Robert Young
About Robert Young
Robert L. Young is the Independent Chair of the Nuveen Funds’ unitary board (Chair since 2025; director since 2017), and serves on the board of Nuveen Select Maturities Municipal Fund (NIM). He was born in 1963 and previously served as COO and Director of J.P. Morgan Investment Management Inc. (2010–2016) and President/Principal Executive Officer of the J.P. Morgan Funds (2013–2016); earlier he was a Senior Manager (Audit) at Deloitte & Touche (1985–1996). He holds a B.B.A. in Accounting from the University of Dayton and is designated an SEC “audit committee financial expert.”
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 for retail and institutional businesses; co-led global support activities |
| J.P. Morgan Funds | President & Principal Executive Officer | 2013–2016 | Fund governance interface; board agendas; regulatory matters; policies and procedures |
| JPMorgan affiliates | Director and various officer roles | 1999–2017 | Broad leadership across fund administration and distribution entities |
| Deloitte & Touche LLP (formerly Touche Ross) | Senior Manager (Audit) | 1985–1996 | Built and led the firm’s Midwestern mutual fund practice |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| University of Dayton | Investment Committee member (Board of Trustees) | 2008–2011 | Alumni leadership; fiduciary oversight |
| Other public company directorships (last five years) | None | — | Proxy lists “None” for other directorships held by Robert L. Young |
Board Governance
- Independence: All nominees, including Young, are “Independent Board Members” under the 1940 Act and have never been employees/directors of TIAA/Nuveen or affiliates .
- Board leadership: Elected Independent Chair; responsibilities include agenda-setting, presiding over board/shareholder meetings, and acting as liaison among directors and fund management .
- Committee assignments and roles for Young at NIM:
- Executive Committee – Chair; members: Young (Chair), Kenny, Nelson, Toth
- Nominating & Governance Committee – Chair; composed of all independent members
- Audit Committee – Member; designated “audit committee financial expert”
- Investment Committee – Member; all independent members serve (co-chairs Boateng, Lancellotta)
- Closed-End Fund Committee – Member (Chair: Moschner)
- Dividend Committee – Not a member
- Compliance, Risk Management & Regulatory Oversight – Not a member
- Attendance: Each Board Member attended 75% or more of Board and committee meetings during the last fiscal year .
- Tenure and elections: Young joined the Nuveen Funds board in 2017; for NIM (Select Maturities), he was last elected as a Class I Board Member on August 9, 2023 and is a nominee for a term expiring at the 2028 annual meeting .
Committee Assignment Summary (Young)
| Committee | Role | Chair? | Financial Expert? |
|---|---|---|---|
| Executive | Member | Yes | — |
| Nominating & Governance | Member | Yes | — |
| Audit | Member | No | Yes (SEC “financial expert”) |
| Investment | Member | No | — |
| Closed-End Fund | Member | No | — |
| Dividend | Not a member | — | — |
| Compliance, Risk & Regulatory | Not a member | — | — |
Meeting Load (NIM – last fiscal year)
| Meeting Type | Count |
|---|---|
| Regular Board | 4 |
| Special Board | 7 |
| Executive Committee | 3 |
| Dividend Committee | 8 |
| Compliance/Risk/Regulatory | 4 |
| Audit Committee | 14 |
| Nominating & Governance | 6 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
- Structure (2025, effective Jan 1, 2025): Independent Board Members receive $350,000 annual retainer; committee membership retainers: Audit and Compliance $35,000; Investment $30,000; Dividend, Nominating & Governance, and Closed-End Funds $25,000. Additional chair retainers: Board Chair $150,000; Audit and Compliance Chairs $35,000; Investment Chair/Co-Chair $30,000; Dividend, Nominating & Governance, and Closed-End Funds Chairs $25,000. Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy .
- Structure (prior to 2025): In 2024 the base retainer was $350,000 with lower committee retainer levels; pre-2024 (2023) included per-meeting fees and a lower base ($210,000) before shifting to retainer model in 2024 .
