Thomas J. Kenny
About Thomas J. Kenny
Independent Class I Board Member nominee (term to 2028) of Nuveen California AMT‑Free Quality Municipal Income Fund (NKX); first appointed to the NKX Board effective January 1, 2024, and has served within the Nuveen fund complex since 2011 . Year of birth: 1963; education: B.A. University of California, Santa Barbara; M.S. Golden Gate University; Chartered Financial Analyst (CFA) . Former Co‑Head of Global Cash and Fixed Income Portfolio Management at Goldman Sachs Asset Management; not an “interested person” under the Investment Company Act and deemed independent of 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 (MD 1999–2004; Partner 2004–2010; Advisory Director 2010–2011; Co‑Head 2002–2010) | Led global cash/fixed income portfolio management |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | 2011–2023 (Chairman 2017–2023) | Oversight of investment programs; governance leadership |
| TIAA Separate Account VA‑1 | Manager; Chairman | 2011–2023 (Chairman 2017–2023) | Management committee leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | Oversees finance/investment policies |
| ParentSquare | Director (former) | 2021–2022 | Board service at ed‑tech platform |
| Sansum Clinic | Director (former); Finance Committee Chair (former) | Finance Chair 2016–2022; Director 2021–2022 | Financial oversight |
| B’Box | Advisory Board Member (former) | 2017–2019 | Advisory role |
| UCSB Arts & Lectures Advisory Council | Member (former) | 2011–2020 | Advancement and programming input |
| Cottage Health System | Investment Committee Member (former) | 2012–2020 | Investment oversight |
| Crane Country Day School | Board Member; President of Board (former) | 2009–2019; President 2014–2018 | Governance leadership |
Board Governance
- Independence: Not an “interested person” of the Funds or of Nuveen/TIAA; never an employee or director of TIAA or Nuveen or affiliates, and thus an Independent Board Member .
- Committee assignments: 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). Not listed on Audit Committee .
- Attendance: Each Board Member, including Mr. Kenny, attended at least 75% of Board and committee meetings in the last fiscal year .
- Board leadership: Independent Chair of the Board (Robert L. Young) with unitary board structure across the Nuveen fund complex .
NKX Board and Committee Workload (FY ended Aug 31, 2025)
| Meeting Type | Count |
|---|---|
| Regular Board Meeting | 6 |
| Special Board Meeting | 9 |
| Executive Committee | 3 |
| Dividend Committee | 8 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee | 4 |
| Audit Committee | 13 |
| Nominating & Governance Committee | 6 |
| Investment Committee | 3 |
| Closed‑End Funds Committee | 4 |
Fixed Compensation
- Structure: Independent Board Member compensation is cash‑based retainers with committee fees; no director equity awards disclosed. Deferred compensation plan available at certain Nuveen funds; amounts track selected fund returns .
- 2025 changes: Committee membership and chair fees increased effective January 1, 2025 .
Compensation Schedule (Pre‑2025 vs Effective 2025)
| Component | Pre‑2025 | Effective 2025 |
|---|---|---|
| Annual Board retainer (Independent) | $350,000 | $350,000 |
| Audit Committee membership | $30,000 | $35,000 |
| Compliance, Risk Mgmt & Regulatory Oversight membership | $30,000 | $35,000 |
| Investment Committee membership | $20,000 | $30,000 |
| Dividend, Nominating & Governance, Closed‑End membership | $20,000 | $25,000 |
| Chair of the Board | $140,000 | $150,000 |
| Audit & Compliance Committee Chair | $30,000 | $35,000 |
| Investment Committee Chair/Co‑Chair | $20,000 | $30,000 |
| Dividend, Nominating & Governance, Closed‑End Committee Chair | $20,000 | $25,000 |
| Ad hoc meeting fees | $1,000–$2,500 per meeting | $1,000–$2,500 per meeting |
| Special assignment committee fees | Chair/co‑chair: from $1,250 quarterly; members: from $5,000 quarterly | Chair/co‑chair: from $1,250 quarterly; members: from $5,000 quarterly |
Last Fiscal Year Compensation (FY ended Aug 31, 2025)
| Scope | Amount ($) |
|---|---|
| Total compensation from Nuveen funds (Mr. Kenny) | $610,000 |
| NKX (California AMT‑Free) – aggregate paid to Mr. Kenny | $3,107 |
Deferred Compensation (booked to fund‑linked accounts)
| Fund | Deferred Fees ($) |
|---|---|
| NKX (California AMT‑Free) | 707 |
Performance Compensation
- No director stock awards, stock options, performance‑based bonuses, or equity‑linked director compensation disclosed; compensation described solely as retainers/fees with optional deferred compensation plan .
