Terence Toth
About Terence J. Toth
Independent director of Nuveen Select Maturities Municipal Fund (NIM) since 2008, born 1959, with a career spanning executive leadership at Northern Trust Global Investments and Bankers Trust, and co-founding Promus Capital. He brings deep investment management and securities lending experience, with a B.S. from the University of Illinois, an MBA from New York University, and completion of Northwestern’s CEO Perspectives Program in 2005 . He is classified as an Independent Board Member under the 1940 Act and has never been an employee or director of TIAA/Nuveen or affiliates .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Promus Capital | Co‑Founding Partner | 2008–2017 | Co‑founder at investment advisory firm |
| Northern Trust Global Investments | CEO & President | 2004–2007 | Leadership of investment platform |
| Northern Trust (Quantitative Mgmt & Securities Lending) | EVP | 2000–2004 | Led securities lending and quant strategies |
| Bankers Trust | Managing Director, Head of Global Securities Lending | 1986–1994 | Led global securities lending operations |
| Northern Trust | Head of Government Trading & Cash Collateral Investment | 1982–1986 | Trading and cash collateral oversight |
| Legal & General Investment Management America (LGIMA) | Director | 2008–2013 | Board service at asset manager |
| Quality Control Corporation | Director | 2012–2021 | Board oversight at manufacturing company |
| Fulcrum IT Service LLC | Director | 2010–2019 | Board oversight at IT services firm to government entities |
| LogicMark LLC | Director | 2012–2016 | Board oversight at health services firm |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Mather Foundation | Director; former Investment Committee Chair | Director since 2012; Chair 2017–2022 | Investment oversight |
| Catalyst Schools of Chicago | Director | Since 2008 | Philanthropy/education governance |
| Kehrein Center for the Arts | Chair and Director | 2021–2024 | Governance leadership |
| Chicago Fellowship Board | Member | 2005–2016 | Philanthropy |
Board Governance
- Committee assignments (current): Executive Committee; Compliance, Risk Management & Regulatory Oversight Committee; Nominating & Governance Committee; Investment Committee .
- Committee chair roles: None disclosed for Toth; Board Chair is Robert L. Young (Independent) .
- Independence: All listed Nuveen fund directors, including Toth, are “Independent Board Members” (not “interested persons”) and have not been employees/directors of TIAA/Nuveen or affiliates .
- Attendance: Each Board Member attended ≥75% of Board and applicable committee meetings during the last fiscal year .
- Meetings (NIM – last fiscal year): Board regular 4; special 7; Executive Committee 3; Dividend 8; Compliance 4; Audit 14; Nominating & Governance 6; Investment 4; Closed‑End Fund 4 .
Fixed Compensation
Compensation structure for Independent Board Members (not fund-specific awards; allocated across the Nuveen fund complex):
| Component | 2023 (pre‑Jan 1, 2024) | 2024 (pre‑Jan 1, 2025) | 2025 (effective Jan 1, 2025) |
|---|---|---|---|
| Annual retainer | $210,000; plus per‑meeting fees by type | $350,000; plus annual committee retainers; limited ad hoc fees | $350,000; increased annual committee retainers; limited ad hoc fees |
| Audit Committee member retainer | $2,500 per meeting (2023 structure) | $30,000 annually | $35,000 annually |
| Compliance Committee member retainer | $5,000 per meeting (2023 structure) | $30,000 annually | $35,000 annually |
| Investment Committee member retainer | $2,500 per meeting (2023 structure) | $20,000 annually | $30,000 annually |
| Nominating & Governance member retainer | $500 per meeting (2023 structure) | $20,000 annually | $25,000 annually |
| Closed‑End Funds Committee member retainer | $500 per meeting (2023 structure) | $20,000 annually | $25,000 annually |
| Dividend Committee member retainer | $1,250 per meeting (2023 structure) | $20,000 annually | $25,000 annually |
| Board Chair additional retainer | $140,000 | $140,000 | $150,000 |
- Toth’s committee memberships imply additional annual retainers for Compliance ($35k), Investment ($30k), and Nominating & Governance ($25k) under 2025 terms; he is not listed on Audit, Dividend, or Closed‑End Funds Committees .
- Aggregate compensation received from all Nuveen funds (Fund Complex) – Terence J. Toth: $575,750 (latest table) .
- Fund‑level allocated compensation (NIM – Select Maturities): $375 for the fiscal year ended March 31, 2025 .
Performance Compensation
| Element | Details |
|---|---|
| Equity awards (RSUs/PSUs), options, bonuses | None disclosed for Independent Board Members; compensation consists of retainers/committee fees and limited ad hoc fees |
| Performance metrics tied to pay | None disclosed (no TSR/EBITDA/ESG metrics for directors) |
| Deferred compensation | Independent directors may defer fees into the Deferred Compensation Plan; amounts credited track selected Nuveen funds |
| Toth – Deferred comp (NIM) | Select Maturities credited amount: $112 (FY ended Mar 31, 2025); other fund credits vary by fund per table |
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Current public company boards (last 5 years) | None disclosed for Toth; “Other Directorships” list shows philanthropic and prior industry roles . |
| Related-party exposure via holdings in adviser-affiliated private vehicles | Table lists board members with holdings in companies advised by entities under common control; Toth is not listed (Mr. Kenny is listed) . |
Expertise & Qualifications
- Investment management leadership (ex‑CEO/President Northern Trust Global Investments; securities lending expertise at Bankers Trust/Northern Trust) .
- Governance and board oversight across multiple entities (corporate and nonprofit) .
- Education: B.S. (University of Illinois); MBA (NYU); CEO Perspectives Program (Northwestern, 2005) .
- Not designated as an “audit committee financial expert” (designation holders are Boateng, Nelson, Starr, Young) .
Equity Ownership
Policy: Each Board Member is expected to invest at least the equivalent of one year of compensation in the Nuveen fund complex (directly or on a deferred basis) .
| Holding | Amount |
|---|---|
| NIM (Select Maturities) – Dollar range | $0 |
| NIM – Shares owned | 0 |
| Other Nuveen funds – Dollar range | Quality Income: $10,000–$50,000 |
| Other Nuveen funds – Shares owned | Quality Income: 1,310; all others typically 0 as shown |
| Aggregate dollar range across Nuveen fund complex | Over $100,000 |
| Ownership as % of outstanding (each fund) | <1% for each Board Member, including Toth |
Governance Assessment
-
Board effectiveness: Toth is a long‑tenured independent director (since 2008) with strong investment operations credentials and broad committee exposure (Executive, Compliance, Nominating & Governance, Investment), supporting oversight breadth; attendance met the ≥75% threshold .
-
Compensation & alignment: Director pay moved from per‑meeting fees to higher fixed retainers with elevated committee retainers in 2024–2025, signaling a modernization toward predictable compensation; Toth’s Fund Complex compensation totaled $575,750 in the latest table, and he participates in the deferred compensation program (NIM credit $112), but holds $0 directly in NIM, which some investors may view as weaker fund‑level alignment despite an “Over $100,000” aggregate complex‑wide range and the board’s investment expectation policy .
-
Conflicts/related parties: No related‑party holdings or transactions disclosed for Toth; the common‑control holdings table did not list him, and Section 16(a) compliance was affirmed for the last fiscal year .
-
RED FLAGS (potential):
- Zero direct ownership in NIM may be perceived as limited “skin in the game” at the fund level, though directors are expected to invest at least one year of compensation across the Nuveen fund complex and Toth’s aggregate range is “Over $100,000” (ranges are imprecise; compliance versus guideline not determinable from disclosures) .