Brett Black
About Brett Black
Brett E. Black (born 1972) serves as Vice President and Chief Compliance Officer (CCO) for Nuveen Select Maturities Municipal Fund (NIM), with service since 2022; he is Managing Director and CCO of Nuveen and previously was Vice President, CCO and Anti‑Money Laundering Compliance Officer at BMO Funds, Inc. (2014–2022) . As CCO within the Nuveen funds complex, he supports Board oversight of compliance and risk; the Compliance Committee meets quarterly, receives written and oral reports from the Funds’ CCO, meets privately with the CCO each quarter, and the CCO provides an annual report to the full Board on compliance program operations and recommendations . Fund‑level performance (TSR, revenue, EBITDA) and any individual performance metrics tied to Mr. Black are not disclosed in the NIM proxy statements .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BMO Funds, Inc. | Vice President; Chief Compliance Officer; Anti‑Money Laundering Compliance Officer | 2014–2022 | Compliance oversight and AML program leadership (per titles) |
External Roles
No external directorships or public company board roles for Mr. Black are disclosed in NIM’s proxy filings; his principal occupations list Nuveen and prior BMO roles .
Fixed Compensation
Officers of the Funds (including the CCO) receive no compensation from the Funds; the Funds’ CCO compensation (base and incentive) is paid by the Adviser (Nuveen), and the Funds reimburse an allocable portion of the Adviser’s cost of the CCO’s incentive compensation .
| Component | Payer | Amount/Terms | Notes |
|---|---|---|---|
| Officer compensation from NIM | N/A | $0 | Officers serve without compensation from the Funds |
| CCO base compensation | Nuveen (Adviser) | Not disclosed | Paid by Adviser, not the Funds |
| CCO incentive compensation | Nuveen (Adviser); reimbursed pro rata by Funds | Not disclosed | Funds reimburse allocable portion of Adviser’s cost of CCO incentive compensation |
Performance Compensation
| Metric/Plan | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| CCO incentive compensation (structure) | Not disclosed | Not disclosed | Not disclosed | Incentive comp paid by Adviser; Funds reimburse allocable portion | Not disclosed |
No RSUs/PSUs/options, performance metrics (TSR, revenue growth, ESG), vesting schedules, retention/sign‑on bonuses, severance, change‑of‑control terms, clawbacks, tax gross‑ups, deferred comp elections, pension/SERP, or perquisites are disclosed for Mr. Black in NIM filings .
Equity Ownership & Alignment
| Item | NIM (Select Maturities) | Notes |
|---|---|---|
| Common shares outstanding (record date) | 12,446,597 | NYSE‑listed |
| Beneficial ownership (Board members and officers as a group) | 0 shares (NIM column) | Group holdings for NIM shown as 0 |
| Ownership as % of outstanding | Less than 1% for each Fund (group) | Applies to all Funds overseen |
No disclosures of Mr. Black’s individual shareholdings, pledged shares, hedging, or stock ownership guideline compliance appear in NIM’s proxy statements; Board members (not officers) are expected to invest at least one year of compensation in the Fund Complex, but this governance principle applies to Board Members, not officers .
Employment Terms
| Term | Detail |
|---|---|
| Current position | Vice President and Chief Compliance Officer of NIM |
| Employer | Nuveen (Adviser); Managing Director, Chief Compliance Officer |
| Start date / tenure at Funds | Since 2022 (officer of Nuveen fund complex) |
| Term length | Indefinite; officers elected annually by the Board to serve until successors are elected and qualified |
| Non‑compete / non‑solicit / garden leave | Not disclosed in NIM filings |
| Post‑termination / severance | Not disclosed in NIM filings |
Additional compliance governance context: the Compliance Committee meets quarterly, receives CCO reports and private sessions with the CCO each quarter, and the CCO provides an annual report to the full Board .
Risk Indicators & Filing Compliance
- Section 16(a) ownership filings: The Funds state Board Members and officers complied with all applicable Section 16(a) filing requirements in the last fiscal year; prior year compliance also affirmed (2025 proxy) . In 2024, the proxy notes one late Form 4 by David Lamb (CAO) for Credit Income, with no mention of Mr. Black .
- Legal proceedings/SEC investigations, related‑party transactions, hedging/pledging, option repricing: No such items are disclosed regarding Mr. Black in NIM filings .
Board/Governance Context (for compensation oversight)
- Committees relevant to compliance and oversight: Compliance, Risk Management & Regulatory Oversight Committee; Audit Committee; Investment Committee; Nominating and Governance Committee. The Compliance Committee oversees compliance and risk issues not covered by other committees and interfaces directly with the CCO as noted above .
- Board leadership/structure: Unitary board across Nuveen fund complex; Independent Chair; committee rotations; governance practices described at a complex level .
Investment Implications
- Pay‑for‑performance linkage appears limited at the Fund level for Mr. Black: officer compensation is not paid by NIM, and specific performance metrics/targets/payouts are not disclosed; only that the Adviser pays base/incentive and Funds reimburse a portion of CCO incentive costs . This reduces direct fund‑level alignment but reflects industry practice for externally advised closed‑end funds.
- Insider selling pressure and equity alignment signals are minimal: no equity awards or vesting schedules are disclosed; group beneficial ownership in NIM is de minimis (0 shares for NIM column; <1% across Funds), with no pledging/hedging disclosures tied to Mr. Black .
- Retention/contract risk is opaque: officers serve at the pleasure of the Board with indefinite terms and annual election, and no severance or change‑of‑control terms are disclosed; stability derives from Nuveen employment rather than Fund‑specific contracts .
- Governance/oversight strength: structured quarterly CCO interactions with the Compliance Committee and annual reporting to the Board provide visibility into compliance efficacy; no delinquent Section 16 filings attributed to Mr. Black support compliance discipline .