Other Directorships & Interlocks
| Company/Institution | Type | Role | Tenure | Notes |
|---|---|---|---|---|
| Aflac Incorporated | Public company | Director; Chair Finance & Investment Committee | Director since 2015; Chair since 2018 | Ongoing public board role; finance oversight |
| ParentSquare | Private | Director (former) | 2021–2022 | Former directorship |
| CREF and TIAA VA‑1 | Investment entities | Trustee/Manager; Chairman (former) | 2011–2023; Chair 2017–2023 | TIAA‑affiliated investment vehicles; past roles concluded 2023 |
- Interlocks/affiliations: Past leadership roles at TIAA‑affiliated investment entities (CREF, VA‑1) could create perceived familiarity with Nuveen/TIAA; independence maintained under 1940 Act and listing standards .
Expertise & Qualifications
- Fixed income and cash management expertise; senior leadership at GSAM including Co‑Head of Global Cash & Fixed Income PM .
- Governance and finance experience across multiple boards; CFA designation; graduate education in finance .
Equity Ownership
- Ownership policy: Nuveen funds boards expect each Board Member to invest at least the equivalent of one year of compensation in funds within the Fund Complex (direct or deferred) .
- Beneficial ownership in NKX and related Nuveen closed‑end funds as of Oct 22, 2025:
- NKX shares owned: 0; aggregate beneficial ownership across the Fund Complex: “Over $100,000” (range disclosure) .
Related‑Party Exposure (Holdings in companies advised by affiliates under common control with Adviser)
| Owner/Vehicle | Company | Title of Class | Value ($) | Percent of Class |
|---|---|---|---|---|
| Thomas Joseph Kenny 2021 Trust | Global Timber Resources LLC | None | 34,063 | 0.01% |
| KSHFO, LLC 4 | Global Timber Resources Investor Fund, LP | None | 523,049 | 6.01% |
| KSHFO, LLC 4 | TIAA‑CREF Global Agriculture II LLC | None | 770,200 | 0.05% |
| KSHFO, LLC 4 | Global Agriculture II AIV (US) LLC | None | 681,237 | 0.17% |
- Mr. Kenny owns 6.60% of KSHFO, LLC .
Governance Assessment
- Strengths:
- Deep fixed‑income and portfolio management experience; long service in the Nuveen fund complex enhances oversight quality .
- Robust committee engagement across Executive, Investment, Dividend, Compliance, Nominating, and Closed‑End committees; consistent attendance (≥75%) supports board effectiveness .
- Clear independence under 1940 Act; independent Board Chair structure and comprehensive committee charters strengthen governance .
- Alignment and incentives:
- Policy expects one‑year compensation invested in Nuveen funds; Mr. Kenny’s aggregate range shows “Over $100,000,” but he held 0 shares in NKX specifically as of Oct 22, 2025, which may weaken fund‑specific alignment despite complex‑wide exposure; deferred fees recorded for NKX .
- Potential conflicts and RED FLAGS:
- Holdings in entities advised by affiliates under Nuveen/TIAA control (e.g., Global Timber Resources Investor Fund LP; TIAA‑CREF Global Agriculture II) create potential perceived related‑party exposure; transparency provided with detailed values/percentages .
- Past leadership on TIAA‑affiliated CREF/VA‑1 may contribute to familiarity risks; independence designation mitigates regulatory concern, but investors should monitor for conflicts in valuation, leverage, and distribution oversight given committee roles .
- Compensation structure signals:
- 2025 increase in committee fees elevates cash compensation while maintaining pay‑for‑service model; absence of equity/option awards reduces misalignment risk but may limit direct price‑linked incentives at the fund level .