Robert Young

About Robert L. Young

Robert L. Young (born 1963) serves as Independent Chair and Board Member of Nuveen California Municipal Value Fund (NCA); he has been a Board Member across the Nuveen fund complex since 2017 and became Chair in 2025 . He is a former Certified Public Accountant and has been designated an “audit committee financial expert” under SEC rules, reflecting deep financial oversight expertise . Young holds a B.B.A. in Accounting from the University of Dayton and has over 30 years of investment management experience, including senior leadership roles at J.P. Morgan Investment Management .

Past Roles

External Roles

Board Governance

• Independent leadership: Elected as independent Chair of the Board, with specific responsibilities including agenda-setting, presiding over Board/shareholder meetings, and liaising across Board members and fund management .
• Committee memberships and chair roles:
  • Executive Committee: Chair .
  • Audit Committee: Member; designated SEC “audit committee financial expert” .
  • Nominating & Governance Committee: Chair .
  • Investment Committee: Member .
• Independence: All standing committees (Audit, Nominating & Governance, Investment) are composed entirely of Independent Board Members per NYSE/NASDAQ standards for closed-end funds .
• Unitary Board oversight: Oversees common fund-complex issues (compliance, valuation, liquidity, brokerage, trade allocation, risk management), enhancing efficiency and expertise across the Fund Complex .
• Term and board service: Class I Board Member term to the 2025 annual meeting; nominee for Class I through 2028; Board service since 2017 .

Fixed Compensation

• Compensation structure (effective January 1, 2025):
  • Annual retainer (Independent Board Members): $350,000 .
  • Committee membership retainers: Audit $35,000; Compliance/Risk $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Fund $25,000 .
  • Chair retainers: Board Chair $150,000; Audit Chair $35,000; Compliance/Risk Chair $35,000; Investment Chair $30,000; Dividend Chair $25,000; Nominating & Governance Chair $25,000; Closed-End Fund Chair $25,000 .
  • Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy; special assignment committees: Chair quarterly fee starting $1,250; members quarterly fee starting $5,000 .
• Prior compensation (pre-2025): Lower committee and chair retainers; Board Chair $140,000; Audit and Compliance/Risk membership $30,000; Investment membership $20,000; Dividend/Nominating/Closed-End membership $20,000; corresponding chair fees $30,000/$20,000 .
• Aggregated compensation: Total compensation from Nuveen funds paid to Robert L. Young was $502,381 (includes deferred fees where applicable) .

Performance Compensation

• Equity awards: No equity grants or options for independent directors are disclosed; compensation consists of retainers and committee/meeting fees .
• Deferred compensation: Independent Board Members may elect to defer all or part of compensation; deferrals credited to a reserve account and treated as invested in shares of eligible Nuveen funds, with distributions in lump sum or 2–20 years; fund not liable for other funds’ obligations under the plan .
• Performance metrics, clawbacks, severance/change-of-control, tax gross-ups: Not disclosed for directors in returned proxy sections .

Other Directorships & Interlocks

Expertise & Qualifications

• Financial expertise: Designated as SEC “audit committee financial expert” .
• Operational leadership: Senior executive roles at J.P. Morgan Investment Management and J.P. Morgan Funds overseeing service, administration, and governance interfaces .
• Accounting background: Former CPA; Big Four audit experience with mutual fund practice leadership .
• Board governance experience: Chair responsibilities include agenda-setting, presiding meetings, and liaison functions .

Equity Ownership

• Ownership alignment policy: Each Board Member is expected to invest at least the equivalent of one year of compensation in funds within the Fund Complex (direct or deferred basis) .
• Beneficial ownership (as of October 22, 2025): Young’s holdings in each of the listed funds (including NCA) were $0; aggregate dollar range across all Nuveen funds overseen: “Over $100,000” .
• Ownership concentration: Individual beneficial shareholdings for each Fund <1% of outstanding; Board members and officers as a group <1% of each Fund .

Governance Assessment

• Strengths:
  • Independent Chair with deep fund governance and audit expertise, supporting robust oversight of valuation, financial reporting, and risk management .
  • Multiple committee leadership roles (Executive Chair; Nominating & Governance Chair) and Audit membership enhance board effectiveness and continuity across the unitary board structure .
  • Clear compensation framework; directors may defer into fund-linked accounts, aligning interests with shareholders through expected one-year comp investment guideline .
• Neutral/Monitoring points:
  • Aggregated compensation increased in 2025 via higher committee and chair retainers; ensure alignment via ownership guideline compliance and disclosure of actual fund investments over time .
  • Attendance rates and executive session frequency not disclosed in returned sections; verify Appendix C and full proxy for meeting counts and attendance specifics in future updates .
• Red Flags observed:
  • None specific to Young identified in returned sections; no related-party holdings listed for Young in adviser-affiliated private vehicles (table includes entries for another director), and no loans or pledging disclosed in these excerpts .

Overall, Robert L. Young’s independent leadership, audit expertise, and multi-committee roles are positive governance signals. Continued monitoring of compensation-to-ownership alignment and any related-party exposure is warranted, but the provided disclosures show strong independence and board engagement frameworks .