Joseph A. Boateng
About Joseph A. Boateng
Independent director (Class II) of Nuveen Massachusetts Quality Municipal Income Fund; appointed effective January 1, 2024, with term expiring at the 2026 annual meeting. Background: Chief Investment Officer, 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., UCLA; year of birth: 1963. Independence: not an “interested person” of TIAA/Nuveen; designated audit committee financial expert; serves across the unitary Nuveen/TIAA fund complex since 2019.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | Institutional investment leadership |
| Johnson & Johnson | Director, U.S. Pension Plans | 2002–2006 | Oversight of corporate retirement assets |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | TIAA complex governance experience |
| TIAA Separate Account VA-1 | Management Committee (Manager) | 2019–2023 | Product oversight within TIAA complex |
| Nuveen/TIAA Fund Complex | Board Member (TC Funds) | Since 2019 | Service across unitary board structure |
| NMT (Nuveen Massachusetts Quality) | Independent Director (Class II) | Appointed Jan 1, 2024; term to 2026 meeting | Board consolidation appointment |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lumina Foundation | Board Member | Since 2018 | Education-focused philanthropy governance |
| Waterside School | Board Member | Since 2021 | Non-profit school board oversight |
| Year Up Puget Sound | Board Member; Emeritus | 2012–2019; Emeritus since 2020 | Workforce development governance |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Public pension investment oversight |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Community foundation investment committee |
Board Governance
- Committee assignments and leadership:
- Investment Committee: Co-Chair (with Amy B. R. Lancellotta)
- Audit Committee: Member; designated SEC “audit committee financial expert”
- Nominating & Governance Committee: Member
- Independence status: All directors (including Boateng) are independent under the 1940 Act and NYSE/NASDAQ standards; have never been employees/directors of TIAA/Nuveen or affiliates .
- Term and service: Class II director; service in Fund Complex since 2019; NMT board appointment effective January 1, 2024; term to 2026 annual meeting .
- Board structure: Unitary board overseeing the Nuveen/TIAA fund complex; emphasizes diversity, independence, and efficiency across common policies/processes .
- Investment alignment principle: Each board member is expected to invest at least one year’s compensation in funds within the Fund Complex (directly or on a deferred basis) .
- Auditor oversight: Audit Committee pre-approves audit and certain non-audit services; PwC appointed independent auditor for FY 2025/current fiscal year .
Fixed Compensation
Compensation structure (cash retainers and fees; no equity grants):
| Component | Prior to Jan 1, 2025 ($) | Effective Jan 1, 2025 ($) |
|---|---|---|
| Annual Board Retainer (Independent Director) | 350,000 | 350,000 |
| Audit Committee Membership | 30,000 | 35,000 |
| Compliance, Risk Mgmt & Regulatory Oversight Committee Membership | 30,000 | 35,000 |
| Investment Committee Membership | 20,000 | 30,000 |
| Dividend, Nominating & Governance, Closed-End Funds Committee Membership | 20,000 | 25,000 |
| Board Chair | 140,000 | 150,000 |
| Audit/Compliance Committee Chair | 30,000 | 35,000 |
| Investment Committee Chair/Co-Chair | 20,000 | 30,000 |
| Dividend/Nominating/Closed-End Committee Chair | 20,000 | 25,000 |
| Ad hoc meeting fee (length/immediacy based) | 1,000 or 2,500 | 1,000 or 2,500 |
| Special assignment committees (quarterly) – Chair | 1,250+ | 1,250+ |
| Special assignment committees (quarterly) – Member | 5,000+ | 5,000+ |
Aggregate compensation (latest fiscal year):
| Scope | Amount ($) |
|---|---|
| NMT (Massachusetts Quality) – aggregate paid to Boateng | 476 |
| Total compensation from Nuveen Funds (Fund Complex) paid to Boateng | 464,250 |
Deferred compensation plan available: directors may elect to defer board fees into notional accounts linked to eligible Nuveen funds; distributions in lump sum or over 2–20 years; no retirement/pension plans for directors .
