Robert Young
About Robert L. Young
Independent Chair and Board Member of Nuveen Minnesota Quality Municipal Income Fund (NMS); year of birth 1963; has served in the Nuveen Fund Complex since 2017. Former Chief Operating Officer and Director at J.P. Morgan Investment Management Inc. (2010–2016), President and Principal Executive Officer of J.P. Morgan Funds (2013–2016), and Senior Vice President and Chief Operating Officer (2005–2010), with earlier director/officer roles across JPMorgan fund entities (1999–2017) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer; Director | 2010–2016 | Senior oversight of fund operations |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | Led fund complex; governance and distribution oversight |
| J.P. Morgan Funds | Senior Vice President and Chief Operating Officer | 2005–2010 | Operations leadership |
| JPMorgan fund entities (One Group Administrative Services; JPMorgan Distribution Services) | Director and various officer positions | 1999–2017 | Broad fund administration/distribution roles |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| — | — | — | Other public company directorships: None disclosed |
Board Governance
- Independent Chair elected by the Board; responsibilities include coordinating meeting agendas, presiding over Board and shareholder meetings, and serving as liaison with trustees, officers, management, and counsel .
- Committee assignments:
- Executive Committee: Chair and member (authorized to exercise Board powers between regular meetings) .
- Audit Committee: Member; designated “audit committee financial expert” along with Moschner, Nelson, Starr .
- Closed-End Fund Committee: Member (committee monitors CEF premiums/discounts, leverage, distributions, buybacks; workshops on discount reduction) .
- Independence: Identified as an Independent Board Member per committee charters/listings .
- Attendance: Each Board Member attended 75% or more of Board and committee meetings in the last fiscal year .
Fixed Compensation
| Component | 2024 Amount | 2025 Amount | Notes |
|---|---|---|---|
| Annual Board Retainer (Independent Board Members) | $350,000 | $350,000 | Effective Jan 1, 2024 |
| Chair of the Board Retainer | $140,000 | $150,000 | Annual retainer for Chair/Co-Chair |
| Audit Committee Member Retainer | $30,000 | $35,000 | Annual |
| Compliance, Risk Mgmt & Regulatory Oversight Committee Member Retainer | $30,000 | $35,000 | Annual |
| Investment Committee Member Retainer | $20,000 | $30,000 | Annual |
| Dividend Committee Member Retainer | $20,000 | $25,000 | Annual |
| Nominating & Governance Committee Member Retainer | $20,000 | $25,000 | Annual |
| Closed-End Funds Committee Member Retainer | $20,000 | $25,000 | Annual |
| Ad hoc Board/Committee meeting fee | $1,000–$2,500 per meeting | $1,000–$2,500 per meeting | Depends on length/immediacy |
| Special assignment committees (Chair quarterly fee) | From $1,250 | From $1,250 | Quarterly |
| Special assignment committees (Member quarterly fee) | From $5,000 | From $5,000 | Quarterly |
Prior to Jan 1, 2024, structure included a $210,000 annual retainer plus per-meeting fees (e.g., $7,250 per day for regular Board meetings; varying committee meeting fees) and additional retainers ($140,000 Chair; $20,000 for committee chairs) .
Performance Compensation
| Performance-linked element | Details |
|---|---|
| Equity awards (RSUs/PSUs) | None disclosed; Independent Board Member compensation comprised of retainers and fees |
| Options | None disclosed |
| Deferred compensation plan | Optional: deferred fees credited to a book account tracking the value of selected Nuveen funds; distributions in lump sum or over 2–20 years; fund not liable for other funds’ obligations |
| Performance metrics (EBITDA, TSR, ESG) | None disclosed for directors |
Director Compensation (Last Fiscal Year)
| Metric | NMS (Minnesota Municipal) | Total Across Fund Complex |
|---|---|---|
| Aggregate compensation paid by fund(s) | $440 | $502,381 |
| Deferred fees payable (Participating Funds) | $295 | See per-fund schedule; varies by selected funds |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed |
| Prior public company boards | Not disclosed |
| Private/Non-profit/Academic boards | Not disclosed for Young |
| Interlocks | Prior senior roles at J.P. Morgan fund entities; no current directorship interlocks disclosed |
Expertise & Qualifications
- Extensive fund operations and distribution leadership experience from J.P. Morgan fund complex .
- Designated audit committee financial expert per SEC definition .
- Serves as Independent Chair, indicating governance leadership and agenda-setting capabilities .
Equity Ownership
| Item | NMS (Minnesota Municipal) | Fund Complex Aggregate |
|---|---|---|
| Dollar range of equity securities | $0 | Over $100,000 |
| Shares beneficially owned (Dec 31, 2024) | 0 | Example other fund holdings: Global High Income – 16,475 shares |
| Ownership as % of shares outstanding | <1% for each Board Member; group <1% (as of Feb 18, 2025) | |
| Ownership guideline | Board expects each Board Member to invest at least the equivalent of one year of compensation in funds in the Fund Complex (directly or deferred) |
Governance Assessment
- Strengths: Independent Chair role; designation as audit committee financial expert; service on key committees (Executive – Chair; Audit; Closed-End Fund); and disclosed attendance at or above 75% threshold, supporting board effectiveness .
- Compensation structure: Predominantly fixed cash retainers with committee retainers; 2024–2025 increases suggest recognition of workload across a large unitary board overseeing 200+ portfolios; optional deferred compensation aligns with fund performance indirectly via tracking accounts .
- Alignment and ownership: Reported $0 in NMS specifically and 0 NMS shares; aggregate fund complex holdings “Over $100,000.” The board’s guideline expects one-year-compensation equivalent investment in the complex, but individual compliance status is not explicitly confirmed; investors may view the lack of NMS-specific holdings as a potential alignment gap at the individual fund level, partially mitigated by aggregate complex exposure and deferred fee tracking .
- Conflicts: No other public company directorships or related-party transactions disclosed; independence standards set and monitored via the Nominating & Governance framework and committee charters .
RED FLAGS
- NMS-specific ownership: $0 and 0 shares as of Dec 31, 2024 may be perceived as limited alignment to the fund, despite complex-wide holdings and a board guideline encouraging significant investment .
- Compensation inflation risk: Material step-up in baseline and committee retainers in 2024–2025; monitor against fund performance and discount-management outcomes across Nuveen CEFs .
Additional notes: Each Audit Committee member meets exchange and SEC independence/experience requirements; the unitary board structure emphasizes common oversight across providers/policies; shareholder communications directed via Nuveen’s Fund Board Relations .