Robert Young
About Robert L. Young
Independent Chair of the Board for the Nuveen funds, including NBB, since 2025; Board member since 2017; born 1963; former J.P. Morgan Investment Management COO and J.P. Morgan Funds President/PEO; former Deloitte audit senior manager and former CPA; BBA in Accounting, University of Dayton . He is deemed an Independent Board Member under the 1940 Act and exchange rules .
Past Roles
| Organization | Role | Tenure/Notes | Source |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer and Director | 2010–2016 | |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | |
| J.P. Morgan Funds | Senior Vice President and Chief Operating Officer | 2005–2010 | |
| J.P. Morgan affiliates | Various officer/director roles | 1999–2017 | |
| Deloitte & Touche LLP (formerly Touche Ross) | Senior Manager (Audit); former CPA | 1985–1996 |
External Roles
| Organization | Role | Tenure/Impact | Source |
|---|---|---|---|
| University of Dayton | Investment Committee member | 2008–2011 | |
| Other public company directorships | None disclosed | Past five years: none |
Board Governance
- Independence: All nominees, including Young, are not “interested persons”; he serves as independent Chair of the Board .
- Term/class at NBB: Class I nominee for term expiring at the 2028 annual meeting .
- Attendance: Each Board Member attended at least 75% of Board and committee meetings in the last fiscal year .
- Portfolios overseen: 217 in the Nuveen fund complex .
| Committee | Role | Scope/Notes | Source |
|---|---|---|---|
| Executive Committee | Chair | Authorized to exercise Board powers between meetings | |
| Nominating & Governance Committee | Chair | Oversees Board composition, evaluations, and Board compensation processes | |
| Audit Committee | Member; designated audit committee financial expert | Oversees financial reporting, auditors, valuation policy | |
| Investment Committee | Member | Oversight of fund performance and investment risks | |
| Closed-End Fund Committee | Member | Oversees closed-end fund market topics, discounts, leverage, distributions | |
| Dividend Committee | Not a member | Declares distributions; membership listed, excludes Young | |
| Compliance, Risk Mgmt & Regulatory Oversight | Not a member | Compliance and risk oversight; membership listed, excludes Young |
| NBB (Taxable Income) — Meetings Held Last Fiscal Year | Count | Source |
|---|---|---|
| Regular Board Meetings | 4 | |
| Special Board Meetings | 7 | |
| Executive Committee | 3 | |
| Dividend Committee | 8 | |
| Compliance/Risk/Regulatory Oversight | 4 | |
| Audit Committee | 14 | |
| Nominating & Governance Committee | 6 | |
| Investment Committee | 4 | |
| Closed-End Fund Committee | 4 |
Fixed Compensation
- Board-level structure (effective Jan 1, 2025): $350,000 annual retainer; committee membership retainers (Audit $35,000; Compliance/Risk $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000); Board Chair retainer $150,000; committee chair adders (Audit $35,000; Compliance $35,000; Investment $30,000; Dividend $25,000; N&G $25,000; Closed-End $25,000); ad hoc meeting fees $1,000–$2,500 .
- Prior framework (2024): $350,000 annual retainer; lower committee membership retainers (Audit/Compliance $30,000; Investment $20,000; Dividend/N&G/Closed-End $20,000); Board Chair $140,000; lower chair adders .
- NBB-specific aggregate paid to Young (FY ended Mar 31, 2025): $2,033 .
| Component (2025) | Amount | Source |
|---|---|---|
| Base annual retainer | $350,000 | |
| Board Chair retainer | $150,000 | |
| Audit Committee membership | $35,000 | |
| Compliance/Risk membership | $35,000 | |
| Investment Committee membership | $30,000 | |
| Dividend/N&G/Closed-End membership | $25,000 each | |
| Ad hoc meetings | $1,000–$2,500 | |
| NBB aggregate paid to Young (FY) | $2,033 | |
| Total from Nuveen Funds (all funds) paid to Young (calendar aggregation shown) | $502,381 |
Performance Compensation
- No performance metrics, option grants, or stock awards are disclosed for independent directors; compensation is retainer- and fee-based with optional deferred compensation linked to notional investments in Nuveen funds; no retirement/pension plan .
- Deferred compensation elected amounts (at fund level) shown below.
| Deferred Compensation — NBB (FY ended Mar 31, 2025) | Amount | Source |
|---|---|---|
| Deferred fees credited for Robert L. Young | $1,322 |
Other Directorships & Interlocks
- Public company boards (past five years): None disclosed for Young .
- Fund complex service: Oversees 217 Nuveen portfolios as an independent chair/director .
- Related holdings in adviser-affiliated private vehicles: table includes other directors (e.g., Kenny) but no entry for Young, indicating no such affiliated-company holdings disclosed for Young as of 12/31/2024 .
Expertise & Qualifications
- Independent Chair; designated audit committee financial expert; extensive investment management operating experience; former CPA .
- Education: BBA in Accounting, University of Dayton .
Equity Ownership
- Ownership guideline: Board members are expected to invest at least one year of compensation in Nuveen funds (can be direct or deferred) .
- NBB-specific ownership (as of May 31, 2025): $0 dollar range; 0 shares owned .
- Complex-wide ownership ranges: “Over $100,000” across all Nuveen registered investment companies overseen; specific disclosed holdings include over $100,000 in Nuveen Quality Municipal Income Fund and over $100,000 in Nuveen Municipal Credit Income Fund; share counts disclosed for those funds (Quality: 32,727; Credit: 16,131) .
| Metric | NBB (Taxable Income) | Fund Complex Aggregate | Other Notable Fund Holdings | Source |
|---|---|---|---|---|
| Dollar range held | $0 | Over $100,000 | Quality Income: Over $100,000 | |
| Shares owned | 0 | n/a | Quality Income: 32,727; Credit Income: 16,131 | |
| Ownership as % outstanding | <1% for each director (group) | n/a | n/a | |
| Pledging/hedging | Not disclosed | — | — | — |
Governance Assessment
- Positives: Independent Chair with explicit responsibilities; broad committee engagement; designated audit committee financial expert; attendance meets threshold; no external public company directorships (reduces interlock risk) .
- Alignment: While he does not own NBB shares, he meets complex-level alignment principles via significant holdings in other Nuveen funds, and the Board’s guideline focuses on aggregate Nuveen fund investment equal to at least one year’s compensation .
- Pay structure: Retainer-based with 2025 increases (e.g., Board Chair retainer to $150k; higher committee retainers); changes are transparent and approved; no performance-linked pay, limiting pay-for-performance but typical for closed-end fund governance .
- Conflicts/related party: No related-party transactions or adviser-affiliated private vehicle holdings disclosed for Young; Section 16 reporting compliance affirmed for directors and officers .
RED FLAGS to monitor: Lack of NBB-specific ownership (optics), though consistent with complex-level guideline . Continued scrutiny of 2025 compensation step-ups for independent directors given closed-end fund discount dynamics (structure disclosed) .