Joanne Medero
About Joanne T. Medero
Independent Board Member of Nuveen New York Municipal Value Fund (NNY), serving since 2021 with a current term designated as Class II or III through the 2027 annual meeting; year of birth 1954. Former Managing Director in Government Relations and Public Policy at BlackRock (2009–2020), Global General Counsel and Corporate Secretary at Barclays Global Investors (1996–2006), and General Counsel at the CFTC (1989–1993). Education: B.A., St. Lawrence University (1975); J.D., George Washington University Law School (1978) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BlackRock, Inc. | Managing Director, Government Relations & Public Policy; Senior Advisor to the Vice Chairman | 2009–2020; 2018–2020 | Led public policy and corporate governance initiatives . |
| Barclays Global Investors | Global General Counsel & Corporate Secretary | 1996–2006 | Led legal and governance functions for global investment manager . |
| Barclays Group (IBIM) | Managing Director, Global Head of Government Relations & Public Policy | 2006–2009 | Directed legislative and regulatory advocacy for investment banking/management businesses . |
| Commodity Futures Trading Commission (CFTC) | General Counsel | 1989–1993 | Oversight of U.S. derivatives market regulation . |
| Orrick, Herrington & Sutcliffe LLP | Partner (Derivatives/Financial Markets Regulation) | 1993–1995 | Specialized in derivatives/market regulation . |
| The White House, Office of Presidential Personnel | Deputy Associate Director/Associate Director for Legal & Financial Affairs | 1986–1989 | Senior legal/financial affairs oversight . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Baltic-American Freedom Foundation | Director | Since 2019 | Non-profit; education/professional development exchanges for Baltic states . |
| SIFMA Asset Management Group | Steering Committee Chair | 2016–2018 | Industry policy leadership . |
| Managed Funds Association | CTA/CPO & Futures Committee Chair | 2010–2012 | Derivatives industry governance . |
| CFTC Global Markets Advisory Committee | Member | 2006–2010 | Market structure advisory . |
| Federalist Society (Corporations, Antitrust & Securities Practice Group) | Chair | 2010–2022; 2000–2002 | Legal policy leadership . |
Board Governance
- Independence: The Board identifies all current Board Members as Independent Board Members under the 1940 Act; none have been employees/directors of TIAA/Nuveen or affiliates .
- Committee memberships:
- Compliance, Risk Management & Regulatory Oversight Committee (member) .
- Nominating & Governance Committee (member; Chair: Robert L. Young) .
- Investment Committee (member; Co-Chairs: Joseph Boateng and Amy Lancellotta) .
- Not listed on Audit, Dividend, Executive, or Closed-End Fund Committees .
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings during the last fiscal year .
- Meeting cadence (NNY): FY ended Feb 29, 2024 had 4 regular Board and 7 special meetings; committee meetings included Compliance (4), Audit (14), Nominating & Governance (6), Investment (3), Closed-End Fund (4), Dividend (10) .
Fixed Compensation
- Structure (effective Jan 1, 2025):
- Base annual retainer for Independent Board Members: $350,000 .
- Committee membership retainers: Audit $35,000; Compliance $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000 .
- Committee chair retainers: Audit/Compliance $35,000; Investment $30,000; Dividend/Nominating & Governance/Closed-End $25,000; Board Chair $150,000 .
- Ad hoc meeting fees: $1,000 or $2,500 depending on length/immediacy; special assignment committees carry quarterly fees (Chair from $1,250; members from $5,000) .
| Metric | FY 2024 (NNY) | Stub Period Mar–Aug 2024 (NNY) | Total Compensation from Nuveen Funds (all funds) |
|---|---|---|---|
| Aggregate cash compensation allocated to Joanne T. Medero | $521 | $225 | $461,987 (includes deferred fees) |
| Deferred compensation credited (book reserve, incl. assumed fund returns) – NNY | $272 | $66 | See fund-by-fund table (varies by participating funds) |
Notes: NNY changed fiscal year-end to Aug 31 effective Mar 1, 2024; a “stub” period is disclosed .
Performance Compensation
| Component | Disclosed for Directors |
|---|---|
| Stock awards (RSUs/PSUs), option awards, performance-metric-based pay | Not described; compensation disclosure comprises cash retainers, committee retainers, ad hoc fees, and optional deferred compensation plan . |
| Clawbacks, severance, change-of-control terms | Not disclosed for Independent Board Members . |
| Pension/SERP | Funds do not have retirement or pension plans; a voluntary deferred compensation plan is available to Independent Board Members . |
Other Directorships & Interlocks
| Entity | Type | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Baltic-American Freedom Foundation | Non-profit | Director | None with NNY/Nuveen/TIAA disclosed . |
| Prior employment (BlackRock; Barclays; CFTC) | Industry/Gov’t | Senior legal/policy roles | No current Nuveen/TIAA affiliations; Board designates Independent . |
Expertise & Qualifications
- 30+ years in financial services across legal, regulatory, and public policy; deep derivatives and market-structure experience relevant to fund compliance and risk oversight .
- Service as General Counsel of the CFTC and senior legal roles at global asset managers supports committee contributions in compliance/risk and governance .
- Education and leadership in industry bodies (SIFMA AMG, MFA) and policy groups enhance board effectiveness in regulatory oversight .
Equity Ownership
| Item | NNY | Fund Complex |
|---|---|---|
| Dollar range of equity securities beneficially owned (as of May 31, 2025) | $0 | Aggregate: Over $100,000 |
| Shares owned (as of May 31, 2025) | 0 | Group holdings (Board+officers) <1% of each Fund |
| Ownership guidelines | Board members are expected to invest at least one year of compensation in Nuveen funds in the complex (directly or deferred) | |
| Compliance status | Not specifically stated; per-fund tables show $0 for NNY; aggregate range across complex “Over $100,000” . | |
| Pledged/hedged shares | Not disclosed . |
Insider Trades
| Period | Form 4 Transactions | Section 16(a) Compliance |
|---|---|---|
| Last fiscal year | Not enumerated in proxy materials | Funds state Board Members and officers complied with applicable Section 16(a) filing requirements during the last fiscal year . |
Governance Assessment
-
Strengths:
- Independent status and non-affiliation with Nuveen/TIAA; deep regulatory/policy background aligns to Compliance/Risk and Nominating/Governance committee work .
- Board-level attendance at or above the 75% threshold; robust committee cadence supports oversight for closed-end fund discount, leverage, and valuation topics (via Board/committees) .
- Transparent, standardized director pay; availability of deferred compensation aligns incentives with Nuveen fund performance without equity grants that could create conflicts .
-
Alignment/Red Flags:
- $0 beneficial ownership disclosed in NNY and zero shares held, which may signal lower fund-specific alignment despite an aggregate “Over $100,000” across the complex; the Board’s principle expects one-year compensation equivalent investment but compliance status is not explicitly disclosed (potential alignment shortfall at the fund level) .
- No related-party transactions or conflicted holdings disclosed for Medero; contrast with disclosure of another Board Member’s interests in adviser-affiliated vehicles (indicates reduced conflict exposure for Medero) .
- No performance-based cash or equity features in director compensation; pay structure is fixed retainer plus committee fees and ad hoc fees, reducing pay-for-performance signaling but consistent with closed-end fund governance norms .
-
Implications for investors:
- Medero’s regulatory and policy expertise is a positive for compliance and risk governance amid leverage/valuation considerations common in muni closed-end funds .
- Fund-level alignment could be strengthened by visible NNY ownership; current disclosure shows zero, which may matter for investor confidence where discount management and distribution policy are key .