Brett Black
About Brett Black
Brett E. Black serves as Vice President and Chief Compliance Officer (CCO) for Nuveen California Municipal Value Fund (NCA). He has held the officer role since 2022 and was born in 1972; education is not disclosed in the proxy. Prior to Nuveen, Black served as Vice President, Chief Compliance Officer and Anti-Money Laundering Compliance Officer at BMO Funds, Inc. (2014–2022) . Officers of the Funds receive no compensation from the Funds; the CCO’s compensation (base and incentive) is paid by the Adviser (Nuveen) with the Funds reimbursing an allocable portion of the Adviser’s cost of the CCO’s incentive compensation .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BMO Funds, Inc. | Vice President; Chief Compliance Officer; Anti-Money Laundering Compliance Officer | 2014–2022 | Compliance leadership and AML oversight (per titles) |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Not disclosed | — | — | — |
Fixed Compensation
- Officers receive no compensation from the Funds; the CCO’s compensation is paid by Nuveen (the Adviser), with the Funds reimbursing an allocable portion of the Adviser’s cost of the CCO’s incentive compensation .
- No individual base salary, target bonus %, or actual bonus amounts are disclosed for the CCO in the proxy .
Performance Compensation
| Metric | Weighting | Target | Actual/Payout | Vesting schedule |
|---|---|---|---|---|
| Not disclosed for CCO | — | — | — | — |
The proxy does not provide the CCO’s performance metrics, payout formulas, or vesting schedules; only the compensation payment source and reimbursement arrangement are disclosed .
Equity Ownership & Alignment
| Metric | FY 2024 (record date: 2024-09-20) | FY 2025 (record date: 2025-10-22) |
|---|---|---|
| Officers and Board Members as a group – NCA shares beneficially owned | 0 | 0 |
| Officer-specific beneficial ownership (Brett Black) | Not individually itemized; group total is 0 | Not individually itemized; group total is 0 |
| Ownership % of shares outstanding (group) | 0% (less than 1% referenced) | 0% (less than 1% referenced) |
| Stock ownership guidelines | Board Members expected to invest at least the equivalent of one year of compensation across the Fund Complex (principle); no officer ownership guideline disclosed | |
| Pledging/Hedging | Not disclosed for officers |
Attempted to fetch Form 4 insider transactions and current positions for “Brett Black” to assess recent trading, exercisable vs. unexercisable holdings, and any sales pressure; the insider-trades skill returned an authorization error. As a result, ownership analysis relies on proxy disclosures (group-level 0 holdings) .
Employment Terms
- Officer status: Officers are elected annually by the Board, serve until successors are elected and qualified; term of office is indefinite .
- Compensation source: Officers serve without compensation from the Funds; CCO’s compensation is paid by the Adviser, with partial reimbursement by the Funds for incentive compensation .
- Severance, change-of-control, clawbacks, non-compete, non-solicit, garden leave, tax gross-ups: Not disclosed in the proxy for officers .
- Compliance oversight: The Compliance, Risk Management and Regulatory Oversight Committee meets quarterly; the CCO provides written/oral reports and an annual compliance program report, meeting privately with the Committee each quarter .
Board Governance (context relevant to CCO oversight)
- Committee composition relevant to compliance oversight and risk management is disclosed; CCO reports into the Compliance Committee and the Board’s governance infrastructure .
Performance & Track Record
- Fund or TSR metrics tied to the CCO are not disclosed; the proxy focuses on governance and oversight rather than officer-specific performance outcomes .
Investment Implications
- Alignment: Officers and Board Members as a group hold 0 NCA shares, indicating limited “skin-in-the-game” alignment at the fund level; Board Members follow a principle to invest at least one year’s compensation across the Fund Complex (not necessarily NCA), but officer-specific ownership guidelines are not disclosed .
- Pay-for-performance transparency: The proxy does not disclose the CCO’s specific compensation amounts, target metrics, or vesting schedules; compensation sourcing via the Adviser and partial incentive reimbursement by the Funds suggests the CCO’s incentives are primarily determined at Nuveen rather than by NCA-specific performance .
- Retention risk: As an Adviser-paid role, retention is more dependent on Nuveen’s policies and broader enterprise considerations than on NCA-specific outcomes; lack of disclosed severance/change-of-control terms limits visibility into retention protections or exit economics .
- Trading signals/insider selling pressure: Group beneficial ownership is 0; without Form 4 transaction detail, there is no evidence of insider selling pressure at the fund level. Section 16(a) compliance is affirmed by the Funds (no delinquent filings), but individual transaction history for Brett Black was not retrievable via the insider-trades tool in this session .
- Governance and oversight: Strong committee structure and CCO reporting cadence support compliance risk management; however, absent explicit ownership and incentive details, assessing direct alignment to NCA shareholder value is constrained .
Sources: Officer biography and service dates ; compensation sourcing and reimbursement ; beneficial ownership (group and context) ; compliance oversight framework ; Section 16(a) compliance statement .