Thomas J. Kenny
About Thomas J. Kenny
Independent director of Nuveen Dynamic Municipal Opportunities Fund (NDMO); born 1963; long-tenured fund complex board member (Length of Service since 2011; currently a Class I/III nominee for a term expiring at the 2028 annual meeting) with prior service as independent Co‑Chair of the Nuveen funds board in 2024 . Background includes senior leadership at Goldman Sachs Asset Management (Advisory Director 2010–2011; Partner 2004–2010; Managing Director 1999–2004; Co‑Head Global Cash and Fixed Income PM Team 2002–2010); BA UC Santa Barbara; MS Golden Gate University; Chartered Financial Analyst .
Past Roles
| Organization | Role | Tenure | Committees / Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Advisory Director; Partner; Managing Director; Co‑Head Global Cash & Fixed Income PM | 1999–2011 | Co‑led global cash & fixed income portfolio management |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | 2011–2023 | Board leadership across TIAA complex |
| TIAA Separate Account VA‑1 | Manager; Chairman | 2011–2023 | Management Committee/Chairman roles |
External Roles
| Organization | Role | Tenure | Committees / Impact |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | Leads Finance & Investment Committee |
| ParentSquare | Director (prior) | 2021–2022 | Former director (note: 2024 proxy listed “Director since 2018”; 2025 proxy lists “former,” indicating change/update) |
| Sansum Clinic | Finance Committee Chair (prior); Director (prior) | 2016–2022; 2009–2019 | Finance oversight; board leadership |
| B’Box | Advisory Board Member (prior) | 2017–2019 | Advisory role |
| UCSB Arts & Lectures Advisory Council | Member (prior) | 2011–2020/2022 | Community/academic engagement |
| Cottage Health System | Investment Committee Member (prior) | 2012–2020 | Investment oversight |
| Crane Country Day School | President of the Board (prior); Board Member (prior) | 2014–2018; 2009–2019 | Governance leadership |
Board Governance
- Independence: All nominees/current Board Members are “Independent Board Members” (not “interested persons” under the 1940 Act; never employees/directors of TIAA or Nuveen) .
- Leadership: Kenny served as independent Co‑Chair in 2024; Robert L. Young is Independent Chair since 2025 .
- Committee assignments (2025): Executive Committee (member), Dividend Committee (member), Compliance/Risk/Regulatory Oversight Committee (member), Nominating & Governance Committee (member), Investment Committee (member), Closed‑End Fund Committee (member). Kenny is not listed on the Audit Committee in 2025 .
- Attendance: Each Board Member attended ≥75% of Board and committee meetings during the last fiscal year; policy on annual meeting attendance posted on fund website .
Committee meeting cadence (NDMO):
| Meeting Type | FY 2024 Count | FY 2025 Count |
|---|---|---|
| Regular Board | 5 | 4 |
| Special Board | 7 | 8 |
| Executive Committee | 5 | 4 |
| Dividend Committee | 8 | 10 |
| Compliance Committee | 4 | 6 |
| Audit Committee | 14 | 14 |
| Nominating & Governance | 7 | 5 |
| Investment Committee | 3 | 4 |
| Closed‑End Fund Committee | 4 | 4 |
Fixed Compensation
Compensation structure for Independent Board Members:
| Component | 2024 Amount | 2025 Amount |
|---|---|---|
| Annual Retainer | $350,000 | $350,000 |
| Committee Membership – Audit | $30,000 | $35,000 |
| Committee Membership – Compliance | $30,000 | $35,000 |
| Committee Membership – Investment | $20,000 | $30,000 |
| Committee Membership – Dividend | $20,000 | $25,000 |
| Committee Membership – Nominating & Governance | $20,000 | $25,000 |
| Committee Membership – Closed‑End Funds | $20,000 | $25,000 |
| Board Chair | $140,000 | $150,000 |
| Audit/Compliance Chair | $30,000 | $35,000 |
| Investment Chair | $20,000 | $30,000 |
| Dividend/NomGov/Closed‑End Chair | $20,000 | $25,000 |
| Ad hoc meeting fee | $1,000 or $2,500 | $1,000 or $2,500 |
| Special assignment committee – Chair (quarterly) | $1,250 | $1,250+ |
| Special assignment committee – Member (quarterly) | $5,000 | $5,000+ |
Director aggregate compensation (Fund Complex totals):
| Year | Kenny – Total Compensation from Nuveen Funds |
|---|---|
| FY 2024 | $606,000 |
| FY 2025 | $610,000 |
Deferred Compensation Plan (availability and mechanics):
- Directors may defer fees; deferrals credited to a notional account tracking eligible Nuveen funds; distributions can be lump sum or 2–20 years; plan liabilities are fund‑specific .
