David Lamb
Chief Administrative Officer (Principal Executive Officer) at Nuveen Minnesota Quality Municipal Income Fund
Executive
About David Lamb
David J. Lamb is Chief Administrative Officer (Principal Executive Officer) of Nuveen Minnesota Quality Municipal Income Fund (“NMS”) and other Nuveen funds; his term is indefinite and he has served since 2015. He is a Senior Managing Director at Nuveen Fund Advisors, LLC, Nuveen Securities, LLC, and Nuveen, with a business address at 333 West Wacker Drive, Chicago, IL, and year of birth 1963 . Officers receive no compensation from the Funds, and Lamb regularly signs Sarbanes‑Oxley certifications as principal executive officer across Nuveen funds, evidencing his cross‑complex accountability .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen (Fund Advisors, Securities, Nuveen LLC) | Various positions prior to serving as CAO; currently Senior Managing Director | Not disclosed; CAO since 2015 | Senior leadership role supporting fund administration and filings across Nuveen fund complex |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed in NMS proxy filings | — | — | — |
Fixed Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Compensation paid by NMS (the Fund) | $0 | Officers of the Funds serve without any compensation from the Funds . |
| Employer/Paying Entity | Not disclosed for CAO in proxy | As context, the CCO’s compensation is paid by the Adviser, with Funds reimbursing an allocable portion of incentive compensation, indicating adviser‑level compensation structures for certain officers (contextual; not specific to CAO) . |
| Base salary | Not disclosed | No CAO salary disclosed in Fund proxy . |
| Target/Actual bonus | Not disclosed | No CAO bonus disclosed in Fund proxy . |
| Perquisites | Not disclosed | No CAO perquisites disclosed in Fund proxy . |
| Deferred compensation | Not disclosed for officers | Deferred compensation plan applies to Independent Board Members, not officers . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
- The proxy does not disclose CAO/PEO performance metrics, PSUs/RSUs, or option awards for officers .
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Individual beneficial ownership (David Lamb) | Not individually disclosed in the proxy; beneficial ownership tables are presented for Board Members/nominees, not officers . |
| Group ownership | As of Feb 18, 2025, Board Members and executive officers as a group beneficially owned less than 1% of the outstanding shares of each Fund . |
| Pledging/Hedging | Not disclosed for officers in the proxy . |
| Ownership guidelines | Governance principle applies to Board Members: each is expected to invest at least one year of compensation in Nuveen funds; no officer‑specific ownership guideline disclosed . |
Employment Terms
| Term | Detail |
|---|---|
| Role | Chief Administrative Officer (Principal Executive Officer) |
| Term length | Indefinite |
| Start date / Tenure | Length of Service: Since 2015 |
| Election/renewal | Officers are elected by the Board on an annual basis to serve until successors are elected and qualified . |
| Employment agreement | Not disclosed in the proxy . |
| Non‑compete / Non‑solicit | Not disclosed in the proxy . |
| Severance | Not disclosed in the proxy . |
| Change‑of‑control | Not disclosed in the proxy . |
| Clawback | Fund filing indicates “Recovery of Erroneously Awarded Compensation: Not applicable” for the fund report (contextual; fund‑level disclosure) . |
| SOX certifications | Lamb signs fund reports as principal executive officer (PEO), including Section 906 certifications, evidencing responsibility for fair presentation and controls . |
Board Governance (context)
- Lamb is an officer, not a Board Member; committee memberships and Board meeting attendance metrics relate to Independent Board Members, not officers .
- Board Member compensation structures, committee retainers, and deferred compensation plans do not apply to fund officers .
Investment Implications
- Compensation alignment: Because fund officers receive no compensation from NMS and CAO compensation is not disclosed in the proxy, pay‑for‑performance levers (bonus metrics, equity awards, vesting schedules) cannot be assessed from fund filings; this limits direct alignment analysis at the fund level . As context on officer compensation structures, the CCO’s compensation is paid by the Adviser, suggesting adviser‑level pay and incentive frameworks outside the fund .
- Ownership alignment: With Board Members and executive officers as a group owning less than 1% of fund shares, individual skin‑in‑the‑game appears limited at the fund level; no pledging or hedging disclosures are provided for officers, reducing visibility into alignment risk .
- Retention/continuity: Lamb’s indefinite term, service since 2015, and role signing SOX certifications across multiple Nuveen funds indicate operational continuity; however, employment agreement terms (severance, change‑of‑control, non‑compete) are not disclosed, so retention economics can’t be evaluated from the proxy .
- Trading signals: The proxy does not provide officer‑level Form 4 activity, vesting calendars, or insider selling pressure; without officer‑specific ownership tables or option/RSU awards, short‑term trading signals tied to compensation/vesting are not available from these filings .