Robert Young

About Robert Young

Robert L. Young (born 1963) is the Independent Chair and a Board Member of Nuveen Municipal Credit Opportunities Fund (NMCO), serving since 2017; he is nominated as a Class I trustee for a term expiring at the 2028 annual meeting. He has 30+ years in investment management, formerly COO and Director of J.P. Morgan Investment Management and President/Principal Executive Officer of J.P. Morgan Funds; earlier he was a Senior Manager (Audit) at Deloitte & Touche and is a former CPA. He holds a BBA in Accounting from the University of Dayton and has been designated an SEC “audit committee financial expert.” Other public company directorships: none.

Past Roles

External Roles

Board Governance

• Independent Chair of the Board; elected Chair to set agendas, preside at meetings, and serve as liaison with trustees, officers, management, and counsel. Independence: all trustees (including Young) are “not interested persons” and have never been employees or directors of TIAA/Nuveen or affiliates.
• Committee assignments:
  • Executive Committee: Chair (members Kenny, Nelson, Toth).
  • Nominating & Governance Committee: Chair (members: Boateng, Forrester, Kenny, Lancellotta, Medero, Moschner, Nelson, Starr, Thornton, Toth, Wolff).
  • Audit Committee: Member; designated SEC “audit committee financial expert.” Chair: John K. Nelson.
  • Investment Committee: Member. Co-Chairs: Boateng and Lancellotta.
  • Closed-End Fund Committee: Member. Chair: Moschner.
  • Not a member of Dividend Committee and Compliance, Risk Management & Regulatory Oversight Committee.
• Attendance and engagement:
  • Each Board Member attended at least 75% of Board and committee meetings during the last fiscal year.
  • NMCO meeting counts last fiscal year: see table below.
• Tenure and election cycle: Serving since 2017; nominated Class I trustee for term expiring at the 2028 annual meeting. Last elected to Fund boards as a Class I trustee at the May 8, 2023 shareholder meeting.

Fixed Compensation

• Compensation framework (Independent Board Members; effective Jan 1, 2024 with increases Jan 1, 2025):
  • Annual retainer: $350,000.
  • Board Chair retainer: $150,000 (increased from $140,000).
  • Committee membership retainers (2025): Audit $35,000; Compliance/Risk $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000.
  • Committee chair retainers (2025): Audit $35,000; Compliance/Risk $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000.
  • Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy; special assignment committee quarterly fees (chair starting at $1,250; members starting at $5,000). No pension; deferred compensation plan available.

Performance Compensation

• No performance-based compensation (no bonuses, stock/option awards, or performance metrics) is disclosed for Independent Board Members; funds do not have retirement or pension plans. Compensation is via retainers, chair roles, and meeting fees; directors may elect deferred compensation tied to fund returns.

Other Directorships & Interlocks

Expertise & Qualifications

• Former fund complex COO and fund President/PEO with direct board interface experience, governance agenda-setting, and regulatory policy execution (J.P. Morgan); audit background and former CPA; designated audit committee financial expert under SEC rules. Education: BBA in Accounting, University of Dayton.

Equity Ownership

• Governance principle: each Board Member is expected to invest at least one year of compensation in funds in the Fund Complex; actual figures by fund are disclosed as dollar ranges and share counts. As of Dec 31, 2024, each Board Member’s individual beneficial holdings in each Fund were less than 1% of outstanding shares.

Governance Assessment

• Strengths:

  • Independent Chair with deep operating and governance experience; chairs Executive and Nominating & Governance Committees; designated audit committee financial expert; robust committee engagement (Audit, Investment, Closed-End). Attendance at or above the 75% threshold across meetings.
  • Independence affirmed: not an “interested person” and no employment ties to TIAA/Nuveen; no other public company directorships limiting interlock risk.
  • Transparent director pay framework with fixed retainers; optional deferred compensation plan aligns director economic exposure to fund performance.

• Alignment considerations:

  • Specific ownership in NMCO is zero; while aggregate holdings across the Fund Complex are “Over $100,000,” the proxy’s range format prevents verification of the “one-year compensation” governance principle on a dollar basis. Investors may prefer clearer disclosure of aggregate dollar holdings versus guideline amounts.

• RED FLAGS:

  • None disclosed regarding related-party transactions, loans, hedging/pledging, tax gross-ups, option repricing, or Section 16(a) compliance issues; Funds state compliance with Section 16 filings in the last fiscal year.

• Pay dynamics:

  • Cash-heavy compensation structure with increases effective Jan 1, 2025 (e.g., committee retainers and Chair retainer). While typical for closed-end fund complexes, investors should monitor year-over-year changes in total pay versus governance workload and outcomes (e.g., discount management, leverage oversight) across the closed-end suite.

• Related party exposure:

  • None disclosed for Young; trustees are independent of Adviser and affiliates.

• Term and continuity:

  • Class I nomination to 2028 supports board continuity; staggered terms may delay rapid refresh but are standard for these funds.