Joseph Boateng
About Joseph A. Boateng
Joseph A. Boateng (born 1963) is an Independent Board Member of the Nuveen funds complex and was appointed to these Funds’ Boards effective January 1, 2024. He serves as Chief Investment Officer of Casey Family Programs (since 2007), previously directed U.S. Pension Plans at Johnson & Johnson (2002–2006), and holds a B.S. from the University of Ghana and an M.B.A. from UCLA. He has been designated an “audit committee financial expert,” is independent under the 1940 Act and NYSE/NASDAQ standards, and is serving a term designated to run until the 2026 annual meeting of shareholders for the relevant class. Length of service within the broader Fund Complex is since 2019.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Johnson & Johnson | Director of U.S. Pension Plans | 2002–2006 | Oversaw U.S. pension plan investments/administration (pensions expertise) |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Governance/oversight of large retirement fund complex |
| TIAA Separate Account VA-1 | Management Committee Member | 2019–2023 | Oversight of variable annuity separate account management |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–Present | Leads endowment investment strategy and risk management |
| Lumina Foundation | Board Member | 2018–Present | Non-profit governance (education focus) |
| Waterside School | Board Member | 2021–Present | Non-profit governance |
| Year Up Puget Sound | Board Member; Emeritus Board Member | 2012–2019; since 2020 | Workforce development non-profit leadership |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Public pension oversight, prior chair experience |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Community foundation investment oversight |
Board Governance
- Independence: Board confirms all current members (including Boateng) are independent (never employed by TIAA/Nuveen or affiliates) under the 1940 Act and exchange standards.
- Committee assignments and chair roles:
- Audit Committee: Member; designated “audit committee financial expert.”
- Investment Committee: Co-Chair (with Ms. Lancellotta).
- Nominating & Governance Committee: Member.
- Not listed on Executive, Dividend, Compliance/Risk, or Closed-End Fund Committees.
- Attendance: The Board states each director attended at least 75% of board and applicable committee meetings in the last fiscal year.
- Term/tenure: Appointed to the Funds’ Boards effective January 1, 2024; designated Class I or II director with term through the 2026 annual meeting (as applicable by fund). Length of service in the Fund Complex since 2019.
Committee Roles Summary
| Committee | Role | Notable Points |
|---|---|---|
| Audit | Member; Audit Committee Financial Expert | Oversees financial reporting, auditor independence, valuation oversight. |
| Investment | Co-Chair | Oversees fund performance and investment risk; receives quarterly risk/performance reports. |
| Nominating & Governance | Member | Director nominations, governance oversight. |
Fixed Compensation
Policy Structure (Directors)
| Effective Period | Base Retainer | Committee Membership Retainers | Committee Chair Retainers | Meeting/Special Fees | Notes |
|---|---|---|---|---|---|
| CY2023 (through Dec 31, 2023) | $210,000 | Per-meeting fees (Audit/CEF/Investment: $2,500; Compliance/Risk: $5,000; Dividend: $1,250; other committees $500) | Chair of Board $140,000; Chairs (Audit/Dividend/Compliance/Nom-Gov/CEF/Investment) $20,000 | Regular Board: $7,250/day; Special Board: $4,000; Site visits: $5,000/day; Ad hoc set by chair | Expenses reimbursed; allocations across funds by net assets. |
| CY2024 (prior to Jan 1, 2025) | $350,000 | Audit & Compliance $30,000; Investment $20,000; Dividend, Nominating & Governance, Closed-End $20,000 | Chair/Co-Chair: Audit & Compliance $30,000; Investment $20,000; Dividend/Nom-Gov/CEF $20,000 | Ad hoc Board/Committee $1,000 or $2,500 depending on length/immediacy; Special assignment stipends | Fees allocated across funds equitably. |
| Effective Jan 1, 2025 | $350,000 | Audit & Compliance $35,000; Investment $30,000; Dividend, Nominating & Governance, Closed-End $25,000 | Chair/Co-Chair: Audit & Compliance $35,000; Investment $30,000; Dividend/Nom-Gov/CEF $25,000 | Ad hoc Board/Committee $1,000 or $2,500; Special assignment quarterly stipends | No retirement/pension plans; optional deferred compensation plan. |
Actual Compensation (NBB-specific and Aggregate)
| Fund/Scope | Period | Amount ($) |
|---|---|---|
| Taxable Income (NBB) – Aggregate compensation paid to Boateng | Fiscal year ended March 31, 2025 | 1,728 |
| Taxable Income (NBB) – Deferred compensation credit to account | Fiscal year ended March 31, 2025 | 431 |
| Total compensation from Nuveen Funds (all funds in complex) | Latest reported totals in proxy | 464,250 |
- Deferred Compensation Plan: Directors may defer fees; amounts are notional and tracked as if invested in eligible Nuveen funds; distributions can be lump sum or 2–20 years; Funds bear only their own obligations.
