Robert L. Young
About Robert L. Young
Independent Chair of the Board of the Nuveen funds since 2025; trustee since 2017. Former COO and Director of J.P. Morgan Investment Management (2010–2016); former President and Principal Executive Officer of the J.P. Morgan Funds (2013–2016); former Senior Manager (Audit) at Deloitte & Touche (1985–1996); former CPA. Year of birth: 1963; BBA in Accounting from the University of Dayton; designated “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer; Director | 2010–2016 | Led service, administration, and platform support for retail and institutional businesses; co-led global support activities |
| J.P. Morgan Funds | President & Principal Executive Officer | 2013–2016 | Liaised with service providers and fund boards; set agendas; addressed regulatory matters; established policies/procedures |
| J.P. Morgan Funds | SVP & Chief Operating Officer | 2005–2010 | Oversight of operations for retail mutual fund complex |
| J.P. Morgan Investment Mgmt./JPMorgan Distribution Services | Director and various officer positions | 1999–2017 | Multiple senior roles across adviser and distribution entities |
| Deloitte & Touche LLP (formerly Touche Ross) | Senior Manager (Audit) | 1985–1996 | Created and led the firm’s Midwestern mutual fund practice; former CPA |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Dayton | Investment Committee, Board of Trustees | 2008–2011 | Service on endowment investment oversight body |
| Other public company boards (past 5 years) | None | — | “Other Directorships Held …: None” |
Board Governance
- Roles and independence
- Independent Chair of the Board (elected by the Board to enhance independence); responsibilities include setting agendas, presiding at meetings, and acting as liaison between independent trustees and management .
- Independent trustee (not an “interested person” of the Funds or adviser); designated “audit committee financial expert” .
- Oversees ~220 portfolios across the Fund Complex .
- Committee assignments and chair roles
- Executive Committee – Chair
- Nominating & Governance Committee – Chair
- Audit Committee – Member; audit committee financial expert
- Investment Committee – Member
- Closed-End Fund Committee – Member
- Attendance and term
- Attendance: each Board Member attended at least 75% of Board and applicable committee meetings in the last fiscal year .
- Term: Class I Board Member; nominee for term expiring at 2028 annual meeting; service on Nuveen funds’ boards since 2017; Chair since 2025 .
Fixed Compensation
| Element | Pre-2025 | Effective Jan 1, 2025 |
|---|---|---|
| Annual retainer (Independent Board Member) | $350,000 | $350,000 |
| Audit Committee membership (per committee) | $30,000 | $35,000 |
| Compliance, Risk Mgmt & Regulatory Oversight membership | $30,000 | $35,000 |
| Investment Committee membership | $20,000 | $30,000 |
| Dividend Committee membership | $20,000 | $25,000 |
| Nominating & Governance membership | $20,000 | $25,000 |
| Closed-End Fund Committee membership | $20,000 | $25,000 |
| Board Chair fee | $140,000 | $150,000 |
| Audit/Compliance Committee Chair fee | $30,000 | $35,000 |
| Investment Committee Chair fee | $20,000 | $30,000 |
| Dividend/Nominating/Closed-End Chair fee | $20,000 | $25,000 |
| Ad hoc meeting fee (per meeting) | $1,000 or $2,500 | $1,000 or $2,500 |
| Special assignment committees (Chair/member per quarter) | Chair ≥$1,250; Member ≥$5,000 | Chair ≥$1,250; Member ≥$5,000 |
| Latest Fiscal Year Compensation (FY most recently reported) | Amount |
|---|---|
| Aggregate compensation from NMT paid to Young | $589 |
| Total compensation from Nuveen Funds paid to Young (Fund Complex) | $502,381 |
| Deferred compensation payable – NMT (under Deferred Compensation Plan) | $383 |
| Deferred compensation payable – California Quality (example) | $6,632 |
- Deferred Compensation Plan: independent Board Members may defer fees; accounts notionally track selected Nuveen funds; distributions may be lump sum or over 2–20 years .
Performance Compensation
| Element | Disclosure |
|---|---|
| Cash bonus/target bonus | Not disclosed for directors; compensation is retainer- and fee-based |
| Equity (RSUs/PSUs) | No equity awards disclosed for directors |
| Options (strike, vesting) | No option awards disclosed for directors |
| Performance metrics (TSR, EBITDA, ESG) | Not applicable to director compensation; no performance metrics disclosed |
| Clawback / CoC / severance | Not disclosed for directors; no director-specific severance/CoC provisions described |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None |
| Prior public boards (recent 5 years) | None listed for Young |
| Potential interlocks (competitors/suppliers/customers) | None indicated |
Expertise & Qualifications
- 30+ years in investment management operations and governance; former COO of a major asset manager; former audit leader at Deloitte; former CPA .
- Designated audit committee financial expert; deep familiarity with fund valuation, audits, regulatory compliance, and board processes .
- BBA in Accounting (University of Dayton) .
Equity Ownership
| Ownership Measure | NMT | Notes |
|---|---|---|
| Beneficially owned shares | 0 | Each Board Member’s individual holdings of each Fund were <1% of shares outstanding as of Oct 22, 2025 |
| Aggregate dollar range in all Nuveen funds overseen | Over $100,000 | Aggregate across Fund Complex, not specific to NMT |
| Ownership expectation | Expected to invest ≥1 year of compensation (directly or deferred) across funds | Policy seeks alignment; specific compliance by individual not disclosed |
Governance Assessment
- Positives
- Independent Chair structure with Young as Chair enhances board independence, agenda-setting, and oversight; he also chairs Executive and Nominating & Governance Committees, concentrating accountability in an independent leader .
- Financial oversight strength: Audit Committee member and SEC-designated financial expert; extensive operating and audit background improves valuation and financial reporting oversight .
- Broad committee participation (Investment; Closed-End Fund) supports comprehensive risk and performance oversight, including discounts, leverage, and distribution policies relevant to closed-end funds .
- Watch items / potential red flags
- Fund-specific ownership in NMT is 0 shares while aggregate complex-wide range is “Over $100,000”; may signal weaker alignment with NMT specifically even if diversified across Nuveen funds .
- Attendance disclosed only as “≥75%” for all trustees rather than individual rates; lacks granularity into director-specific engagement .
- Director compensation is entirely cash-based retainers/fees (with optional deferral) and does not include equity or performance-based elements, which can reduce direct pay-for-performance alignment for a closed-end fund board (industry-norm but investor-sensitive) .
- Related party and compliance
- No related-party holdings or transactions disclosed for Young in adviser-affiliated private vehicles; example table lists holdings only for another trustee (Kenny) .
- Section 16(a) compliance: funds report timely filings by trustees and affiliates in the last fiscal year .
- Shareholder vote context
- 2025–2026 proxy solicits votes solely on trustee elections (no say-on-pay), consistent with registered investment company practice; Young stands for Class I term through 2028 .
Appendix: Board & Committee Roles Snapshot
- Board Chair (Independent) – Young
- Executive Committee – Young (Chair)
- Nominating & Governance – Young (Chair)
- Audit Committee – Member; audit committee financial expert
- Investment Committee – Member
- Closed-End Fund Committee – Member