Joseph Boateng
About Joseph A. Boateng
Independent Board Member of Nuveen Minnesota Municipal Income Fund (NMS). Joined the Nuveen Funds’ Boards in 2024 after serving as a TC Board Member since 2019; born 1963; education includes B.S. from the University of Ghana and M.B.A. from UCLA . Current role outside the fund complex: Chief Investment Officer, Casey Family Programs (since 2007); previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | Institutional CIO experience aligned to investment oversight |
| Johnson & Johnson | Director of U.S. Pension Plans | 2002–2006 | Corporate pension oversight |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lumina Foundation | Board Member | Since 2018 | Education-focused nonprofit governance |
| Waterside School | Board Member | Since 2021 | Nonprofit governance |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Public plan oversight |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Philanthropic investment committee |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Registered investment company governance |
| TIAA Separate Account VA-1 | Manager (Management Committee) | 2019–2023 | Insurance separate account governance |
Board Governance
- Committee assignments (NMS): Audit Committee Member; Nominating & Governance Committee Member; Investment Committee Co-Chair (with Amy Lancellotta). Committee membership is limited to Independent Board Members under NYSE/NASDAQ standards for closed-end funds .
- Audit responsibilities include oversight of accounting/reporting policies, auditor independence, and valuation policy oversight; committee members meet independence and experience requirements of NYSE/NASDAQ and SEC Section 10A .
- Independence status: Boateng is identified among Independent Board Members across committees; these committees are composed entirely of Independent Board Members .
- Tenure on Nuveen Fund Boards: Joined in 2024; prior TC Board Member since 2019 .
Fixed Compensation
| Component | 2023 Structure | 2024 Structure | 2025 Structure | Notes |
|---|---|---|---|---|
| Annual retainer (Independent Board Members) | $210,000 per year | $350,000 per year | $350,000 per year | Shift from per-meeting fees to fixed retainers |
| Audit & Compliance/Risk Committee membership | $2,500 per meeting (Audit); $5,000 per meeting (Compliance/Risk) | $30,000 annual retainer each | $35,000 annual retainer each | Increased fixed committee retainers |
| Investment Committee membership | $2,500 per meeting | $20,000 annual retainer | $30,000 annual retainer | |
| Dividend, Nominating & Governance, Closed-End Committees membership | $1,250 per meeting (Dividend); $500 per meeting (others) | $20,000 annual retainer each | $25,000 annual retainer each | |
| Board Chair | $140,000 annual | $140,000 annual | $150,000 annual | |
| Committee Chair (Audit; Compliance/Risk) | $20,000 annual each | $30,000 annual | $35,000 annual | |
| Investment Committee Chair | $20,000 annual | $20,000 annual | $30,000 annual | Boateng is Investment Committee Co-Chair |
| Ad hoc meeting fees | $4,000 special meetings; other per-meeting schedules | $1,000 or $2,500 depending on length/immediacy | $1,000 or $2,500 | |
| Site visits | $5,000/day (2023) | Not specified | Not specified |
| Aggregate Compensation (last fiscal year) | Amount ($) |
|---|---|
| NMS (Minnesota Municipal) – Boateng | $78 |
| Fund Complex Total – Boateng | $464,250 |
Performance Compensation
- No performance-based equity awards (RSUs/PSUs), option awards, or performance metric-linked director compensation are disclosed for Board Members; Nuveen funds do not have employees, and directors are compensated via cash retainers, fees, and optional deferred compensation .
Deferred Compensation Plan allows deferral of Board fees with accounts notionally invested in eligible Nuveen funds; distributions in lump sum or over 2–20 years .
Other Directorships & Interlocks
| Entity | Type | Role | Potential Interlock/Conflict Consideration |
|---|---|---|---|
| CREF; TIAA Separate Account VA-1 | Registered investment company/insurance separate account | Trustee (CREF); Manager (VA-1) | Under common control relationships with TIAA/Nuveen; historical roles ended by 2023 |
| Lumina Foundation; Waterside School | Nonprofit | Board Member | Nonprofit; no apparent NMS-related conflicts |
| Seattle City Employees’ Retirement System; Seattle Foundation | Public plan/Nonprofit | Investment Advisory/Committee Member | External investment roles; no specific related-party transactions disclosed |
Expertise & Qualifications
- Institutional CIO and pension investment leadership; prior corporate pension oversight at J&J .
- Degrees: B.S., University of Ghana; M.B.A., UCLA .
- Board qualifications emphasize ability to critically review and engage with management/service providers, consistent with Board’s stated criteria .
Equity Ownership
| Measure | NMS (Minnesota Municipal) | Fund Complex |
|---|---|---|
| Dollar Range of Equity Securities | $0 | Aggregate Range in family of investment companies: Over $100,000 (includes CREF/VA-1 holdings) |
| Shares Beneficially Owned | 0 | Each Board Member individually held <1% of outstanding shares of each Fund as of Feb 18, 2025; Board/execs as a group <1% |
| Deferred Fees Payable (Participating Funds) | $19 (NMS) | Deferred amounts tracked by notional investment in eligible funds; payable per plan |
| Shares Pledged/Hedged | Not disclosed | Not disclosed |
Governance Assessment
- Strengths: Independent director status; Audit Committee member and Investment Committee Co-Chair provide direct oversight over financial reporting, valuation, and performance/risk management; committees operate under written charters and meet exchange/SEC independence requirements .
- Alignment: Direct ownership in NMS is $0 and shares owned are 0, but Boateng participates in the deferred compensation program with a notional NMS allocation and has over $100,000 aggregate holdings across the family of investment companies (including prior CREF/VA-1) .
- Compensation signals: Shift from per-meeting fees (2023) to higher fixed retainers and committee retainers (2024–2025) increases guaranteed compensation and may reduce meeting-based variability; committee chair fees increased, aligning pay with leadership responsibilities .
- Potential conflict/RED FLAG to monitor: Boateng serves as a paid consultant (not director) to certain funds in the complex (Core Plus Impact, Multi-Asset Income, Multi-Market Income, Real Asset, Variable Rate Preferred & Income) under consulting agreements—an atypical arrangement that warrants monitoring for any crossover influence, though committee independence standards are affirmed .
- Ownership concentration: As of Feb 18, 2025, individual and group beneficial ownership in each fund is below 1%, limiting direct shareholder alignment in NMS; deferred compensation provides some economic exposure .