John Nelson
About John K. Nelson
Independent Board Member of Nuveen Municipal Credit Opportunities Fund (NMCO), born 1962, serving on Nuveen Funds’ unitary board since 2013; current term Class II through the 2026 annual meeting. Nelson is designated an audit committee financial expert and is independent under the Investment Company Act—never employed by TIAA/Nuveen or affiliates. He previously served as CEO of ABN AMRO N.V. North America and Global Head of the Financial Markets Division, and as a senior external advisor to Deloitte Consulting’s financial services practice; he holds a BA in Economics and an MBA in Finance from Fordham University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ABN AMRO Bank N.V. (incl. LaSalle Bank Corp) | CEO, North America; Global Head, Financial Markets Division; various executive leadership roles | 1996–2008; CEO/Global Head in 2007–2008 | Led Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses; member of U.S. Fed Foreign Exchange Committee; ABN AMRO representative to Bank of Canada, ECB, and Bank of England committees . |
| Deloitte Consulting LLP | Senior External Advisor, Financial Services practice | 2012–2014 | Advisory support on financial services strategy and operations . |
| Core12 LLC (private) | Director | 2008–2023 | Branding/marketing oversight . |
External Roles
| Organization | Role | Tenure | Type |
|---|---|---|---|
| Fordham University | Member, President’s Council | 2010–2019 | Academic/non-profit . |
| Curran Center for Catholic American Studies (Fordham) | Director | 2009–2018 | Academic/non-profit . |
| Marian University | Trustee and Chairman of the Board of Trustees | 2011–2013 | Academic/non-profit . |
Board Governance
- Independence: All Nuveen Funds Board Members, including Nelson, are “Independent Board Members” (not interested persons; no history as employees/directors of TIAA/Nuveen or affiliates) .
- Term and service: Class II Board Member; term expires at the 2026 annual meeting; joined Fund Complex board in 2013 .
- Board chair: Robert L. Young (Independent Chair) sets agendas and presides; Nelson is not the chair .
- Committee assignments (NMCO/unitary board):
- Executive Committee: Member .
- Dividend Committee: Member .
- Audit Committee: Chair; designated audit committee financial expert .
- Nominating & Governance Committee: Member .
- Investment Committee: Member .
- Closed-End Fund Committee: Member .
- Attendance: Each Board Member attended at least 75% of board and committee meetings during the last fiscal year .
| NMCO Board and Committee Meetings (FY ended Oct 31, 2024) | Count |
|---|---|
| Regular Board Meetings | 5 |
| Special Board Meetings | 7 |
| Executive Committee Meetings | 5 |
| Dividend Committee Meetings | 8 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee Meetings | 4 |
| Audit Committee Meetings | 14 |
| Nominating & Governance Committee Meetings | 7 |
| Investment Committee Meetings | 3 |
| Closed-End Fund Committee Meetings | 4 |
Fixed Compensation
- Structure (effective Jan 1, 2024; increases noted effective Jan 1, 2025):
- Annual director retainer: $350,000 .
- Committee membership annual retainers: Audit $30,000→$35,000; Compliance/Risk $30,000→$35,000; Investment $20,000→$30,000; Dividend $20,000→$25,000; Nominating & Governance $20,000→$25,000; Closed-End Fund $20,000→$25,000 .
- Chair annual retainers: Board Chair $150,000 (from $140k); Audit & Compliance Chairs $35,000 (from $30k); Investment Chair $30,000 (from $20k); Dividend/Nominating/Closed-End Chairs $25,000 (from $20k) .
- Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy; special assignment committees: chair/co-chair quarterly fees starting at $1,250; members starting at $5,000 .
- Deferred Compensation Plan available; value tracked to selected Nuveen funds; distributions can be lump sum or over 2–20 years .
| Metric | NMCO amount | Fund Complex total |
|---|---|---|
| Aggregate Compensation from NMCO to John K. Nelson (last fiscal year) | $3,017 | — |
| Total Compensation from funds in the Fund Complex paid to John K. Nelson (calendar year framing in table) | — | $483,250 |
Performance Compensation
- No performance-based incentives (no PSUs/options) disclosed for Independent Board Members; compensation is cash retainers/fees with optional deferred compensation tracking fund share equivalents; the Funds have no retirement or pension plans for directors .
- Board governance principle: each Board Member is expected to invest at least one year of compensation in Nuveen Funds (directly or deferred), to align interests with shareholders .
Other Directorships & Interlocks
- Public company directorships (past five years): None listed for Nelson in the proxy’s “Other Directorships” field; entries are private/academic/non-profit roles (Core12, Fordham, Marian University) .
- Interlocks/conflicts: No related-party director roles or cross-directorships with NMCO service providers disclosed for Nelson .
Expertise & Qualifications
- Audit committee financial expert designation; Chair of Audit Committee overseeing financial reporting and valuation policies .
- Deep global banking and markets leadership (foreign exchange, derivatives, fixed income); central bank committee engagement; advisory experience at Deloitte .
- Education: BA Economics and MBA Finance (Fordham University) .
Equity Ownership
| Item | Value |
|---|---|
| NMCO Dollar Range of Equity Securities Beneficially Owned (as of Dec 31, 2024) | $0 |
| NMCO Shares Beneficially Owned (as of Dec 31, 2024) | 0 |
| Ownership as % of NMCO Shares Outstanding | 0%; note that all Board Members individually held less than 1% of each Fund’s shares as of Feb 18, 2025 . |
| Aggregate Range of Equity Securities across the Fund Complex | Over $100,000 |
- Section 16(a) compliance: Funds report Board Members complied with applicable beneficial ownership filings during the last fiscal year .
Governance Assessment
-
Positives:
- Independence and governance quality: Nelson is independent under the 1940 Act and serves as Audit Committee Chair with financial expert designation—strengthens oversight of financial reporting, valuation, and auditor independence .
- Engagement: Multiple committee memberships (Executive, Dividend, Nominating & Governance, Investment, Closed-End), indicating broad board involvement; attendance threshold met in FY 2024 .
- Experience: Extensive financial markets leadership and central bank committee work support risk oversight and audit effectiveness .
-
Potential alignment considerations:
- No direct NMCO holdings as of Dec 31, 2024, while aggregate holdings across the Fund Complex are “Over $100,000”; board guideline expects one-year compensation invested across Nuveen Funds, but individual compliance status is not disclosed—investors may prefer visible NMCO-specific ownership for tighter alignment .
-
Conflicts/Red Flags:
- No related-party transactions or public-company interlocks disclosed for Nelson; no legal or regulatory issues flagged; Section 16(a) filing compliance affirmed. No attendance or pay anomalies indicated in the proxy .