Joseph A. Boateng

About Joseph A. Boateng

Independent Board Member of Nuveen Dynamic Municipal Opportunities Fund (NDMO); year of birth 1963; length of service with the Nuveen Funds complex since 2019. Chief Investment Officer at Casey Family Programs since 2007; previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Oversees 216 portfolios in the Nuveen fund complex and has been designated an “audit committee financial expert.”

Past Roles

External Roles

Board Governance

• Independence: The Nuveen funds’ Boards are comprised entirely of “disinterested” Board Members (not “interested persons” under the 1940 Act), and committees referenced below are composed solely of Independent Board Members.

• Committee assignments and roles:

  • Investment Committee: Co-Chair (with Amy B. R. Lancellotta). Oversees fund performance, investment risks, leverage, and hedging; receives quarterly risk/performance reports.
  • Audit Committee: Member; designated an “audit committee financial expert.” Oversees financial reporting, valuation policy, auditor independence, and selects/reviews independent auditors. Chair: John K. Nelson.
  • Nominating & Governance Committee: Member. Chair: Robert L. Young.

• Attendance: Each Board Member attended at least 75% of Board and committee meetings for the last fiscal year.

• Term/classification: Listed as Class I or II Board Member with term expiring at the 2026 annual shareholder meeting (per fund; Board Member since 2019).

Fixed Compensation

• Compensation structure (effective January 1, 2025):

  • Annual Board retainer: $350,000.
  • Annual committee membership retainers: Audit $35,000; Investment $30,000; Nominating & Governance $25,000.
  • Committee chair fees: Investment Committee Chair/Co-Chair $30,000; Audit Committee Chair $35,000; Nominating & Governance Chair $25,000.
  • Ad hoc/special assignments: $1,000–$2,500 per meeting for ad hoc meetings; special assignment committees paid quarterly (Chair/Co-Chair from $1,250; members from $5,000).

• Role-based application to Boateng:

  • Investment Committee Co‑Chair ($30,000), and member of Audit ($35,000), Investment ($30,000), and Nominating & Governance ($25,000), plus annual Board retainer ($350,000).

• Aggregate compensation (prior fiscal year): Total compensation paid from Nuveen funds to Boateng for the last reported fiscal year was $464,250.

• Historical structure shift:

  • 2023: Lower annual retainer ($210,000) plus per‑meeting fees and smaller chair/membership retainers.
  • 2024 (pre‑2025 change): Retainer $350,000; lower membership retainers (Audit/CRRO: $30,000; Investment: $20,000; N&G/Dividend/Closed‑End: $20,000).
  • 2025: Increased committee membership and chair fees; continued fixed retainer model.

Performance Compensation

No performance metrics (TSR, revenue, EBITDA, ESG) are tied to director compensation based on disclosures.

Other Directorships & Interlocks

• Current public company directorships: None disclosed for Boateng (disclosed roles are non-profits and investment committees; prior fund governance roles at CREF and TIAA VA‑1).
• Affiliations/Interlocks:
  • Nuveen’s Adviser is an indirect subsidiary of Nuveen, the investment management arm of TIAA. Boateng previously served as Trustee of CREF (2018–2023) and Manager of TIAA Separate Account VA‑1 (2019–2023), which are related to TIAA. These roles ended prior to the current proxy.

Expertise & Qualifications

• Investment management: CIO at Casey Family Programs since 2007.
• Financial oversight: Designated “audit committee financial expert.”
• Public/Institutional investment governance: Service on public pension and foundation investment committees (Seattle City Employees’ Retirement System; The Seattle Foundation).

Equity Ownership

Governance Assessment

• Key positives

  • Independent director with explicit “audit committee financial expert” designation; serves on Audit, Nominating & Governance, and Co‑Chairs Investment Committee—indicative of active engagement in risk, valuation, performance, and governance oversight.
  • Attendance met the 75% threshold for Board and related committee meetings in the last fiscal year.
  • No delinquent Section 16 filings reported for Board Members and officers in the last fiscal year.

• Alignment and compensation structure

  • Director pay is fixed‑retainer and role‑based; no disclosed performance metrics or equity grants, though a deferred compensation plan allows fee deferral into fund-equivalent accounts, partially aligning interests with fund shareholders.
  • 2025 compensation schedule increased committee retainers versus 2024, continuing the shift from per‑meeting fees (2023) to higher fixed annual retainers—greater predictability but not performance‑contingent.
  • Boateng reported $0 direct ownership in NDMO, while aggregate ownership across the Nuveen complex is disclosed as “Over $100,000”; the Board’s guideline is framed at the complex level, not by individual fund.

• Conflicts/related‑party considerations

  • Prior (not current) governance roles at CREF and TIAA Separate Account VA‑1 while the Adviser is part of TIAA’s asset management arm could present perceived affiliation history; no current related‑party transactions for Boateng are disclosed in the proxy.

• Risk indicators

  • No disclosed legal proceedings, option repricings, tax gross‑ups, or related‑party transactions involving Boateng.
  • Audit Committee pre‑approval procedures and auditor independence oversight are in place; auditor changed from KPMG (FY2024) to PwC (current fiscal year), with independence affirmed.

Overall: Boateng brings deep investment and governance expertise and is heavily involved in core oversight committees. The principal alignment consideration is the absence of direct ownership in NDMO itself, mitigated by “Over $100,000” aggregate holdings across the Nuveen complex and availability of deferred compensation into fund vehicles; compensation remains non‑performance‑based.