Performance Compensation
| Feature | Disclosure |
|---|---|
| Performance metrics tied to director pay (TSR, EPS, ESG, etc.) | None disclosed; independent director pay comprises annual retainers, committee membership and chair retainers, and ad hoc/meeting fees as outlined in policy. No stock/option grants indicated. |
Implication: Compensation is fixed/stipend-based, not pay-for-performance; this is standard for registered fund boards and reduces risk of misaligned incentives in fund governance.
Other Directorships & Interlocks
| Company/Organization | Type | Role | Tenure | Potential Conflict/Interlock Notes |
|---|---|---|---|---|
| Public company directorships | Public | None disclosed for Boateng | — | No public corporate interlocks disclosed. |
| CREF; TIAA Separate Account VA-1 | Investment companies | Former Trustee; Former Management Committee | 2018–2023; 2019–2023 | Historically linked to entities under TIAA/Nuveen umbrella; these roles ended by 2023. |
- The proxy includes a related-holdings table for board members with securities in companies advised by affiliates; it lists positions for another director (Thomas J. Kenny) but none for Boateng, indicating no such positions disclosed for Boateng.
Expertise & Qualifications
- Audit Committee Financial Expert designation (SEC-defined).
- 15+ years as CIO for a large philanthropic institution (endowment stewardship, asset allocation, risk).
- Pension plan oversight experience (J&J), public pension advisory leadership.
- Advanced business education (MBA, UCLA) and international academic background (University of Ghana).
- Co-chairs the Investment Committee overseeing fund performance and risk at the Board level.
Equity Ownership
| Security | Shares Beneficially Owned (5/31/2025) | Ownership % | Dollar Range in This Fund | Pledged/Hedged | Notes |
|---|---|---|---|---|---|
| NBB (Taxable Income) | 0 | <1% (individual ownership in each fund <1%) | $0 | Not disclosed | Appendix A shows 0 shares; group/individual ownership in each fund <1%. |
| All Nuveen Funds Overseen (aggregate) | — | — | Over $100,000 (aggregate range) | Not disclosed | Governance principle expects each director to invest at least one year of compensation across the Fund Complex (directly or deferred). |
Alignment: Boateng shows “Over $100,000” aggregate investment across the complex but no direct holdings in NBB as of May 31, 2025. Deferred fees credited to a NBB-tracked account were $431 for FY ended March 31, 2025; these are not actual share ownership.
Governance Assessment
-
Strengths
- Independent director with substantial investment and pension governance background; designated audit committee financial expert.
- Co-Chair of the Investment Committee, enhancing oversight of performance and risk; active on both Nominating & Governance and Audit committees.
- Board-reported satisfactory attendance (≥75%) and compliance with Section 16(a) reporting.
- Transparent, standardized director fee framework with clear committee retainers; optional deferral supports alignment via fund exposure.
-
Watch Items
- Ownership alignment at the fund level: 0 shares in NBB as of May 31, 2025. This is mitigated by aggregate “Over $100,000” holdings across the Fund Complex and the Board’s ownership expectation (one year of compensation), but fund-specific ownership is a modest alignment gap.
- No individual meeting-by-meeting attendance detail disclosed; only aggregate compliance (≥75%). Greater granularity would aid assessment of engagement.
-
Conflicts/Related Party Exposure
- No related-party transactions disclosed for Boateng; no affiliate-advised company holdings table entries for him.
- Prior roles tied to TIAA/CREF ended by 2023, and he is independent from TIAA/Nuveen.
Overall signal: Governance profile is solid and credibility-enhancing—independence, ACFE status, and central role in investment oversight—tempered by a lack of NBB-specific share ownership. Compensation is fixed and committee-responsibility driven (not performance-based), consistent with registered fund governance norms.