Terence Toth
About Terence J. Toth
Independent Board Member (Class II) of Nuveen Municipal Credit Opportunities Fund (NMCO); year of birth 1959; joined the Nuveen Funds Board in 2008. Former CEO and President of Northern Trust Global Investments, with prior executive roles spanning quantitative management and securities lending, and managing director leadership at Bankers Trust; education includes a BS (University of Illinois), MBA (NYU), and the CEO Perspectives Program at Northwestern (2005) . Toth serves across the Nuveen Fund Complex and is listed among Board Members/Nominees who are not “interested persons” (independent) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Northern Trust Global Investments | CEO & President | 2004–2007 | Led investment management operations |
| Northern Trust | EVP, Quantitative Management & Securities Lending | 2000–2004 | Oversaw quant strategies and securities lending |
| Bankers Trust | Managing Director & Head of Global Securities Lending | 1986–1994 | Ran global securities lending |
| Northern Trust | Head of Government Trading & Cash Collateral Investment | 1982–1986 | Managed trading/cash collateral strategies |
| Promus Capital | Co‑Founding Partner | 2008–2017 | Built investment advisory platform |
| Legal & General Investment Management America, Inc. | Director | 2008–2013 | Governance oversight in asset management |
| Northern Trust Mutual Funds Board | Director | 2005–2007 | Mutual fund board service |
| LogicMark LLC | Director | 2012–2016 | Board oversight, health services |
| Fulcrum IT Service LLC | Director | 2010–2019 | Board oversight, government IT services |
| Quality Control Corporation | Director | 2012–2021 | Board oversight, manufacturing |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Kehrein Center for the Arts | Chair & Board Member | 2021–2024 | Board leadership (philanthropy) |
| Catalyst Schools of Chicago | Board Member | Since 2008 | Education governance (philanthropy) |
| Mather Foundation | Board Member; Investment Committee Chair | Since 2012; Chair 2017–2022 | Led investment oversight (philanthropy) |
| Chicago Fellowship Board | Member | 2005–2016 | Community leadership |
Board Governance
- Status: Independent director; Class II term for NMCO expires at the 2026 annual meeting; length of service since 2008 .
- Committee assignments:
- Executive Committee member
- Compliance, Risk Management & Regulatory Oversight Committee member
- Investment Committee member
- Nominating & Governance Committee member
- Audit/Dividend/Closed-End Committee: Not listed as a member; Audit Committee members named separately; Dividend and Closed-End memberships listed without Toth .
- Attendance: Each Board Member attended 75% or more of Board and committee meetings in the last fiscal year (fund-level disclosure) .
- Independent Chair: Robert L. Young .
| NMCO Meeting Activity (last fiscal year) | Count |
|---|---|
| Regular Board Meetings | 5 |
| Special Board Meetings | 7 |
| Executive Committee Meetings | 5 |
| Dividend Committee Meetings | 8 |
| Compliance 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 shifted from per‑meeting fees to retainers starting Jan 1, 2024; independent board members now receive annual retainer plus committee membership retainers (with higher amounts effective Jan 1, 2025) .
| Component | 2024 Amount | 2025 Amount | Applicability to Toth |
|---|---|---|---|
| Independent Board Member Annual Retainer | $350,000 | $350,000 | Receives |
| Compliance Committee Membership Retainer | $35,000? Note: $30,000 in 2024 | $35,000 | Member |
| Investment Committee Membership Retainer | $20,000 in 2024 | $30,000 | Member |
| Nominating & Governance Committee Membership Retainer | $20,000 in 2024 | $25,000 | Member |
| Dividend Committee Membership Retainer | $20,000 in 2024 | $25,000 | Not a member |
| Closed‑End Funds Committee Membership Retainer | $20,000 in 2024 | $25,000 | Not a member |
| Audit Committee Membership Retainer | $30,000 in 2024 | $35,000 | Not a member |
| Ad hoc Board/Committee meeting fees | $1,000–$2,500 per meeting (length/immediacy) | $1,000–$2,500 | As applicable |
| Special assignment committee fees | Chair $1,250/quarter; Members $5,000/quarter (starting) | Same (starting levels) | As applicable |
| Cash Compensation Received | Amount |
|---|---|
| Aggregate compensation from NMCO (last fiscal year) | $3,588 |
| Total compensation from funds in the Fund Complex paid to Toth | $575,750 |
| Deferred Compensation (book reserve under plan) | Amount |
|---|---|
| NMCO deferred fees credited (including assumed fund returns) | $1,228 |
The Funds do not have retirement or pension plans; certain Nuveen funds participate in a deferred compensation plan that credits elected deferrals to a book reserve account invested notionally in eligible Nuveen funds, with distributions in lump sum or over 2–20 years at the director’s election .
