John Nelson
About John K. Nelson
Independent Board Member of the Nuveen municipal closed-end funds complex (including NIM), serving since 2013, and designated “audit committee financial expert.” He currently chairs the Audit Committee and serves on multiple other standing committees. Born in 1962, he holds a BA in Economics and an MBA in Finance from Fordham University, and previously served as CEO of ABN AMRO N.V. North America and Global Head of its Financial Markets Division; he also advised Deloitte Consulting’s financial services practice (2012–2014) . He oversees 217 portfolios across the fund complex and is a Class II director with a term running to the 2026 annual meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ABN AMRO Holdings N.V. (incl. LaSalle Bank Corp.) | CEO, ABN AMRO N.V. North America; Global Head, Financial Markets Division; prior executive roles | 1996–2008 (CEO in 2007–2008) | Led currency, commodity, fixed income, emerging markets, and derivatives businesses; represented bank on committees of Bank of Canada, ECB, Bank of England; member of Federal Reserve FX Committee . |
| Deloitte Consulting LLP | Senior External Advisor, Financial Services practice | 2012–2014 | Advisory to financial services consulting practice . |
External Roles
| Organization | Role | Tenure | Notes/Impact |
|---|---|---|---|
| Core12 LLC (private firm) | Director | 2008–2023 | Branding/marketing firm board service . |
| Fordham University | Director, President’s Council; Director, Curran Center for Catholic American Studies | 2010–2019 (President’s Council); 2009–2018 (Curran Center) | University advisory and academic center governance roles . |
| Marian University | Trustee and Chairman of the Board of Trustees | 2011–2013 | Board leadership role . |
Board Governance
| Attribute | Detail |
|---|---|
| Independence | Independent Board Member; Audit Committee composed entirely of Independent Board Members per NYSE/NASDAQ closed-end standards . |
| Financial Expert | Designated “audit committee financial expert” by the Board . |
| Committees – Roles | Audit Committee (Chair) ; Executive Committee (Member) ; Dividend Committee (Member) ; Investment Committee (Member) ; Nominating & Governance Committee (Member) ; Closed-End Fund Committee (Member) . |
| Attendance | Each Board Member attended ≥75% of Board and applicable committee meetings in the last fiscal year . |
| Tenure and Term | Director since 2013; Class II; term to 2026 annual meeting . |
| Scope | Oversees 217 portfolios in the fund complex . |
Fixed Compensation
Compensation moved to an annual retainer model in 2024, with increased retainers effective Jan 1, 2025.
| Component | 2024 Amount | 2025 Amount | Notes |
|---|---|---|---|
| Annual retainer (Independent Board Member) | $350,000 | $350,000 | Effective Jan 1, 2024 and unchanged in 2025 . |
| Audit Committee membership (per member) | $30,000 | $35,000 | Nelson is a member; see also chair fee below . |
| Compliance, Risk Mgmt & Regulatory Oversight membership | $30,000 | $35,000 | Applies if serving on this committee . |
| Investment Committee membership | $20,000 | $30,000 | Increased in 2025 . |
| Dividend Committee membership | $20,000 | $25,000 | Increased in 2025 . |
| Nominating & Governance membership | $20,000 | $25,000 | Increased in 2025 . |
| Closed-End Funds Committee membership | $20,000 | $25,000 | Increased in 2025 . |
| Board Chair | $140,000 | $150,000 | Additional retainer for Chair; Nelson is not listed as Board Chair . |
| Audit Committee Chair | $30,000 | $35,000 | Nelson is Audit Committee Chair . |
| Ad hoc meeting fee | $1,000–$2,500 per meeting | $1,000–$2,500 per meeting | Based on length/immediacy . |
| Special assignment committees | Chair: $1,250/qtr; Members: $5,000/qtr | Chair: starting at $1,250/qtr; Members: starting at $5,000/qtr | Per committee assignment . |
| Deferred Compensation Plan availability | Available | Available | Directors may defer fees into Nuveen funds; benefits mirror fund returns . |
Aggregate compensation actually paid from Nuveen funds:
| Period | Total Compensation to John K. Nelson |
|---|---|
| FY 2024 (calendar cycle shown) | $462,350 |
| FY 2025 (mix of fiscal and stub periods as presented) | $483,250 |
Performance Compensation
| Item | Disclosure |
|---|---|
