Thomas J. Kenny
About Thomas J. Kenny
Independent board member of Nuveen Massachusetts Quality Municipal Income Fund (NMT), born 1963, serving on the Nuveen Funds boards since 2011. Former Co-Head of Goldman Sachs Asset Management’s Global Cash and Fixed Income Portfolio Management team; holds a B.A. from UC Santa Barbara, an M.S. from Golden Gate University, and is a Chartered Financial Analyst (CFA). Currently a Director of Aflac Incorporated and Chair of its Finance and Investment Committee; past governance roles span mutual funds (CREF, TIAA VA-1) and non-profits. Term: Class I through the 2025 annual meeting; nominee for Class I term through 2028 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Advisory Director; Partner; Managing Director; Co-Head Global Cash & Fixed Income | Advisory Director 2010–2011; Partner 2004–2010; MD 1999–2004; Co-Head 2002–2010 | Led global portfolio management for cash and fixed income . |
| College Retirement Equities Fund (CREF) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Oversight of pension/mutual fund governance . |
| TIAA Separate Account VA-1 | Manager; Chairman | Manager 2011–2023; Chairman 2017–2023 | Management committee leadership . |
| Sansum Clinic | Director; Finance Committee Chair | Director 2021–2022; Chair 2016–2022 | Finance oversight in healthcare non-profit . |
| Crane Country Day School | Board Member; President of the Board | 2009–2019; President 2014–2018 | Board leadership and governance . |
| UC Santa Barbara Arts & Lectures Advisory Council | Member | 2011–2020 | Advisory governance . |
| Cottage Health System | Investment Committee Member | 2012–2020 | Investment oversight . |
| B’Box | Advisory Board Member | 2017–2019 | Advisory role . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | Public company directorship; finance chair leadership . |
| ParentSquare | Director | 2021–2022 | Prior directorship (ed-tech) . |
Board Governance
- Independence and structure: Committees are composed entirely of Independent Board Members per NYSE/NASDAQ standards; Nominating & Governance members include Kenny; Audit Committee members are independent and do not include Kenny, indicating he is not on Audit .
- Committees: Kenny serves on the Executive, Dividend, Compliance, Investment, Nominating & Governance, and Closed-End Funds committees; no chair roles disclosed for Kenny (chairs: Young—Executive/Nominating; Thornton—Dividend; Wolff—Compliance; Moschner—Closed-End; Boateng & Lancellotta—Investment) .
- Attendance: Each Board Member attended at least 75% of board and applicable committee meetings in the last fiscal year .
- Tenure and election class: Class I board member through the 2025 annual meeting; nominee for Class I term through 2028; service since 2011 across the Fund Complex .
- Board meeting cadence (Massachusetts Quality): 5 regular board, 10 special board, 4 executive committee, 8 dividend committee, 4 compliance, 13 audit, 6 nominating & governance, 4 investment, 4 closed-end committee meetings in the last fiscal year .
Committee Memberships
| Committee | Membership | Chair |
|---|---|---|
| Executive Committee | Member: Kenny | Chair: Robert L. Young . |
| Dividend Committee | Member: Kenny | Chair: Matthew Thornton III . |
| Compliance, Risk Mgmt & Regulatory Oversight | Member: Kenny | Chair: Margaret L. Wolff . |
| Investment Committee | Member: Kenny | Co-Chairs: Joseph A. Boateng; Amy B. R. Lancellotta . |
| Nominating & Governance | Member: Kenny | Chair: Robert L. Young . |
| Closed-End Funds Committee | Member: Kenny | Chair: Albin F. Moschner . |
| Audit Committee | Not a member | Chair: John K. Nelson (committee independent; financial experts designated) . |
Fixed Compensation
| Component | Pre-2025 Amount | Effective Jan 1, 2025 Amount | Notes |
|---|---|---|---|
| Annual Board Retainer (Independent Board Members) | $350,000 | $350,000 | Base cash retainer . |
| Audit Committee Member Retainer | $30,000 | $35,000 | Kenny is not on Audit . |
| Compliance Committee Member Retainer | $30,000 | $35,000 | Kenny is a member . |
| Investment Committee Member Retainer | $20,000 | $30,000 | Kenny is a member . |
| Dividend Committee Member Retainer | $20,000 | $25,000 | Kenny is a member . |
| Nominating & Governance Member Retainer | $20,000 | $25,000 | Kenny is a member . |
| Closed-End Funds Committee Member Retainer | $20,000 | $25,000 | Kenny is a member . |
| Chair Premiums (various committees) | $20,000–$140,000 | $25,000–$150,000 | Kenny has no chair roles; amounts vary by committee . |
| Ad hoc meeting fees | $1,000 or $2,500 | $1,000 or $2,500 | Based on meeting length/immediacy . |
