Joseph Boateng
About Joseph A. Boateng
Independent Board Member (Class II) of Nuveen California Municipal Value Fund (NCA); born 1963; appointed to NCA’s board effective January 1, 2024 (term through the 2026 annual meeting). Chief Investment Officer, Casey Family Programs since 2007; previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006); B.S. University of Ghana and M.B.A. UCLA; oversees 219 portfolios across the Nuveen/TIAA fund complex; deemed independent (not an “interested person”).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Johnson & Johnson | Director of U.S. Pension Plans | 2002–2006 | Oversight of U.S. pension plan investments |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Board and investment oversight |
| TIAA Separate Account VA‑1 | Manager | 2019–2023 | Management Committee member |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lumina Foundation | Board Member | Since 2018 | Non‑profit higher education outcomes focus |
| Waterside School | Board Member | Since 2021 | Education non‑profit governance |
| Year Up Puget Sound | Board Member; Emeritus Board Member | 2012–2019; Emeritus since 2020 | Workforce development support |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Public pension investment oversight |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Endowment investment oversight |
Board Governance
- Independence: Not an “interested person” of the Funds, Nuveen Fund Advisors, or affiliates per the 1940 Act; never an employee/director of TIAA or Nuveen; classified as an Independent Board Member.
- Committee assignments: Investment Committee Co‑Chair (with Amy B. R. Lancellotta); member, Nominating & Governance Committee; member, Audit Committee.
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings in the last fiscal year.
- Board structure: Unitary board across the fund complex; independent Chair (Robert L. Young).
- Meetings context (California Value/NCA, last fiscal year): See counts below.
| Committee/Board | Role | Chair? | Notes |
|---|---|---|---|
| Investment Committee | Co‑Chair | Yes (Co‑Chair) | Oversight of fund performance and investment risk; receives quarterly reports from Adviser risk groups |
| Nominating & Governance Committee | Member | No | Board refreshment, qualifications, diversity considerations |
| Audit Committee | Member | No | Financial reporting oversight; independent auditor oversight |
| Fund (California Value/NCA) | Regular Board Mtgs | Special Board Mtgs | Executive Committee | Dividend Committee | Compliance/Risk Mgmt | Audit Committee | Nominating & Governance | Investment Committee | Closed‑End Funds Committee |
|---|---|---|---|---|---|---|---|---|---|
| Last fiscal year | 6 | 9 | 3 | 8 | 4 | 13 | 6 | 3 | 4 |
Fixed Compensation
- Structure: Cash fees only; no retirement/pension plans; optional deferred compensation plan allowing deferral of director fees into a book reserve notionally invested in eligible Nuveen funds (lump sum or 2–20 year payout).
- NCA-specific fees and complex totals (trend):
| Metric | FY 2024 (Stub Period Mar 1–Aug 31, 2024) | FY 2025 (Last Fiscal Year) |
|---|---|---|
| NCA (California Value) – Aggregate Compensation ($) | $389 | $802 |
| Total Compensation from Funds in Fund Complex ($) | $455,000 | $464,250 |
Notes: 2024 fiscal year entries are “—” for certain funds because Boateng’s appointment was effective Jan 1, 2024; stub period introduced when several funds changed fiscal year end to Aug 31, 2024.
Performance Compensation
- No performance‑linked pay elements (no RSUs/PSUs, options, or defined performance metrics for directors disclosed); compensation consists of cash retainers/fees with optional deferral; no meeting‑by‑meeting pay breakdowns disclosed.
| Performance Metric | FY 2024 | FY 2025 |
|---|---|---|
| Revenue/EBITDA/TSR targets linked to director pay | Not disclosed | Not disclosed |
| Equity awards (RSUs/PSUs) | Not disclosed | Not disclosed |
| Option awards (strike, vesting) | Not disclosed | Not disclosed |
| Clawbacks/COC provisions for directors | Not disclosed | Not disclosed |
Other Directorships & Interlocks
| Category | Entity | Role | Notes |
|---|---|---|---|
| Non‑profit | Lumina Foundation | Board Member | Education outcomes non‑profit |
| Non‑profit | Waterside School | Board Member | Education non‑profit |
| Public pension | Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Advisory role; not an issuer board |
| Foundation | The Seattle Foundation | Investment Committee Member | Endowment oversight |
| Investment funds | CREF; TIAA Separate Account VA‑1 | Trustee; Manager (past) | Prior roles with TC Funds; not TIAA/Nuveen employment; independence maintained |
No current public-company directorships for Boateng are disclosed in NCA’s proxies.
Expertise & Qualifications
- CIO with >15 years in institutional investing; prior corporate pension leadership (J&J) underscores fiduciary and asset allocation expertise relevant to muni CEF oversight.
- Demonstrated board experience across large multi‑fund complexes (CREF/VA‑1) and investment committees (Seattle City ERS, Seattle Foundation).
- Education: B.S. University of Ghana; M.B.A. UCLA.
Equity Ownership
| Category | NCA (California Value) | Fund Complex Aggregate Range |
|---|---|---|
| Beneficial ownership – shares | 0 | — |
| Dollar range across Nuveen/TIAA funds overseen | — | Over $100,000 |
Notes: Beneficial ownership in each of the five funds covered by the proxy is disclosed as zero; aggregate dollar range across all registered investment companies overseen in the family is “Over $100,000,” which may include deferred‑fee share equivalents under the Independent Board Member Deferred Compensation Plan.
Governance Assessment
- Strengths: Independent status; multiple key committees including Audit; Co‑Chair of Investment Committee signals active oversight of performance and risk; ≥75% meeting attendance indicates engagement; unitary board model provides scale and consistency across the complex.
- Alignment: Cash‑only director compensation with optional deferral; no equity awards or performance pay—appropriate for closed‑end fund governance; aggregate complex holdings “Over $100,000” via overseen fund investments/deferred equivalents supports exposure to complex outcomes, though no direct NCA holdings.
- Potential conflicts: Prior service with TC Funds (CREF/VA‑1) does not compromise independence (no TIAA/Nuveen employment/directorship); no related‑party transactions involving Boateng disclosed in the proxies reviewed.
- Red flags: None evident from proxies—no pledging/hedging disclosures, no option repricing, and attendance threshold met; compensation appears consistent across peers with no unusual guarantees or COE‑linked provisions for directors.