Margaret L. Wolff
About Margaret L. Wolff
Independent director (Board Member) of the Nuveen municipal funds complex since 2016; born 1955; retired Skadden, Arps M&A lawyer with 30+ years advising boards and senior management on U.S. and international corporate, securities, governance and fiduciary matters; B.A. from Mount Holyoke College and J.D. from Case Western Reserve University School of Law .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Skadden, Arps, Slate, Meagher & Flom LLP | Of Counsel, Mergers & Acquisitions Group | 2005–2014 | Advised boards and senior management on corporate, securities, regulatory and governance matters . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| New York-Presbyterian Hospital | Trustee | Since 2005 | Governance/healthcare oversight . |
| The John A. Hartford Foundation | Trustee; Chair (former) | Trustee since 2004; Chair 2015–2022 | Philanthropy focused on care of older adults . |
| Mount Holyoke College | Trustee; Vice Chair (former) | Trustee 2005–2015; Vice Chair 2011–2015 | Higher-education governance . |
| Travelers Insurance Company of Canada; The Dominion of Canada General Insurance Company (Travelers Canada) | Director (former) | 2013–2017 | Insurance industry oversight . |
Board Governance
- Independence: Serves as an Independent Board Member; Audit and Nominating/Governance Committees are composed entirely of independent members under NYSE/NASDAQ and SEC rules .
- Committees and roles: Chair, Compliance, Risk Management and Regulatory Oversight Committee; Member, Audit Committee; Member, Nominating and Governance Committee; Member, Investment Committee; Member, Closed-End Fund Committee .
- Attendance: The Board disclosed each director attended at least 75% of Board and applicable committee meetings in the last fiscal year .
- Tenure/portfolio coverage: Board service since 2016; oversees 220 portfolios in the fund complex (latest proxy) .
- Election status: For funds with preferred shares, nominee for term expiring at next annual meeting; for “California Value,” nominee for Class I term expiring at the 2028 annual meeting .
Fixed Compensation
| Component | Amount/Terms prior to Jan 1, 2025 | Amount/Terms effective Jan 1, 2025 |
|---|---|---|
| Annual retainer (Independent Board Member) | $350,000 | $350,000 . |
| Audit Committee membership retainer | $30,000 | $35,000 . |
| Compliance, Risk Management & Regulatory Oversight Committee membership retainer | $30,000 | $35,000 . |
| Investment Committee membership retainer | $20,000 | $30,000 . |
| Dividend, Nominating & Governance, Closed-End Funds Committee membership retainer | $20,000 (each) | $25,000 (each) . |
| Board Chair fee | $140,000 | $150,000 . |
| Audit Chair; Compliance Chair fee | $30,000 (each) | $35,000 (each) . |
| Investment Committee Chair fee | $20,000 | $30,000 . |
| Dividend, Nominating & Governance, Closed-End Funds Chair fee | $20,000 (each) | $25,000 (each) . |
| Ad hoc meeting fees (Board/Committees) | $1,000 or $2,500 depending on length/immediacy | $1,000 or $2,500 depending on length/immediacy . |
| Special assignment committees | Chair: quarterly from $1,250; Members: quarterly from $5,000 | Chair: quarterly from $1,250; Members: quarterly from $5,000 . |
| Deferred Compensation Plan | Directors may defer fees into notional accounts tied to Nuveen funds; distributions in lump sum or over 2–20 years (varied historically) . | |
| Retirement/pension | None – funds do not have retirement or pension plans . |
Historical context: Prior structure transitioned from meeting-fee heavy (e.g., 2023: $210,000 base plus per-meeting fees) to higher fixed retainers in 2024; 2025 increased certain committee and chair retainers, notably for Audit and Compliance .
Performance Compensation
- Equity/option awards: Proxies disclose only cash retainers, committee retainers, ad hoc/special assignment fees, and a voluntary deferred compensation plan; no equity (RSUs/PSUs) or option grants are disclosed for independent directors .
- Clawbacks/COC/severance: Not applicable to non-employee directors; no director-specific clawback or severance/change-in-control provisions disclosed for directors in the cited materials .
| Performance Metric | Applies to Director Compensation? | Notes |
|---|---|---|
| Revenue/EBITDA/TSR targets | No | No performance-based awards disclosed for independent directors . |
Other Directorships & Interlocks
| Company/Organization | Role | Overlap/Interlock Considerations |
|---|---|---|
| Travelers Canada entities | Former Director (2013–2017) | No direct interlock with NMT fund adviser or service providers disclosed in proxies . |
| New York-Presbyterian Hospital; John A. Hartford Foundation; Mount Holyoke College | Trustee/Chair/Vice Chair (as noted) | Non-profit governance; no conflicts with NMT disclosed in proxies . |
Expertise & Qualifications
- Legal/governance: Decades of M&A and board advisory experience; expertise in governance, shareholder, fiduciary and regulatory issues from Skadden tenure .
- Sector breadth: Experience spans complex healthcare and philanthropy board oversight (NYP; Hartford Foundation) and prior insurance directorship (Travelers Canada) .
- Educational credentials: B.A. (Mount Holyoke), J.D. (Case Western Reserve) .
Equity Ownership
| As-of Date | Per-Fund Holdings | Aggregate Range Across Nuveen Funds |
|---|---|---|
| Sep 20, 2024 | $0 in listed funds; shares by fund shown as 0 | “Over $100,000” aggregate in all registered investment companies overseen (range disclosure) . |
| Oct 22, 2025 | Not shown by individual fund in 2025 table | “Over $100,000” aggregate in family of investment companies . |
Additional alignment disclosures:
- Board guideline: Each Board Member is expected to invest, directly or on a deferred basis, at least the equivalent of one year of compensation in the Nuveen fund complex, creating alignment with shareholders .
- Hedging/pledging: No specific hedging or pledging disclosures for Ms. Wolff found in the reviewed proxy materials .
Director Compensation (historical actuals snapshot)
| Period | Total Compensation From Nuveen Funds (Ms. Wolff) |
|---|---|
| FY 2021 proxy (Q1 2022 period) | $385,629 . |
Governance Assessment
- Strengths: Independent director with deep governance/M&A expertise; chairs the Compliance, Risk Management and Regulatory Oversight Committee, a key risk oversight role in the fund complex; serves on Audit, Nominating & Governance, Investment, and Closed-End Fund Committees, indicating broad engagement; attendance threshold met (≥75%) .
- Alignment: Board guideline to hold at least one year of compensation via direct or deferred investments; aggregate holdings range “Over $100,000” supports economic alignment with fund shareholders .
- Compensation structure: Cash-based retainers with increased emphasis on fixed retainers since 2024 and targeted chair/member fee increases in 2025 for Audit/Compliance/Investment; no equity or options minimize performance-risk, but deferred compensation links value to fund complex outcomes .
- RED FLAGS observed: None specific to Ms. Wolff in reviewed filings—no related-party transactions or attendance issues disclosed; committee leadership on Compliance suggests strong risk oversight involvement .