Joseph Boateng
About Joseph A. Boateng
Independent Board Member of Nuveen Municipal High Income Opportunity Fund (NMZ); year of birth 1963. Chief Investment Officer of Casey Family Programs since 2007; previously Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Joined the Nuveen Funds Board in 2024 and has served within the broader Fund Complex since 2019; designated Class II with term expiring at the 2026 annual meeting; deemed independent (not an “interested person”) and never an employee/director of TIAA or Nuveen .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Casey Family Programs | Chief Investment Officer | 2007–present | CIO leadership of investment program |
| Johnson & Johnson | Director of U.S. Pension Plans | 2002–2006 | Oversight of corporate pensions |
| College Retirement Equities Fund (CREF) | Trustee | 2018–2023 | Governance of TIAA’s CREF series |
| TIAA Separate Account VA-1 | Manager (Management Committee) | 2019–2023 | Oversight of variable annuity account |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lumina Foundation | Board Member | 2018–present | Higher education philanthropy governance |
| Waterside School | Board Member | 2021–present | Independent school governance |
| Year Up Puget Sound | Board Member; Emeritus | 2012–2019; Emeritus since 2020 | Workforce development |
| Seattle City Employees’ Retirement System | Investment Advisory Committee Member; Former Chair | Since 2007 | Investment oversight |
| The Seattle Foundation | Investment Committee Member | Since 2012 | Community foundation investment oversight |
Board Governance
- Committee assignments: Audit Committee member (designated “audit committee financial expert”); Nominating & Governance Committee member; Investment Committee Co‑Chair; not on Executive, Dividend, Compliance, or Closed‑End Fund Committees .
- Independence: Board confirms Boateng is an Independent Board Member (not an “interested person” of the Funds or Adviser) .
- Tenure and term: Class II Board Member for NMZ; term expiring at the 2026 annual meeting; joined Nuveen Funds Board in 2024; service in Fund Complex since 2019 .
- Engagement and attendance: Each Board Member attended 75%+ of Board and applicable committee meetings in the last fiscal year .
- Board activity (NMZ last fiscal year): Regular Board 4; Special Board 8; Executive Committee 4; Dividend Committee 10; Compliance 6; Audit 14; Nominating 5; Investment 4; Closed‑End Fund 4 .
Fixed Compensation
| Component | 2023 Structure | Pre‑2025 Structure (through Dec 31, 2024) | Effective Jan 1, 2025 |
|---|---|---|---|
| Annual retainer (Independent Board Members) | $210,000, plus per‑meeting fees by committee; Board Chair +$140,000; certain committee chairs +$20,000 | $350,000; committee membership retainers: Audit & Compliance $30,000; Investment $20,000; Dividend, Nominating, Closed‑End $20,000; Board Chair +$140,000; Audit & Compliance Chair +$30,000; Investment Chair +$20,000; Dividend/Nominating/Closed‑End Chair +$20,000 | $350,000; committee membership retainers: Audit & Compliance $35,000; Investment $30,000; Dividend, Nominating, Closed‑End $25,000; Board Chair +$150,000; Audit & Compliance Chair +$35,000; Investment Chair/Co‑Chair +$30,000; Dividend/Nominating/Closed‑End Chair +$25,000; ad hoc meeting fees $1,000 or $2,500 |
| NMZ fund‑level compensation (Boateng) | $3,039 (FY ended Oct 31, 2024) | — | — |
| Aggregate total from Nuveen Funds (Boateng) | — | $464,250 (latest table) | — |
| Deferred fees (Boateng, NMZ) | $758 (payable, reflecting assumed investment returns) | — | — |
Performance Compensation
| Item | Disclosure |
|---|---|
| Performance‑linked director pay metrics (e.g., TSR, revenue/EBITDA goals) | None disclosed; director pay is fixed retainers, committee retainers, and meeting fees. Directors may elect deferred compensation linked to fund NAVs via book‑reserve accounts; distributions can be lump sum or 2–20 years . |
- Clawbacks, severance, CoC, options/RSUs: Not applicable to Independent Directors; no equity awards disclosed for directors .
Other Directorships & Interlocks
| Entity | Type | Role | Overlap/Interlock Considerations |
|---|---|---|---|
| CREF (TIAA) | Registered investment company | Trustee (2018–2023) | Prior governance within TIAA complex; Board affirms current independence from TIAA/Nuveen |
| TIAA Separate Account VA‑1 | Variable annuity separate account | Manager (2019–2023) | Prior role within TIAA complex; not an employee/director of TIAA/Nuveen |
| Lumina Foundation; Waterside School; Seattle Foundation; Seattle City ERS | Non‑profit/pension | Board/Investment roles | No related‑party transactions disclosed with NMZ . |
Expertise & Qualifications
- CIO experience (institutional allocator); fiduciary oversight of complex portfolios .
- Designated audit committee financial expert; strong financial literacy .
- Education: B.S., University of Ghana; M.B.A., UCLA .
- Portfolios overseen in Fund Complex: 216 .
Equity Ownership
| Measure | NMZ (Municipal High Income) | Fund Complex Aggregate |
|---|---|---|
| Dollar range owned | $0 | Over $100,000 |
| Shares owned | 0 | Group holdings across Funds <1% of each Fund outstanding; individual holdings <1% |
| Pledged/hedged shares | None disclosed |
- Ownership guideline: Board expects each Independent Board Member to invest at least the equivalent of one year of compensation in funds in the Fund Complex; disclosure provides an aggregate “Over $100,000” range for Boateng but not an exact value, so compliance status cannot be verified from the proxy .
Governance Assessment
- Strengths: Independent status; audit committee financial expert designation; Co‑Chair of the Investment Committee indicates deep engagement on performance and risk; attendance meets threshold; robust committee architecture around valuation, compliance and investment risk .
- Compensation signals: 2025 adjustments increased committee retainers, especially Audit/Compliance/Investment, reinforcing time commitment and oversight focus; director pay remains cash‑based with optional deferral, not equity‑based—limiting direct price alignment but common in closed‑end fund governance .
- Alignment considerations: No direct NMZ holdings disclosed; aggregate holdings across the complex are “Over $100,000” but guideline targets one year of compensation—actual figure not disclosed; potential perception risk if aggregate holdings materially below guideline, though not verifiable here .
- Conflicts/related‑party exposure: No related‑party transactions or loans disclosed; prior governance roles in TIAA complex noted but current independence affirmed; Section 16(a) compliance reported .
- RED FLAGS: None explicitly disclosed (no pledging/hedging, no related‑party transactions, no low attendance); modest concern on absence of NMZ-specific ownership, mitigated by aggregate complex holdings and deferred compensation linkage .