Performance Compensation
- No performance‑based bonuses, stock options, RSUs or PSUs disclosed for directors; compensation comprises cash retainers, committee retainers, ad hoc fees, and optional deferred compensation .
- No performance metric framework (e.g., TSR, revenue growth, ESG) tied to director pay disclosed .
Other Directorships & Interlocks
| Company | Sector | Role | Notable Committee/Interlock |
|---|---|---|---|
| Aflac Incorporated | Insurance | Director; Chair Finance & Investment | Finance oversight; public board experience |
| ParentSquare | EdTech | Former Director | No current role per 2025 proxy |
| TC Fund boards (CREF, VA‑1) | Investment | Former Trustee/Chair/Manager | Prior leadership in TIAA complex |
Expertise & Qualifications
- Fixed income and cash management expertise from GSAM; governance leadership across large fund complexes .
- Education: BA UC Santa Barbara; MS Golden Gate University; CFA charterholder .
- Board qualifications include deep financial markets experience relevant to NDMO’s leveraged closed‑end fund operations and risk oversight .
Equity Ownership
- NDMO specific: Dollar range of equity beneficially owned by Kenny in NDMO is $0; shares beneficially owned in NDMO are 0 as of May 31, 2025 .
- Governance principle: Each Board Member is expected to invest at least one year of compensation in funds across the Fund Complex; Kenny’s aggregate dollar range across Nuveen funds is “Over $100,000” .
- Section 16 compliance: Funds report directors/officers complied with Section 16(a) ownership filings during the last fiscal year .
Holdings in entities advised by affiliates (potential related‑party sensitivity):
| Owner/Vehicle | Company | Value | % of Class | Notes |
|---|---|---|---|---|
| Thomas Joseph Kenny 2021 Trust | Global Timber Resources LLC | $37,455 | 0.01% | Under common control with Nuveen affiliates |
| KSHFO, LLC (Kenny owns 6.60%) | Global Timber Resources Investor Fund, LP | $567,738 | 6.01% | Commitment‑based % |
| KSHFO, LLC | TIAA‑CREF Global Agriculture II LLC | $717,269 | 0.05% | Under common control with Nuveen affiliates |
| KSHFO, LLC | Global Agriculture II AIV (US) LLC | $681,911 | 0.17% | Commitment‑based % |
Governance Assessment
- Strengths: Independent status; significant committee load (Executive, Dividend, Compliance, Nominating, Investment, Closed‑End), indicating engagement; ≥75% attendance; prior role as Co‑Chair in 2024 supports board leadership continuity .
- Alignment: Formal expectation to invest one year of compensation across Nuveen funds; Kenny’s aggregate Nuveen fund exposure exceeds $100,000, though no NDMO‑specific holdings disclosed (neutral for fund‑specific “skin‑in‑the‑game”) .
- Pay structure signals: 2025 increase in committee membership and chair retainers (Audit/Compliance to $35k; Investment to $30k; Board Chair to $150k) modestly raises guaranteed cash; no at‑risk or performance‑based components (typical for fund boards) .
- Potential conflicts/Red flags: Personal/family investment vehicles hold interests in entities advised by affiliates under common control with Nuveen/TIAA (Global Timber, Global Agriculture), which may create perceived related‑party exposure; however, the proxy affirms independence and no employment/board roles at TIAA/Nuveen, and Section 16 compliance appears clean .
- Committee coverage: Not on Audit (financial expert designations are noted for other directors), but active in risk/compliance and investment oversight, relevant to closed‑end fund leverage, valuation, and distribution policies .
RED FLAGS and Watch Items
- Holdings in companies advised by entities under Nuveen common control (KSHFO‑related investments, Global Timber/Global Agriculture) warrant monitoring for related‑party transactions/recusals if any affiliated matters arise .
- No NDMO share ownership disclosed by Kenny; while aggregate fund complex exposure meets the guideline, lack of fund‑specific holdings may be viewed as weaker alignment by some investors .
- Shift to higher fixed retainers (2025) increases guaranteed pay; absence of performance‑linked elements persists (common in fund boards) .