Joseph Boateng
About Joseph A. Boateng
Joseph A. Boateng (born 1963) is an Independent Board Member of the Nuveen fund complex and joined the Boards of certain Nuveen funds, including NIM (Nuveen Select Maturities), effective January 1, 2024; the proxy also notes his service within the fund complex since 2019, with a current term running to the 2026 annual shareholder meeting . He is Chief Investment Officer of Casey Family Programs (since 2007), previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006), and holds a B.S. from the University of Ghana and an MBA from UCLA .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | Institutional CIO; investment oversight |
| Johnson & Johnson | Director, U.S. Pension Plans | 2002–2006 | Led corporate pension plan administration/investments |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Governance of large retirement investment programs |
| TIAA Separate Account VA-1 | Management Committee Member | 2019–2023 | Oversight of separate account; management committee |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lumina Foundation | Board Member | 2018–present | Non-profit education philanthropy governance |
| Waterside School | Board Member | 2021–present | Education non-profit governance |
| Year Up Puget Sound | Board Member; Emeritus Board Member | 2012–2019; Emeritus since 2020 | Workforce development non-profit governance |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; former Chair | Since 2007 | Pension investment oversight; prior chair role |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Community foundation investment oversight |
Board Governance
- Independence: Boateng is listed among Board Members “who are not interested persons” of the Funds, and serves on committees composed entirely of Independent Board Members; Audit Committee members meet independence requirements of NYSE/NASDAQ and SEC rules .
- Term and Tenure: Class I/II term to the 2026 annual shareholder meeting; “Length of Service: Since 2019” within the fund complex; appointed to the Funds’ Boards as of January 1, 2024 .
- Committee Assignments:
- Investment Committee: Co-Chair (with Amy B. R. Lancellotta) .
- Nominating and Governance Committee: Member; committee chaired by Robert L. Young .
- Audit Committee: Member; committee chaired by John K. Nelson .
- Portfolios Overseen: 216 funds in the Nuveen fund complex .
Fixed Compensation
| Component | FY Period | Amount | Notes |
|---|---|---|---|
| Aggregate compensation from NIM (Select Maturities) | FY ended Oct 31, 2024 | $312 | Per-fund compensation table |
| Aggregate compensation across Nuveen Funds (total) | Latest disclosed | $464,250 | “Total compensation from Nuveen Funds paid to Board Members/Nominees” |
The proxy presents cash compensation by fund and total complex; no director-specific annual retainer or chair fee breakdowns are itemized in the extracted sections .
Performance Compensation
| Component | Mechanism | Performance Metrics | Disclosure |
|---|---|---|---|
| Incentive/bonus | Not applicable | None | No performance-based bonuses disclosed for Independent Board Members; compensation presented as aggregate fund fees |
| Equity awards (RSUs/PSUs/options) | Not applicable | None | No RSU/PSU/options disclosed for Independent Board Members in the compensation table |
| Deferred compensation plan | Deferral into fund share equivalents | Not performance-linked | Beneficial ownership includes share equivalents under Independent Board Members’ Deferred Compensation Plan |
Other Directorships & Interlocks
| Company/Entity | Type | Status | Potential Interlock/Conflict |
|---|---|---|---|
| CREF (College Retirement Equities Fund) | Retirement investment program (public pension/retirement context) | Trustee 2018–2023 | Historical ties to TIAA/CREF ecosystem; service ended prior to NIM appointment |
| TIAA Separate Account VA-1 | Insurance separate account | Management Committee 2019–2023 | Historical ties to TIAA (Nuveen parent); ended before current role |
| Public company boards | — | None disclosed | No current public company directorships disclosed for Boateng |
Expertise & Qualifications
- Institutional investment leadership (CIO since 2007) with pension governance experience; prior corporate pension leadership at J&J .
- Investment committee and advisory leadership across public and non-profit institutions; former chair of Seattle City Employees’ Retirement System Investment Advisory Committee .
- Education: B.S. University of Ghana; MBA UCLA .
Equity Ownership
| Measure | Fund | As of Date | Value/Amount |
|---|---|---|---|
| Dollar Range of Equity Securities | NIM (Select Maturities) | Proxy Appendix A | $0 |
| Beneficially Owned Shares | NIM (Select Maturities) | May 31, 2025 | 0 |
| Aggregate Dollar Range across all Nuveen registered investment companies overseen | Multiple | Proxy Appendix A | Over $100,000 |
| Note on ownership reporting | — | — | Ownership counts include share equivalents from the Deferred Compensation Plan for Independent Board Members |
Governance Assessment
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Strengths:
- Independent director with extensive CIO-level investment oversight; serves as Co-Chair of the Investment Committee, signaling active engagement in performance and risk oversight .
- Multiple committee memberships (Audit and Nominating & Governance) on fully independent committees; Audit Committee independence meets NYSE/NASDAQ and SEC standards .
- Broad fiduciary experience across retirement and foundation investment committees .
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Alignment and potential concerns:
- Boateng reports zero direct ownership in NIM (Select Maturities) and a $0 dollar range for that fund; while he has an aggregated “Over $100,000” across Nuveen registered investment companies overseen, the lack of NIM holdings may be viewed as a fund-specific alignment gap for some investors .
- Historical involvement with TIAA-linked entities (CREF, TIAA VA-1) ended in 2023; while not a current interlock, investors may note the prior affiliation with Nuveen’s parent ecosystem; no related-party transactions are disclosed in the extracted sections .
- Compensation appears to be cash fee-based by fund with deferral options; no performance-based incentives or equity awards are disclosed for Independent Board Members in the proxy sections reviewed, limiting direct pay-for-performance linkage .
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RED FLAGS:
- None identified in the extracted proxy text regarding hedging/pledging, related-party transactions, or low attendance. Committee meeting counts are referenced to Appendix C but not detailed in the extracted sections .