Thomas Kenny

About Thomas J. Kenny

Thomas J. Kenny (born 1963) is an Independent Board Member of Nuveen Municipal Credit Opportunities Fund (NMCO), appointed effective January 1, 2024, and a Class I nominee with a term running to the 2028 annual meeting if elected. He is a former Co‑Head of Goldman Sachs Asset Management’s Global Cash and Fixed Income Portfolio Management team, holds a B.A. from UC Santa Barbara, an M.S. from Golden Gate University, and is a CFA charterholder. The Board classifies him as independent under the 1940 Act, and all trustees met the ≥75% attendance threshold in the last fiscal year. The Board Chair is independent (Robert L. Young).

Past Roles

External Roles

Interlocks: Aflac is an insurance company with no disclosed supplier/customer ties to NMCO. Kenny previously chaired boards within the TIAA/CREF/VA‑1 fund complex, which is under the same parent as NMCO’s adviser, but he has never been an employee or director of TIAA or Nuveen and is deemed independent under the 1940 Act.

Board Governance

• Independence: Independent Board Member (not an “interested person” of the Funds or Adviser).
• Years of service on NMCO board: Appointed January 1, 2024; Class I nominee through 2028 meeting if elected.
• Board leadership: Independent Chair is Robert L. Young (not Kenny).
• Committee assignments (member unless noted):
  • Executive Committee (Chair: Young; members include Kenny).
  • Dividend Committee (Chair: Thornton; members include Kenny).
  • Compliance, Risk Management and Regulatory Oversight Committee (Chair: Wolff; members include Kenny).
  • Nominating and Governance Committee (Chair: Young; members include Kenny).
  • Investment Committee (Co‑Chairs: Lancellotta and Boateng; members include Kenny).
  • Closed‑End Fund Committee (Chair: Moschner; members include Kenny).
• Attendance: All Board Members met the ≥75% attendance threshold for board and committee meetings in the last fiscal year.

Board and committee meeting load (NMCO, last fiscal year):

Fixed Compensation

Compensation structure (Independent Board Members):

• Base annual retainer: $350,000 effective Jan 1, 2024.
• Annual retainers for committee membership (2024 → 2025 increases):
  • Audit; Compliance, Risk Mgmt & Regulatory Oversight: $30,000 → $35,000.
  • Investment Committee: $20,000 → $30,000.
  • Dividend; Nominating & Governance; Closed‑End Funds: $20,000 → $25,000.
• Additional chair retainers (not applicable to Kenny currently): Board Chair $150,000 (from $140,000), key committee chairs $25,000–$35,000 (per committee).
• Ad hoc/special assignment fees and deferred compensation plan are available (no pension).

Actual compensation paid (most recent fiscal year):

Performance Compensation

• No performance-based bonuses, stock options, PSUs/RSUs, or equity incentives are disclosed for Independent Board Members; compensation is retainers and fees, with optional deferred compensation into designated funds.

Other Directorships & Interlocks

• No disclosed interlocks with NMCO’s service providers, counterparties, or portfolio companies; however, see related-party exposure below.

Expertise & Qualifications

• Fixed income and portfolio management expertise (former Co‑Head, GSAM Global Cash & Fixed Income).
• Public company board experience and committee leadership (Aflac F&I Committee Chair).
• Governance experience across large investment complexes (CREF/VA‑1 board leadership).
• Education: B.A. UC Santa Barbara; M.S. Golden Gate University; CFA charterholder.

Equity Ownership

• Board guideline: Each Board Member is expected to invest at least one year of compensation in funds in the Fund Complex (directly or on a deferred basis).

Ownership detail (as of Dec 31, 2024 / record dates noted):

Note: Because the Fund Complex ownership disclosure is category-based (“Over $100,000”), it is not possible to determine compliance versus the “one‑year compensation” guideline from public disclosures.

Related-party exposure (affiliated private vehicles):

• Kenny (via Thomas Joseph Kenny 2021 Trust and KSHFO, LLC) holds interests in Global Timber Resources LLC and the Global Agriculture II vehicles, whose advisers are under common control with NMCO’s adviser (Nuveen/TIAA). Disclosed value/commitment metrics as of Sep 30, 2024: Global Timber Resources LLC ($39,673); Global Timber Resources Investor Fund, LP ($598,506; 6.01% of committed capital); Global Agriculture II Investor Fund LP ($765,198; 0.05%); Global Agriculture II AIV (US) LLC ($707,487; 0.17%). Kenny owns 6.60% of KSHFO, LLC.

Governance Assessment

• Strengths:

  • Independent status; extensive fixed income and fund governance expertise; current Aflac committee chair role suggests strong finance oversight capabilities.
  • Broad committee engagement at NMCO (Executive, Dividend, Compliance/Risk, Nominating & Governance, Investment, Closed‑End), indicating active involvement.
  • Attendance threshold met (≥75%) amid a heavy meeting schedule.

• Potential concerns and red flags for investor monitoring:

  • Overboarding/workload: Oversees 218 portfolios across the Fund Complex, which can strain bandwidth despite meeting attendance thresholds.
  • Ownership alignment: $0 direct ownership in NMCO; individual trustee holdings in each fund are <1%—alignment relies on deferred comp and broader complex holdings (“Over $100,000” across the family). Considered alongside the guideline requiring investment equal to one year of compensation, public disclosures do not permit confirming compliance.
  • Related-party exposure: Personal investments in vehicles advised by entities under common control with NMCO’s adviser (Nuveen/TIAA), which could present perceived conflicts; fully disclosed with amounts and footnotes.
  • Pay structure shift: 2024–2025 increases moved compensation toward higher fixed retainers for membership and chairs; while standardizing workloads, higher guaranteed compensation vs. meeting-based fees modestly reduces at‑risk variability.

• Additional signals:

  • All trustees classified independent; independent Board Chair structure in place, and committees (Audit, Compliance, Investment) are fully independent.