| Special assignment committee fees | Chair: from $1,250/quarter; Member: from $5,000/quarter | Chair: from $1,250/quarter; Member: from $5,000/quarter | As applicable . |
| Total Compensation from Nuveen Funds Paid (last fiscal year) | — | $610,000 | Aggregate across Fund Complex for Kenny; includes deferred fees if elected . |
| Retirement/Pension | None | None | Funds do not have retirement or pension plans . |
| Deferred Compensation Plan | Available | Available | Deferrals invested as if in eligible Nuveen funds; lump sum or 2–20-year distributions . |
Performance Compensation
| Element | Disclosure | Notes |
|---|---|---|
| Stock awards (RSUs/PSUs) | Not disclosed for Independent Board Members | Proxy details cash retainers/fees; no RSU/option program described for directors . |
| Option awards | Not disclosed | No option grants described for directors . |
| Performance metrics tied to director pay | None disclosed | No TSR/revenue/EBITDA targets tied to director compensation . |
| Clawbacks/COC/severance | Not applicable | Director compensation is fee-based; no severance/COC terms disclosed . |
Other Directorships & Interlocks
| Company | Role | Committee Roles | Potential Interlock/Conflict Consideration |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Chairs finance/investment oversight | Public company board; no direct supplier/customer ties to NMT disclosed . |
| ParentSquare | Director (prior) | — | Prior role; no current interlock disclosed . |
Expertise & Qualifications
- Fixed income and cash management expert; GSAM Co-Head for Global Cash & Fixed Income portfolio management .
- CFA charterholder; advanced degree in finance/management (M.S., Golden Gate University) and B.A. (UC Santa Barbara) .
- Deep fund governance experience: CREF and TIAA VA-1 Chairman roles (2017–2023); broad non-profit governance .
Equity Ownership
- Beneficial ownership: As of Oct 22, 2025, each Board Member’s individual beneficial shareholdings of each Fund were less than 1% of the Fund; Board members and officers as a group owned less than 1% of each Fund .
- Ownership guideline: Board governance principle expects each Board Member to invest, directly or on a deferred basis, at least one year of compensation in funds in the Fund Complex .
- Related holdings in companies advised by affiliates (under common control with Nuveen):
- Thomas Joseph Kenny 2021 Trust: Global Timber Resources LLC — $34,063 value; 0.01% of class .
- KSHFO, LLC 4: Global Timber Resources Investor Fund, LP — $523,049 value; 6.01% of class .
- KSHFO, LLC 4: TIAA-CREF Global Agriculture II LLC — $770,200 value; 0.05% of class .
- KSHFO, LLC 4: Global Agriculture II AIV (US) LLC — $681,237 value; 0.17% of class .
- Note: Percentages reflect committed amounts, not current ownership percentages; advisers to these companies are under common control with the Funds’ adviser .
- Insider filings (Section 16):
- Form 3 filed 2024-01-10 for NMT by “KENNY THOMAS J”; reporting CIK 0001066022; post-report “securitiesOwned: 0” (initial statement of beneficial ownership) .
Governance Assessment
- Board effectiveness: Kenny’s breadth across Investment, Compliance, Dividend, Closed-End, and Nominating committees suggests active engagement and broad oversight without concentration of power (no chair roles), aligning with best-practice independence .
- Independence and attendance: Committees are fully independent; Audit Committee independence affirmed; Kenny met ≥75% attendance threshold, supporting reliability and engagement .
- Compensation alignment: Fee-based director pay with enhanced committee retainers; deferred compensation plan pegs deferrals to Nuveen funds, and governance principle requires investment equivalent to one year of compensation — positive alignment signal; however, lack of equity grants means alignment is via fund exposure rather than NMT-specific equity .
- Potential conflicts (RED FLAG): Kenny holds interests (via trust/KSHFO LLC) in vehicles advised by entities under common control with the Funds’ adviser (Nuveen/TIAA), including Global Timber Resources and TIAA-CREF agriculture vehicles — monitor for related-party exposures and ensure robust recusal/oversight procedures .
- Risk indicators: No disclosures of pledging/hedging, tax gross-ups, option repricing, or legal proceedings in the proxy; Audit Committee financial expertise concentrated among non-Kenny members, consistent with committee assignment .
Board Meeting Load (Massachusetts Quality) — Reference
| Meeting Type | Count (Last Fiscal Year) |
|---|---|
| Regular Board | 5 |
| Special Board | 10 |
| Executive Committee | 4 |
| Dividend Committee | 8 |
| Compliance Committee | 4 |
| Audit Committee | 13 |
| Nominating & Governance | 6 |
| Investment Committee | 4 |
| Closed-End Funds Committee | 4 |