Medero Deferred Fees ($) |
|---|---|---|
| Nuveen Taxable Municipal Income Fund (NBB) | FY ended Mar 31, 2025 | 541 |
Performance Compensation
Directors do not receive performance-based bonuses or equity awards; compensation is fixed retainers and fees with optional deferral into fund equivalents .
| Performance Metric | Target | Actual | Payout Linkage |
|---|---|---|---|
| Revenue growth | N/A | N/A | Not applicable (no performance pay) |
| EBITDA/TSR/ESG goals | N/A | N/A | Not applicable (no performance pay) |
Other Directorships & Interlocks
| Category | Entity | Role | Period |
|---|---|---|---|
| Non-profit | Baltic-American Freedom Foundation | Director | Since 2019 |
| Public company boards | — | — | None disclosed in past five years for Medero |
| Complex independence | TIAA/Nuveen | Independence under 1940 Act | Confirmed for all Nuveen funds trustees, including Medero |
Expertise & Qualifications
- Regulatory/governance depth: Former CFTC General Counsel; led government relations/public policy at BlackRock and Barclays; extensive derivatives/markets legal expertise .
- Board oversight skills: Legal, compliance, and governance background complements membership on Compliance, Nominating & Governance, and Investment Committees .
- Education: J.D. (GWU Law), B.A. (St. Lawrence University) .
Equity Ownership
- Ownership principle: Trustees are expected to invest at least the equivalent of one year of compensation in Nuveen funds (directly or deferred) .
- Fund-level holdings: Medero reported $0 dollar range and 0 shares in NBB; aggregate across all registered investment companies overseen shows “Over $100,000” dollar range, consistent with the ownership alignment principle .
| Fund | Dollar Range | Shares Owned |
|---|---|---|
| Nuveen Taxable Municipal Income Fund (NBB) | $0 | 0 |
| Aggregate across Nuveen funds overseen | Over $100,000 | — |
Governance Assessment
- Strengths: Clear independence under the 1940 Act; strong engagement (≥75% meeting attendance); service on Compliance and Nominating & Governance enhances risk/compliance oversight; deep regulatory and governance credentials from CFTC/BlackRock/Barclays bolster board effectiveness .
- Alignment: While Medero holds no NBB shares, she reports an aggregate “Over $100,000” in the fund complex and participates in deferred compensation, aligning interests with fund shareholders per board policy .
- Pay structure signals: Retainer and committee fees increased over time (e.g., from 2023 daily/meeting-heavy model to 2025 higher fixed retainers), which can reduce meeting-based variable pay volatility and standardize effort compensation; chair/member retainers differentiate workload .
- Potential red flags/monitoring points: No NBB-specific ownership; continue monitoring for any related-party transactions—none disclosed for Medero; Section 16 compliance indicates no delinquent filings; no pledging/hedging disclosed .
Insider Trades
| Filing | Issuer | Date | Key Disclosure |
|---|---|---|---|
| Form 3 | Nuveen Core Plus Impact Fund (NPCT) | 2021-07-08 | “No securities are beneficially owned.” Filed under POA |
| Form 3 | Nuveen New Jersey Quality Municipal Income Fund (NXJ) | 2021-07-08 | “No securities are beneficially owned.” Filed under POA |
Notes on Board Changes
- Board consolidation across Nuveen/TIAA funds effective Jan 1, 2024 expanded/realigned board membership; Medero remains an Independent Trustee within the consolidated unitary board .
Overall, Medero’s legal-regulatory background, committee placements (compliance/governance/investment), and documented independence support investor confidence in governance. The absence of NBB-specific share ownership is offset by complex-wide holdings and the board’s ownership expectation; compensation is standardized and transparent with no performance-linked pay for directors .