Performance Compensation
| Category | Status |
|---|---|
| Equity awards (RSUs/PSUs), option grants | None disclosed for Independent Directors; compensation is cash retainers and committee fees |
| Bonus/variable pay tied to performance | None disclosed |
| Performance metrics (TSR, EBITDA, ESG) | None disclosed for director pay |
| Clawback, severance, change-of-control provisions | Not applicable/not disclosed for Independent Directors |
| Deferred compensation elections | Available per plan terms (not performance-based) |
Other Directorships & Interlocks
| Company/Institution | Public/Private/Non-Profit | Role | Dates |
|---|---|---|---|
| Lumina Foundation | Non-Profit | Board Member | Since 2018 |
| Waterside School | Non-Profit | Board Member | Since 2021 |
| Year Up Puget Sound | Non-Profit | Board Member; Emeritus | 2012–2019; Emeritus since 2020 |
| Seattle City Employees’ Retirement System | Public Pension | Investment Advisory Committee Member; Former Chair | Since 2007 |
| The Seattle Foundation | Non-Profit | Investment Committee Member | Since 2012 |
| CREF | Investment Company | Trustee | 2018–2023 |
| TIAA Separate Account VA-1 | Investment Company | Management Committee (Manager) | 2019–2023 |
Note: No other current public company directorships disclosed for Boateng in the proxy.
Expertise & Qualifications
- Institutional investment leadership (CIO, Casey Family Programs) and pension plan oversight (J&J) .
- Designated SEC “audit committee financial expert” – financial reporting/valuation oversight expertise .
- Extensive fund governance across unitary Nuveen/TIAA complex; oversees 219 portfolios .
- Education: B.S. (University of Ghana), M.B.A. (UCLA) .
Equity Ownership
| Fund | Shares Beneficially Owned (as of Oct 22, 2025) |
|---|---|
| Nuveen Arizona Quality Municipal Income Fund | 0 |
| Nuveen California AMT-Free Quality Municipal Income Fund | 0 |
| Nuveen California Municipal Value Fund | 0 |
| Nuveen California Quality Municipal Income Fund | 0 |
| Nuveen Massachusetts Quality Municipal Income Fund (NMT) | 0 |
| Aggregate range across all registered funds overseen | Over $100,000 |
Board member investment guideline: expected to invest at least one year of compensation (directly or deferred) in Fund Complex funds; individual fund holdings may be zero while aggregate exposure is maintained via other funds or deferred accounts. Compliance detail not disclosed in ranges provided.
Governance Assessment
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Strengths:
- Clear independence from adviser/parent; robust committee engagement with co-chair role on Investment Committee and “financial expert” designation on Audit Committee – positive for oversight of performance, risk, valuation, and financial reporting.
- Transparent, standardized cash-based director compensation; incremental fee increases in 2025 reflect expanded workload and responsibilities across committees rather than pay-for-performance dilution.
- Alignment principle requiring investment of one year’s compensation in fund complex; presence of deferred compensation mechanism supports long-term orientation.
- Section 16(a) compliance affirmed for directors in the latest period; auditor transition to PwC with Audit Committee oversight indicates active governance.
-
Watch items:
- NMT-specific beneficial ownership is 0 shares as of Oct 22, 2025; while allowed under the unitary-investment guideline (aggregate range “Over $100,000”), fund-specific alignment may be perceived as lower by some investors. Monitor Appendix A updates and deferred account allocations.
- Committee fee increases effective 2025 modestly raise fixed cash compensation; ensure fee structures remain aligned with workload and fund shareholder outcomes.
RED FLAGS
- No related-party transactions or pledging/hedging of fund shares disclosed for Boateng; table of holdings in adviser-affiliated private vehicles lists only Mr. Kenny, not Boateng.
- No attendance percentages provided in extracted sections; meeting counts reside in Appendix C (not in the excerpt). Confirm attendance rates if available. (Appendix C referenced)