Joanne Medero
About Joanne T. Medero
Independent Board Member of Nuveen Select Maturities Municipal Fund (NIM); born 1954; joined the Nuveen Funds Board in 2021; currently serves as a Class II or III Board Member with term expiring at the 2027 annual meeting. Career spans 30+ years in financial services and public policy, including senior roles at BlackRock, Barclays Global Investors, and as General Counsel of the CFTC; BA St. Lawrence University (1975), JD George Washington University Law School (1978). Oversees 217 portfolios across the Nuveen/TIAA fund complex; classified as an Independent Board Member (not an “interested person”). Attendance in the last fiscal year met or exceeded 75% for Board and committee meetings.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Commodity Futures Trading Commission (CFTC) | General Counsel | 1989–1993 | Led derivatives market regulation legal function; member CFTC Global Markets Advisory Committee (2006–2010) |
| The White House, Office of Presidential Personnel | Deputy Associate Director/Associate Director for Legal and Financial Affairs | 1986–1989 | Senior legal and financial advisory responsibilities |
| Orrick, Herrington & Sutcliffe LLP | Partner (Derivatives & Financial Markets Regulation) | 1993–1995 | Specialized in derivatives and market regulation |
| Barclays Global Investors (BGI) | Managing Director; Global General Counsel & Corporate Secretary | 1996–2006 | Global legal leadership for investment management |
| Barclays Group (IBIM) | Managing Director; Global Head of Government Relations & Public Policy | 2006–2009 | Directed legislative/regulatory advocacy for IB, IM, wealth businesses |
| BlackRock, Inc. | Managing Director, Government Relations & Public Policy; Senior Advisor to Vice Chairman | 2009–2020; 2018–2020 | Corporate governance and public policy advisory |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Baltic-American Freedom Foundation | Director | Since 2019 | Education/professional exchanges for Baltic states |
| SIFMA Asset Management Group | Steering Committee Chair | 2016–2018 | Industry policy leadership |
| Managed Funds Association | Chair, CTA/CPO & Futures Committee | 2010–2012 | Derivatives/commodity fund policy |
| The Federalist Society | Chair, Corporations/Antitrust/Securities Practice Group | 2010–2022; 2000–2002 | Legal policy leadership |
Board Governance
- Independence: All current Board Members (including Medero) are not “interested persons” of the Funds or Adviser; deemed Independent Board Members.
- Years of service: Since 2021; Class II or III term expires at 2027 annual meeting.
- Portfolios overseen: 217.
- Committee memberships (Nuveen Funds):
- Compliance, Risk Management & Regulatory Oversight Committee (member; Chair is Wolff).
- Nominating & Governance Committee (member; Chair is Young).
- Investment Committee (member; Co-Chairs Boateng and Lancellotta).
- Audit Committee: Not a member (members are Nelson [Chair], Boateng, Lancellotta, Starr, Thornton, Wolff, Young).
- Attendance: Each Board Member attended ≥75% of Board and relevant committee meetings in the last fiscal year.
- Meeting cadence (Select Maturities/NIM – last fiscal year): 4 Regular Board; 7 Special Board; 3 Executive; 8 Dividend; 4 Compliance; 14 Audit; 6 Nominating & Governance; 4 Investment; 4 Closed-End Fund.
Fixed Compensation
- Structure (effective Jan 1, 2025; Independent Board Members):
- Annual base 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.
- Committee chair retainers: Audit $35,000; Compliance $35,000; Investment $30,000; Dividend/Nominating/Closed-End $25,000; Board Chair $150,000.
- Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy.
