Thomas Kenny
About Thomas J. Kenny
Independent Board Member of Nuveen Taxable Municipal Income Fund (NBB); year of birth 1963; appointed to the Funds’ Boards effective January 1, 2024 and designated a Class I Board Member for NBB with term expiring at the 2028 annual meeting if elected. Former Co-Head of GSAM’s Global Cash and Fixed Income Portfolio Management team; director at Aflac (Chair, Finance & Investment Committee); B.A. (UCSB), M.S. (Golden Gate University), CFA charterholder. Although one board table lists “Length of Service: Since 2011,” the proxy elsewhere specifies he joined these Boards in 2024 and previously served on TIAA/CREF fund vehicles from 2011–2023.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Co-Head, Global Cash & Fixed Income PM; Managing Director; Partner; Advisory Director | 1999–2011 (MD 1999–2004; Co-Head 2002–2010; Partner 2004–2010; Advisory Director 2010–2011) | Led global cash/fixed-income PM franchise |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Oversight of large retirement fund complex |
| TIAA Separate Account VA-1 | Management Committee member; Chairman | 2011–2023; Chairman 2017–2023 | Management committee leadership |
| Sansum Clinic | Director; Finance Committee Chair | Prior service (dates provided) | Finance oversight for healthcare nonprofit |
| Cottage Health System | Investment Committee Member | Prior service | Investment oversight |
| Crane Country Day School | President of the Board | Prior service | Board leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | Current public company directorship; committee chair role |
| ParentSquare | Director | 2021–2022 (former) | Private company board service |
| B’Box (Advisory Board) | Advisory Board Member | 2017–2019 (former) | Advisory role |
| UCSB Arts & Lectures | Advisory Council Member | 2011–2020 (former) | Community/academic involvement |
Board Governance
- Independence and board class/term
- Deemed an Independent Board Member (not an “interested person” under the 1940 Act) .
- For NBB (Taxable Income), designated Class I; nominee for term expiring at the 2028 annual meeting .
- Committee assignments (member unless noted)
- Executive Committee (Chair: Young): Kenny is a member .
- Dividend Committee (Chair: Thornton): Kenny is a member .
- Nominating & Governance Committee (Chair: Young): Kenny is a member .
- Investment Committee (Co-Chairs: Boateng and Lancellotta): Kenny is a member .
- Compliance, Risk Management & Regulatory Oversight Committee (Chair: Wolff): Kenny is a member .
- Closed-End Fund Committee (Chair: Moschner): Kenny is a member .
- Not on the Audit Committee (members listed; Kenny not included) .
- Attendance and engagement
- Each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year .
Fixed Compensation
| Component | Amount (USD) | Period/Status | Notes |
|---|---|---|---|
| Annual retainer (Independent Board Members) | $210,000 | Calendar year ended Dec 31, 2023 (pre-1/1/2024 structure) | Plus per-meeting fees by committee; travel expenses reimbursed |
| Annual retainer (Independent Board Members) | $350,000 | In effect prior to Jan 1, 2025 | Plus additional retainers for committee memberships and chairs |
| Audit Committee membership retainer | $30,000 | Pre-1/1/2025 structure | Membership retainer (not chair) |
| Compliance Committee membership retainer | $30,000 | Pre-1/1/2025 structure | Membership retainer |
| Investment Committee membership retainer | $20,000 | Pre-1/1/2025 structure | Membership retainer |
| Dividend, Nominating & Governance, Closed-End Funds membership retainers | $20,000 (each) | Pre-1/1/2025 structure | Membership retainers |
| Committee chair add-on (various committees) | $20,000–$30,000 | Pre-1/1/2025 structure | Chair retainers vary by committee; Kenny is not listed as chair |
| Special/ad hoc meetings | $1,000 or $2,500 per meeting | Pre-1/1/2025 structure | Based on length/immediacy |
| Site visit fee | $5,000/day | Pre-1/1/2024 structure | When no regular Board meeting that day |
| Fund-Level Compensation to Kenny | Amount (USD) | Fund Fiscal Period | Notes |
|---|---|---|---|
| NBB (Taxable Income) – Aggregate compensation from the Fund | $2,298 | Fund fiscal year (footnote references) | Per-fund compensation shown in proxy |
| Deferred fees payable – NBB (Taxable Income) | $575 | Fiscal year ended Mar 31, 2025 (aggregate comp basis) | Deferred under Independent Directors Deferred Comp Plan |
| Total Compensation from Nuveen Funds Paid to Board Members – Kenny | $610,000 | Aggregate across Nuveen funds | Includes deferred amounts; allocation per net assets |
Performance Compensation
- Independent Board Members receive retainers and meeting/committee fees; no performance-based bonuses, stock options, PSUs/RSUs, or TSR-linked awards are disclosed for directors of these funds .