| Component | 2025 Amount | 2024 Amount | Notes |
|---|---|---|---|
| Independent Director Annual Retainer | $350,000 | $350,000 | — |
| Board Chair Additional Retainer | $150,000 | $140,000 | Young is Chair since 2025 |
| Audit Committee Member Retainer | $35,000 | $30,000 | Young is a member |
| Compliance/Risk Committee Member Retainer | $35,000 | $30,000 | Young not a member |
| Investment Committee Member Retainer | $30,000 | $20,000 | Young is a member |
| Dividend Committee Member Retainer | $25,000 | $20,000 | Young not a member |
| Nominating & Governance Member Retainer | $25,000 | $20,000 | Young is Chair |
| Closed-End Fund Committee Member Retainer | $25,000 | $20,000 | Young is a member |
Fund-Allocated Compensation (NIM)
| Fund | Fiscal Period | Aggregate Compensation to Robert L. Young |
|---|---|---|
| Nuveen Select Maturities Municipal Fund (NIM) | FY ended Mar 31, 2025 | $367 |
Total Compensation Across Nuveen Funds
| Description | Amount |
|---|---|
| Total compensation from Nuveen Funds paid to Robert L. Young (all funds) | $502,381 |
Deferred Compensation
- The Nuveen Deferred Compensation Plan allows directors to defer fees into notional investments in eligible Nuveen funds; distributions occur in lump sum or over 2–20 years .
- Deferred amounts (including investment returns) recorded for Robert L. Young at NIM in FY ended Mar 31, 2025: $239 .
Performance Compensation
- No performance-based compensation components (bonuses, PSUs/RSUs, option awards, or ESG/TSR metric-linked pay) are disclosed for independent directors of NIM/Nuveen closed-end funds. Compensation is retainer- and committee-based cash with optional deferral into fund shares .
Other Directorships & Interlocks
| Company/Organization | Role | Committee Roles | Overlap/Interlock Notes |
|---|---|---|---|
| Public company boards (last 5 years) | None | — | Proxy lists “None” for Young |
Expertise & Qualifications
- Independent board leadership experience; deep fund governance and operations background from J.P. Morgan Funds (P/PEO) and JPMIM (COO) .
- SEC-designated audit committee financial expert; former CPA and mutual fund audit practice leader at Deloitte .
Equity Ownership
- Ownership guideline: Each Board Member is “expected to invest” at least one year of compensation in Nuveen funds in the complex (directly or on a deferred basis) .
- Reported beneficial ownership (May 31, 2025):
- NIM (Select Maturities): $0 dollar-range; 0 shares owned by Young .
- Credit Income (NZF): “Over $100,000” dollar-range; 16,131 shares owned .
- Quality Income (NAD): “Over $100,000” dollar-range; 32,727 shares owned .
- Aggregate across all Nuveen funds overseen: “Over $100,000” dollar-range (exact total not itemized) .
- Each director’s holdings are <1% of outstanding shares of each fund; group holdings <1% per fund .
| Fund | Dollar-Range Ownership | Shares Owned |
|---|---|---|
| NIM (Select Maturities) | $0 | 0 |
| Credit Income (NZF) | Over $100,000 | 16,131 |
| Quality Income (NAD) | Over $100,000 | 32,727 |
Insider Trades and Section 16
| Item | Disclosure |
|---|---|
| Section 16(a)/30(h) filings | Funds state all directors/officers complied with applicable filing requirements in the last fiscal year |
Governance Assessment
- Strengths
- Independent Chair with deep fund operations background; clear separation from adviser/parent (TIAA/Nuveen) enhances board independence .
- Designated audit committee financial expert; active service on key committees (Executive Chair; Nominating & Governance Chair; Audit/Investment/Closed-End member) supports board effectiveness and oversight depth .
- Attendance threshold met (≥75% for all directors) amid significant meeting cadence, indicating engagement .
- Potential concerns/monitoring points
- NIM-specific alignment: Young reports zero share ownership in NIM while holding significant positions in other Nuveen funds; although the complex expects directors to invest at least one year of comp across funds, the aggregate disclosure “Over $100,000” is not granular enough to assess full compliance vs. compensation scale (> $500k) and may be viewed as weaker NIM-specific alignment by some investors .
- Board consolidation/complexity: The unitary board spans 200+ portfolios, increasing oversight scope; while touted for efficiency, it places greater reliance on committee structure and information flows (mitigated by Young’s leadership roles) -.
- Conflicts/related-party exposure
- Proxy affirms independent status and discloses no related-party transactions involving Young; no other public company directorships reduce interlock risks .
Notes and Additional Context
- Board consolidation in 2023 aligned Nuveen and TIAA-CREF fund boards under a unitary structure; board size set at 12 effective Jan 1, 2024 to drive cost efficiencies and standardized oversight .
- Auditor transition: PwC appointed as independent auditor for current fiscal year; KPMG served prior year (not directly tied to Young but relevant to Audit Committee oversight) .