Robert Young
About Robert L. Young
Independent Chair of the Board for the Nuveen funds complex, serving on the NEA board since 2017 and appointed Independent Chair in 2025 . Year of birth: 1963; former CPA; B.B.A. in Accounting from the University of Dayton . Prior roles include COO and Director of J.P. Morgan Investment Management (2010–2016) and President & Principal Executive Officer of J.P. Morgan Funds (2013–2016) . Classified as an Independent Board Member (not an “interested person”) under the 1940 Act .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer; Director | 2010–2016 | Led service, administration, and business platform support across retail and institutional investment businesses . |
| J.P. Morgan Funds | President & Principal Executive Officer | 2013–2016 | Liaised with fund boards, set agendas, addressed regulatory matters, and set policies/procedures . |
| JPMorgan affiliated entities | Various officer/director roles | 1999–2017 | Broad governance and operational oversight roles across fund services and distribution . |
| Deloitte & Touche LLP (formerly Touche Ross) | Senior Manager (Audit); former CPA | 1985–1996 | Built and led the firm’s midwestern mutual fund practice . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| – | – | – | No other public company directorships in the past five years . |
Board Governance
- Independence: All NEA board members, including Young, are independent under the 1940 Act; Young is the Independent Chair of the Board .
- Committee assignments and chair roles (NEA/Nuveen fund complex):
- Executive Committee: Chair (members: Young, Kenny, Nelson, Toth) .
- Nominating & Governance Committee: Chair (composed entirely of independent members) .
- Audit Committee: Member; designated “audit committee financial expert” (along with Boateng, Nelson, Starr) .
- Investment Committee: Member (committee comprises all independent members; co-chairs Boateng and Lancellotta) .
- Closed-End Fund Committee: Member .
- Not listed on Dividend Committee or Compliance, Risk Management & Regulatory Oversight Committee .
- Attendance: Each board member, including Young, attended at least 75% of board and applicable committee meetings in the last fiscal year .
- Meeting workload for NEA (last fiscal year): Board (4 regular, 8 special), Executive (4), Dividend (10), Compliance (6), Audit (14), Nominating & Governance (5), Investment (4), Closed-End (4) .
Fixed Compensation
| Component | 2024 Structure | 2025 Structure | Notes |
|---|---|---|---|
| Annual retainer (Independent Board Members) | $350,000 | $350,000 | No change. |
| Board Chair additional retainer | $140,000 | $150,000 | Increased in 2025. |
| Audit Committee membership (per member) | $30,000 | $35,000 | Increased in 2025. |
| Compliance Committee membership (per member) | $30,000 | $35,000 | Increased in 2025. |
| Investment Committee membership (per member) | $20,000 | $30,000 | Increased in 2025. |
| Dividend, Nominating & Governance, Closed-End membership (per member) | $20,000 | $25,000 | Increased in 2025. |
| Committee Chair retainers (Audit/Compliance/Investment/Dividend/Nom/Gov/Closed-End) | $20–$30k depending on committee | $25–$35k depending on committee | Increased in 2025. |
| Ad hoc meeting fees | $1,000–$2,500 per meeting | $1,000–$2,500 per meeting | Unchanged. |
| Deferred Compensation Plan | Available; fees may be deferred into notional fund investments | Available; same mechanics | No pension/retirement plans; officers uncompensated by the Funds . |
| Pay Received | Amount | Period | Source |
|---|---|---|---|
| Aggregate compensation from NEA (AMT-Free Quality) to Robert L. Young | $18,307 | Last fiscal year | |
| Total compensation from Nuveen funds complex to Robert L. Young | $502,381 | Last fiscal year |
- Deferred compensation taken by Young for NEA: $12,063 (Participating Funds Deferred Compensation Plan) .
- No fund retirement/pension plans; officers receive no compensation from the Funds .
Performance Compensation
- No performance-based compensation, stock awards, options, or performance metrics are disclosed for independent directors; compensation is cash retainers and committee fees with optional fee deferral; no pensions or SERPs .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Status |
|---|---|---|---|
| None disclosed | – | – | No other public company boards held by Young in past five years; reduces interlock/conflict risk . |
Expertise & Qualifications
- Financial oversight: Designated “audit committee financial expert,” reflecting accounting and financial reporting expertise .
- Operating and fund governance expertise: Former COO of J.P. Morgan Investment Management; former President/PEO of J.P. Morgan Funds; long tenure in mutual fund operations and board liaison roles .
- Credentials: Former CPA; B.B.A. in Accounting (University of Dayton) .
- Independence and leadership: Independent Chair, sets agendas, presides at meetings, and liaises between board and management .
Equity Ownership
| Fund | Dollar Range (as of 5/31/2025) | Shares Beneficially Owned (as of 5/31/2025) |
|---|---|---|
| NEA – AMT-Free Quality Municipal Income Fund | $0 | 0 |
| NZF – Nuveen Municipal Credit Income Fund | Over $100,000 | 16,131 |
| NAD – Nuveen Quality Municipal Income Fund | Over $100,000 | 32,727 |
| Aggregate across all Nuveen funds overseen | Over $100,000 | – |
- Governance principle: Each board member is expected to invest at least the equivalent of one year of compensation in funds within the Nuveen fund complex (directly or deferred), aligning interests at the complex level; individual fund holdings are typically <1% of outstanding .
Governance Assessment
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Strengths
- Independent Chair with deep mutual fund operations background and designated audit committee financial expert status strengthens oversight of NEA’s accounting, valuation, and risk processes .
- Broad committee engagement (Chair of Executive; Chair of Nominating & Governance; member of Audit, Investment, Closed-End) supports board effectiveness and continuity across critical oversight areas .
- Meeting participation threshold met; the board and committees maintain robust meeting cadence (e.g., Audit 14; Executive 4) indicative of active oversight .
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Potential concerns / alignment observations
- No direct NEA share ownership (0 shares), though Young holds significant stakes in other Nuveen funds (NZF, NAD) and can defer fees into fund investments under the Deferred Compensation Plan; complex-level alignment is emphasized by policy, but fund-specific alignment for NEA is limited .
- No related-party transactions or external public board interlocks disclosed for Young, suggesting low conflict risk; monitor ongoing disclosures for any changes .
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Compensation structure signals
- 2025 adjustments increased chair and committee membership retainers (e.g., Board Chair to $150k; Audit/Compliance membership to $35k), reflecting higher board workload and regulatory demands; independent directors remain paid in cash retainers/fees without performance equity, reducing pay-risk but limiting explicit pay-for-performance linkage .
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Other governance notes
- The funds eliminated prior “control share” by-law provisions in 2024, a governance-positive change for shareholder rights .