Thomas Kenny
About Thomas J. Kenny
Independent director of Nuveen Select Maturities Municipal Fund (NIM). Year of birth: 1963; joined the Nuveen funds Board in 2024 (service in the broader fund complex since 2011). Former Advisory Director, Partner, Managing Director, and Co‑Head of Global Cash & Fixed Income Portfolio Management at Goldman Sachs Asset Management; B.A. from UC Santa Barbara, M.S. from Golden Gate University; Chartered Financial Analyst (CFA). Classified as an Independent Board Member (not an “interested person” of the Funds, the Adviser, or parent companies TIAA/Nuveen).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Advisory Director; Partner; Managing Director; Co‑Head Global Cash & Fixed Income PM | 1999–2011 | Led portfolio management for cash and fixed income strategies |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | 2011–2023 (Chair 2017–2023) | Oversight of retirement fund governance and investment policies |
| TIAA Separate Account VA‑1 | Manager; Chairman | 2011–2023 (Chair 2017–2023) | Management committee leadership and governance |
| Sansum Clinic | Director; Finance Committee Chair | 2016–2022 | Financial oversight in nonprofit healthcare |
| Cottage Health System | Investment Committee Member | 2012–2020 | Investment oversight in healthcare network |
| Crane Country Day School | Board Member; President of the Board | 2009–2019 (President 2014–2018) | Governance leadership in education |
| B’Box | Advisory Board Member | 2017–2019 | Strategic advisory |
| UCSB Arts & Lectures Advisory Council | Member | 2011–2020 | Community/arts engagement |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated | Director; Chair of Finance & Investment Committee | Director since 2015; Chair since 2018 | Oversees corporate finance and investment policies |
| ParentSquare | Director (former) | 2021–2022 | Governance for ed‑tech platform |
Board Governance
- Class and term: For NIM (Select Maturities), Kenny designated Class I; nominee for term expiring at the 2028 annual meeting.
- Independence: All current/continuing Board Members are independent (not “interested persons”) and have never been employees/directors of TIAA/Nuveen or affiliates.
- Committee memberships:
- Executive Committee (member)
- Dividend Committee (member)
- Compliance, Risk Management & Regulatory Oversight Committee (member)
- Nominating & Governance Committee (member)
- Investment Committee (member)
- Closed‑End Fund Committee (member)
- Committee chair roles: None; current chairs are Young (Executive), Thornton (Dividend), Wolff (Compliance), Nelson (Audit), Young (Nominating & Governance), Boateng/Lancellotta (Investment co‑chairs), Moschner (Closed‑End).
- Attendance/engagement: Each Board Member attended at least 75% of Board and committee meetings during the last fiscal year; NIM held 4 regular and 7 special Board meetings, with active committee cadence.
- Board leadership: Independent Chair of the Board: Robert L. Young.
Fixed Compensation
| Component | Amount (USD) | Effective Date | Notes |
|---|---|---|---|
| Annual retainer (Independent Board Member) | $350,000 | Jan 1, 2025 | Base cash retainer |
| Committee membership – Audit; Compliance | $35,000 each | Jan 1, 2025 | Per committee membership |
| Committee membership – Investment | $30,000 | Jan 1, 2025 | Per committee membership |
| Committee membership – Dividend; Nominating & Governance; Closed‑End | $25,000 each | Jan 1, 2025 | Per committee membership |
| Board Chair (increment) | $150,000 | Jan 1, 2025 | Not applicable to Kenny |
| Committee Chairs – Audit; Compliance | $35,000 | Jan 1, 2025 | Chair increments |
| Committee Chair – Investment | $30,000 | Jan 1, 2025 | Chair increment |
| Committee Chairs – Dividend; Nominating & Governance; Closed‑End | $25,000 | Jan 1, 2025 | Chair increments |
| Ad hoc meeting fees | $1,000 or $2,500 | Ongoing | Based on meeting length/immediacy |
| Fund | Period | Kenny – Aggregate Compensation from the Fund (USD) |
|---|---|---|
| Nuveen Select Maturities Municipal Fund (NIM) | FY ended Mar 31, 2025 | $415 |
| Total Compensation from Nuveen Funds Paid to Kenny | Aggregate | $610,000 |
- Deferred compensation plan available; directors may elect deferral with fund‑linked returns; NIM has no retirement/pension plan for directors.
Performance Compensation
| Variable Pay Element | Performance Metrics | Vesting/Triggers | Notes |
|---|---|---|---|
| None disclosed for Independent Directors | N/A | N/A | Proxy details show cash retainers/fees; no stock/option awards or TSR/EBITDA metrics for Independent Board Members. |
Other Directorships & Interlocks
| Company/Entity | Relationship/Role | Potential Interlock/Conflict Consideration |
|---|---|---|
| Aflac Incorporated | Director; Chair of Finance & Investment Committee | External public board; no direct related‑party transactions disclosed with NIM. |
| TIAA/Nuveen‑controlled private vehicles (e.g., Global Timber Resources LLC, TIAA‑CREF Global Agriculture II LLC) via KSHFO, LLC 4 | Personal investment holdings; e.g., $37,455 in Global Timber Resources LLC; $567,738 in Global Timber Resources Investor Fund LP; $717,269 in TIAA‑CREF Global Agriculture II LLC; $681,911 in Global Agriculture II AIV (US) LLC; Kenny owns 6.60% of KSHFO, LLC | These companies are advised by entities under common control with NIM’s Adviser (Nuveen), creating potential perceived conflicts; disclosure provided in proxy. |
Expertise & Qualifications
- Fixed income and cash management expertise from senior roles at GSAM; governance experience across large fund complexes (CREF/VA‑1).
- Education: B.A. (UC Santa Barbara), M.S. (Golden Gate University); CFA charterholder.
Equity Ownership
| Measure | NIM (Select Maturities) | Fund Complex (All Nuveen Funds overseen) |
|---|---|---|
| Dollar Range of Equity Securities Beneficially Owned | $0 | Over $100,000 |
| Fund Shares Owned (Count) | 0 | Not specified (aggregate dollar range only) |
| Ownership % | Each Board Member’s holdings <1% of any Fund as of June 20, 2025 | Board Members and officers as a group held <1% of outstanding shares for each Fund |
- Ownership governance principle: Board Members are expected to invest at least one year of compensation in the funds in the Fund Complex; individual compliance status not disclosed.
Governance Assessment
- Independence and committee breadth: Kenny is an Independent Board Member serving on six key committees, including the Executive Committee—signaling broad engagement and influence in distributions, compliance, and closed‑end fund discount/leverage oversight. Attendance met the 75%+ threshold.
- Compensation alignment: Director pay is all cash‑based with sizable base and committee retainers; no performance‑linked equity or options are disclosed for Independent Directors. Total Nuveen funds compensation paid to Kenny was $610,000; NIM allocation was $415, consistent with pro‑rata allocation by net assets.
- Ownership alignment: Kenny reports $0 holdings in NIM and an aggregate “Over $100,000” across the Fund Complex. Given the expectation to hold at least one year of compensation in fund shares, disclosure is insufficient to determine compliance; zero NIM ownership may be perceived as a misalignment at the fund‑level.
- Related‑party exposure (RED FLAG): Kenny holds interests in companies advised by entities under common control with Nuveen (the Adviser’s parent), including agriculture/timber vehicles via KSHFO, LLC 4; while disclosed and quantified, this represents a potential perceived conflict channel.
- Controls and compliance: Section 16(a) filing compliance is affirmed; no director‑level legal proceedings or investigations are disclosed; independent audit oversight and pre‑approval procedures appear robust.