Margaret L. Wolff
About Margaret L. Wolff
Margaret L. Wolff is an Independent Board Member of Nuveen Dynamic Municipal Opportunities Fund (NDMO) and the Nuveen Fund Complex, born in 1955, with board service since 2016. She retired from Skadden, Arps, Slate, Meagher & Flom LLP in 2014 after 30+ years in M&A, advising boards and senior management on governance, fiduciary, and strategic matters; she holds a BA from Mt. Holyoke College and a JD from Case Western Reserve University School of Law . She is designated independent under the Investment Company Act of 1940 and NYSE/NASDAQ listing standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Skadden, Arps, Slate, Meagher & Flom LLP | Of Counsel, Mergers & Acquisitions Group | 2005–2014 | Advised boards/senior management on U.S./international corporate, securities, regulatory and governance matters |
| Travelers Insurance Company of Canada; The Dominion of Canada General Insurance Company (Travelers Canada) | Board Member | 2013–2017 | Governance oversight for Canadian operations of The Travelers Companies, Inc. |
| Mt. Holyoke College | Trustee; Vice Chair of the Board | Trustee 2005–2015; Vice Chair 2011–2015 | Board leadership and governance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| New York-Presbyterian Hospital | Trustee | Since 2005 | Non-profit healthcare governance |
| The John A. Hartford Foundation | Trustee; former Chair | Trustee since 2004; Chair 2015–2022 | Philanthropy focused on care for older adults |
Board Governance
| Item | Details |
|---|---|
| Independence status | Independent Board Member; not an “interested person” of the Funds or Adviser and never an employee/director of TIAA or Nuveen |
| Board structure | Unitary board across Nuveen Fund Complex; independent Chair (Robert L. Young) coordinates agendas and Board liaison duties |
| Years of service | Since 2016 |
| Latest election events | Municipal Income (NDMO) Class III last elected Aug 5, 2022; elected by holders of Preferred Shares for multiple funds Aug 8 and Aug 15, 2024 |
| Portfolios overseen | 217 portfolios in Fund Complex |
| Attendance | Each Board Member attended 75% or more of Board and committee meetings in the last fiscal year |
Committee Assignments (current)
| Committee | Role |
|---|---|
| Compliance, Risk Management & Regulatory Oversight Committee | Chair and Member |
| Audit Committee | Member |
| Investment Committee | Member |
| Nominating & Governance Committee | Member |
| Closed-End Fund Committee | Member |
Fixed Compensation
| Component | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Annual Board Retainer (Independent Director) | $210,000 per year | $350,000 per year | $350,000 per year |
| Audit Committee – membership | $2,500 per meeting | $30,000 per year | $35,000 per year |
| Compliance Committee – membership | $5,000 per meeting | $30,000 per year | $35,000 per year |
| Investment Committee – membership | $2,500 per meeting | $20,000 per year | $30,000 per year |
| Dividend Committee – membership | $1,250 per meeting | $20,000 per year | $25,000 per year |
| Nominating & Governance Committee – membership | $500 per meeting | $20,000 per year | $25,000 per year |
| Closed-End Funds Committee – membership | $2,500 per meeting | $20,000 per year | $25,000 per year |
| Board Chair retainer | $140,000 per year | $140,000 per year | $150,000 per year |
| Audit Committee Chair retainer | $20,000 per year | $30,000 per year | $35,000 per year |
| Compliance Committee Chair retainer | $20,000 per year | $30,000 per year | $35,000 per year |
| Investment Committee Chair retainer | $20,000 per year | $20,000 per year | $30,000 per year |
| Dividend/Nominating/Closed-End Chair retainer | $20,000 per year each | $20,000 per year each | $25,000 per year each |
| Ad hoc meeting fees | $4,000 special Board; other committee fees per meeting | $1,000–$2,500 per ad hoc meeting | $1,000–$2,500 per ad hoc meeting |
| Special assignment committee fees | Chair determined per meeting | Chair/co-chair quarterly from $1,250; members quarterly from $5,000 | Chair quarterly from $1,250; members quarterly from $5,000 |
| Metric | Latest |
|---|---|
| Total compensation from Nuveen Funds paid to Ms. Wolff | $502,381 (aggregate across Nuveen Funds) |
The Funds have no retirement or pension plans; Independent Board Members may elect to defer compensation via the Deferred Compensation Plan, with notional investment in eligible Nuveen funds and distributions over 2–20 years .
