Joseph A. Boateng
About Joseph A. Boateng
Independent Board Member of Nuveen Municipal Income Fund, Inc. (NMI); born 1963. Appointed to the NMI Board effective January 1, 2024; designated a Class I director with a term expiring at the 2026 annual meeting. Chief Investment Officer of Casey Family Programs since 2007; previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Education: B.S., University of Ghana; M.B.A., University of California, Los Angeles. Designated an “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Johnson & Johnson | Director of U.S. Pension Plans | 2002–2006 | Led U.S. pension investment oversight |
| Casey Family Programs | Chief Investment Officer | 2007–present | Long-tenured CIO with institutional investing expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Lumina Foundation | Board Member | Since 2018 | Non-profit governing role |
| Waterside School | Board Member | Since 2021 | Non-profit governing role |
| Year Up Puget Sound | Board Member; Emeritus | 2012–2019; since 2020 | Workforce development non-profit |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Public pension oversight |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Community foundation investments |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Large fund complex governance (ended prior to NMI appointment) |
| TIAA Separate Account VA‑1 | Manager (Management Committee) | 2019–2023 | Fund vehicle governance (ended prior to NMI appointment) |
Board Governance
| Dimension | Details |
|---|---|
| Independence | All NMI Board Members, including Boateng, are “Independent Board Members” (not “interested persons” and never employees of TIAA/Nuveen or affiliates) |
| Committee assignments | Audit Committee member (designated audit committee financial expert); Nominating & Governance Committee member; Investment Committee Co‑Chair (with A. Lancellotta) |
| Board/committee meeting attendance | Each Board Member attended 75% or more of Board and applicable committee meetings in the last fiscal year |
| NMI meeting load (last fiscal year) | Regular Board 4; Special Board 8; Executive 4; Dividend 10; Compliance 6; Audit 14; Nominating & Governance 5; Investment 4; Closed‑End Fund 4 |
| Board leadership | Independent Chair of the Board: Robert L. Young |
Fixed Compensation
Compensation is structured as cash retainers and committee retainers/fees; funds offer an optional deferred compensation plan for Independent Board Members.
| Component | 2023 (pre‑1/1/24) | 2024 (pre‑1/1/25) | 2025 (effective 1/1/25) |
|---|---|---|---|
| Annual retainer (Independent Board Member) | $210,000 | $350,000 | $350,000 |
| Audit Committee membership retainer | Per‑meeting fee model (e.g., $2,500 per Audit Committee meeting) | $30,000 | $35,000 |
| Compliance, Risk Mgmt & Regulatory Oversight membership | Per‑meeting fee model | $30,000 | $35,000 |
| Investment Committee membership | Per‑meeting fee model | $20,000 | $30,000 |
| Dividend; Nominating & Governance; Closed‑End Funds membership | Per‑meeting fee model | $20,000 each | $25,000 each |
| Chair premiums (Board; Audit/Compliance; Investment; others) | Chair: $140,000; key committee chairs: $20,000 | Chair: $140,000; Audit/Compliance chairs: $30,000; Investment chair: $20,000; others: $20,000 | Chair: $150,000; Audit/Compliance chairs: $35,000; Investment chair/co‑chair: $30,000; others: $25,000 |
| Deferred Compensation Plan | Available; deferrals track chosen Nuveen funds; distributions lump sum or 2–20 years |
Boateng’s reported compensation:
- Aggregate compensation from NMI (Municipal Income) for its last fiscal year: $191
- Total compensation from Nuveen Funds paid to Boateng (cross‑fund total): $464,250
Selected examples of Boateng’s deferred fees by fund (fiscal year context per fund footnotes):
| Fund | Period | Deferred Fees ($) |
|---|---|---|
| Municipal Income | FY | 48 |
| AMT‑Free Quality | FY | 2,837 |
| Quality Municipal Income | FY | 2,255 |
Notes:
- Funds do not grant equity to directors; no stock/option awards are described for directors—compensation consists of cash retainers/fees and optional deferral.
Performance Compensation
No performance‑based incentives (e.g., bonuses, PSUs, options) are disclosed for directors; the program comprises cash retainers, committee retainers, and meeting/ad hoc fees, with optional deferred compensation elections.
Other Directorships & Interlocks
| Type | Detail |
|---|---|
| Current public company boards | None disclosed for Boateng in the past five years table |
| Notable prior affiliated fund roles | Trustee, CREF (2018–2023); Manager, TIAA Separate Account VA‑1 (2019–2023) |
| Independence affirmation | Despite prior CREF/VA‑1 roles, all Board Members (including Boateng) are classified as independent and have never been employees of TIAA/Nuveen or affiliates |
Expertise & Qualifications
- Institutional investment leadership (CIO since 2007) and pension plan oversight experience (Johnson & Johnson).
- Designated audit committee financial expert.
- Advanced education: B.S. (University of Ghana), M.B.A. (UCLA).
Equity Ownership
| Item | Disclosure |
|---|---|
| NMI (Municipal Income) – Dollar range | $0 |
| NMI – Shares owned | 0 |
| Aggregate dollar range across all Nuveen registered investment companies overseen | Over $100,000 |
| Ownership guideline (Board principle) | Each Board Member is expected to invest at least one year of compensation in Nuveen funds (directly or on a deferred basis) |
Commentary: While the guideline targets “at least one year” of compensation, public disclosure provides only categorical “Over $100,000” aggregate holdings, which is not granular enough to confirm individual compliance levels.
Governance Assessment
Strengths
- Independent status with no employment ties to TIAA/Nuveen; prior CREF/VA‑1 roles ended before NMI appointment.
- Deep investment oversight credentials and service as Investment Committee Co‑Chair; designated audit committee financial expert—both support strong oversight of fund performance, valuation, and risk.
- Attendance threshold met (≥75% of Board/committee meetings), and robust committee cadence provides substantial oversight touchpoints.
Potential Risks/Watch Items
- Ownership alignment disclosure shows only category “Over $100,000” versus the expectation to hold at least one year’s compensation; the lack of detail impedes external verification of individual compliance.
- No related‑party transactions or pledging noted for Boateng; Section 16(a) compliance affirmed across directors/officers.
- Compensation structure increased fixed retainers and committee retainers from 2023 to 2025; monitor for pay inflation without commensurate enhancements to governance outcomes.