Performance Compensation
| Pay Element | Disclosure/Status |
|---|---|
| Performance bonuses tied to metrics (e.g., revenue, EBITDA, TSR) | Not disclosed; independent board compensation is structured as retainers and fees |
| Stock awards (RSUs/PSUs), options, vesting schedules | Not disclosed for directors; no equity/unit awards listed in compensation section |
| Clawbacks, tax gross‑ups, change‑of‑control terms | Not disclosed for directors in proxy |
Other Directorships & Interlocks
| Company/Institution | Role | Tenure | Notes |
|---|---|---|---|
| Legal & General Investment Management America, Inc. | Director | 2008–2013 | Asset management subsidiary; prior role, not current |
| LogicMark LLC | Director | 2012–2016 | Health services; prior role |
| Fulcrum IT Service LLC | Director | 2010–2019 | Government IT services; prior role |
| Quality Control Corporation | Director | 2012–2021 | Manufacturing; prior role |
| Northern Trust Mutual Funds Board | Director | 2005–2007 | Prior mutual fund board |
Current public company directorships for Toth are not disclosed in the 2025 proxy; philanthropic board roles are active/recent (see External Roles) .
Expertise & Qualifications
- Deep investment management and securities lending expertise; former CEO of Northern Trust Global Investments; extensive governance experience across financial services and fund boards .
- Education: BS (University of Illinois), MBA (New York University), CEO Perspectives Program (Northwestern, 2005) .
Equity Ownership
| Holding | Amount/Range | Notes |
|---|---|---|
| NMCO dollar range of equity securities beneficially owned | $50,001–$100,000 | |
| Aggregate range across all registered investment companies overseen (family of investment companies) | Over $100,000 | |
| Individual holdings as % of NMCO outstanding shares | Less than 1% (applies to each Board Member as of Feb 18, 2025) |
Governance Assessment
- Independence and tenure: Toth is an independent director with long tenure (since 2008), providing continuity and deep fund governance experience across Nuveen’s complex .
- Committee effectiveness: Active on Executive, Compliance, Investment, and Nominating & Governance Committees—roles cover valuation/compliance risk oversight, performance/risk monitoring, and board process quality; he is not designated an “audit committee financial expert” nor a member of the Audit Committee, which concentrates valuation and financial reporting oversight .
- Engagement: Fund‑level disclosure indicates he met the 75% attendance threshold; NMCO ran 5 regular and 7 special board meetings plus extensive committee activity, suggesting significant time commitment .
- Compensation and alignment: Retainer‑based pay plus committee retainers; Toth’s NMCO-specific compensation was $3,588 with complex-wide total $575,750, and he participates in deferred compensation (NMCO deferred $1,228), which can promote longer-term alignment; he holds a meaningful dollar range of NMCO shares but still <1% of outstanding shares, typical for closed‑end fund trustees .
- Conflicts/related party exposure: The proxy provides a mechanism to disclose securities ownership in companies advised by affiliates, but no related-party transactions, loans, pledging, or hedging red flags are disclosed for Toth in the excerpts reviewed; no tax gross‑ups or golden parachutes applicable to independent directors .
Red flags: None disclosed specific to Toth (no attendance shortfalls; no related‑party transactions; no equity award repricing; no hedging/pledging reported) .