Performance Compensation
| Component | Disclosure |
|---|---|
| Performance-based awards (RSUs/PSUs/Options) | None disclosed for Independent Board Members; compensation is cash retainers and committee fees |
| Performance metrics tied to director compensation | None disclosed |
Other Directorships & Interlocks
| Entity | Status | Potential Interlock/Conflict Note |
|---|---|---|
| Travelers Canada boards (prior) | Former director (2013–2017) | No current role; not identified as a Nuveen/TIAA service provider |
| New York-Presbyterian Hospital (non-profit) | Trustee since 2005 | No related-party transactions disclosed in proxy |
| The John A. Hartford Foundation (non-profit) | Trustee since 2004; Chair 2015–2022 | No related-party transactions disclosed in proxy |
| Board member holdings in companies under common control with Adviser | Not listed for Ms. Wolff | Table shows holdings for another director (Thomas J. Kenny); Ms. Wolff not shown, indicating no such holdings disclosed |
Expertise & Qualifications
- Deep M&A and corporate governance advisory experience; extensive board-level counsel on fiduciary and strategic matters .
- Education: BA, Mt. Holyoke College; JD, Case Western Reserve University School of Law .
- Audit Committee financial expert designation: Not listed among designated “audit committee financial experts” (Nelson, Boateng, Starr, Young are designated) .
- Oversees 217 portfolios in the Nuveen Fund Complex, reflecting broad fund governance exposure .
Equity Ownership
| Item | Details |
|---|---|
| Director investment guideline | Each Board Member is expected to invest at least the equivalent of one year of compensation in funds in the Fund Complex (directly or deferred) |
| Individual beneficial ownership | As of June 20, 2025, each Board Member’s individual beneficial holdings in each Fund were less than 1% of outstanding shares; aggregate holdings by Board Members and officers were less than 1% of each Fund |
| Beneficial ownership details | Dollar ranges and share counts are in Appendix A of the proxy (not reproduced in the sections provided) |
Governance Assessment
- Independence and roles: Ms. Wolff is an Independent Board Member with critical governance roles, including Chair of the Compliance, Risk Management & Regulatory Oversight Committee and membership on Audit, Investment, Nominating & Governance, and Closed-End Fund Committees—strong alignment with risk, compliance, and oversight responsibilities .
- Attendance and engagement: The proxy reports all Board Members attended at least 75% of Board and committee meetings in the last fiscal year, indicating baseline engagement .
- Compensation structure: Director compensation shifted from per-meeting fees (2023) to higher fixed retainers (2024–2025), with increased committee membership and chair retainers in 2025; Ms. Wolff’s latest aggregate compensation from Nuveen Funds was $502,381, and she may defer fees under the Deferred Compensation Plan—ensure alignment through fund investment guideline compliance .
- Ownership alignment: The Board’s governance principle expects investment equal to one year of compensation in Nuveen funds; individual holdings in each Fund are low as a percent of shares outstanding (<1%), typical for fund directors but places emphasis on adherence to deferred/direct investment standards rather than issuer equity grants .
- Conflicts/related-party exposure: The proxy’s related holdings table flags certain director holdings in entities under common control with the Adviser, but Ms. Wolff is not listed—no such exposure disclosed for her in the provided materials .
- Board leadership and structure: An independent Chair and unitary board structure across the complex promote consistency and oversight across shared service providers—supports governance effectiveness in areas like compliance, valuation, liquidity, and risk management .
RED FLAGS
- None specifically identified for Ms. Wolff in related-party holdings or attendance in the proxy sections provided; monitor compensation escalation and committee load for potential workload/independence concerns, balanced by independent Chair oversight and committee charter constraints .