Joseph Boateng
About Joseph A. Boateng
Independent Board Member at Nuveen AMT‑Free Quality Municipal Income Fund (NEA). Year of birth: 1963; education: B.S. University of Ghana, M.B.A. UCLA . Joined the Nuveen fund boards in the fund complex in 2019; appointed to current boards effective January 1, 2024, serving as a Class I/II member with current term expiring at the 2026 annual meeting . Core credentials include CIO experience overseeing institutional portfolios and designation as an SEC “audit committee financial expert” .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | Since 2007 | Institutional CIO leadership; investment oversight |
| Johnson & Johnson | Director, U.S. Pension Plans | 2002–2006 | Oversight of corporate pension investments |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lumina Foundation | Board Member | Since 2018 | Higher‑education philanthropy board service |
| Waterside School | Board Member | Since 2021 | Independent school governance |
| Year Up Puget Sound | Board Member; Emeritus Board Member | 2012–2019; Emeritus since 2020 | Workforce development; continued advisory role |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Pension oversight; chaired investment advisory committee |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Endowment oversight |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Fund governance within TIAA ecosystem |
| TIAA Separate Account VA‑1 | Manager (Management Committee) | 2019–2023 | Annuity separate account governance |
Board Governance
- Independence: All Nuveen closed‑end fund board members, including Boateng, are not “interested persons” and have never been employees/directors of TIAA/Nuveen; deemed Independent Board Members .
- Committee assignments and chair roles:
- Audit Committee: Member; designated SEC “audit committee financial expert” .
- Nominating and Governance Committee: Member .
- Investment Committee: Co‑Chair (with A. Lancellotta) .
- Board leadership: Independent Chair of the Board (Robert L. Young) .
- Attendance: Each Board Member attended 75% or more of Board and committee meetings during the last fiscal year; NEA committee meeting counts below .
| NEA (AMT‑Free Quality) — FY last ended Oct 31, 2024 | Count |
|---|---|
| Regular Board Meetings | 4 |
| Special Board Meetings | 8 |
| Executive Committee Meetings | 4 |
| Dividend Committee Meetings | 10 |
| Compliance, Risk & Regulatory Oversight Committee Meetings | 6 |
| Audit Committee Meetings | 14 |
| Nominating & Governance Committee Meetings | 5 |
| Investment Committee Meetings | 4 |
| Closed‑End Fund Committee Meetings | 4 |
Fixed Compensation
- Structure (effective Jan 1, 2025): Annual retainer $350,000; committee membership retainers—Audit $35,000; Compliance $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed‑End Funds $25,000. Chair retainers—Board Chair $150,000; Audit/Compliance Chairs $35,000; Investment Chair $30,000; Dividend/NGC/Closed‑End Chair $25,000. Ad hoc meeting fees $1,000–$2,500; special assignment committee fees: Chair quarterly from $1,250; members quarterly from $5,000 . Prior schedule for 2024 had similar base with lower committee retainers .
| Compensation Item | Amount/Terms |
|---|---|
| Board Annual Retainer | $350,000 |
| Audit Committee Member Retainer | $35,000 |
| Compliance Committee Member Retainer | $35,000 |
| Investment Committee Member Retainer | $30,000 |
| Dividend, NGC, Closed‑End Member Retainer | $25,000 each |
| Investment Committee Chair (Boateng role) | $30,000 |
| Ad Hoc Meeting Fees | $1,000 or $2,500 per meeting |
| Special Assignment Committee Fees | Chair: quarterly from $1,250; Members: quarterly from $5,000 |
- Aggregate compensation paid by Nuveen funds (cross‑fund allocation; includes deferred fees where elected): Boateng total $464,250 for the periods shown; NEA‑specific amount $11,380 for FY ended Oct 31, 2024 .
| Fund | Period | Aggregate Compensation to Boateng |
|---|---|---|
| NEA (AMT‑Free Quality) | Fiscal Year Ended Oct 31, 2024 | $11,380 |
| Total from Nuveen Funds | Aggregate (per table) | $464,250 |
Performance Compensation
- Equity grants (RSUs/PSUs/options) and performance metrics: Not disclosed for Independent Board Members; Nuveen closed‑end funds do not grant equity awards to directors .
- Deferred Compensation Plan: Independent Board Members may elect to defer fees into notional accounts tracking eligible Nuveen funds; distributions in lump sum or 2–20 years; fund liabilities limited to respective participating funds .
| Performance‑Linked Element | Details |
|---|---|
| RSUs/PSUs | None disclosed for directors |
| Options | None disclosed for directors |
| Performance Metrics (TSR/Revenue/ESG) | Not applicable for director pay |
| Deferred Compensation | Election available; account value tracks selected Nuveen funds; payout per elected schedule |
Other Directorships & Interlocks
- Current public company boards: None disclosed for Boateng .
- TIAA ecosystem roles (historical): CREF Trustee (2018–2023); TIAA Separate Account VA‑1 Manager (2019–2023); potential governance interlock historically with the adviser’s parent but no current employment or director role at TIAA/Nuveen; maintains independence under 1940 Act and NYSE/NASDAQ listing standards .
Expertise & Qualifications
- SEC “audit committee financial expert” designation; deep institutional portfolio oversight .
- CIO and pension investment management background; committee leadership experience (Investment Committee Co‑Chair) .
- Education: B.S. University of Ghana; MBA UCLA .
Equity Ownership
- Ownership principle: Board Members are expected to invest at least the equivalent of one year of compensation in funds within the Nuveen fund complex .
- NEA holdings: Dollar range $0; shares beneficially owned in NEA common: 0 .
- Aggregate dollar range across all Nuveen funds overseen: Over $100,000 .
- Ownership concentration: Each Board Member’s holdings constitute less than 1% of outstanding shares of each fund .
- Pledging/hedging: No pledging disclosures identified in proxy for Boateng; no Section 16(a) delinquencies .
| Item | NEA (AMT‑Free Quality) | Fund Complex Aggregate |
|---|---|---|
| Dollar Range of Equity Securities | $0 | Over $100,000 |
| Shares Beneficially Owned | 0 | Not quantified (aggregate dollar range only) |
| % of Shares Outstanding | <1% | <1% per fund |
| Pledged Shares | Not disclosed | Not disclosed |
Governance Assessment
- Board effectiveness: Boateng serves on key oversight committees (Audit; NGC) and co‑chairs Investment—strong involvement in risk, valuation, performance oversight; audit financial expert designation enhances board’s technical depth .
- Independence and attendance: Classified as independent under 1940 Act; attended at least 75% of meetings; NEA held substantial Audit Committee sessions (14), indicating active oversight cadence .
- Alignment and incentives: No director equity grants; compensation is cash‑retainer‑heavy with committee/Chair differentials; deferred comp available but not performance‑linked; investment expectation exists, but ownership disclosure ranges prevent confirming “one‑year comp” guideline compliance (aggregate “Over $100,000”) .
- Conflicts/related‑party exposure: Proxy discloses an affiliated‑holdings table for certain board members; no such affiliated company holdings listed for Boateng; no related‑party transactions identified; Section 16 compliance noted by the funds .
- Red flags: None disclosed related to pledging, hedging, legal proceedings, or compensation repricing; NEA‑specific share ownership is zero, which may be neutral given the complex‑wide investment expectation rather than fund‑specific requirements .
Overall signal: Active committee leadership and audit expert status support governance quality; lack of performance‑linked director pay is standard for closed‑end funds; alignment depends on complex‑wide investment, which cannot be precisely validated due to disclosure ranges .