| Annual cash bonus | None disclosed for Independent Board Members; compensation is retainer- and role-based . |
| Equity awards (RSUs/PSUs/Options) | None disclosed for Independent Board Members . |
| Performance metrics (TSR, revenue/EBITDA/ESG) | None disclosed/applicable for Independent Board Members . |
| Clawback/COC/Severance | Not applicable for Independent Board Members in the proxy materials . |
Other Directorships & Interlocks
| Type | Company | Role | Tenure | Interlock/Conflict Notes |
|---|---|---|---|---|
| Current public company boards | None disclosed | — | — | None disclosed . |
| Private company board | Core12 LLC | Director | 2008–2023 | Private firm; not a fund counterparty . |
| Non-profit/academic | Fordham University (President’s Council; Curran Center) | Director | 2010–2019; 2009–2018 | Advisory/academic roles . |
| Non-profit/academic | Marian University | Trustee; Board Chair | 2011–2013 | Board leadership . |
Note: 2024 proxy included a related-entity holdings table for certain directors in affiliate-advised companies; Mr. Nelson was not listed in that disclosure (Thomas J. Kenny was listed), suggesting no such positions for Mr. Nelson in that table .
Expertise & Qualifications
- Capital markets and risk oversight: former Global Head of Financial Markets at ABN AMRO; experience spans FX, commodities, fixed income, EM, derivatives .
- Financial leadership and audit oversight: audit committee chair; designated “audit committee financial expert” .
- Education: BA (Economics) and MBA (Finance), Fordham University .
- Breadth of oversight: 217 portfolios overseen across the complex, indicating deep familiarity with fund operations and risks .
Equity Ownership
| Measure | NIM and related funds in joint proxy | Complex-wide |
|---|---|---|
| Dollar range of equity securities | $0 across listed funds for Mr. Nelson | “Over $100,000” aggregate across all registered investment companies overseen in the family of investment companies . |
| NIM-specific beneficial shares | Reported as 0 in the fund-level beneficial ownership tables included (for the funds covered) | Group note: figures may include share equivalents from Deferred Compensation Plan where applicable . |
| Pledging/Hedging | No pledging disclosures identified for Mr. Nelson in proxy materials | — |
Insider trading and Section 16
| Item | Disclosure |
|---|---|
| Section 16(a) compliance | Funds report directors/officers complied with applicable Section 16(a) filing requirements in the last fiscal year . |
Governance Assessment
-
Strengths
- Deep financial markets experience and formal “audit committee financial expert” designation; chairs Audit Committee overseeing financial reporting, auditor independence, valuation policy, and risk topics .
- Broad committee engagement (Audit Chair; member of Executive, Dividend, Investment, Nominating & Governance, Closed-End) indicates central role in board processes and risk oversight .
- Attendance threshold met (≥75% for all directors), supporting engagement expectations .
- Complex-wide equity exposure “Over $100,000” aligns some economic interests with fund family outcomes, supported by the deferred compensation construct .
-
Considerations / Watch items
- No direct ownership reported in NIM itself (while aggregate family exposure is “Over $100,000”): modest alignment gap at the single-fund level that investors may monitor over time .
- 2025 fee schedule increased committee and chair retainers versus 2024; while consistent with workload, optics of fee inflation without direct performance linkage warrant monitoring by shareholders focused on cost stewardship .
- Auditor transition (KPMG to PwC) occurred; Audit Committee oversight described. Not negative per se, but transitions merit routine follow-up on audit quality and independence .
RED FLAGS
- No direct NIM share ownership disclosed for Mr. Nelson (though aggregate Nuveen fund exposure is “Over $100,000”) .
- Compensation structure increased retainer/committee fees in 2025 vs 2024; ensure alignment with workload and outcomes .
- No current public company directorships listed (neutral); primary governance influence is within Nuveen fund complex .
Primary sources: 2025 and 2024 DEF 14A joint proxy statements for Nuveen municipal closed-end funds (including NIM).
Citations are provided inline per data point.