Joseph A. Boateng
About Joseph A. Boateng
Independent Board Member of Nuveen California AMT-Free Quality Municipal Income Fund (NKX); Class II term through the 2026 annual meeting; appointed to the Fund’s Board effective January 1, 2024 and serving in the Nuveen/TIAA fund complex since 2019 . Chief Investment Officer of Casey Family Programs since 2007; previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006); year of birth 1963; B.S., University of Ghana; M.B.A., UCLA . Designated an “audit committee financial expert” by the Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | Oversees investment program |
| Johnson & Johnson | Director, U.S. Pension Plans | 2002–2006 | Led U.S. pension plan management |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Board oversight of large retirement funds |
| TIAA Separate Account VA-1 | Manager/Management Committee | 2019–2023 | Governance oversight of separate account |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| Lumina Foundation | Board Member | 2018 | Non-profit focused on post-secondary education |
| Waterside School | Board Member | 2021 | Education non-profit |
| Year Up Puget Sound | Board Member; Emeritus | 2012–2019; Emeritus since 2020 | Workforce development non-profit |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Public pension oversight |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Community foundation investment committee |
Board Governance
- Independence: The Board determined all current members, including Boateng, are “Independent Board Members” (not “interested persons” of the Funds or Adviser; never employees/directors of TIAA, Nuveen, or affiliates) .
- Leadership: Independent Chair of the Board is Robert L. Young .
- Committee assignments: Audit Committee member and SEC-designated “financial expert” ; Nominating & Governance Committee member ; Investment Committee Co‑Chair (with Amy Lancellotta) .
- Attendance: Each Board Member attended at least 75% of Board and committee meetings during the last fiscal year .
- Tenure: Appointed to NKX Board effective January 1, 2024; service in the Fund Complex since 2019; Class II term through 2026 .
NKX Board and Committee Meeting Cadence (last fiscal year)
| Meeting Type | Count |
|---|---|
| Regular Board Meetings | 6 |
| Special Board Meetings | 9 |
| Executive Committee Meetings | 3 |
| Dividend Committee Meetings | 8 |
| Compliance, Risk Management & Regulatory Oversight Committee Meetings | 4 |
| Audit Committee Meetings | 13 |
| Nominating & Governance Committee Meetings | 6 |
| Investment Committee Meetings | 3 |
| Closed-End Funds Committee Meetings | 4 |
Fixed Compensation
- Structure (effective January 1, 2025) :
- Annual Board retainer: $350,000
- Committee membership retainers: Audit $35,000; Compliance/Risk $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000
- Chair fees: Board Chair $150,000; Audit & Compliance Chairs $35,000; Investment Chair/Co‑Chair $30,000; Dividend, Nominating & Governance, Closed-End Chairs $25,000
- Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy
- Special assignment committees: Chair/Co‑Chair quarterly fee starting at $1,250; members quarterly fee starting at $5,000
- Fees allocated equitably across funds in complex; some fees allocated only to funds discussed at a given meeting
NKX-Specific and Complex Compensation (last fiscal year)
| Item | Amount (USD) | Notes |
|---|---|---|
| NKX aggregate compensation paid to Boateng | $2,633 | California AMT‑Free (NKX) line item |
| Total compensation from Nuveen funds (complex) paid to Boateng | $464,250 | Complex-wide total |
| Deferred fees attributable to NKX | $658 | Deferred Compensation Plan balance attribution |
Performance Compensation
- No performance-based bonuses, stock awards, or options are disclosed for Independent Board Members; compensation is retainers and committee fees with optional deferred compensation investing in Nuveen funds for book-reserve purposes .
Other Directorships & Interlocks
| Organization | Role | Period | Potential Interlock/Notes |
|---|---|---|---|
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Prior role within TIAA-managed products; not TIAA/Nuveen employment/directorship; independence affirmed by Board |
| TIAA Separate Account VA-1 | Manager/Management Committee | 2019–2023 | Prior governance role within TIAA product; independence affirmed |
| Lumina Foundation | Board Member | Since 2018 | Non-profit board |
| Waterside School | Board Member | Since 2021 | Non-profit board |
Expertise & Qualifications
- Designated “audit committee financial expert” under SEC rules .
- Institutional investment leadership (CIO) with pension governance background .
- Oversees 219 portfolios across the Nuveen/TIAA fund complex as a Board Member .
- Education: B.S. (University of Ghana), M.B.A. (UCLA) .
Equity Ownership
- Governance principle: Board Members are expected to invest at least the equivalent of one year of compensation in funds within the Fund Complex (directly or on a deferred basis) .
- Beneficial ownership as of October 22, 2025:
- NKX (California AMT‑Free): Dollar range $0; shares owned 0; individual holdings in each Fund are less than 1% of outstanding shares .
- Aggregate across all Nuveen/TIAA funds overseen: Over $100,000 dollar range .
| Fund | Dollar Range | Shares Owned | Ownership % of Shares Outstanding | Date |
|---|---|---|---|---|
| NKX (California AMT‑Free) | $0 | 0 | Less than 1% (individual holdings for each Fund) | 10/22/2025 |
| All Nuveen/TIAA Funds Overseen (Aggregate) | Over $100,000 | N/A | N/A | 10/22/2025 |
Governance Assessment
- Strengths:
- Independent status; no employment/directorship ties to TIAA/Nuveen or affiliates; designated audit financial expert—supports oversight quality .
- Committee leadership as Investment Committee Co‑Chair; active roles on Audit and Nominating & Governance Committees indicate engagement across performance, risk, valuation, and board processes .
- Attendance at or above 75% for Board and committee meetings; Board maintains robust meeting cadence (e.g., 13 Audit Committee meetings) .
- Alignment considerations:
- NKX-specific ownership is $0 and 0 shares; while aggregate fund-complex holdings are “Over $100,000,” the Board’s principle expects investment equal to one year’s compensation—actual individual compliance level is not disclosed and cannot be inferred from aggregate band .
- Conflicts and red flags:
- No related-party transactions disclosed involving Boateng; Board states Section 16(a) filing compliance; no delinquent filings noted .
- Prior service on CREF and TIAA VA‑1 boards does not impair independence per Board determination; not employment/directorship with TIAA/Nuveen .
- Compensation structure signals:
- Compensation is entirely fixed retainers and committee fees; no discretionary bonus or performance metric linkage—reduces pay-for-performance alignment but is standard for independent fund directors .