Other Directorships & Interlocks
| Company | Role | Governance Relevance |
|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Active external public board; finance oversight experience may benefit fund leverage/distribution oversight; monitor time commitments |
| ParentSquare | Former Director (2021–2022) | No current interlock identified with NBB’s adviser/service providers |
Expertise & Qualifications
- Fixed income and cash management expertise from senior roles at GSAM; experience overseeing valuation, leverage, and risk topics relevant to closed-end funds .
- Board leadership across large fund complexes (CREF; TIAA VA-1) .
- Education and credentials: B.A. (UCSB); M.S. (Golden Gate University); CFA .
Equity Ownership
| Measure | NBB (Taxable Income) | Fund Complex |
|---|---|---|
| Shares beneficially owned by Kenny | 0 | Aggregate dollar range in all Nuveen registered investment companies overseen: “Over $100,000” |
| Ownership as % of shares outstanding | <1% (each Board Member’s individual holdings per fund) | Board Members and officers as a group: <1% of each Fund |
| Board member ownership guideline | Expected to invest at least one year of compensation in funds in the Fund Complex | Governance principle; no explicit compliance status disclosed per individual |
Related-Party/Conflict Exposures
| Holder/Vehicle | Company (under common control with adviser) | Value (as of 12/31/2024) | Percent of Class (commitment basis) |
|---|---|---|---|
| Thomas Joseph Kenny 2021 Trust | Global Timber Resources LLC | $37,455 | 0.01% |
| KSHFO, LLC 4 (Kenny owns 6.60% of KSHFO, LLC) | Global Timber Resources Investor Fund, LP | $567,738 | 6.01% |
| KSHFO, LLC 4 | TIAA-CREF Global Agriculture II LLC | $717,269 | 0.05% |
| KSHFO, LLC 4 | Global Agriculture II AIV (US) LLC | $681,911 | 0.17% |
- Note: These companies are advised by entities indirectly under common control with the Funds’ investment adviser (Nuveen/TIAA). Percentages reflect committed amounts, not current ownership; nonetheless, these cross-relationships warrant monitoring for related-party optics and recusal protocols when required.
Governance Assessment
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Strengths
- Deep fixed-income and fund oversight experience aligned with NBB’s strategy and the Closed-End Fund Committee’s mandate to evaluate premiums/discounts, leverage, and distributions .
- Broad committee engagement (Executive; Dividend; Nominating & Governance; Investment; Compliance; Closed-End), indicating high involvement; attendance met Board standard (≥75%) .
- Independent status with no service as an affiliate of TIAA/Nuveen; not on Audit Committee, which is comprised solely of independents with designated financial experts .
-
Watch items / potential red flags
- Related-party optics: Interests through trust/LLC vehicles in companies advised by entities under common control with Nuveen; ensure robust conflict management and documentation (values/commitments shown above) .
- Ownership alignment: Zero direct NBB share ownership as of May 31, 2025; while aggregate Nuveen-fund holdings are “Over $100,000,” the Board’s governance principle “expects” investment of at least one year of compensation—no explicit individual compliance status disclosed (Kenny’s total Nuveen funds compensation reported at $610,000) .
- Time commitments: Concurrent Aflac directorship and committee chair role; not unusual but merits routine monitoring for bandwidth given extensive committee service across the Fund Complex .
-
Compensation structure signals
- Shift to higher fixed retainers (e.g., $350,000 pre-1/1/2025) plus committee retainers indicates emphasis on steady cash compensation; no equity or performance-linked pay for independent directors—reduces pay-for-performance alignment concerns but may modestly lessen at-risk incentives .
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Election/tenure
- For NBB, Kenny is a Class I nominee for a term ending at the 2028 meeting; appointed January 1, 2024, providing a recent refresh dynamic to the Board .