- Deferred Compensation Plan available (deferrals mirror investments in eligible Nuveen funds).
| Component | Amount (USD) | Applicability to Medero | Citation |
|---|---|---|---|
| Base retainer | $350,000 | Yes (Independent Director) | |
| Compliance Committee membership | $35,000 | Member | |
| Nominating & Governance Committee membership | $25,000 | Member | |
| Investment Committee membership | $30,000 | Member | |
| Ad hoc meeting fees | $1,000–$2,500 per meeting | As applicable | |
| Deferred Compensation Plan | Elected amounts | Available; balances by fund disclosed |
- Actual aggregate compensation paid across Nuveen Funds (latest disclosed): Medero $461,987.
| Fund | Period | Aggregate Compensation Paid to Medero (USD) |
|---|---|---|
| Nuveen Select Maturities Municipal Fund (NIM) | Fiscal year ended Mar 31, 2025 | $330 |
| Total from Nuveen Funds | Latest disclosed | $461,987 |
Performance Compensation
| Element | Status | Notes |
|---|---|---|
| Cash bonus (target/actual) | Not disclosed/Not applicable | Director pay is retainer- and meeting-based; no bonus metrics disclosed. |
| Equity awards (RSUs/PSUs) | Not applicable | Nuveen funds have no employees; directors receive no stock awards; deferrals mirror fund investments. |
| Options | Not applicable | No option awards disclosed for directors. |
| Performance metrics (TSR, EBITDA, ESG) | Not applicable | No performance-linked compensation metrics disclosed for directors. |
Other Directorships & Interlocks
| Company/Organization | Type | Role | Tenure | Potential Interlock/Conflict |
|---|---|---|---|---|
| Baltic-American Freedom Foundation | Non-profit | Director | Since 2019 | None disclosed vis-à-vis NIM. |
| Public company boards | — | None disclosed | — | None. |
- Independence statement: Board members (incl. Medero) have never been employees/directors of TIAA/Nuveen or affiliates; deemed Independent.
- Related-party exposures: Table of holdings in entities under common control lists Kenny; no Medero entries.
Expertise & Qualifications
- Regulatory/governance expertise: Former CFTC General Counsel; leadership in industry bodies (SIFMA AMG; MFA committees; Federalist Society practice group).
- Corporate governance and public policy: Senior Advisor to BlackRock Vice Chairman; led government relations/public policy at BlackRock and Barclays.
- Legal credentials: JD (GWU Law); former global general counsel at BGI; derivatives/market regulation specialist.
- Portfolio oversight breadth: Oversees 217 portfolios in Nuveen/TIAA fund complex.
Equity Ownership
- Ownership alignment guideline: Board expects each member to invest at least the equivalent of one year of compensation in funds in the Fund Complex (directly or deferred).
| Measure | NIM (Select Maturities) | Fund Complex Aggregate |
|---|---|---|
| Dollar range of equity securities | $0 | Over $100,000 |
| Shares beneficially owned | 0 | Not itemized (aggregate range above) |
| Ownership as % of NIM shares outstanding | 0.00% (0 of 12,446,597) | |
| Pledged shares | None disclosed | — |
| Section 16(a) filings | Compliant; no delinquencies noted | — |
Note: Aggregate “Over $100,000” is a coarse range and does not indicate whether the one-year compensation guideline is fully met; deferred compensation balances by fund are disclosed separately.
Governance Assessment
-
Strengths:
- Independence affirmed; no affiliation with TIAA/Nuveen; broad regulatory/governance expertise (CFTC GC, BlackRock/Barclays policy leadership).
- Active committee participation (Compliance; Nominating & Governance; Investment) aligned with skillset; Board-wide attendance ≥75%.
- Transparent, structured director pay with disclosed retainers; availability of deferred plan to align economic interests with fund shareholders.
- No related-party transactions or pledging disclosed for Medero; Section 16 compliance noted.
-
Watch items:
- No performance-linked components (typical for fund directors), which places alignment emphasis on holdings/deferred balances rather than pay-at-risk signals.
- Aggregate equity ownership range “Over $100,000” vs. total compensation ($461,987) suggests partial alignment; exact compliance with “one-year compensation” guideline cannot be confirmed due to range reporting.
-
Overall implication for investor confidence: Governance profile is solid—independent status, relevant committee roles, and strong regulatory background support board effectiveness. Lack of performance pay is standard for closed-end funds; alignment rests on the investment expectation and deferred plan participation; no conflicts or red flags disclosed specific to Medero.